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| (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 31,2008    |

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

|   | 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) |   |

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

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

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

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

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

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

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| 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                                                                                                                                   | 1-11      |   |
|                                                         | 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.                                                 | Submission      of Matters to a Vote of Security Holders*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 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(T)                                              | 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 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      |

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|                                                                                                                                                                                                                                                                                                                   |   |   | Amount   |   |   |   | %      of Total |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|-----------------|
|                                                                                                                                                                                                                                                                                                                   |   |   |     |   |   |   |            |   |
| Fixed      maturities                                                            |   | $      | 27,030.1 |   |   |   | 71.1            | % |
| Mortgages                                                                        |   |   | 3,673.9  |   |   |   | 9.7             |   |
| Equity      real      estate                                                     |   |   | 370.6    |   |   |   | 1.0             |   |
| Other      equity      investments                                               |   |   | 1,399.0  |   |   |   | 3.7             |   |
| Policy      loans                                                                |   |   | 3,842.9  |   |   |   | 10.1            |   |
| Cash      and short-term investments (2)                                                                                                                                                                                                                                                                               |   |   | 1,715.9  |   |   |   | 4.4             |   |
| Total                                                                            |   | $      | 38,032.4 |   |   |   | 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. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | decrease      the account values of our variable life and annuity contracts which, in      turn, reduce the amount of revenue we derive from fees charged on those      account and asset values and, for annuity contracts that provide enhanced      guarantee features, increase 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 at 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 regulatory      capital; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | may      increase 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 marketincrease; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | have      reduced and may continue to reduce demand for variable products relative      to fixed products; |
|--------------------|------------------------------------------------------------------------------------------------------------|

| ·   | could      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; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | may      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. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·         | 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 such as the Avian Influenza Virus (H5N1)      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 or terrorist attacks      or any 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. |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | Another      terrorist attack in the United States could 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. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | the      amount of benefits potentially payable by the Insurance Group under the      enhanced guarantee features offered in certain products, particularly the      Accumulator ® series of variable annuity products, has increased      substantially, which has increased the level of regulatory capital and      reserves that the Insurance Group needs to maintain to support these      products.  The Insurance Group’s risk management program, which      principally utilizes reinsurance and hedging, mitigated, but did not fully      offset, the economic effect of these potential benefit      increases. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | AllianceBernstein’s      assets under management, consolidated results of operations, the value of      the Insurance Group’s investment in AllianceBernstein, and the level of      distributions paid by AllianceBernstein to the Company have all declined      materially.  In particular, the decline in value of the      Insurance Group’s investment in AllianceBernstein has had a material      negative impact on the Insurance Group’s regulatory capital      levels. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the      significant declines in Separate Accounts balances have reduced the fee      income earned on such accounts. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------|

| ·   | the      Insurance Group experienced an increase in writedowns of fixed maturities      and unrealized losses. |
|--------------------|----------------------------------------------------------------------------------------------------------------|

| ·   | the      demand for the Insurance Group’s products has been and will likely      continue to be adversely affected. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------|

| ·   | Regulatory      Capital.  AXA Financial used a portion of the proceeds      from its $3.00 billion in financing from AXA to make a $1.00 billion      capital contribution to AXA Equitable through purchases of surplus      notes. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Reinsurance.  As      part of its ongoing capital management efforts, AXA Equitable ceded to AXA      Bermuda a 100% quota share of all liabilities for variable annuity GMBD      and GMIB riders issued on or after January 1, 2006 and in-force on      September 30, 2008. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Insurance Product      Offerings.  The Insurance Group revised and/or eliminated      the sale of certain annuity and life insurance products, taking into      account customer needs and preferences, competitive market considerations,      risk management and capital utilization, among other      factors.  The Insurance Group may offer new and/or different      products, and it may also further revise, suspend or discontinue one or      more of its product offerings as conditions in the marketplace and capital      markets develop. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Risk Management. The      Insurance Group has continued to evaluate, refine and enhance its hedging      and other risk managementstrategies. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 2008               |   |   | 2007   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | (In      Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |               |   |   |   |   |
| (Losses)      Earnings from Discontinued Operations, Net of IncomeTaxes:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |               |   |   |   |   |
| Wind-up      Annuities                                                                                                                      |   | $                  | (27.5  | )      |   | $      | (.1 | ) |
| Real      estate      held-for-sale                                                                                                         |   |               | 1.4    |   |   |   | (6.8 | ) |
| Disposal      of business -      Enterprise                                                                                                 |   |               | -      |   |   |   | 1.0 |   |
| Total                                                                                                                                       |   | $                  | (26.1  | )      |   | $      | (5.9 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |               |   |   |   |   |   |   |
| Gains      (Losses) on Disposal of Discontinued Operations,Net      of Income Taxes:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |               |   |   |   |   |   |   |
| Disposal      of business -      Enterprise                                                                                                 |   | $                  | -      |   |   | $      | (.4 | ) |
| Real      estate      held-for-sale                                                                                                         |   |               | 6.3    |   |   |   | 3.2 |   |
| Total                                                                                                                                       |   | $                  | 6.3    |   |   | $      | 2.8 |   |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 2008   |     |   | 2007   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |     |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |     |   |   |   |
| Universal      life and investment-type product policy fee income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | $      | 2,951.7  |   |   | $      | 2,741.7 |   |
| Premiums                                                                                                                                                  |   |   | 758.6    |   |   |   | 804.9 |   |
| Net      investment      income                                                                                                                           |   |   | 9,364.5  |   |   |   | 2,548.4 |   |
| Investment      losses,      net                                                                                                                          |   |   | (361.2   | )      |   |   | (40.6 | ) |
| Commissions,      fees and other      income                                                                                                              |   |   | 2,401.5  |   |   |   | 883.6 |   |
| Total      revenues                                                                                                                                                                     |   |   | 15,115.1 |   |   |   | 6,938.0 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |     |   |   |   |   |   |
| Policyholders’      benefits                                                                                                                        |   |   | 4,702.6  |   |   |   | 1,998.5 |   |
| Interest      credited to policyholders’ account balances                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | 1,065.3  |   |   |   | 1,065.2 |   |
| Compensation      and      benefits                                                                                                                       |   |   | 509.6    |   |   |   | 595.4 |   |
| Commissions                                                                                                                                               |   |   | 1,437.1  |   |   |   | 1,744.2 |   |
| Amortization      of      DAC                                                                                                                             |   |   | 3,484.7  |   |   |   | 1,099.2 |   |
| Capitalization      of      DAC                                                                                                                           |   |   | (1,394.1 | )      |   |   | (1,719.3 | ) |
| Rent      expense                                                                                                                                         |   |   | 53.6     |   |   |   | 53.8 |   |
| Amortization      of other intangible assets,      net                                                                                                    |   |   | -        |   |   |   | (.3 | ) |
| Interest      expense                                                                                                                                     |   |   | 47.2     |   |   |   | 48.8 |   |
| All      other operating costs and      expenses                                                                                                          |   |   | 722.6    |   |   |   | 753.6 |   |
| Total      benefits and other      deductions                                                                                                                                           |   |   | 10,628.6 |   |   |   | 5,639.1 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |     |   |   |   |   |   |
| Earnings      from Continuing Operations before Income Taxes and Minority      Interest                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | $      | 4,486.5  |   |   | $      | 1,298.9 |   |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 2008   |    |   | 2007   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |    |   |   |   |
| Revenues:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |    |   |   |   |
| Investment      advisory and services fees (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | $      | 2,839.5 |   |   | $      | 3,386.2 |   |
| Distribution      revenues                                                                                                                           |   |   | 378.4   |   |   |   | 473.4 |   |
| Institutional      research      services                                                                                                            |   |   | 471.7   |   |   |   | 423.5 |   |
| Other      revenues                                                                                                                                  |   |   | 117.8   |   |   |   | 123.0 |   |
| Commissions,      fees and other      income                                                                                                                        |   |   | 3,807.4 |   |   |   | 4,406.1 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |    |   |   |   |   |   |
| Investment      (losses)      income                                                                                                                 |   |   | (250.9  | )      |   |   | 316.7 |   |
| Less:      interest expense to finance trading      activities                                                                                       |   |   | (36.5   | )      |   |   | (194.4 | ) |
| Net      investment (losses)      income                                                                                                                            |   |   | (287.4  | )      |   |   | 122.3 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |    |   |   |   |   |   |
| Investment      gains,      net                                                                                                                      |   |   | 22.7    |   |   |   | 33.4 |   |
| Total      revenues                                                                                                                                                      |   |   | 3,542.7 |   |   |   | 4,561.8 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |    |   |   |   |   |   |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |    |   |   |   |   |   |
| Compensation      and      benefits                                                                                                                  |   |   | 1,479.9 |   |   |   | 1,858.1 |   |
| Distribution      plan      payments                                                                                                                 |   |   | 274.4   |   |   |   | 335.1 |   |
| Amortization      of deferred sales      commissions                                                                                                 |   |   | 79.1    |   |   |   | 95.5 |   |
| Interest      expense                                                                                                                                |   |   | 11.3    |   |   |   | 23.2 |   |
| Rent      expense                                                                                                                                    |   |   | 193.0   |   |   |   | 170.5 |   |
| Amortization      of other intangible assets,      net                                                                                               |   |   | 23.7    |   |   |   | 23.5 |   |
| Other      operating costs and      expenses                                                                                                         |   |   | 549.1   |   |   |   | 655.4 |   |
| Total      expenses                                                                                                                                                      |   |   | 2,610.5 |   |   |   | 3,161.3 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |    |   |   |   |   |   |
| Earnings      from Continuing Operations before                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |    |   |   |   |   |   |
| Income      Taxes and Minority      Interest                                                                                                         |   | $      | 932.2   |   |   | $      | 1,400.5 |   |

| (1)   | Included      fees earned by AllianceBernstein totaling $29.7 million and $31.8 million      in 2008 and 2007, respectively, for services provided to the Insurance      Group. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | December      31, |    |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 2008              |    |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |              |    |   |   |   |
| Third      party(1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | $                 | 412,479 |   |   | $ | 734,112 |   |
| General      Account and other(2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |              | 59,452  |   |   |   | 50,576 |   |
| Insurance      Group Separate      Accounts                                                                                           |   |              | 67,527  |   |   |   | 96,726 |   |
| Total      Assets Under      Management                                                                                                                   |   | $                 | 539,458 |   |   | $ | 881,414 |   |

| (1)   | Included      $36.36 billion and $34.01 billion of assets managed on behalf of AXA      affiliates at December 31, 2008 and 2007, respectively.  Also      included in 2008 and 2007 were $22.9 billion and $19.75 billion,      respectively, in assets related to an Australian joint venture between      AllianceBernstein and an AXAaffiliate. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Included      invested assets of the Company not managed by AllianceBernstein,      principally cash and short-term investments and policy loans, totaling      approximately $22.60 billion and $10.92 billion at December 31, 2008 and      2007, respectively, as well as mortgages and equity real estate totaling      $4.21 billion and $4.28 billion at December 31, 2008 and 2007,      respectively. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | At      December 31, 2008, AXA Equitable had outstanding $650.0 million of 5.40%      senior unsecured notes issued by AXAaffiliates. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------|

| ·   | AllianceBernstein      provides investment management and related services to AXA, AXA Financial      and AXA Equitable and certain of their subsidiaries and      affiliates.  In 2001, AllianceBernstein entered into joint      ventures with AXA Asia Pacific Holdings, Limited, an AXA affiliate, and      recognized management fees of $68.3 million, $77.6 million and $61.1      million in 2008, 2007 and 2006, respectively, of which approximately $19.6      million, $22.9 million and $21.3 million, respectively, were from AXA      affiliates and $9.7 million, $11.1 million and $8.8 million, respectively,      were attributed to minorityinterest. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 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 $45.3 million, $32.9      million and $30.1 million in 2008, 2007 and 2006,      respectively.  Payments by AXA and AXA affiliates to the Company      under such agreements totaled approximately $28.1 million, $27.7 million      and $27.9 million in 2008, 2007 and 2006,      respectively.  Included in the payments by AXA and AXA      affiliates to the Company were $12.9 million, $13.5 million and $12.6      million from AXA Tech for 2008, 2007 and 2006,      respectively.  AXA Equitable provided and paid for certain      services at cost on behalf of AXA Tech; these costs which totaled $117.6      million, $110.7 million and $98.4 million for 2008, 2007 and 2006,      respectively, offset the amounts AXA Financial Group were charged in those      years for services provided by AXA  Tech.   |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                               |   |     |   | Payments      Due by Period |
|------------------------------------|--------|----------|--------|-----------------------------|
|                               |   | Total    |   |                        | Less      than1 year |   |   | 1 –      3 years |   |   | 4 –      5 years |   |   | Over5      years |
|                               |   |     |   |                        |   |   |   |   |   |   |   |   |   |   |
| Contractual      obligations:      |   |     |   |                        |   |   |   |   |   |   |   |   |   |   |
| Policyholders      liabilities -   |   |     |   |                        |   |   |   |   |   |   |   |   |   |   |
| policyholders’      account  |   |     |   |                        |   |   |   |   |   |   |   |   |   |   |
| balances,      future policy       |   |     |   |                        |   |   |   |   |   |   |   |   |   |   |
| benefits      and other            |   |     |   |                        |   |   |   |   |   |   |   |   |   |   |
| policyholders      liabilities (1) | $      | 86,592.2 |   | $                           | 2,437.5 |   | $ | 4,487.6 |   | $ | 4,543.7 |   | $ | 75,123.4 |

| Long-term      debt                                                    |   | 200.0                |   |   | -                   |   |   | -                   |   |   | -                   |   |   | 200.0                |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------|--------|--------|---------------------|--------|--------|---------------------|--------|--------|---------------------|--------|--------|----------------------|
| Loans      from      affiliates                                        |   |        1,325.0  |   |   |        -       |   |   |        -       |   |   |        -       |   |   |        1,325.0  |
| Operating      leases                                                  |   | 3,356.9              |   |   | 203.7               |   |   | 394.0               |   |   | 403.1               |   |   | 2,356.1              |
| Employee      benefits                                                 |   |        37.0     |   |   |        2.5     |   |   |        6.4     |   |   |        7.3     |   |   |        20.8     |
|                                                                                                                                                                                                                                                                      |   |                 |   |   |                |   |   |                |   |   |                |   |   |                 |
| Total      Contractual                                                                                                                                                                                                                                                    |   |                 |   |   |                |   |   |                |   |   |                |   |   |                 |
| Obligations                                                                                     | $      |        91,511.1 |   | $      |        2,643.7 |   | $      |        4,888.0 |   | $      |        4,954.1 |   | $      |        79,025.3 |

| (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, 2008 |     |   | December      31, 2007 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|----------|--------|------------------------|--------|
|                                                                                                                                                                                                                                                                      |   |                   |     |   | Balance      After     |   |   |   |   |   | Balance      After |   |
|                                                                                                                                                                                                                                                                      |   | Fair                   |     |   | +100      Base         |   |   | Fair |   |   | +100      Basis |   |
|                                                                                                                                                                                                                                                                      |   | Value                  |     |   | Point      Change      |   |   | Value |   |   | Point      Change |   |
| Continuing Operations:                                                                                                                                                                                                                                                    |   |                   |     |   |                   |   |   |   |   |   |   |   |
| Fixed      maturities:                                                                                                                                                                                                                                                    |   |                   |     |   |                   |   |   |   |   |   |   |   |
| Fixed      rate                                                        |   | $                      | 24,477.3 |   |                   | $      | 23,250.7 |   |   | $ | 27,433.0 |   |   | $ | 25,994.8 |   |
| Floating      rate                                                     |   |                   | 127.9    |   |                   |   | 126.0 |   |   |   | 300.9 |   |   |   | 300.5 |   |
| Mortgage      loans                                          |   |                   | 3,624.5  |   |                   |   | 3,467.9 |   |   |   | 3,766.9 |   |   |   | 3,594.6 |   |
|                                                                                                                                                                                                                                                                      |   |                   |     |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Wind-up Annuities:                                                                                                                                                                                                                                                        |   |                   |     |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed      maturities:                                                                                                                                                                                                                                                    |   |                   |     |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed      rate                                                        |   | $                      | 602.2    |   |                   | $      | 581.9 |   |   | $ | 705.0 |   |   | $ | 678.5 |   |
| Mortgage      loans                                          |   |                   | 1.3      |   |                   |   | 1.2 |   |   |   | 2.3 |   |   |   | 2.3 |   |

----

|                                                                                                                                                                                                                                                                             | December      31, 2008 |   | December      31, 2007             |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|--------|------------------------------------|
|                                                                                                                                                                                                                                                                             | Fair                   |   | Balance      After-10%      Equity |   |  Fair |   | Balance      After-10%      Equity |
|                                                                                                                                                                                                                                                                             | Value                  |   | Price      Change                  |   | Value |   | Price      Change |
|                                                                                                                                                                                                                                                                             |                   |   |                               |   |   |   |   |   |   |   |   |
| Insurance      Group:                                                                                                                                                                                                                                                            |                   |   |                               |   |   |   |   |   |   |   |   |
| Continuing      operations                                          | $                      | 52.6   |                               | $ | 47.3 |   | $ | 7.2 |   | $ | 6.5 |

----

|                                                                                                                                                                                      |   |     |     |   |     |   |   | Interest      Rate Sensitivity |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|----------|--------|----------|--------|--------|--------------------------------|
|                                                                                                                                                                                      |   |     |     |   | Weighted |   |   |                           |   |   |   |   |
|                                                                                                                                                                                      |   |     |     |   | Average  |   |   | Balance      After             |   |   |   | Balance      After |
|                                                                                                                                                                                      |   | Notional |     |   | Term     |   |   | -100      Basis                |   | Fair |   | +100      Basis |
|                                                                                                                                                                                      |   | Amount   |     |   | (Years)  |   |   | Point      Change              |   | Value |   | Point      Change |
|                                                                                                                                                                                      |   |     |     |   |     |   |   |                           |   |   |   |   |   |   |
| December      31, 2008                                                                                                                                                                    |   |     |     |   |     |   |   |                           |   |   |   |   |   |   |
| Options:                                                                                                                                                                                  |   |     |     |   |     |   |   |                           |   |   |   |   |   |   |
| Interest      rate      floors                               |   | $        | 21,000.0 |   |     |   | 5.66   |                           |   | $ | 871.1 |   |   | $ | 547.0 |   |   | $ | 452.0 |   |
| S&P      puts/calls                                      |   |     | 1,494.0  |   |     |   | 1.00   |                           |   |   | 163.1 |   |   |   | 31.1 |   |   |   | (122.0 | ) |
| Futures                                       |   |     | 5,126.7  |   |     |   | .22    |                           |   |   | 334.3 |   |   |   | - |   |   |   | (334.3 | ) |
| Interest      rate swaps                                                                                                                                                                  |   |     | 1,100.0  |   |     |   | 14.08  |                           |   |   | 410.2 |   |   |   | 254.7 |   |   |   | 125.4 |   |
| Total                               |   | $        | 28,720.7 |   |     |   |   |                           |   | $ | 1,778.7 |   |   | $ | 832.8 |   |   | $ | 121.1 |   |
|                                                                                                                                                                                      |   |     |     |   |     |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
| December      31, 2007                                                                                                                                                                    |   |     |     |   |     |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Options:                                                                                                                                                                                  |   |     |     |   |     |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      rate      floors                               |   | $        | 27,000.0 |   |     |   | 3.25   |                           |   | $ | 193.2 |   |   | $ | 162.9 |   |   | $ | (79.0 | ) |
| Futures                                       |   |     | 1,159.4  |   |     |   | .22    |                           |   |   | 71.0 |   |   |   | - |   |   |   | (71.0 | ) |
| Interest      rate swaps                                                                                                                                                                  |   |     | 125.0    |   |     |   | 9.14   |                           |   |   | 9.3 |   |   |   | 4.9 |   |   |   | (9.2 | ) |
| Total                               |   | $        | 28,284.4 |   |     |   |   |                           |   | $ | 273.5 |   |   | $ | 167.8 |   |   | $ | (159.2 | ) |
|                                                                                                                                                                                      |   |     |     |   |     |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                      |   |     |     |   |     |   |   |                           |   |   |   |   | Equity      Sensitivity |
|                                                                                                                                                                                      |   |     |     |   |     |   |   |                           |   |   |   |   |   |   |   |   | Balance      after |
|                                                                                                                                                                                      |   |     |     |   |     |   |   |                           |   |   |   |   | Fair |   | -10%      Equity |
|                                                                                                                                                                                      |   |     |     |   |     |   |   |                           |   |   |   |   | Value |   | Price      Shift |
| December      31, 2008                                                                                                                                                                    |   |     |     |   |     |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Futures                                                                                                                                                                                   |   | $        | (5,707.1 | )      |     |   | .22    |                           |   |   |   |   |   | $ | - |   |   | $ | 57.1 |   |
|                                                                                                                                                                                      |   |     |     |   |     |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
| December      31, 2007                                                                                                                                                                    |   |     |     |   |     |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Futures                                       |   | $        | (5,081.1 | )      |     |   | .22    |                           |   |   |   |   |   | $ | - |   |   | $ | 508.1 |   |
|                                                                                                                                                                                      |   |     |     |   |     |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                                                                                                                                                                                                                  |   | December      31, 2008 |   |   | December      31, 2007 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|--------|--------|------------------------|
|                                                                                                                                                                                                                                                                  |   |                   |   |   | Balance      After     |   |   |   |   |   | Balance      After |
|                                                                                                                                                                                                                                                                  |   | Fair                   |   |   | -100      Basis        |   |   | Fair |   |   | -100      Basis |
|                                                                                                                                                                                                                                                                  |   | Value                  |   |   | Point      Change      |   |   | Value |   |   | Point      Change |
|                                                                                                                                                                                                                                                                  |   |                   |   |   |                   |   |   |   |   |   |   |   |   |   |
| Continuing      Operations:                                                                                                                                                                                                                                           |   |                   |   |   |                   |   |   |   |   |   |   |   |   |   |
| Fixed      rate                                          |   | $                      | 190.8  |   |                   | $ | 201.1 |   |   | $ | 224.6 |   |  $ | 238.6 |

|                                                                                                                                                                                                                                                    | December      31, 2008 |   | December      31, 2007 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|--------|------------------------|--------|
|                                                                                                                                                                                                                                                    |                   |   | Balance      After     |   |   |   | Balance      After |   |
|                                                                                                                                                                                                                                                    | Fair                   |   | +100      Basis Point  |   | Fair |   | +100      Basis Point |   |
|                                                                                                                                                                                                                                                    | Value                  |   | Change                 |   | Value |   | Change |   |
|                                                                                                                                                                                                                                                    |                   |   |                   |   |   |   |   |   |   |   |   |   |
| Fixed      Income Investments:                                                                                                                                                                                                                          |                   |   |                   |   |   |   |   |   |   |   |   |   |
| Trading                                         |                   | $      | 76.2                   |   |   | $ | 73.1 |   |   | $ | 106.2 |   |   | $ | 101.0 |   |
| Available-for-sale      and other                                                                                                                                                                                                                       |                   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| investments                                               |                   |   | .2                     |   |   |   | .2 |   |   |   | 28.4 |   |   |   | 27.0 |   |

----

|                                                                                                                                                                                                                                  | December      31, 2008 |   | December      31, 2007 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|--------|------------------------|--------|
|                                                                                                                                                                                                                                  |                   |   | Balance      After     |   |   |   | Balance      After |   |
|                                                                                                                                                                                                                                  | Fair                   |   | -10%      equity Price |   | Fair |   | -10%      equity Price |   |
|                                                                                                                                                                                                                                  | Value                  |   | Change                 |   | Value |   | Change |   |
| Equity      Investments:                                                                                                                                                                                                              |                   |   |                   |   |   |   |   |   |   |   |   |   |
| Trading                                      |                   | $      | 246.4                  |   |   | $ | 221.8 |   |   | $ | 466.1 |   |   | $ | 419.5 |   |
| Available      for sale and other                                                                                                                                                                                                     |                   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| investments                                                 |                   |   | 255.1                  |   |   |   | 229.6 |   |   |   | 314.5 |   |   |   | 283.0 |   |

----

| Report      of Independent Registered Public Accounting      Firm                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | F-1    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
| Consolidated      Financial Statements:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
| Consolidated      Balance Sheets, December 31, 2008 and      2007                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | F-2    |
| Consolidated      Statements of Earnings, Years Ended December 31, 2008, 2007 and      2006                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | F-3    |
| Consolidated      Statements of Shareholder’s Equity and Comprehensive Income, Years      Ended                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |
| December      31, 2008, 2007 and      2006                                                                                                                                                   | F-4    |
| Consolidated      Statements of Cash Flows, Years Ended December 31, 2008, 2007 and      2006                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | F-5    |
| Notes      to Consolidated Financial      Statements                                                                                                                               | F-7    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
| Report      of Independent Registered Public Accounting Firm on Financial Statement      Schedules                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | F-63   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
| Consolidated      Financial Statement Schedules:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
| Schedule      I - Summary of Investments - Other than Investments in Related      Parties,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| December      31,      2008                                                                                                                                                                  | F-64   |
| Schedule      II - Balance Sheets (Parent Company), December 31, 2008 and      2007                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | F-65   |
| Schedule      II - Statements of Earnings (Parent Company), Years Ended                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
| December      31, 2008, 2007 and      2006                                                                                                                                                   | F-66   |
| Schedule      II – Statements of Cash Flows (Parent Company), YearsEnded                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |
| December      31, 2008, 2007 and      2006                                                                                                                                                   | F-67   |
| Schedule      III – Supplementary Insurance Information, Years Ended                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| December      31, 2008, 2007 and      2006                                                                                                                                                   | F-68   |
| Schedule      IV – Reinsurance, Years Ended December 31, 2008, 2007 and    2006                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | F-71   |

----

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 2008               |      |   | 2007   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|-----------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | (In      Millions) |      |
| ASSETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |               |      |   |   |   |
| Investments:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |               |      |   |   |   |
| Fixed      maturities available for sale, at estimated fair value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | $                  | 23,831.0  |   |   | $      | 27,159.5 |   |
| Mortgage      loans on real      estate                                                                                                                               |   |               | 3,673.9   |   |   |   | 3,730.6 |   |
| Equity      real estate, held for the production of income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |               | 370.3     |   |   |   | 381.7 |   |
| Policy      loans                                                                                                                                                     |   |               | 3,700.3   |   |   |   | 3,938.8 |   |
| Other      equity      investments                                                                                                                                    |   |               | 1,646.8   |   |   |   | 1,820.3 |   |
| Trading      securities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |               | 322.7     |   |   |   | 573.3 |   |
| Other      invested      assets                                                                                                                                       |   |               | 1,501.4   |   |   |   | 1,000.9 |   |
| Total      investments                                                                                                                                                               |   |               | 35,046.4  |   |   |   | 38,605.1 |   |
| Cash      and cash      equivalents                                                                                                                    |   |               | 2,403.9   |   |   |   | 1,173.2 |   |
| Cash      and securities segregated, at estimated fair value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |               | 2,572.6   |   |   |   | 2,370.0 |   |
| Broker-dealer      related      receivables                                                                                                            |   |               | 1,020.4   |   |   |   | 1,623.5 |   |
| Deferred      policy acquisition      costs                                                                                                            |   |               | 7,482.0   |   |   |   | 9,019.3 |   |
| Goodwill      and other intangible assets,      net                                                                                                    |   |               | 3,702.4   |   |   |   | 3,724.6 |   |
| Amounts      due from      reinsurers                                                                                                                  |   |               | 2,897.2   |   |   |   | 2,890.6 |   |
| Loans      to      affiliates                                                                                                                          |   |               | 588.3     |   |   |   | 638.3 |   |
| Other      assets                                                                                                                                      |   |               | 12,926.0  |   |   |   | 3,341.8 |   |
| Separate      Accounts’      assets                                                                                                              |   |               | 67,627.0  |   |   |   | 96,539.6 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |      |   |   |   |   |   |
| Total      Assets                                                                                                                                      |   | $                  | 136,266.2 |   |   | $      | 159,926.0 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |      |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |               |      |   |   |   |   |   |
| Policyholders’      account      balances                                                                                                        |   | $                  | 24,742.5  |   |   | $      | 25,168.2 |   |
| Future      policy benefits and other policyholders liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |               | 17,733.1  |   |   |   | 14,304.7 |   |
| Broker-dealer      related      payables                                                                                                               |   |               | 485.5     |   |   |   | 595.1 |   |
| Customers      related      payables                                                                                                                   |   |               | 2,753.1   |   |   |   | 2,722.2 |   |
| Amounts      due to      reinsurers                                                                                                                    |   |               | 64.2      |   |   |   | 1,119.5 |   |
| Short-term      and long-term      debt                                                                                                                |   |               | 484.6     |   |   |   | 982.0 |   |
| Loans      from      affiliates                                                                                                                        |   |               | 1,325.0   |   |   |   | 325.0 |   |
| Income      taxes      payable                                                                                                                         |   |               | 3,813.2   |   |   |   | 3,398.9 |   |
| Other      liabilities                                                                                                                                 |   |               | 2,842.5   |   |   |   | 1,963.2 |   |
| Separate      Accounts’      liabilities                                                                                                         |   |               | 67,627.0  |   |   |   | 96,539.6 |   |
| Minority      interest in equity of consolidated subsidiaries                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |               | 2,896.9   |   |   |   | 2,478.9 |   |
| Minority      interest subject to redemption      rights                                                                                               |   |               | 135.0     |   |   |   | 142.7 |   |
| Total      liabilities                                                                                                                                                               |   |               | 124,902.6 |   |   |   | 149,740.0 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |      |   |   |   |   |   |
| Commitments      and contingent liabilities (Notes 2, 7, 10, 11, 12, 13, 18 and      19)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |               |      |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |      |   |   |   |   |   |
| SHAREHOLDER’S      EQUITY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |               |      |   |   |   |   |   |
| Common      stock, $1.25 par value, 2.0 million shares authorized,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |               |      |   |   |   |   |   |
| issued      and      outstanding                                                                                                                                      |   |               | 2.5       |   |   |   | 2.5 |   |
| Capital      in excess of par      value                                                                                                               |   |               | 5,184.1   |   |   |   | 5,265.4 |   |
| Retained      earnings                                                                                                                                 |   |               | 8,412.6   |   |   |   | 5,186.0 |   |
| Accumulated      other comprehensive      loss                                                                                                         |   |               | (2,235.6  | )      |   |   | (267.9 | ) |
| Total      shareholder’s      equity                                                                                                                                           |   |               | 11,363.6  |   |   |   | 10,186.0 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |      |   |   |   |   |   |
| Total      Liabilities and Shareholder’s      Equity                                                                                             |   | $                  | 136,266.2 |   |   | $      | 159,926.0 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |      |   |   |   |   |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 2008               |     |   | 2007   |   |     | 2006   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|----------|--------|--------|--------|----------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | (In      Millions) |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |               |     |
| REVENUES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |               |     |   |   |   |     |   |   |
| Universal      life and investment-type product                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               |     |   |   |   |     |   |   |
| policy      fee      income                                                                                                            |   | $                  | 2,951.7  |   |   | $      | 2,741.7  |   |   | $ | 2,252.7 |   |
| Premiums                                                                                                                     |   |               | 758.6    |   |   |   | 804.9    |   |   |   | 817.8 |   |
| Net      investment      income                                                                                              |   |               | 9,093.7  |   |   |   | 2,688.4  |   |   |   | 2,389.2 |   |
| Investment      (losses) gains,      net                                                                                     |   |               | (338.5   | )      |   |   | (7.2     | )      |   |   | 46.9 |   |
| Commissions,      fees and other      income                                                                                 |   |               | 6,115.8  |   |   |   | 5,180.6  |   |   |   | 4,373.0 |   |
| Total      revenues                                                                                                                                             |   |               | 18,581.3 |   |   |   | 11,408.4 |   |   |   | 9,879.6 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |               |     |   |   |   |     |   |   |   |   |   |
| BENEFITS      AND OTHER DEDUCTIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |               |     |   |   |   |     |   |   |   |   |   |
| Policyholders’      benefits                                                                                           |   |               | 4,702.6  |   |   |   | 1,998.5  |   |   |   | 1,960.5 |   |
| Interest      credited to policyholders’ account balances                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               | 1,065.3  |   |   |   | 1,065.2  |   |   |   | 1,082.5 |   |
| Compensation      and      benefits                                                                                          |   |               | 1,989.1  |   |   |   | 2,453.2  |   |   |   | 2,090.4 |   |
| Commissions                                                                                                                  |   |               | 1,437.1  |   |   |   | 1,744.2  |   |   |   | 1,394.4 |   |
| Distribution      plan      payments                                                                                         |   |               | 274.4    |   |   |   | 335.1    |   |   |   | 292.9 |   |
| Amortization      of deferred sales commissions                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               | 79.1     |   |   |   | 95.5     |   |   |   | 100.4 |   |
| Interest      expense                                                                                                        |   |               | 58.5     |   |   |   | 72.0     |   |   |   | 70.4 |   |
| Amortization      of deferred policy acquisition costs                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |               | 3,484.7  |   |   |   | 1,099.2  |   |   |   | 689.3 |   |
| Capitalization      of deferred policy acquisition costs                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |               | (1,394.1 | )      |   |   | (1,719.3 | )      |   |   | (1,363.4 | ) |
| Rent      expense                                                                                                            |   |               | 246.6    |   |   |   | 224.3    |   |   |   | 204.1 |   |
| Amortization      of other intangible      assets                                                                            |   |               | 23.7     |   |   |   | 23.2     |   |   |   | 23.6 |   |
| Other      operating costs and      expenses                                                                                 |   |               | 1,196.0  |   |   |   | 1,317.9  |   |   |   | 1,254.2 |   |
| Total      benefits and other      deductions                                                                                                                   |   |               | 13,163.0 |   |   |   | 8,709.0  |   |   |   | 7,799.3 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |               |     |   |   |   |     |   |   |   |   |   |
| Earnings      from continuing operations before                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               |     |   |   |   |     |   |   |   |   |   |
| income      taxes and minority      interest                                                                                           |   |               | 5,418.3  |   |   |   | 2,699.4  |   |   |   | 2,080.3 |   |
| Income      taxes                                                                                                            |   |               | (1,701.9 | )      |   |   | (759.8   | )      |   |   | (424.5 | ) |
| Minority      interest in net income of consolidated subsidiaries                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |               | (470.0   | )      |   |   | (702.9   | )      |   |   | (608.3 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |               |     |   |   |   |     |   |   |   |   |   |
| Earnings      from continuing      operations                                                                                |   |               | 3,246.4  |   |   |   | 1,236.7  |   |   |   | 1,047.5 |   |
| (Losses)      earnings from discontinued operations,                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |               |     |   |   |   |     |   |   |   |   |   |
| net      of income      taxes                                                                                                               |   |               | (26.1    | )      |   |   | (5.9     | )      |   |   | 31.2 |   |
| Gains      (losses) on disposal of discontinued operations,                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |               |     |   |   |   |     |   |   |   |   |   |
| net      of income taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |               | 6.3      |   |   |   | 2.8      |   |   |   | (1.9 | ) |
| Net      Earnings                                                                                                            |   | $                  | 3,226.6  |   |   | $      | 1,233.6  |   |   | $ | 1,076.8 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | 2008               |     |   | 2007   |   |     | 2006   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|----------|--------|--------|--------|----------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | (In      Millions) |     |
| SHAREHOLDER’S      EQUITY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |               |     |
| Common      stock, at par value, beginning and end of year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | $                  | 2.5      |   |   | $      | 2.5      |   |   | $ | 2.5 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |               |     |   |   |   |     |   |   |   |   |   |
| Capital      in excess of par value, beginning of year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |               | 5,265.4  |   |   |   | 5,139.6  |   |   |   | 4,976.3 |   |
| Changes      in capital in excess of par value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |               | (81.3    | )      |   |   | 125.8    |   |   |   | 163.3 |   |
| Capital      in excess of par value, end of year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               | 5,184.1  |   |   |   | 5,265.4  |   |   |   | 5,139.6 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |               |     |   |   |   |     |   |   |   |   |   |
| Retained      earnings, beginning of      year                                                                                 |   |               | 5,186.0  |   |   |   | 4,507.6  |   |   |   | 4,030.8 |   |
| Cumulative      effect adjustment to adopt FIN 48                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |               | -        |   |   |   | 44.8     |   |   |   | - |   |
| Retained      earnings, beginning of year as adjusted                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |               | 5,186.0  |   |   |   | 4,552.4  |   |   |   | 4,030.8 |   |
| Net      earnings                                                                                                              |   |               | 3,226.6  |   |   |   | 1,233.6  |   |   |   | 1,076.8 |   |
| Dividends      on common      stock                                                                                            |   |               | -        |   |   |   | (600.0   | )      |   |   | (600.0 | ) |
| Retained      earnings, end of      year                                                                                       |   |               | 8,412.6  |   |   |   | 5,186.0  |   |   |   | 4,507.6 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |               |     |   |   |   |     |   |   |   |   |   |
| Accumulated      other comprehensive (loss) income,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |               |     |   |   |   |     |   |   |   |   |   |
| beginning      of      year                                                                                                                   |   |               | (267.9   | )      |   |   | (167.3   | )      |   |   | 432.3 |   |
| Other      comprehensive      loss                                                                                             |   |               | (1,967.7 | )      |   |   | (100.6   | )      |   |   | (150.1 | ) |
| Adjustment      to initially apply SFAS No.158, net of income taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |               | -        |   |   |   | -        |   |   |   | (449.5 | ) |
| Accumulated      other comprehensive loss, end of year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |               | (2,235.6 | )      |   |   | (267.9   | )      |   |   | (167.3 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |               |     |   |   |   |     |   |   |   |   |   |
| Total      Shareholder’s Equity, End of Year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | $                  | 11,363.6 |   |   | $      | 10,186.0 |   |   | $ | 9,482.4 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 2008               |     |   | 2007   |   |    | 2006   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|----------|--------|--------|--------|---------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | (In      Millions) |     |
| COMPREHENSIVE      INCOME                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |               |     |   |   |   |    |   |   |
| Net      earnings                                                                                               |   | $                  | 3,226.6  |   |   | $      | 1,233.6 |   |   | $ | 1,076.8 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |               |     |   |   |   |    |   |   |   |   |   |
| Change      in unrealized losses, net of                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |               |     |   |   |   |    |   |   |   |   |   |
| reclassification      adjustment                                                                                               |   |               | (1,374.4 | )      |   |   | (178.6  | )      |   |   | (150.1 | ) |
| Defined      benefit plans:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |               |     |   |   |   |    |   |   |   |   |   |
| Net      (loss) gain arising during      year                                                                                  |   |               | (620.4   | )      |   |   | 38.8    |   |   |   | - |   |
| Prior      service cost arising during      year                                                                               |   |               | -        |   |   |   | 1.7     |   |   |   | - |   |
| Less:      reclassification adjustment for:                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |               |     |   |   |   |    |   |   |   |   |   |
| Amortization      of net losses included in net periodic cost                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |               | 30.8     |   |   |   | 41.2    |   |   |   | - |   |
| Amortization      of net prior service credit                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |               |     |   |   |   |    |   |   |   |   |   |
| included      in net periodic      cost                                                                                                                 |   |               | (3.7     | )      |   |   | (3.6    | )      |   |   | - |   |
| Amortization      of net transition      asset                                                                                           |   |               | -        |   |   |   | (.1     | )      |   |   | - |   |
| Other      comprehensive income – defined benefit plans                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |               | (593.3   | )      |   |   | 78.0    |   |   |   | - |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |               |     |   |   |   |    |   |   |   |   |   |
| Other      comprehensive      loss                                                                              |   |               | (1,967.7 | )      |   |   | (100.6  | )      |   |   | (150.1 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |               |     |   |   |   |    |   |   |   |   |   |
| Comprehensive      Income                                                                                       |   | $                  | 1,258.9  |   |   | $      | 1,133.0 |   |   | $ | 926.7 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 2008               |     |   | 2007   |   |     | 2006   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|----------|--------|--------|--------|----------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | (In      Millions) |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |               |     |
| Net      earnings                                                                                               |   | $                  | 3,226.6  |   |   | $      | 1,233.6  |   |   | $ | 1,076.8 |   |
| Adjustments      to reconcile net earnings to net cash provided                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |               |     |   |   |   |     |   |   |   |   |   |
| by      operating activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |               |     |   |   |   |     |   |   |   |   |   |
| Interest      credited to policyholders’ account balances                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |               | 1,065.3  |   |   |   | 1,065.2  |   |   |   | 1,082.5 |   |
| Universal      life and investment-type product                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |               |     |   |   |   |     |   |   |   |   |   |
| policy      fee      income                                                                                                                   |   |               | (2,951.7 | )      |   |   | (2,741.7 | )      |   |   | (2,252.7 | ) |
| Net      change in broker-dealer and customer related                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |               |     |   |   |   |     |   |   |   |   |   |
| receivables/payables                                                                                                                          |   |               | 618.9    |   |   |   | 98.5     |   |   |   | 117.2 |   |
| Net      investment income related to derivative instruments                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |               | (7,302.1 | )      |   |   | (86.6    | )      |   |   | 302.4 |   |
| Change      in reinsurance recoverable with affiliate                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |               | (6,351.5 | )      |   |   | -        |   |   |   | - |   |
| Investment      losses (gains),      net                                                                                  |   |               | 338.5    |   |   |   | 7.2      |   |   |   | (46.9 | ) |
| Change      in segregated cash and securities, net                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               | (202.6   | )      |   |   | (360.3   | )      |   |   | (245.0 | ) |
| Change      in deferred policy acquisition costs                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |               | 2,090.6  |   |   |   | (620.1   | )      |   |   | (674.1 | ) |
| Change      in future policy benefits                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |               | 2,398.0  |   |   |   | 95.4     |   |   |   | 52.7 |   |
| Change      in income taxes      payable                                                                                  |   |               | 1,135.0  |   |   |   | 532.9    |   |   |   | 425.9 |   |
| Minority      interest in net income of consolidated subsidiaries                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |               | 470.0    |   |   |   | 686.3    |   |   |   | 599.9 |   |
| Change      in fair value of guaranteed minimum income                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |               |     |   |   |   |     |   |   |   |   |   |
| benefit      reinsurance      contracts                                                                                                  |   |               | (1,566.8 | )      |   |   | (6.9     | )      |   |   | 14.8 |   |
| Amortization      of deferred sales commissions                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |               | 79.1     |   |   |   | 95.5     |   |   |   | 100.4 |   |
| Other      depreciation and      amortization                                                                             |   |               | 140.4    |   |   |   | 133.8    |   |   |   | 144.9 |   |
| Amortization      of other intangible assets, net                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |               | 23.7     |   |   |   | 23.2     |   |   |   | 23.6 |   |
| (Gains)      losses on disposal of discontinued operations                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |               | (6.3     | )      |   |   | (2.8     | )      |   |   | 1.9 |   |
| Change      in accounts payable and accrued expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |               | (187.7   | )      |   |   | 102.6    |   |   |   | 85.5 |   |
| Other,      net                                                                                                           |   |               | 75.3     |   |   |   | 81.6     |   |   |   | 61.1 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |               |     |   |   |   |     |   |   |   |   |   |
| Net      cash (used in) provided by operating activities                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               | (6,907.3 | )      |   |   | 337.4    |   |   |   | 870.9 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |               |     |   |   |   |     |   |   |   |   |   |
| Cash      flows from investing activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |               |     |   |   |   |     |   |   |   |   |   |
| Maturities      and repayments of fixed maturities                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               |     |   |   |   |     |   |   |   |   |   |
| and      mortgage      loans                                                                                                                  |   |               | 1,727.5  |   |   |   | 2,143.1  |   |   |   | 2,962.2 |   |
| Sales      of      investments                                                                                            |   |               | 796.2    |   |   |   | 2,356.5  |   |   |   | 1,536.9 |   |
| Sale      of AXA Equitable Life and      Annuity                                                                          |   |               | 60.8     |   |   |   | -        |   |   |   | - |   |
| Purchases      of      investments                                                                                        |   |               | (2,106.8 | )      |   |   | (3,525.3 | )      |   |   | (4,262.3 | ) |
| Cash      settlements related to derivative instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |               | 5,337.0  |   |   |   | (98.3    | )      |   |   | - |   |
| Change      in short-term      investments                                                                                |   |               | 29.3     |   |   |   | 107.0    |   |   |   | 65.6 |   |
| Decrease      in loans to      affiliates                                                                                 |   |               | -        |   |   |   | 400.0    |   |   |   | - |   |
| Increase      in loans to      affiliates                                                                                 |   |               | -        |   |   |   | (650.0   | )      |   |   | - |   |
| Change      in capitalized software, leasehold improvements                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |               |     |   |   |   |     |   |   |   |   |   |
| and      EDP      equipment                                                                                                                   |   |               | (163.1   | )      |   |   | (205.0   | )      |   |   | (146.1 | ) |
| Other,      net                                                                                                           |   |               | 155.9    |   |   |   | (91.2    | )      |   |   | (390.4 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |               |     |   |   |   |     |   |   |   |   |   |
| Net      cash provided by (used in) investing activities                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               | 5,836.8  |   |   |   | 436.8    |   |   |   | (234.1 | ) |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 2008               |     |   | 2007   |   |     | 2006   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|----------|--------|--------|--------|----------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | (In      Millions) |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |     |   |   |   |     |   |   |
| Cash      flows from financing activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |               |     |   |   |   |     |   |   |
| Policyholders’      account balances:                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |               |     |   |   |   |     |   |   |
| Deposits                                                                                                                                        |   | $                  | 4,384.5  |   |   | $      | 4,102.1  |   |   | $ | 3,865.2 |   |
| Withdrawals      from and transfers to Separate Accounts                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |               | (2,602.8 | )      |   |   | (3,831.7 | )      |   |   | (3,569.1 | ) |
| Change      in short-term      financings                                                                                             |   |               | (497.8   | )      |   |   | 199.0    |   |   |   | 327.7 |   |
| Repayments      of long-term      debt                                                                                                |   |               | -        |   |   |   | -        |   |   |   | (400.0 | ) |
| Increase      in collateralized pledged liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |               | 568.7    |   |   |   | -        |   |   |   | - |   |
| Proceeds      from loans from      affiliates                                                                                         |   |               | 1,000.0  |   |   |   | -        |   |   |   | - |   |
| Shareholder      dividends      paid                                                                                                  |   |               | -        |   |   |   | (600.0   | )      |   |   | (600.0 | ) |
| Other,      net                                                                                                                       |   |               | (551.4   | )      |   |   | (592.6   | )      |   |   | (206.5 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |     |   |   |   |     |   |   |   |   |   |
| Net      cash provided by (used in) financing activities                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |               | 2,301.2  |   |   |   | (723.2   | )      |   |   | (582.7 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |     |   |   |   |     |   |   |   |   |   |
| Change      in cash and cash      equivalents                                                                               |   |               | 1,230.7  |   |   |   | 51.0     |   |   |   | 54.1 |   |
| Cash      and cash equivalents, beginning of year                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |               | 1,173.2  |   |   |   | 1,122.2  |   |   |   | 1,068.1 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |     |   |   |   |     |   |   |   |   |   |
| Cash      and Cash Equivalents, End of      Year                                                                            |   | $                  | 2,403.9  |   |   | $      | 1,173.2  |   |   | $ | 1,122.2 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |     |   |   |   |     |   |   |   |   |   |
| Supplemental      cash flow information:                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |               |     |   |   |   |     |   |   |   |   |   |
| Interest      Paid                                                                                                                    |   | $                  | 34.4     |   |   | $      | 52.6     |   |   | $ | 59.9 |   |
| Income      Taxes Paid      (Refunded)                                                                                                |   | $                  | 257.3    |   |   | $      | 178.1    |   |   | $ | (40.8 | ) |

----

----

----

----

| ·   | The      acquirer will recognize 100% of the fair values of acquired assets and      assumed liabilities (with few exceptions) upon initially obtaining control      even if it has not acquired 100% of the target  company, |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| ·   | The      requirements in SFAS No. 146, “Accounting for Costs Associated with Exit      or Disposal Activities,” must be met at the acquisition date in order to      accrue for a restructuring plan. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| ·   | Recharacterize      minority interests, currently classified within liabilities, as      noncontrolling interests to be reported as a component of consolidated      equity on the balance sheet, |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 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,and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Account      for increases and decreases in noncontrolling interests as equity      transactions with any difference between proceeds of a purchase or      issuance of noncontrolling interests being accounted for as a change to      the controlling entity’s equity instead of as current period gains/losses      in the consolidated income statement.  Only when the controlling      entity loses control and deconsolidates a subsidiary will a gain or loss      be recognized. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| 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. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                                                                                                                                                                                                                |   |                      |     |   |                             |   |   |                              |   |   |                     |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------|----------|--------|----------------------------------|--------|--------|-----------------------------------|--------|--------|--------------------------|--------|
|                                                                                                                                                                                                                                                                                                |   |        AmortizedCost |     |   |        GrossUnrealizedGains |   |   |        GrossUnrealizedLosses |   |   | EstimatedFair      Value |   |
|                                                                                                                                                                                                                                                                                                |   | (In      Millions)        |     |
|                                                                                                                                                                                                                                                                                                |   |                      |     |   |                             |   |   |                              |   |   |                     |   |
| December      31, 2008                                                                                                                                                                                                                                                                              |   |                      |     |   |                             |   |   |                              |   |   |                     |   |
| Fixed      Maturities:                                                                                                                                                                                                                                                                              |   |                      |     |   |                             |   |   |                              |   |   |                     |   |
| Available      for Sale:                                                                                                                                                                                                                                                                            |   |                      |     |   |                             |   |   |                              |   |   |                     |   |
| Corporate                                                                                        |   | $                         | 18,913.6 |   |                             | $      | 223.6  |                              |   | $      | 1,782.7                  |   |   | $ | 17,354.5 |   |
| Mortgage      and Asset Backed                                                                                                                                                                                                                                                                      |   |                      | 4,242.8  |   |                             |   | 76.7   |                              |   |   | 580.0                    |   |   |   | 3,739.5 |   |
| U.S.      Treasury, government                                                                                                                                                                                                                                                                      |   |                      |     |   |                             |   |   |                              |   |   |                     |   |   |   |   |   |
| and      agency      securities                                                                            |   |                      | 1,061.9  |   |                             |   | 279.7  |                              |   |   | -                        |   |   |   | 1,341.6 |   |
| States      and political                                                                                                                                                                                                                                                                           |   |                      |     |   |                             |   |   |                              |   |   |                     |   |   |   |   |   |
| subdivisions                                                                                               |   |                      | 164.7    |   |                             |   | 12.0   |                              |   |   | 7.7                      |   |   |   | 169.0 |   |
| Foreign      governments                                                                         |   |                      | 256.3    |   |                             |   | 46.5   |                              |   |   | 5.6                      |   |   |   | 297.2 |   |
| Redeemable      preferred stock                                                                                                                                                                                                                                                                     |   |                      | 1,571.7  |   |                             |   | .1     |                              |   |   | 642.6                    |   |   |   | 929.2 |   |
| Total      Available for Sale                                                                                                                                                                                                                                                                       |   | $                         | 26,211.0 |   |                             | $      | 638.6  |                              |   | $      | 3,018.6                  |   |   | $ | 23,831.0 |   |
|                                                                                                                                                                                                                                                                                                |   |                      |     |   |                             |   |   |                              |   |   |                     |   |   |   |   |   |
| Equity      Securities:                                                                                                                                                                                                                                                                             |   |                      |     |   |                             |   |   |                              |   |   |                     |   |   |   |   |   |
| Available      for      sale                                                           |   | $                         | 31.7     |   |                             | $      | -      |                              |   | $      | 4.9                      |   |   | $ | 26.8 |   |
| Trading      securities                                                                |   |                      | 434.9    |   |                             |   | .2     |                              |   |   | 188.6                    |   |   |   | 246.5 |   |
| Total      Equity      Securities                                            |   | $                         | 466.6    |   |                             | $      | .2     |                              |   | $      | 193.5                    |   |   | $ | 273.3 |   |
|                                                                                                                                                                                                                                                                                                |   |                      |     |   |                             |   |   |                              |   |   |                     |   |   |   |   |   |
| December 31, 2007                                                                                                                                                                                                                                                                                   |   |                      |     |   |                             |   |   |                              |   |   |                     |   |   |   |   |   |
| Fixed      Maturities:                                                                                                                                                                                                                                                                              |   |                      |     |   |                             |   |   |                              |   |   |                     |   |   |   |   |   |
| Available      for Sale:                                                                                                                                                                                                                                                                            |   |                      |     |   |                             |   |   |                              |   |   |                     |   |   |   |   |   |
| Corporate                                                                                        |   | $                         | 19,495.5 |   |                             | $      | 586.5  |                              |   | $      | 290.1                    |   |   | $ | 19,791.9 |   |
| Mortgage      and Asset Backed                                                                                                                                                                                                                                                                      |   |                      | 4,665.3  |   |                             |   | 52.5   |                              |   |   | 266.5                    |   |   |   | 4,451.3 |   |
| U.S.      Treasury, government                                                                                                                                                                                                                                                                      |   |                      |     |   |                             |   |   |                              |   |   |                     |   |   |   |   |   |
| and      agency      securities                                                                            |   |                      | 715.4    |   |                             |   | 51.8   |                              |   |   | -                        |   |   |   | 767.2 |   |
| States      and political                                                                                                                                                                                                                                                                           |   |                      |     |   |                             |   |   |                              |   |   |                     |   |   |   |   |   |
| subdivisions                                                                                               |   |                      | 169.8    |   |                             |   | 16.7   |                              |   |   | .6                       |   |   |   | 185.9 |   |
| Foreign      governments                                                                         |   |                      | 237.0    |   |                             |   | 41.9   |                              |   |   | -                        |   |   |   | 278.9 |   |
| Redeemable      preferred stock                                                                                                                                                                                                                                                                     |   |                      | 1,730.7  |   |                             |   | 51.3   |                              |   |   | 97.7                     |   |   |   | 1,684.3 |   |
| Total      Available for Sale                                                                                                                                                                                                                                                                       |   | $                         | 27,013.7 |   |                             | $      | 800.7  |                              |   | $      | 654.9                    |   |   | $ | 27,159.5 |   |
|                                                                                                                                                                                                                                                                                                |   |                      |     |   |                             |   |   |                              |   |   |                     |   |   |   |   |   |
| Equity      Securities:                                                                                                                                                                                                                                                                             |   |                      |     |   |                             |   |   |                              |   |   |                     |   |   |   |   |   |
| Available      for      sale                                                           |   | $                         | 25.1     |   |                             | $      | .8     |                              |   | $      | .1                       |   |   | $ | 25.8 |   |
| Trading      securities                                                                |   |                      | 482.2    |   |                             |   | 8.7    |                              |   |   | 23.8                     |   |   |   | 467.1 |   |
| Total      Equity      Securities                                            |   | $                         | 507.3    |   |                             | $      | 9.5    |                              |   | $      | 23.9                     |   |   | $ | 492.9 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Available      for Sale |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Amortized               |   | Estimated |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Cost                    |   | Fair      Value |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (In      Millions)      |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                    |   |
| Due      in one year or      less                                                                                            |                    | $      | 668.0 |   |   | $ | 670.7 |   |
| Due      in years two through      five                                                                                      |                    |   | 8,254.4 |   |   |   | 7,845.7 |   |
| Due      in years six through      ten                                                                                       |                    |   | 7,777.2 |   |   |   | 7,077.9 |   |
| Due      after ten      years                                                                                                |                    |   | 3,696.9 |   |   |   | 3,568.0 |   |
| Subtotal                                                                                                                                         |                    |   | 20,396.5 |   |   |   | 19,162.3 |   |
| Mortgage      and Asset      Backed                                                                                          |                    |   | 4,242.8 |   |   |   | 3,739.5 |   |
| Total                                                                                                                        |                    | $      | 24,639.3 |   |   | $ | 22,901.8 |   |

|                                                                                                                                                                                    |   | Less      than 12 Months |    |   | 12      Months or Longer |   |     | Total           |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|---------|--------|--------------------------|--------|----------|-----------------|--------|
|                                                                                                                                                                                    |   |                     |    |   | Gross                    |   |     |            |   |   | Gross |   |   |   |   |   | Gross |   |
|                                                                                                                                                                                    |   | Estimated                |    |   | Unrealized               |   |     | Estimated       |   |   | Unrealized |   |   | Estimated |   |   | Unrealized |   |
|                                                                                                                                                                                    |   | Fair      Value          |    |   | Losses                   |   |     | Fair      Value |   |   | Losses |   |   | Fair      Value |   |   | Losses |   |
|                                                                                                                                                                                    |   | (In      Millions)       |    |
|                                                                                                                                                                                    |   |                     |    |   |                     |   |     |            |   |   |   |   |   |   |   |   |   |   |
| Fixed      Maturities:                                                                                                                                                                  |   |                     |    |   |                     |   |     |            |   |   |   |   |   |   |   |   |   |   |
| Corporate                              |   | $                        | 8,636.5 |   |                     | $      | (1,051.8 | )               |   | $ | 3,495.8 |   |   | $ | (730.9 | ) |   | $ | 12,132.3 |   |   | $ | (1,782.7 | ) |
| Mortgage      and                                                                                                                                                                       |   |                     |    |   |                     |   |     |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Asset      Backed                                     |   |                     | 379.9   |   |                     |   | (26.1    | )               |   |   | 1,409.6 |   |   |   | (553.9 | ) |   |   | 1,789.5 |   |   |   | (580.0 | ) |
| U.S.      Treasury,                                                                                                                                                                     |   |                     |    |   |                     |   |     |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| government      and                                                                                                                                                                     |   |                     |    |   |                     |   |     |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| agency      securities                                                                                                                                                                  |   |                     | -       |   |                     |   | -        |            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| States      and political                                                                                                                                                               |   |                     |    |   |                     |   |     |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| subdivisions                                          |   |                     | 36.9    |   |                     |   | (5.2     | )               |   |   | 17.7 |   |   |   | (2.5 | ) |   |   | 54.6 |   |   |   | (7.7 | ) |
| Foreign      governments                                                                                                                                                                |   |                     | 70.0    |   |                     |   | (5.6     | )               |   |   | - |   |   |   | - |   |   |   | 70.0 |   |   |   | (5.6 | ) |
| Redeemable                                                                                                                                                                              |   |                     |    |   |                     |   |     |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| preferred      stock                                                                                                                                                                    |   |                     | 364.2   |   |                     |   | (278.1   | )               |   |   | 515.6 |   |   |   | (364.5 | ) |   |   | 879.8 |   |   |   | (642.6 | ) |
|                                                                                                                                                                                    |   |                     |    |   |                     |   |     |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Temporarily                                                                                                                                                                  |   |                     |    |   |                     |   |     |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Impaired      Securities                                                                                                                                                                |   | $                        | 9,487.5 |   |                     | $      | (1,366.8 | )               |   | $ | 5,438.7 |   |   | $ | (1,651.8 | ) |   | $ | 14,926.2 |   |   | $ | (3,018.6 | ) |

----

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

----

|                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 2008               |   |   | 2007   |   |   | 2006   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                      |   | (In      Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                      |   |               |   |
| Balances,      beginning of      year                                                               |   | $                  | 1.4    |   |   | $      | 21.0   |   |   | $ | 11.8 |   |
| Additions      charged to      income                                                               |   |               | -      |   |   |   | 20.9   |   |   |   | 10.1 |   |
| Deductions      for writedowns and                                                                                                                                                                                                                                                                                                                                                                                        |   |               |   |   |   |   |   |   |   |   |   |   |
| asset      dispositions                                                                                       |   |               | (1.4   | )      |   |   | (40.5  | )      |   |   | (.9 | ) |
| Balances,      End of      Year                                                                     |   | $                  | -      |   |   | $      | 1.4    |   |   | $ | 21.0 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                      |   |               |   |   |   |   |   |   |   |   |   |   |
| Balances,      end of year comprise:                                                                                                                                                                                                                                                                                                                                                                                      |   |               |   |   |   |   |   |   |   |   |   |   |
| Mortgage      loans on real      estate                                                                       |   | $                  | -      |   |   | $      | 1.4    |   |   | $ | 11.3 |   |
| Equity      real      estate                                                                                  |   |               | -      |   |   |   | -      |   |   |   | 9.7 |   |
| Total                                                                                               |   | $                  | -      |   |   | $      | 1.4    |   |   | $ | 21.0 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | December      31,  |       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 2008               |       |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | (In      Millions) |       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |               |       |
| BALANCE      SHEETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               |       |   |   |   |
| Investments      in real estate, at depreciated      cost                                                                                      |   | $                  | 318.2      |   |   | $ | 391.3 |   |
| Investments      in securities, generally at estimated fair value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |               |  47.3 |   |   |   | 99.3 |   |
| Cash      and cash      equivalents                                                                                                            |   |               | 7.8        |   |   |   | 2.4 |   |
| Other      assets                                                                                                                              |   |               | 8.7        |   |   |   | - |   |
| Total      Assets                                                                                                                              |   | $                  | 382.0      |   |   | $ | 493.0 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |               |       |   |   |   |   |   |
| Borrowed      funds - third      party                                                                                                         |   | $                  | 190.3      |   |   | $ | 273.1 |   |
| Other      liabilities                                                                                                                         |   |               | 3.1        |   |   |   | 4.8 |   |
| Total      liabilities                                                                                                                         |   |               | 193.4      |   |   |   | 277.9 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |               |       |   |   |   |   |   |
| Partners’      capital                                                                                                                   |   |               | 188.6      |   |   |   | 215.1 |   |
| Total      Liabilities and Partners’      Capital                                                                                        |   | $                  | 382.0      |   |   | $ | 493.0 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |               |       |   |   |   |   |   |
| The      Company’s Carrying Value in These Entities Included Above                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | $                  | 110.6      |   |   | $ | 79.5 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 2008               |    |   | 2007   |   |   | 2006   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                               |   | (In      Millions) |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |    |
| STATEMENTS      OF EARNINGS                                                                                                                                                                                                                                                                                                                                                                                                        |   |               |    |   |   |   |   |   |   |
| Revenues      of real estate joint ventures                                                                                                                                                                                                                                                                                                                                                                                        |   | $                  | 59.9    |   |   | $      | 77.5   |   |   | $ | 88.5 |   |
| Net      revenues of other limited partnership interests                                                                                                                                                                                                                                                                                                                                                                           |   |               |  - |   |   |   | 15.3   |   |   |   | (1.3 | ) |
| Interest      expense – third      party                                                               |   |               | (14.1   | )      |   |   | (18.2  | )      |   |   | (18.5 | ) |
| Other      expenses                                                                                          |   |               | (37.3   | )      |   |   | (43.8  | )      |   |   | (53.7 | ) |
| Net      Earnings                                                                                            |   | $                  | 8.5     |   |   | $      | 30.8   |   |   | $ | 15.0 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |    |   |   |   |   |   |   |   |   |   |
| The      Company’s Equity in Net Earnings of These                                                                                                                                                                                                                                                                                                                                                                           |   |               |    |   |   |   |   |   |   |   |   |   |
| Entities      Included      Above                                                                                      |   | $                  | 12.3    |   |   | $      | 24.6   |   |   | $ | 14.4 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | December      31,  |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 2008               |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (In      Millions) |   |
| Notional      Amount by Derivative Type:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |               |   |
| Interest      rate      floors                                                                                   |               | $      | 21,000 |   |   | $ | 27,000 |   |
| Exchange      traded U.S. Treasuries, and equity index futures                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |               |   | 10,834 |   |   |   | 6,241 |   |
| Interest      rate      swaps                                                                                    |               |   | 1,100 |   |   |   | 125 |   |
| S&P      puts/Calls                                                                                          |               |   | 1,750 |   |   |   | - |   |
| Total                                                                                                            |               | $      | 34,684 |   |   | $ | 33,366 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | December      31,  |    |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 2008               |    |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | (In      Millions) |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |               |    |   |   |   |
| CLOSED      BLOCK LIABILITIES:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |               |    |   |   |   |
| Future      policy benefits, policyholders’ account balances and other                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | $                  | 8,544.8 |   |   | $ | 8,657.3 |   |
| Other      liabilities                                                                                                                   |   |               | 71.3    |   |   |   | 115.2 |   |
| Total      Closed Block      liabilities                                                                                                 |   |               | 8,616.1 |   |   |   | 8,772.5 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |               |    |   |   |   |   |   |
| ASSETS      DESIGNATED TO THE CLOSED BLOCK:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |               |    |   |   |   |   |   |
| Fixed      maturities, available for sale, at estimated fair value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |               |    |   |   |   |   |   |
| (amortized      cost of $5,517.6 and      $5,816.6)                                                                                                     |   |               | 5,041.5 |   |   |   | 5,825.6 |   |
| Mortgage      loans on real      estate                                                                                                  |   |               | 1,107.1 |   |   |   | 1,099.3 |   |
| Policy      loans                                                                                                                        |   |               | 1,180.3 |   |   |   | 1,197.5 |   |
| Cash      and other invested      assets                                                                                                 |   |               | 104.2   |   |   |   | 4.7 |   |
| Other      assets                                                                                                                        |   |               | 472.4   |   |   |   | 240.1 |   |
| Total      assets designated to the Closed      Block                                                                                    |   |               | 7,905.5 |   |   |   | 8,367.2 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |               |    |   |   |   |   |   |
| Excess      of Closed Block liabilities over assets designated to                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |               |    |   |   |   |   |   |
| the      Closed      Block                                                                                                                              |   |               | 710.6   |   |   |   | 405.3 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |               |    |   |   |   |   |   |
| Amounts      included in accumulated other comprehensive income:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |               |    |   |   |   |   |   |
| Net      unrealized investment (losses) gains, net of deferred                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |               |    |   |   |   |   |   |
| income      tax benefit (expense) of $166.4 and $(3.2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |               | (309.2  | ) |   |   | 5.9 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |               |    |   |   |   |   |   |
| Maximum      Future Earnings To Be Recognized From Closed Block                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |               |    |   |   |   |   |   |
| Assets      and      Liabilities                                                                                                                        |   | $                  | 401.4   |   |   | $ | 411.2 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 2008               |   |   | 2007   |   |   | 2006   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | (In      Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |               |   |
| REVENUES:                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |               |   |   |   |   |   |   |   |
| Premiums      and other      income                                                                                   |   | $                  | 392.6  |   |   | $      | 409.6  |   |   | $ | 428.1 |   |
| Investment      income (net of investment                                                                                                                                                                                                                                                                                                                                                                                                             |   |               |   |   |   |   |   |   |   |   |   |   |
| expenses      of $1.1, $.2, and      $.1)                                                                                       |   |               | 496.0  |   |   |   | 501.8  |   |   |   | 520.2 |   |
| Investment      (losses) gains,      net                                                                              |   |               | (47.5  | )      |   |   | 7.9    |   |   |   | 1.7 |   |
| Total      revenues                                                                                                   |   |               | 841.1  |   |   |   | 919.3  |   |   |   | 950.0 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |               |   |   |   |   |   |   |   |   |   |   |
| BENEFITS      AND OTHER DEDUCTIONS:                                                                                                                                                                                                                                                                                                                                                                                                                   |   |               |   |   |   |   |   |   |   |   |   |   |
| Policyholders’      benefits and      dividends                                                                 |   |               | 818.7  |   |   |   | 828.2  |   |   |   | 852.2 |   |
| Other      operating costs and      expenses                                                                          |   |               | 7.4    |   |   |   | 2.7    |   |   |   | 3.0 |   |
| Total      benefits and other      deductions                                                                         |   |               | 826.1  |   |   |   | 830.9  |   |   |   | 855.2 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |               |   |   |   |   |   |   |   |   |   |   |
| Net      revenues before income      taxes                                                                            |   |               | 15.0   |   |   |   | 88.4   |   |   |   | 94.8 |   |
| Income      tax      expense                                                                                          |   |               | (5.2   | )      |   |   | (31.0  | )      |   |   | (31.1 | ) |
| Net      Revenues                                                                                                     |   | $                  | 9.8    |   |   | $      | 57.4   |   |   | $ | 63.7 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | December      31,  |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2008               |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (In      Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |               |   |
| Balance      at beginning of      year                                                                                                  |               | $      | - |   |   | $ | 3.2 |   |
| Increase      in unrealized investment      losses                                                                                      |               |   | - |   |   |   | (3.2 | ) |
| Balance      at End of      Year                                                                                                        |               | $      | - |   |   | $ | - |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | December      31,  |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 2006               |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (In      Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |               |   |
| Impaired      mortgage loans with investment valuation allowances                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |               | $      | 17.8 |   |
| Impaired      mortgage loans without investment valuation allowances                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |               |   | .1 |   |
| Recorded      investment in impaired mortgage      loans                                                                                          |               |   | 17.9 |   |
| Investment      valuation      allowances                                                                                                         |               |   | (7.3 | ) |
| Net      Impaired Mortgage      Loans                                                                                                             |               | $      | 10.6 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | December      31,  |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 2008               |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | (In      Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |               |   |
| Balance,      beginning of      year                                                                                                          |               | $      | 754.2 |   |   | $ | 650.7 |   |
| Contractholder      bonus interest credits      deferred                                                                                      |               |   | 137.6 |   |   |   | 174.7 |   |
| Amortization      charged to      income                                                                                                      |               |   | (83.9 | ) |   |   | (71.2 | ) |
| Balance,      End of      Year                                                                                                                |               | $      | 807.9 |   |   | $ | 754.2 |   |

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

|                                                                                                                                                                                                                                                                                                                    |   | Level      1       |     |   | Level      2 |   |     | Level      3 |   |   | Total   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|----------|--------|--------------|--------|----------|--------------|--------|--------|---------|--------|
|                                                                                                                                                                                                                                                                                                                    |   | (In      Millions) |     |
| Assets                                                                                                                                                                                                                                                                                                                  |   |               |     |   |         |   |     |         |   |   |    |   |
| Investments:                                                                                                                                                                                                                                                                                                            |   |               |     |   |         |   |     |         |   |   |    |   |
| Fixed      maturities available for sale                                                                                                                                                                                                                                                                                |   | $                  | 149.9    |   |         | $      | 21,256.7 |         |   | $      | 2,424.4 |   |   | $ | 23,831.0 |   |
| Other      equity investments                                                                                                                                                                                                                                                                                           |   |               | 63.4     |   |         |   | -        |         |   |   | 2.0     |   |   |   | 65.4 |   |
| Trading      securities                                                                                    |   |               | 322.6    |   |         |   | -        |         |   |   | .1      |   |   |   | 322.7 |   |
| Other      invested      assets                                                                            |   |               | 31.1     |   |         |   | 419.0    |         |   |   | 547.0   |   |   |   | 997.1 |   |
| Loans      to      affiliates                                                          |   |               | -        |   |         |   | 588.3    |         |   |   | -       |   |   |   | 588.3 |   |
| Cash      equivalents                                                                  |   |               | 1,832.3  |   |         |   | -        |         |   |   | -       |   |   |   | 1,832.3 |   |
| Segregated      securities                                                             |   |               | 2,572.6  |   |         |   | -        |         |   |   | -       |   |   |   | 2,572.6 |   |
| GMIB      reinsurance contracts                                                                                                                                                                                                                                                                                         |   |               | -        |   |         |   | -        |         |   |   | 4,821.7 |   |   |   | 4,821.7 |   |
| Separate      Accounts’      assets                                              |   |               | 66,044.4 |   |         |   | 1,248.3  |         |   |   | 334.3   |   |   |   | 67,627.0 |   |
| Total      Assets                                                                                                    |   | $                  | 71,016.3 |   |         | $      | 23,512.3 |         |   | $      | 8,129.5 |   |   | $ | 102,658.1 |   |
|                                                                                                                                                                                                                                                                                                                    |   |               |     |   |         |   |     |         |   |   |    |   |   |   |   |   |
| Liabilities                                                                                                                                                                                                                                                                                                             |   |               |     |   |         |   |     |         |   |   |    |   |   |   |   |   |
| GWBL      features’      liability                                               |   | $                  | -        |   |         | $      | -        |         |   | $      | 272.6   |   |   | $ | 272.6 |   |
| Total      Liabilities                                                                                               |   | $                  | -        |   |         | $      | -        |         |   | $      | 272.6   |   |   | $ | 272.6 |   |

----

|                               |   | Fixed         |    |   |           |   |   |     |   |   |        |   |   |     |    |   |      |   |
|------------------------------------|--------|---------------|---------|--------|----------------|--------|--------|----------|--------|--------|-------------|--------|--------|----------|---------|--------|-----------|--------|
|                               |   | Maturities    |    |   | Other          |   |   | Other    |   |   | GMIB        |   |   | Separate |    |   | GWBL      |   |
|                               |   | Available     |    |   | Equity         |   |   | Invested |   |   | Reinsurance |   |   | Accounts |    |   | Features  |   |
|                               |   | For      Sale |    |   | Investments(1) |   |   | Assets   |   |   | Asset       |   |   | Assets   |    |   | Liability |   |
|                               |   |          |    |   |           |   |   |     |   |   |        |   |   |     |    |   |      |   |
| Balance,      Dec. 31, 2007        |   | $             | 2,503.4 |   |           | $      | 3.0    |     |   | $      | 160.9       |   |   | $        | 124.7   |   |      | $      | 40.8 |   |   | $ | - |   |
| Impact      of adopting            |   |          |    |   |           |   |   |     |   |   |        |   |   |     |    |   |      |   |   |   |   |   |   |   |
| SFAS      No. 157, included        |   |          |    |   |           |   |   |     |   |   |        |   |   |     |    |   |      |   |   |   |   |   |   |   |
| in      earnings                   |   |          | -       |   |           |   | -      |     |   |   | -           |   |   |     | 210.6   |   |      |   | - |   |   |   | - |   |
| Balance,      Jan. 1, 2008         |   |          | 2,503.4 |   |           |   | 3.0    |     |   |   | 160.9       |   |   |     | 335.3   |   |      |   | 40.8 |   |   |   | - |   |
| Total      gains (losses),         |   |          |    |   |           |   |   |     |   |   |        |   |   |     |    |   |      |   |   |   |   |   |   |   |
| realized      and unrealized,      |   |          |    |   |           |   |   |     |   |   |        |   |   |     |    |   |      |   |   |   |   |   |   |   |
| included      in:                  |   |          |    |   |           |   |   |     |   |   |        |   |   |     |    |   |      |   |   |   |   |   |   |   |
| Earnings      as:                  |   |          |    |   |           |   |   |     |   |   |        |   |   |     |    |   |      |   |   |   |   |   |   |   |
| Net      investment income         |   |          | 3.3     |   |           |   | -      |     |   |   | 359.3       |   |   |     | -       |   |      |   | - |   |   |   | - |   |
| Investment      (losses)           |   |          |    |   |           |   |   |     |   |   |        |   |   |     |    |   |      |   |   |   |   |   |   |   |
| gains,      net                    |   |          | (144.5  | )      |           |   | (1.1   | )        |   |   | -           |   |   |     | -       |   |      |   | (17.4 | ) |   |   | - |   |
| Commissions,      fees and         |   |          |    |   |           |   |   |     |   |   |        |   |   |     |    |   |      |   |   |   |   |   |   |   |
| other      income                  |   |          | -       |   |           |   | -      |     |   |   | -           |   |   |     | 3,571.2 |   |      |   | - |   |   |   | - |   |
| Policyholders’      benefits |   |          | -       |   |           |   | -      |     |   |   | -           |   |   |     | -       |   |      |   | - |   |   |   | 265.2 |   |
| Subtotal                           |   |          | (141.2  | )      |           |   | (1.1   | )        |   |   | 359.3       |   |   |     | 3,571.2 |   |      |   | (17.4 | ) |   |   | 265.2 |   |
| Other      comprehensive           |   |          |    |   |           |   |   |     |   |   |        |   |   |     |    |   |      |   |   |   |   |   |   |   |
| income                             |   |          | (384.6  | )      |           |   | .6     |     |   |   | -           |   |   |     | -       |   |      |   | - |   |   |   | - |   |
| Purchases/issuances      and       |   |          |    |   |           |   |   |     |   |   |        |   |   |     |    |   |      |   |   |   |   |   |   |   |
| sales/settlements,      net        |   |          | (85.6   | )      |           |   | (.4    | )        |   |   | 26.8        |   |   |     | 915.2   |   |      |   | 248.6 |   |   |   | 7.4 |   |
| Transfers      into/out of         |   |          |    |   |           |   |   |     |   |   |        |   |   |     |    |   |      |   |   |   |   |   |   |   |
| Level      3(2)                    |   |          | 532.4   |   |           |   | -      |     |   |   | -           |   |   |     | -       |   |      |   | 62.3 |   |   |   | - |   |
| Balance,      Dec. 31, 2008        |   | $             | 2,424.4 |   |           | $      | 2.1    |     |   | $      | 547.0       |   |   | $        | 4,821.7 |   |      | $      | 334.3 |   |   | $ | 272.6 |   |
|                               |   |          |    |   |           |   |   |     |   |   |        |   |   |     |    |   |      |   |   |   |   |   |   |   |

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

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

|                                       |   | Earnings                 |   |   |       |   |   |          |
|--------------------------------------------|--------|--------------------------|--------|--------|------------|--------|--------|---------------|
|                                       |   |                     |   |   | Investment |   |   | Commissions   |   |   |   |   |   |   | Other |   |   |   |
|                                       |   | Net                      |   |   | Gains      |   |   | Fees      and |   |   |   | Policy- |   |   | Compre- |   |   |   |
|                                       |   | Investment               |   |   | (Losses),  |   |   | Other         |   |   |   | holder |   |   | hensive |   |   |   |
|                                       |   | Income                   |   |   | Net        |   |   | Income        |   |   |   | Benefits |   |   | Income |   |   |   |
|                                       |   |  (In      Millions) |   |   |       |
| Still      Held at Dec. 31, 2008:          |   |                     |   |   |       |   |   |          |   |   |   |   |   |   |   |   |   |   |
| Change      in unrealized gains            |   |                     |   |   |       |   |   |          |   |   |   |   |   |   |   |   |   |   |
| or      losses                             |   |                     |   |   |       |   |   |          |   |   |   |   |   |   |   |   |   |   |
| Fixed      maturities                      |   |                     |   |   |       |   |   |          |   |   |   |   |   |   |   |   |   |   |
| available      for sale                    |   | $                        | -      |   |       | $      | -      |          |   | $ | - |   |   |  $ |  - |   |   | $ | (394.1 | ) |   |   |
| Other      equity investments              |   |                     | -      |   |       |   | -      |          |   |   | - |   |   |   |  - |   |   |   | .6 |   |   |   |
| Other      invested assets                 |   |                     | 386.1  |   |       |   | -      |          |   |   | - |   |   |   |  - |   |   |   | - |   |   |   |
| Cash      equivalents                      |   |                     | -      |   |       |   | -      |          |   |   | - |   |   |   |  - |   |   |   | - |   |   |   |
| Segregated      securities                 |   |                     | -      |   |       |   | -      |          |   |   | - |   |   |   |  - |   |   |   | - |   |   |   |
| GMIB      reinsurance contracts            |   |                     | -      |   |       |   | -      |          |   |   | 3,571.2 |   |   |   |  - |   |   |   | - |   |   |   |
| Separate      Accounts’ assets  |   |                     | -      |   |       |   | (16.6  | )             |   |   | - |   |   |   |  - |   |   |   | - |   |   |   |
| GWBL      features’ liability   |   |                     | -      |   |       |   | -      |          |   |   | - |   |   |   |  265.2 |   |   |   | - |   |   |   |
| Total                                      |   | $                        | 386.1  |   |       | $      | (16.6  | )             |   | $ | 3,571.2 |   |   | $ |  265.2 |   |   | $ | (393.5 | ) |   |   |

----

|                                                                                                                                                                                                                                                                                                                         |   | December      31,  |    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|
|                                                                                                                                                                                                                                                                                                                         |   | 2008               |    |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                         |   | Carrying           |    |   | Estimated |   |   | Carrying |   |   | Estimated |   |
|                                                                                                                                                                                                                                                                                                                         |   | Value              |    |   | Fair      Value |   |   | Value |   |   | Fair      Value |   |
|                                                                                                                                                                                                                                                                                                                         |   | (In      Millions) |    |
|                                                                                                                                                                                                                                                                                                                         |   |               |    |
| Consolidated:                                                                                                                                                                                                                                                                                                                |   |               |    |   |   |   |   |   |   |   |   |   |
| Mortgage      loans on real estate                                                                                                                                                                                                                                                                                           |   | $                  | 3,673.9 |   |   | $ | 3,624.5 |   |   | $ | 3,730.6 |   |   | $ | 3,766.9 |   |
| Other      limited partnership interests                                                                                                                                                                                                                                                                                     |   |               | 1,414.6 |   |   |   | 1,414.6 |   |   |   | 1,607.9 |   |   |   | 1,607.9 |   |
| Policyholders      liabilities:                                                                                                                                                                                                                                                                                              |   |               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment      contracts                                                                   |   |               | 3,072.9 |   |   |   | 3,162.5 |   |   |   | 3,651.5 |   |   |   | 3,712.6 |   |
| Long-term      debt                                                               |   |               | 199.9   |   |   |   | 190.8 |   |   |   | 199.8 |   |   |   | 224.6 |   |
|                                                                                                                                                                                                                                                                                                                         |   |               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Closed Block:                                                                                                                                                                                                                                                                                                                |   |               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgage      loans on real estate                                                                                                                                                                                                                                                                                           |   | $                  | 1,107.1 |   |   | $ | 1,102.6 |   |   | $ | 1,099.3 |   |   | $ | 1,111.4 |   |
| Other      equity      investments                                                |   |               | 2.7     |   |   |   | 2.7 |   |   |   | 3.6 |   |   |   | 3.6 |   |
| SCNILC      liability                                                             |   |               | 8.6     |   |   |   | 8.6 |   |   |   | 9.2 |   |   |   | 9.2 |   |
|                                                                                                                                                                                                                                                                                                                         |   |               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Wind-up Annuities:                                                                                                                                                                                                                                                                                                           |   |               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgage      loans on real estate                                                                                                                                                                                                                                                                                           |   | $                  | 1.2     |   |   | $ | 1.3 |   |   | $ | 2.2 |   |   | $ | 2.3 |   |
| Other      equity      investments                                                |   |               | 1.3     |   |   |   | 1.3 |   |   |   | 1.6 |   |   |   | 1.6 |   |
| Guaranteed      interest contracts                                                                                                                                                                                                                                                                                           |   |               | 5.5     |   |   |   | 6.2 |   |   |   | 5.5 |   |   |   | 5.8 |   |

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

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

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

| ·   | Combo:      the benefit is the greater of the ratchet benefit or the roll-up benefit      which may include a five year or 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,      2006                                                                 |   | $                  | 115.2  |   |   | $      | 173.6   |   |   | $ | 288.8 |   |
| Paid      guarantee      benefits                                                                              |   |               | (31.6  | )      |   |   | (3.3    | )      |   |   | (34.9 | ) |
| Other      changes in      reserve                                                                             |   |               | 80.1   |   |   |   | 58.0    |   |   |   | 138.1 |   |
| Balance      at December 31,      2006                                                               |   |               | 163.7  |   |   |   | 228.3   |   |   |   | 392.0 |   |
| Paid      guarantee      benefits                                                                              |   |               | (30.6  | )      |   |   | (2.7    | )      |   |   | (33.3 | ) |
| Other      changes in      reserve                                                                             |   |               | 120.0  |   |   |   | 84.3    |   |   |   | 204.3 |   |
| Balance      at December 31,      2007                                                               |   |               | 253.1  |   |   |   | 309.9   |   |   |   | 563.0 |   |
| Paid      guarantee      benefits                                                                              |   |               | (72.8  | )      |   |   | (8.2    | )      |   |   | (81.0 | ) |
| Other      changes in      reserve                                                                             |   |               | 800.6  |   |   |   | 1,678.2 |   |   |   | 2,478.8 |   |
| Balance      at December 31,      2008                                                               |   | $                  | 980.9  |   |   | $      | 1,979.9 |   |   | $ | 2,960.8 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                       |   | GMDB               |   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   | (In      Millions) |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |               |   |   |
| Balance      at January 1,      2006                                                                 |   | $                  | 22.7   |   |   |
| Paid      guarantee      benefits                                                                              |   |               | (9.1   | )      |   |
| Other      changes in      reserve                                                                             |   |               | 10.0   |   |   |
| Balance      at December 31,      2006                                                               |   |               | 23.6   |   |   |
| Paid      guarantee      benefits                                                                              |   |               | (7.6   | )      |   |
| Other      changes in      reserve                                                                             |   |               | 11.5   |   |   |
| Balance      at December 31,      2007                                                               |   |               | 27.5   |   |   |
| Paid      guarantee      benefits                                                                              |   |               | (7.1   | )      |   |
| Other      changes in      reserve                                                                             |   |               | 306.9  |   |   |
| Balance      at December 31,      2008                                                               |   | $                  | 327.3  |   |   |

----

|                                                                                                                                                                                                                                                                                                        |   | Return                     |   |   |    |   |   |    |   |   |        |   |   |   |          |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------|--------|--------|---------|--------|--------|---------|--------|--------|-------------|--------|--------|--------|---------------|
|                                                                                                                                                                                                                                                                                                        |   | of                         |   |   |    |   |   |    |   |   |        |   |   |   |          |
|                                                                                                                                                                                                                                                                                                        |   | Premium                    |   |   | Ratchet |   |   | Roll-Up |   |   | Combo       |   |   | Total  |          |
|                                                                                                                                                                                                                                                                                                        |   | (Dollars      In Millions) |   |
| GMDB:                                                                                                                                                                                                                                                                                                       |   |                       |   |   |    |   |   |    |   |   |        |   |   |   |          |
| Account      values invested in:                                                                                                                                                                                                                                                                            |   |                       |   |   |    |   |   |    |   |   |        |   |   |   |          |
| General      Account                                                                                |   | $                          | 10,966 |   |    | $      | 329    |    |   | $      | 301         |   |   | $      | 925           |   |   | $ | 12,521 |   |
| Separate      Accounts                                                                              |   | $                          | 19,435 |   |    | $      | 5,680  |    |   | $      | 4,304       |   |   | $      | 24,633        |   |   | $ | 54,052 |   |
| Net      amount at risk,      gross                                             |   | $                          | 6,079  |   |    | $      | 2,921  |    |   | $      | 3,622       |   |   | $      | 13,273        |   |   | $ | 25,895 |   |
| Net      amount at risk, net of                                                                                                                                                                                                                                                                             |   |                       |   |   |    |   |   |    |   |   |        |   |   |   |          |   |   |   |   |   |
| amounts      reinsured                                                                              |   | $                          | 6,079  |   |    | $      | 1,846  |    |   | $      | 2,427       |   |   | $      | 5,769         |   |   | $ | 16,121 |   |
| Average      attained age of                                                                                                                                                                                                                                                                                |   |                       |   |   |    |   |   |    |   |   |        |   |   |   |          |   |   |   |   |   |
| contractholders                                                                                     |   |                       | 49.4   |   |    |   | 61.9   |    |   |   | 65.9        |   |   |   | 61.9          |   |   |   | 53.1 |   |
| Percentage      of contractholders                                                                                                                                                                                                                                                                          |   |                       |   |   |    |   |   |    |   |   |        |   |   |   |          |   |   |   |   |   |
| over      age      70                                                                          |   |                       | 7.4    | %      |    |   | 24.0   | %       |   |   | 39.5        | %      |   |   | 22.1          | % |   |   | 12.5 | % |
| Range      of contractually specified                                                                                                                                                                                                                                                                       |   |                       |   |   |    |   |   |    |   |   |        |   |   |   |          |   |   |   |   |   |
| interest      rates                                                                                                                                                                                                                                                                                    |   |                       | N/A    |   |    |   | N/A    |    |   |   | 3%      - 6 | %      |   |   | 3%      - 6.5 | % |   |   |   |   |
|                                                                                                                                                                                                                                                                                                        |   |                       |   |   |    |   |   |    |   |   |        |   |   |   |          |   |   |   |   |   |
| GMIB:                                                                                                                                                                                                                                                                                                       |   |                       |   |   |    |   |   |    |   |   |        |   |   |   |          |   |   |   |   |   |
| Account      values invested in:                                                                                                                                                                                                                                                                            |   |                       |   |   |    |   |   |    |   |   |        |   |   |   |          |   |   |   |   |   |
| General      Account                                                                                |   |                       | N/A    |   |    |   | N/A    |    |   | $      | 46          |   |   | $      | 1,258         |   |   | $ | 1,304 |   |
| Separate      Accounts                                                                              |   |                       | N/A    |   |    |   | N/A    |    |   | $      | 2,578       |   |   | $      | 32,938        |   |   | $ | 35,516 |   |
| Net      amount at risk,      gross                                             |   |                       | N/A    |   |    |   | N/A    |    |   | $      | 1,363       |   |   | $      | 1,527         |   |   | $ | 2,890 |   |
| Net      amount at risk, net of                                                                                                                                                                                                                                                                             |   |                       |   |   |    |   |   |    |   |   |        |   |   |   |          |   |   |   |   |   |
| amounts      reinsured                                                                              |   |                       | N/A    |   |    |   | N/A    |    |   | $      | 396         |   |   | $      | 612           |   |   | $ | 1,008 |   |
| Weighted      average years remaining                                                                                                                                                                                                                                                                       |   |                       |   |   |    |   |   |    |   |   |        |   |   |   |          |   |   |   |   |   |
| until      earliest annuitization                                                                                                                                                                                                                                                                           |   |                       | N/A    |   |    |   | N/A    |    |   |   | 1.5         |   |   |   | 7.7           |   |   |   | 7.1 |   |
| Range      of contractually specified                                                                                                                                                                                                                                                                       |   |                       |   |   |    |   |   |    |   |   |        |   |   |   |          |   |   |   |   |   |
| interest      rates                                                                                                                                                                                                                                                                                    |   |                       | N/A    |   |    |   | N/A    |    |   |   | 3%      - 6 | %      |   |   | 3%      - 6.5 | % |   |   |   |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | December      31,  |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 2008               |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | (In      Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |               |   |
| GMDB:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |   |   |   |   |
| Equity                                                                                               |   | $                  | 30,428 |   |   | $ | 48,587 |   |
| Fixed      income                                                                                    |   |               | 3,745  |   |   |   | 4,392 |   |
| Balanced                                                                                             |   |               | 17,469 |   |   |   | 20,546 |   |
| Other                                                                                                |   |               | 2,410  |   |   |   | 2,151 |   |
| Total                                                                                                |   | $                  | 54,052 |   |   | $ | 75,676 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |               |   |   |   |   |   |   |
| GMIB:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |   |   |   |   |   |   |
| Equity                                                                                               |   | $                  | 19,138 |   |   | $ | 27,831 |   |
| Fixed      income                                                                                    |   |               | 2,219  |   |   |   | 2,687 |   |
| Balanced                                                                                             |   |               | 12,887 |   |   |   | 14,816 |   |
| Other                                                                                                |   |               | 1,272  |   |   |   | 1,018 |   |
| Total                                                                                                |   | $                  | 35,516 |   |   | $ | 46,352 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                       |   | Direct      Liability |   |   | Reinsurance      Ceded |   |   | Net |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|--------|--------|------------------------|--------|--------|-----|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   | (In      Millions)    |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                  |   |
| Balance      at January 1,      2006                                                                 |   | $                     | 34.8   |   |                   | $      | (20.4  | )   |   | $ | 14.4 |   |
| Other      changes in      reserve                                                                                  |   |                  | 32.0   |   |                   |   | (27.5  | )   |   |   | 4.5 |   |
| Balance      at December 31,      2006                                                               |   |                  | 66.8   |   |                   |   | (47.9  | )   |   |   | 18.9 |   |
| Other      changes in      reserve                                                                             |   |                  | 68.2   |   |                   |   | (59.7  | )   |   |   | 8.5 |   |
| Balance      at December 31,      2007                                                               |   |                  | 135.0  |   |                   |   | (107.6 | )   |   |   | 27.4 |   |
| Other      changes in      reserve                                                                             |   |                  | 68.0   |   |                   |   | (45.0  | )   |   |   | 23.0 |   |
| Balance      at December 31,      2008                                                               |   | $                     | 203.0  |   |                   | $      | (152.6 | )   |   | $ | 50.4 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 2008               |    |   | 2007   |   |   | 2006   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                              |   | (In      Millions) |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                              |   |               |    |
| Direct      premiums                                                                                        |   | $                  | 848.3   |   |   | $      | 855.1  |   |   | $ | 858.6 |   |
| Reinsurance      assumed                                                                                    |   |               | 193.8   |   |   |   | 193.0  |   |   |   | 188.4 |   |
| Reinsurance      ceded                                                                                      |   |               | (283.5  | )      |   |   | (243.2 | )      |   |   | (229.2 | ) |
| Premiums                                                                                                    |   | $                  | 758.6   |   |   | $      | 804.9  |   |   | $ | 817.8 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                              |   |               |    |   |   |   |   |   |   |   |   |   |
| Universal      Life and Investment-type Product                                                                                                                                                                                                                                                                                                                                                                                   |   |               |    |   |   |   |   |   |   |   |   |   |
| Policy      Fee Income      Ceded                                                                                     |   | $                  | 169.1   |   |   | $      | 153.9  |   |   | $ | 99.0 |   |
| Policyholders’      Benefits      Ceded                                                               |   | $                  | 1,221.8 |   |   | $      | 510.7  |   |   | $ | 387.5 |   |
| Interest      Credited to Policyholders’ Account                                                                                                                                                                                                                                                                                                                                                                            |   |               |    |   |   |   |   |   |   |   |   |   |
| Balances      Ceded                                                                                                   |   | $                  | 33.2    |   |   | $      | 56.1   |   |   | $ | 53.8 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 2008               |   |   | 2007   |   |   | 2006   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                |   | (In      Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                |   |               |   |
| Incurred      benefits related to current year                                                                                                                                                                                                                                                                                                                                                                                      |   | $                  | 35.5   |   |   | $      | 32.9   |   |   | $ | 35.8 |   |
| Incurred      benefits related to prior years                                                                                                                                                                                                                                                                                                                                                                                       |   |               | 4.2    |   |   |   | 13.2   |   |   |   | 9.9 |   |
| Total      Incurred      Benefits                                                                             |   | $                  | 39.7   |   |   | $      | 46.1   |   |   | $ | 45.7 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                |   |               |   |   |   |   |   |   |   |   |   |   |
| Benefits      paid related to current      year                                                               |   | $                  | 10.8   |   |   | $      | 11.9   |   |   | $ | 14.0 |   |
| Benefits      paid related to prior      years                                                                |   |               | 28.8   |   |   |   | 32.8   |   |   |   | 30.0 |   |
| Total      Benefits      Paid                                                                                 |   | $                  | 39.6   |   |   | $      | 44.7   |   |   | $ | 44.0 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | December      31,  |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 2008               |   |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | (In      Millions) |   |
| Short-term      debt:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |               |   |   |   |   |
| Promissory      note (with an interest rate of 5.16%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | $                  | -      |   |   | $ | 248.3 |   |
| AllianceBernstein      commercial paper                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |               |   |   |   |   |   |   |
| (with      interest rates of 1.8% and      4.3%)                                                                                           |   |               | 284.8  |   |   |   | 533.9 |   |
| Total      short-term      debt                                                                                                                      |   |               | 284.8  |   |   |   | 782.2 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |               |   |   |   |   |   |   |
| Long-term      debt:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |               |   |   |   |   |   |   |
| AXA      Equitable:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |               |   |   |   |   |   |   |
| Surplus      Notes, 7.70%, due      2015                                                                                                   |   |               | 199.8  |   |   |   | 199.8 |   |
| Total      long-term      debt                                                                                                                       |   |               | 199.8  |   |   |   | 199.8 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |               |   |   |   |   |   |   |
| Total      Short-term and Long-term      Debt                                                                                    |   | $                  | 484.6  |   |   | $ | 982.0 |   |

----

----

|                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 2008               |   |   | 2007   |   |    | 2006   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|--------|--------|---------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                          |   | (In      Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                          |   |               |   |   |   |   |    |   |   |
| Investment      advisory and services fees                                                                                                                                                                                                                                                                                                                                                                                    |   | $                  | 870.5  |   |   | $      | 1,027.6 |   |   | $ | 841.0 |   |
| Distribution      revenues                                                                              |   |               | 378.4  |   |   |   | 473.4   |   |   |   | 421.0 |   |
| Other      revenues - shareholder servicing fees                                                                                                                                                                                                                                                                                                                                                                              |   |               | 99.0   |   |   |   | 103.6   |   |   |   | 97.2 |   |
| Other      revenues -      other                                                                   |   |               | 6.9    |   |   |   | 6.5     |   |   |   | 6.9 |   |
| Institutional      research      services                                                               |   |               | 1.2    |   |   |   | 1.6     |   |   |   | 1.9 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 2008               |   |   | 2007   |   |   | 2006   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                         |   | (In      Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                         |   |               |   |
| Service      cost                                                                                      |   | $                  | 41.6   |   |   | $      | 39.0   |   |   | $ | 37.6 |   |
| Interest      cost on PBO                                                                                                                                                                                                                                                                                                                                                                                                    |   |               | 134.1  |   |   |   | 128.8  |   |   |   | 122.1 |   |
| Expected      return on      assets                                                                    |   |               | (194.4 | )      |   |   | (191.0 | )      |   |   | (184.8 | ) |
| Curtailment      gain      recognized                                                                  |   |               | (3.5   | )      |   |   | -      |   |   |   | - |   |
| Net      amortization and      deferrals                                                               |   |               | 42.6   |   |   |   | 57.5   |   |   |   | 81.0 |   |
| Net      Periodic Pension      Expense                                                                 |   | $                  | 20.4   |   |   | $      | 34.3   |   |   | $ | 55.9 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | December      31,  |    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | 2008               |    |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | (In      Millions) |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |               |    |
| Benefit      obligations, beginning of      year                                                                                      |   | $                  | 2,222.1 |   |   | $ | 2,294.3 |   |
| Service      cost                                                                                                                     |   |               | 33.6    |   |   |   | 31.0 |   |
| Interest      cost                                                                                                                    |   |               | 134.1   |   |   |   | 128.8 |   |
| Plan      amendments                                                                                                                  |   |               | -       |   |   |   | 8.2 |   |
| Actuarial      gains                                                                                                                  |   |               | (27.6   | ) |   |   | (73.6 | ) |
| Plan      curtailment                                                                                                                 |   |               | (13.1   | ) |   |   | - |   |
| Benefits      paid                                                                                                                    |   |               | (168.0  | ) |   |   | (166.6 | ) |
| Benefit      Obligations, End of      Year                                                                                            |   | $                  | 2,181.1 |   |   | $ | 2,222.1 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | December      31,  |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 2008               |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | (In      Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |               |   |
| Plan      assets at fair value, beginning of      year                                                                                          |               | $      | 2,415.7 |   |   | $ | 2,396.0 |   |
| Actual      return on plan      assets                                                                                                          |               |   | (813.6 | ) |   |   | 191.2 |   |
| Contributions                                                                                                                                   |               |   | 35.6 |   |   |   | 4.8 |   |
| Benefits      paid and      fees                                                                                                                |               |   | (177.3 | ) |   |   | (176.3 | ) |
| Plan      assets at fair value, end of      year                                                                                                |               |   | 1,460.4 |   |   |   | 2,415.7 |   |
| PBO                                                                                                                                             |               |   | 2,181.1 |   |   |   | 2,222.1 |   |
| (Underfunding)      Overfunding of Plan Assets Over PBO                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |               | $      | (720.7 | ) |   | $ | 193.6 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | December      31,  |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 2008               |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (In      Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |               |   |
| Unrecognized      net actuarial      loss                                                                                            |               | $      | 1,497.0 |   |   | $ | 575.8 |   |
| Unrecognized      prior service cost      (credit)                                                                                   |               |   | 3.2 |   |   |   | (4.9 | ) |
| Unrecognized      net transition      asset                                                                                          |               |   | (.6 | ) |   |   | (.8 | ) |
| Total                                                                                                                                                              |               | $      | 1,499.6 |   |   | $ | 570.1 |   |

|                                                                                                                                                                                                                                                                                                                                                                                     |   | December      31,        |    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                     |   | 2008                     |    |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |  (In      Millions) |    |
|                                                                                                                                                                                                                                                                                                                                                                                     |   | EstimatedFair      Value |    |   | % |   |   | EstimatedFair      Value |   |   | % |   |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |                     |    |   |   |   |   |   |   |   |   |   |
| Corporate      and government debt securities                                                                                                                                                                                                                                                                                                                                            |   | $                        | 406.4   |   |   |   | 27.9 |   |   | $ | 414.3 |   |   |   | 17.1 |   |
| Equity      securities                                                                 |   |                     | 790.6   |   |   |   | 54.1 |   |   |   | 1,723.7 |   |   |   | 71.4 |   |
| Equity      real      estate                                                           |   |                     | 244.5   |   |   |   | 16.7 |   |   |   | 277.7 |   |   |   | 11.5 |   |
| Short-term      investments                                                            |   |                     | 18.9    |   |   |   | 1.3 |   |   |   | - |   |   |   | - |   |
| Total      Plan      Assets                                                            |   | $                        | 1,460.4 |   |   |   | 100.0 |   |   | $ | 2,415.7 |   |   |   | 100.0 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 2008   |   |       | 2007   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|------------|--------|--------|
| Discount      rate:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |       |   |   |
| Benefit      obligation                                                                                                       |   |   | 6.50   | %          |   |   | 6.25 | % |
| Periodic      cost                                                                                                            |   |   | 6.25   | %      (1) |   |   | 5.75 | % |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |       |   |   |   |   |
| Rate      of compensation increase:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |       |   |   |   |   |
| Benefit      obligation and periodic      cost                                                                                |   |   | 6.00   | %          |   |   | 6.00 | % |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |       |   |   |   |   |
| Expected      long-term rate of return on plan assets (periodic cost)                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   | 8.50   | %          |   |   | 8.50 | % |

----

|                                                                                                                                                                                     |   | Pension      Benefits |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|--------|
|                                                                                                                                                                                     |   | (In      Millions)    |   |
|                                                                                                                                                                                     |   |                  |   |
| 2009                               |   | $                     | 182.1  |   |
| 2010                               |   |                  | 192.8  |   |
| 2011                               |   |                  | 194.2  |   |
| 2012                               |   |                  | 195.5  |   |
| 2013                               |   |                  | 194.2  |   |
| Years      2014-2018                                                                                                                                                                     |   |                  | 953.3  |   |

| 13)   | SHARE-BASED      COMPENSATION |
|-----------------|-------------------------------|

----

|                                                                                                                                                                                                             |   | Options      Outstanding            |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|--------|
|                                                                                                                                                                                                             |   | AXA      Ordinary Shares            |   |   | AXA      ADRs |   |   | AllianceBernstein      Holding Units |   |
|                                                                                                                                                                                                             |   | NumberOutstanding(In      Millions) |   |   | WeightedAverageExercisePrice |   |   |        NumberOutstanding(In      Millions) |   |   | WeightedAverageExercisePrice |   |   | NumberOutstanding(In      Millions) |   |   | WeightedAverageExercisePrice |   |
|                                                                                                                                                                                                             |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                             |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Options      outstanding at                                                                                                                                                                                      |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| January      1,      2008                                            |   |                                | 10.3   |   |   | € | 27.77 |   |   |   | 19.0 |   |   | $ | 22.64 |   |   |   | 7.3 |   |   | $ | 64.20 |   |
| Options      granted                                                                                                                                                                                             |   |                                | 3.1    |   |   | € | 21.40 |   |   |   | - |   |   | $ | 36.11 |   |   |   | - | (2) |   | $ | 64.24 |   |
| Options      exercised                                |   |                                | -      |   |   | € | 20.44 |   |   |   | (4.6 | ) |   | $ | 24.87 |   |   |   | (.3 | ) |   | $ | 41.98 |   |
| Options      forfeited, net                                                                                                                                                                                      |   |                                | (.2    | ) |   | € | 27.26 |   |   |   | (2.1 | ) |   | $ | 31.20 |   |   |   | (.1 | ) |   | $ | 67.67 |   |
| Options      expired                                                                                                                                                                                             |   |                                | -      |   |   |   |   |   |   |   | - |   |   |   |   |   |   |   | (.2 | ) |   |   | 26.31 |   |
| Options      Outstanding at                                                                                                                                                                                      |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December      31, 2008                                                                                                                                                                                           |   |                                | 13.2   |   |   | € | 26.34 |   |   |   | 12.3 |   |   | $ | 20.40 |   |   |   | 6.7 |   |   | $ | 66.11 |   |
| Aggregate      Intrinsic                                                                                                                                                                                         |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Value(1)                                                             |   |                                |   |   |   | € | - |   |   |   |   |   |   | $ | 47.1 |   |   |   |   |   |   | $ | - |   |
| Weighted      Average                                                                                                                                                                                            |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Remaining                                                                                                                                                                                                        |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Contractual      Term                                                                                                                                                                                            |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (in      years)                                                      |   |                                | 7.73   |   |   |   |   |   |   |   | 3.93 |   |   |   |   |   |   |   | 6.3 |   |   |   |   |   |
| Options      Exercisable at                                                                                                                                                                                      |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December      31, 2008                                                                                                                                                                                           |   |                                | 3.1    |   |   |   | 23.07 |   |   |   | 12.1 |   |   | $ | 20.30 |   |   |   | 3.3 |   |   | $ | 46.69 |   |
| Aggregate      Intrinsic                                                                                                                                                                                         |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Value(1)                                                             |   |                                |   |   |   |   | - |   |   |   |   |   |   | $ | 47.1 |   |   |   |   |   |   | $ | - |   |
| Weighted      Average                                                                                                                                                                                            |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Remaining                                                                                                                                                                                                        |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Contractual      Term                                                                                                                                                                                            |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (in      years)                                                      |   |                                | 6.58   |   |   |   |   |   |   |   | 3.89 |   |   |   |   |   |   |   | 3.2 |   |   |   |   |   |

----

|                                 |   | AXA      Ordinary Shares |   | AllianceBernstein      Holding Units |   |
|--------------------------------------|--------|--------------------------|--------|--------------------------------------|--------|
|                                 |   | 2008                     |   | 2007                                 |   |   | 2006 |   | 2008 |   | 2007 |   | 2006 |
|                                 |   |                     |   |                                 |   |   |   |   |   |   |   |   |   |
| Dividend      yield                  |   | 7.12%                    |   | 4.10%                                |   |   | 3.48% |   | 5.4% |   | 5.6-5.7% |   | 6% |
|                                 |   |                     |   |                                 |   |   |   |   |   |   |   |   |   |
| Expected      volatility             |   | 34.7%                    |   | 27.5%                                |   |   | 28% |   | 29.3% |   | 27.7-30.8% |   | 31% |
|                                 |   |                     |   |                                 |   |   |   |   |   |   |   |   |   |
| Risk-free      interest rate         |   | 4.19%                    |   | 4.40%                                |   |   | 3.77% |   | 3.2% |   | 3.5-4.9% |   | 4.9% |
|                                 |   |                     |   |                                 |   |   |   |   |   |   |   |   |   |
| Expected      life in years          |   | 6.0                      |   | 5.5                                  |   |   | 5.0 |   | 6.0 |   | 6.0-9.5 |   | 6.5 |
|                                 |   |                     |   |                                 |   |   |   |   |   |   |   |   |   |
| Weighted      average fair value per |   |                     |   |                                 |   |   |   |   |   |   |   |   |   |
| option      at grant date       |   | $5.70                    |   | $9.61                                |   |   | $7.45 |   | $10.85 |   | $15.96 |   | $12.35 |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |           |   | Weighted        |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|--------|-----------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Shares      of |   | Average         |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Restricted     |   | Grant      Date |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Stock          |   | Fair      Value |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |           |   |            |   |   |   |
| Unvested      as of January 1,      2008                                                                                          |           |   | 408,511         |   |   | $ | 29.67 |   |
| Granted                                                                                                                           |           |   | 149,413         |   |   | $ | 37.68 |   |
| Vested                                                                                                                            |           |   | 96,822          |   |   | $ | 24.30 |   |
| Forfeited                                                                                                                         |           |   | -               |   |   |   |   |   |
| Unvested      as of December 31,      2008                                                                                        |           |   | 461,102         |   |   | $ | 31.92 |   |

----

----

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

|                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 2008               |    |   | 2007   |   |    | 2006   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|--------|--------|--------|---------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                            |   | (In      Millions) |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                            |   |               |    |
| Fixed      maturities                                                                                     |   | $                  | 1,668.6 |   |   | $      | 1,728.5 |   |   | $ | 1,848.6 |   |
| Mortgage      loans on real      estate                                                                   |   |               | 251.7   |   |   |   | 233.5   |   |   |   | 245.9 |   |
| Equity      real      estate                                                                              |   |               | 95.3    |   |   |   | 93.6    |   |   |   | 88.2 |   |
| Other      equity      investments                                                                        |   |               | (110.9  | )      |   |   | 231.9   |   |   |   | 181.2 |   |
| Policy      loans                                                                                         |   |               | 251.3   |   |   |   | 255.9   |   |   |   | 249.8 |   |
| Short-term      investments                                                                               |   |               | 30.8    |   |   |   | 55.1    |   |   |   | 55.2 |   |
| Derivative      investments                                                                               |   |               | 7,302.1 |   |   |   | 86.6    |   |   |   | (302.4 | ) |
| Broker-dealer      related      receivables                                                               |   |               | 91.8    |   |   |   | 234.6   |   |   |   | 226.5 |   |
| Trading      securities                                                                                   |   |               | (343.5  | )      |   |   | 29.5    |   |   |   | 53.4 |   |
| Other      investment      income                                                                         |   |               | 1.6     |   |   |   | 56.1    |   |   |   | 43.9 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                            |   |               |    |   |   |   |    |   |   |   |   |   |
| Gross      investment      income                                                                                   |   |               | 9,238.8 |   |   |   | 3,005.3 |   |   |   | 2,690.3 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                            |   |               |    |   |   |   |    |   |   |   |   |   |
| Investment      expenses                                                                                  |   |               | (108.6  | )      |   |   | (122.5  | )      |   |   | (113.3 | ) |
| Interest      expense                                                                                                                                                                                                                                                                                                                                                                                                           |   |               | (36.5   | )      |   |   | (194.4  | )      |   |   | (187.8 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                            |   |               |    |   |   |   |    |   |   |   |   |   |
| Net      Investment      Income                                                                           |   | $                  | 9,093.7 |   |   | $      | 2,688.4 |   |   | $ | 2,389.2 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 2008               |   |   | 2007   |   |   | 2006   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                         |   | (In      Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                         |   |               |   |
| Fixed      maturities                                                                                  |   | $                  | (367.3 | )      |   | $      | (55.6  | )      |   | $ | (11.5 | ) |
| Mortgage      loans on real      estate                                                                |   |               | 2.3    |   |   |   | 7.8    |   |   |   | .2 |   |
| Equity      real      estate                                                                           |   |               | (1.6   | )      |   |   | 7.3    |   |   |   | 8.8 |   |
| Other      equity      investments                                                                     |   |               | 11.5   |   |   |   | 16.9   |   |   |   | 20.1 |   |
| Other(1)                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               | 16.6   |   |   |   | 16.4   |   |   |   | 29.3 |   |
| Investment      (Losses) Gains,      Net                                                               |   | $                  | (338.5 | )      |   | $      | (7.2   | )      |   | $ | 46.9 |   |

| (1)   | In      2008, 2007 and 2006, 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 $9.9 million, $15.5      million and $28.0 million for 2008, 2007 and      2006, respectively. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 2008               |     |   | 2007   |   | 2006   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|----------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                     |   | (In      Millions) |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               |     |
| Balance,      beginning of      year                                                               |   | $                  | 103.6    |   |   | $      | 282.2  |   |   | $ | 432.3 |   |
| Changes      in unrealized investment losses on investments                                                                                                                                                                                                                                                                                                                                                         |   |               | (2,608.8 | )      |   |   | (380.5 | )      |   |   | (431.4 | ) |
| Changes      in unrealized investment gains (losses)                                                                                                                                                                                                                                                                                                                                                                     |   |               |     |   |   |   |   |   |   |   |   |   |
| attributable      to:                                                                                                                                                                                                                                                                                                                                                                                                    |   |               |     |   |   |   |   |   |   |   |   |   |
| Participating      group annuity contract,                                                                                                                                                                                                                                                                                                                                                                               |   |               |     |   |   |   |   |   |   |   |   |   |
| Closed      Block policyholder dividend                                                                                                                                                                                                                                                                                                                                                                                  |   |               |     |   |   |   |   |   |   |   |   |   |
| obligation      and      other                                                                                                        |   |               | (93.8    | )      |   |   | 15.0   |   |   |   | 90.9 |   |
| DAC                                                                                                                    |   |               | 582.0    |   |   |   | 83.5   |   |   |   | 85.8 |   |
| Deferred      income      taxes                                                                                        |   |               | 746.2    |   |   |   | 103.4  |   |   |   | 104.6 |   |
| Balance,      End of      Year                                                                     |   | $                  | (1,270.8 | )      |   | $      | 103.6  |   |   | $ | 282.2 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               |     |   |   |   |   |   |   |   |   |   |
| Balance,      end of year comprises:                                                                                                                                                                                                                                                                                                                                                                                     |   |               |     |   |   |   |   |   |   |   |   |   |
| Unrealized      investment (losses) gains on:                                                                                                                                                                                                                                                                                                                                                                            |   |               |     |   |   |   |   |   |   |   |   |   |
| Fixed      maturities                                                                                                  |   | $                  | (2,450.4 | )      |   | $      | 155.5  |   |   | $ | 535.4 |   |
| Other      equity      investments                                                                                     |   |               | (2.1     | )      |   |   | .8     |   |   |   | 1.4 |   |
| Subtotal                                                                                                                         |   |               | (2,452.5 | )      |   |   | 156.3  |   |   |   | 536.8 |   |
| Unrealized      investment gains (losses)                                                                                                                                                                                                                                                                                                                                                                                |   |               |     |   |   |   |   |   |   |   |   |   |
| attributable      to:                                                                                                                                                                                                                                                                                                                                                                                                    |   |               |     |   |   |   |   |   |   |   |   |   |
| Participating      group annuity contracts,                                                                                                                                                                                                                                                                                                                                                                              |   |               |     |   |   |   |   |   |   |   |   |   |
| Closed      Block policyholder dividend                                                                                                                                                                                                                                                                                                                                                                                  |   |               |     |   |   |   |   |   |   |   |   |   |
| obligation      and      other                                                                                                                  |   |               | (77.4    | )      |   |   | 16.4   |   |   |   | 1.4 |   |
| DAC                                                                                                                              |   |               | 555.1    |   |   |   | (26.9  | )      |   |   | (110.4 | ) |
| Deferred      income      taxes                                                                                                  |   |               | 704.0    |   |   |   | (42.2  | )      |   |   | (145.6 | ) |
| Total                                                                                              |   | $                  | (1,270.8 | )      |   | $      | 103.6  |   |   | $ | 282.2 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                         | 2008               |   | 2007    |   | 2006   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|--------|---------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                         | (In      Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                         |               |   |
| Income      tax expense:                                                                                                                                                                                                                                                                                                                                                                                     |               |   |    |   |   |   |   |   |   |
| Current      (benefit)      expense                                                              |               | $      | (319.7  | )      |   | $      | 464.0 |   |   | $ | 438.6 |   |
| Deferred      expense      (benefit)                                                             |               |   | 2,021.6 |   |   |   | 295.8 |   |   |   | (14.1 | ) |
| Total                                                                                  |               | $      | 1,701.9 |   |   | $      | 759.8 |   |   | $ | 424.5 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                           |   | 2008               |    |   | 2007   |   |   | 2006   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                           |   | (In      Millions) |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                           |   |               |    |
| Expected      income tax      expense                                                                    |   | $                  | 1,896.5 |   |   | $      | 939.0  |   |   | $ | 728.1 |   |
| Minority      interest                                                                                   |   |               | (132.3  | )      |   |   | (227.3 | )      |   |   | (227.0 | ) |
| Separate      Account investment activity                                                                                                                                                                                                                                                                                                                                                                                      |   |               | (66.5   | )      |   |   | (52.0  | )      |   |   | (45.4 | ) |
| Non-taxable      investment      income                                                                  |   |               | 26.1    |   |   |   | (21.7  | )      |   |   | (23.1 | ) |
| Adjustment      of tax audit      reserves                                                               |   |               | 9.9     |   |   |   | 21.5   |   |   |   | (86.2 | ) |
| State      income      taxes                                                                             |   |               | 20.5    |   |   |   | 50.2   |   |   |   | 38.0 |   |
| AllianceBernstein      income and foreign taxes                                                                                                                                                                                                                                                                                                                                                                                |   |               | (53.3   | )      |   |   | 40.2   |   |   |   | 32.9 |   |
| Other                                                                                                    |   |               | 1.0     |   |   |   | 9.9    |   |   |   | 7.2 |   |
| Income      Tax      Expense                                                                             |   | $                  | 1,701.9 |   |   | $      | 759.8  |   |   | $ | 424.5 |   |

|                                                                                                                                                                                                                                                                                                                         | December      31, 2008 |   | December      31, 2007 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|--------|------------------------|--------|
|                                                                                                                                                                                                                                                                                                                         | Assets                 |   | Liabilities            |   | Assets |   | Liabilities |   |
|                                                                                                                                                                                                                                                                                                                         | (In      Millions)     |   |
|                                                                                                                                                                                                                                                                                                                         |                   |   |
| Compensation      and related benefits                                                                                                                                                                                                                                                                                       |                   | $      | 297.1                  |   |   | $ | - |   |   | $ | - |   |   | $ | 35.4 |   |
| Reserves      and      reinsurance                                                |                   |   | -                      |   |   |   | 1,465.8 |   |   |   | 1,312.2 |   |   |   | - |   |
| DAC                                                                               |                   |   | -                      |   |   |   | 2,209.5 |   |   |   | - |   |   |   | 2,735.5 |   |
| Unrealized      investment gains                                                                                                                                                                                                                                                                                             |                   |   | 683.6                  |   |   |   | - |   |   |   | - |   |   |   | 42.5 |   |
| Investments                                                                       |                   |   | -                      |   |   |   | 741.0 |   |   |   | - |   |   |   | 1,044.2 |   |
| Other                                                                             |                   |   | -                      |   |   |   | 47.0 |   |   |   | 81.5 |   |   |   | - |   |
| Total                                                                             |                   | $      | 980.7                  |   |   | $ | 4,463.3 |   |   | $ | 1,393.7 |   |   | $ | 3,857.6 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 2008               |   |   | 2007   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | (In      Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |               |   |   |   |   |
| Balance,      beginning of      year                                                                                                             |   | $                  | 343.6  |   |   | $      | 325.2 |   |
| Additions      for tax positions of prior      years                                                                                             |   |               | 81.3   |   |   |   | 19.2 |   |
| Reductions      for tax positions of prior      years                                                                                            |   |               | (4.9   | )      |   |   | (1.5 | ) |
| Additions      for tax positions of current      years                                                                                           |   |               | .9     |   |   |   | 3.4 |   |
| Reductions      for tax positions of current      years                                                                                          |   |               | -      |   |   |   | (.3 | ) |
| Settlements      with tax      authorities                                                                                                       |   |               | 7.7    |   |   |   | (2.4 | ) |
| Reductions      as a result of a lapse of the applicable statute of      limitations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |               | -      |   |   |   | - |   |
| Balance,      End of      Year                                                                                                                   |   | $                  | 428.6  |   |   | $      | 343.6 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 2008               |   |   | 2007   |   |   | 2006   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | (In      Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |               |   |   |   |   |   |   |   |
| (Losses)      Earnings from Discontinued Operations,                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |               |   |   |   |   |   |   |   |
| Net      of Income Taxes:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               |   |   |   |   |   |   |   |
| Wind-up      Annuities                                                                                                 |   | $                  | (27.5  | )      |   | $      | (.1    | )      |   | $ | 30.2 |   |
| Real      estate      held-for-sale                                                                                    |   |               | 1.4    |   |   |   | (6.8   | )      |   |   | 1.1 |   |
| Disposal      of business -      Enterprise                                                                            |   |               | -      |   |   |   | 1.0    |   |   |   | (.1 | ) |
| Total                                                                                                                  |   | $                  | (26.1  | )      |   | $      | (5.9   | )      |   | $ | 31.2 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |               |   |   |   |   |   |   |   |   |   |   |
| Gains      (Losses) on Disposal of Discontinued Operations,                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |               |   |   |   |   |   |   |   |   |   |   |
| Net      of Income Taxes:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               |   |   |   |   |   |   |   |   |   |   |
| Real      estate held for      sale                                                                                    |   | $                  | 6.3    |   |   | $      | 3.2    |   |   | $ | - |   |
| Disposal      of business -      Enterprise                                                                            |   |               | -      |   |   |   | (.4    | )      |   |   | (1.9 | ) |
| Total                                                                                                                  |   | $                  | 6.3    |   |   | $      | 2.8    |   |   | $ | (1.9 | ) |

----

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | December      31,  |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 2008               |   |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | (In      Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |               |   |
| BALANCE      SHEETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |               |   |   |   |   |
| Fixed      maturities, available for sale, at estimated fair value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |               |   |   |   |   |
| (amortized      cost of $661.8 and      $696.3)                                                                                  |   | $                  | 602.1  |   |   | $ | 705.0 |   |
| Equity      real      estate                                                                                           |   |               | 162.2  |   |   |   | 165.0 |   |
| Other      invested      assets                                                                                        |   |               | 2.5    |   |   |   | 4.0 |   |
| Total      investments                                                                                                           |   |               | 766.8  |   |   |   | 874.0 |   |
| Cash      and cash      equivalents                                                                                    |   |               | -      |   |   |   | - |   |
| Other      assets                                                                                                      |   |               | 77.1   |   |   |   | 27.3 |   |
| Total      Assets                                                                                                      |   | $                  | 843.9  |   |   | $ | 901.3 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |               |   |   |   |   |   |   |
| Policyholders      liabilities                                                                                         |   | $                  | 723.4  |   |   | $ | 756.1 |   |
| Other      liabilities                                                                                                 |   |               | 120.5  |   |   |   | 145.2 |   |
| Total      Liabilities                                                                                                 |   | $                  | 843.9  |   |   | $ | 901.3 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 2008               |   |   | 2007   |   |   | 2006   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | (In      Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |               |   |
| STATEMENTS      OF EARNINGS                                                                                                                                                                                                                                                                                                                                                                                                            |   |               |   |   |   |   |   |   |   |
| Investment      income (net of investment                                                                                                                                                                                                                                                                                                                                                                                              |   |               |   |   |   |   |   |   |   |
| expenses      of $19.3, $19.6 and $19.0)                                                                                                                                                                                                                                                                                                                                                                                               |   | $                  | 64.0   |   |   | $      | 64.9   |   |   | $ | 71.3 |   |
| Investment      (losses) gains,      net                                                                         |   |               | (4.8   | )      |   |   | (.8    | )      |   |   | 6.0 |   |
| Policy      fees, premiums and other income                                                                                                                                                                                                                                                                                                                                                                                            |   |               | .1     |   |   |   | .2     |   |   |   | - |   |
| Total      revenues                                                                                              |   |               | 59.3   |   |   |   | 64.3   |   |   |   | 77.3 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |               |   |   |   |   |   |   |   |   |   |   |
| Benefits      and other      deductions                                                                          |   |               | 101.7  |   |   |   | 80.0   |   |   |   | 84.7 |   |
| Losses      charged to the allowance                                                                                                                                                                                                                                                                                                                                                                                                   |   |               |   |   |   |   |   |   |   |   |   |   |
| for      future      losses                                                                                                |   |               | -      |   |   |   | (15.6  | )      |   |   | (7.4 | ) |
| Pre-tax      loss from      operations                                                                           |   |               | (42.4  | )      |   |   | (.1    | )      |   |   | - |   |
| Pre-tax      (loss from strengthening) earnings from                                                                                                                                                                                                                                                                                                                                                                                   |   |               |   |   |   |   |   |   |   |   |   |   |
| releasing      the allowance for future losses                                                                                                                                                                                                                                                                                                                                                                                         |   |               | -      |   |   |   | -      |   |   |   | 37.1 |   |
| Income      tax benefit (expense)                                                                                                                                                                                                                                                                                                                                                                                                 |   |               | 14.9   |   |   |   | -      |   |   |   | (6.9 | ) |
| (Losses)      Earnings from Wind-up      Annuities                                                               |   | $                  | (27.5  | )      |   | $      | (.1    | )      |   | $ | 30.2 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                         | 2008               |   | 2007     |   | 2006   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|--------|----------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                         | (In      Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                         |               |   |
| Unrealized      (losses) gains on investments                                                                                                                                                                                                                                                                                                                                                                                |               | $      | (1,270.8 | )      |   | $      | 103.6 |   |   | $ | 282.2 |   |
| Defined      benefit pensions      plans                                                               |               |   | (964.8   | )      |   |   | (371.5 | ) |   |   | (449.5 | ) |
| Total      Accumulated Other                                                                                                                                                                                                                                                                                                                                                                                                 |               |   |     |   |   |   |   |   |   |   |   |   |
| Comprehensive      Loss                                                                                          |               | $      | (2,235.6 | )      |   | $      | (267.9 | ) |   | $ | (167.3 | ) |

|                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 2008               |     |   | 2007   |   |   | 2006   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|----------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                               |   | (In      Millions) |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |     |
| Net      unrealized losses on investments:                                                                                                                                                                                                                                                                                                                                                                                         |   |               |     |   |   |   |   |   |   |
| Net      unrealized losses arising during                                                                                                                                                                                                                                                                                                                                                                                          |   |               |     |   |   |   |   |   |   |
| the      year                                                                                                                    |   | $                  | (2,533.5 | )      |   | $      | (357.8 | )      |   | $ | (416.6 | ) |
| Losses      reclassified into net earnings                                                                                                                                                                                                                                                                                                                                                                                         |   |               |     |   |   |   |   |   |   |   |   |   |
| during      the      year                                                                                                        |   |               | (75.3    | )      |   |   | (22.7  | )      |   |   | (14.8 | ) |
| Net      unrealized losses on      investments                                                               |   |               | (2,608.8 | )      |   |   | (380.5 | )      |   |   | (431.4 | ) |
| Adjustments      for policyholders liabilities,                                                                                                                                                                                                                                                                                                                                                                                    |   |               |     |   |   |   |   |   |   |   |   |   |
| DAC      and deferred income      taxes                                                                                          |   |               | 1,234.4  |   |   |   | 201.9  |   |   |   | 281.3 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |     |   |   |   |   |   |   |   |   |   |
| Change      in unrealized losses, net of adjustments                                                                                                                                                                                                                                                                                                                                                                               |   |               | (1,374.4 | )      |   |   | (178.6 | )      |   |   | (150.1 | ) |
| Change      in defined benefits pension plans                                                                                                                                                                                                                                                                                                                                                                                      |   |               | (593.3   | )      |   |   | 78.0   |   |   |   | - |   |
| Total      Other Comprehensive      Loss                                                                     |   | $                  | (1,967.7 | )      |   | $      | (100.6 | )      |   | $ | (150.1 | ) |

----

----

----

----

----

|                                                                                                                                                                                                                                                                                                                                                                                                                 |   | 2008               |     |   | 2007   |   |    | 2006   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|----------|--------|--------|--------|---------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                 |   | (In      Millions) |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                 |   |               |     |
| Net      change in statutory surplus and                                                                                                                                                                                                                                                                                                                                                                             |   |               |     |   |   |   |    |   |   |
| capital      stock                                                                                       |   | $                  | (3,414.3 | )      |   | $      | 71.7    |   |   | $ | 1,386.5 |   |
| Change      in      AVR                                                                        |   |               | (808.4   | )      |   |   | (167.2  | )      |   |   | 279.3 |   |
| Net      change in statutory surplus, capital stock                                                                                                                                                                                                                                                                                                                                                                  |   |               |     |   |   |   |    |   |   |   |   |   |
| and      AVR                                                                                             |   |               | (4,222.7 | )      |   |   | (95.5   | )      |   |   | 1,665.8 |   |
| Adjustments:                                                                                                                                                                                                                                                                                                                                                                                                         |   |               |     |   |   |   |    |   |   |   |   |   |
| Future      policy benefits and policyholders’                                                                                                                                                                                                                                                                                                                                                                 |   |               |     |   |   |   |    |   |   |   |   |   |
| account      balances                                                                                              |   |               | 3.2      |   |   |   | 415.1   |   |   |   | (144.3 | ) |
| DAC                                                                                                      |   |               | (2,089.9 | )      |   |   | 620.1   |   |   |   | 674.1 |   |
| Deferred      income      taxes                                                                          |   |               | (4,116.6 | )      |   |   | (677.8  | )      |   |   | 517.3 |   |
| Valuation      of      investments                                                                       |   |               | 3,695.4  |   |   |   | 2.8     |   |   |   | 2.6 |   |
| Valuation      of investment      subsidiary                                                             |   |               | 5,046.4  |   |   |   | 461.7   |   |   |   | (2,122.7 | ) |
| Change      in fair value of guaranteed minimum                                                                                                                                                                                                                                                                                                                                                                      |   |               |     |   |   |   |    |   |   |   |   |   |
| income      benefit reinsurance contracts                                                                                                                                                                                                                                                                                                                                                                            |   |               | 1,566.8  |   |   |   | 6.9     |   |   |   | (14.8 | ) |
| Pension      adjustment                                                                                                                                                                                                                                                                                                                                                                                         |   |               | 1,389.7  |   |   |   | -       |   |   |   | - |   |
| Premiums      and benefits ceded to AXA Bermuda                                                                                                                                                                                                                                                                                                                                                                 |   |               | 2,846.7  |   |   |   | -       |   |   |   | - |   |
| Issuance      of surplus notes                                                                                                                                                                                                                                                                                                                                                                                  |   |               | (1,000.0 | )      |   |   | -       |   |   |   | - |   |
| Shareholder      dividends paid                                                                                                                                                                                                                                                                                                                                                                                 |   |               | -        |   |   |   | 600.0   |   |   |   | 600.0 |   |
| Changes      in non-admitted      assets                                                                 |   |               | 136.9    |   |   |   | 19.4    |   |   |   | (57.4 | ) |
| Other,      net                                                                                          |   |               | (12.6    | )      |   |   | (150.3  | )      |   |   | (72.6 | ) |
| U.S.      GAAP adjustments for Wind-up Annuities                                                                                                                                                                                                                                                                                                                                                                     |   |               | (16.7    | )      |   |   | 31.2    |   |   |   | 28.8 |   |
| Consolidated      Net Earnings                                                                                                                                                                                                                                                                                                                                                                                       |   | $                  | 3,226.6  |   |   | $      | 1,233.6 |   |   | $ | 1,076.8 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | December      31,  |     |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|----------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 2008               |     |   | 2007 |   |   | 2006 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | (In      Millions) |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |               |     |
| Statutory      surplus and capital      stock                                                                   |   | $                  | 3,155.0  |   |   | $ | 6,569.3 |   |   | $ | 6,497.6 |   |
| AVR                                                                                                             |   |               | 433.1    |   |   |   | 1,242.7 |   |   |   | 1,409.9 |   |
| Statutory      surplus, capital stock and AVR                                                                                                                                                                                                                                                                                                                                                                                         |   |               | 3,588.1  |   |   |   | 7,812.0 |   |   |   | 7,907.5 |   |
| Adjustments:                                                                                                                                                                                                                                                                                                                                                                                                                          |   |               |     |   |   |   |   |   |   |   |   |   |
| Future      policy benefits and policyholders’                                                                                                                                                                                                                                                                                                                                                                                  |   |               |     |   |   |   |   |   |   |   |   |   |
| account      balances                                                                                                               |   |               | (1,487.3 | ) |   |   | (2,270.2 | ) |   |   | (2,574.1 | ) |
| DAC                                                                                                                       |   |               | 7,482.0  |   |   |   | 9,019.3 |   |   |   | 8,316.5 |   |
| Deferred      income      taxes                                                                                           |   |               | (4,585.1 | ) |   |   | (1,089.3 | ) |   |   | (627.1 | ) |
| Valuation      of      investments                                                                                        |   |               | (2,312.5 | ) |   |   | 457.1 |   |   |   | 867.9 |   |
| Valuation      of investment      subsidiary                                                                              |   |               | 588.1    |   |   |   | (4,458.3 | ) |   |   | (4,920.0 | ) |
| Fair      value of GMIB                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |     |   |   |   |   |   |   |   |   |   |
| reinsurance      contracts                                                                                                               |   |               | 4,821.7  |   |   |   | 124.7 |   |   |   | 117.8 |   |
| Deferred      cost of insurance ceded                                                                                                                                                                                                                                                                                                                                                                                                 |   |               |     |   |   |   |   |   |   |   |   |   |
| to      AXA      Bermuda                                                                                                                 |   |               | 3,495.8  |   |   |   | - |   |   |   | - |   |
| Non-admitted      assets                                                                                                  |   |               | 1,144.0  |   |   |   | 1,014.5 |   |   |   | 994.5 |   |
| Issuance      of surplus      notes                                                                                       |   |               | (1,524.9 | ) |   |   | (524.8 | ) |   |   | (524.8 | ) |
| Adjustment      to initially apply SFAS No.158,                                                                                                                                                                                                                                                                                                                                                                                       |   |               |     |   |   |   |   |   |   |   |   |   |
| net      of income      taxes                                                                                                            |   |               | -        |   |   |   | - |   |   |   | (449.5 | ) |
| Other,      net                                                                                                           |   |               | 141.3    |   |   |   | 76.0 |   |   |   | 433.6 |   |
| U.S.      GAAP adjustments for Wind-up Annuities                                                                                                                                                                                                                                                                                                                                                                                      |   |               | 12.4     |   |   |   | 1.5 |   |   |   | (59.9 | ) |
| Consolidated      Shareholder’s      Equity                                                               |   | $                  | 11,363.6 |   |   | $ | 10,162.5 |   |   | $ | 9,482.4 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                          |   | 2008               |     |   | 2007   |   |     | 2006   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|----------|--------|--------|--------|----------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                          |   | (In      Millions) |     |
|                                                                                                                                                                                                                                                                                                                                                                                                          |   |               |     |   |   |   |     |   |   |
| Segment      revenues:                                                                                                                                                                                                                                                                                                                                                                                        |   |               |     |   |   |   |     |   |   |
| Insurance                                                                               |   | $                  | 15,115.1 |   |   | $      | 6,938.0  |   |   | $ | 5,966.9 |   |
| Investment      Management (1)                                                                                                                                                                                                                                                                                                                                                                                |   |               | 3,542.7  |   |   |   | 4,561.8  |   |   |   | 4,002.7 |   |
| Consolidation/elimination                                                               |   |               | (76.5    | )      |   |   | (91.4    | )      |   |   | (90.0 | ) |
| Total      Revenues                                                                     |   | $                  | 18,581.3 |   |   | $      | 11,408.4 |   |   | $ | 9,879.6 |   |

|   | (1)  Intersegment      investment advisory and other fees of approximately $93.3 million, $128.9      million and $120.8 million for 2008, 2007 and 2006, respectively, are      included in total revenues of the Investment Management      segment. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Segment      earnings from continuing                                                                                                                                                                                                                                                                                                                                                                          |   | 2008   |    |   | 2007               |   |    | 2006   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------------------|--------|---------|--------|--------|
| operations      before income                                                                                                                                                                                                                                                                                                                                                                                  |   |   |    |   | (In      Millions) |   |    |   |   |
| taxes and minority      interest:                                                                                                                                                                                                                                                                                                                                                                              |   |   |    |   |               |   |    |   |   |
| Insurance                                                                                |   | $      | 4,486.5 |   |               | $      | 1,298.9 |   |   | $ | 881.9 |   |
| Investment      Management                                                               |   |   | 932.2   |   |               |   | 1,400.5 |   |   |   | 1,198.4 |   |
| Consolidation/elimination                                                                |   |   | (.4     | )      |               |   | -       |   |   |   | - |   |
| Total      Earnings from Continuing Operations                                                                                                                                                                                                                                                                                                                                                                 |   |   |    |   |               |   |    |   |   |   |   |   |
| before      Income Taxes and Minority Interest                                                                                                                                                                                                                                                                                                                                                                 |   | $      | 5,418.3 |   |               | $      | 2,699.4 |   |   | $ | 2,080.3 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                           |   | December      31,  |      |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|-----------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                           |   | 2008               |      |   | 2007 |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   | (In      Millions) |      |   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |               |      |   |   |   |   |
| Segment      assets:                                                                                                                                                                                                                                                                                                                                                                                           |   |               |      |   |   |   |   |
| Insurance                                                                                |   | $                  | 123,757.2 |   |   | $ | 144,962.2 |   |   |
| Investment      Management                                                               |   |               | 12,520.2  |   |   |   | 14,962.7 |   |   |
| Consolidation/elimination                                                                |   |               | (11.2     | )      |   |   | 1.1 |   |   |
| Total      Assets                                                                        |   | $                  | 136,266.2 |   |   | $ | 159,926.0 |   |   |

----

|                                                                                                                                                                                                                                              |   | Three      Months Ended |    |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|---------|
|                                                                                                                                                                                                                                              |   | March      31           |    |   | June      30 |   |   | September      30 |   |   | December      31 |   |
|                                                                                                                                                                                                                                              |   | (In      Millions)      |    |
| 2008                                                                                                                                                                                                                                              |   |                    |    |   |   |   |   |   |   |   |   |   |
| Total      Revenues                                      |   | $                       | 3,792.6 |   |   | $ | 2,411.1 |   |   | $ | 3,387.4 |   |   | $ | 8,990.2 |   |
|                                                                                                                                                                                                                                              |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings      from Continuing                                                                                                                                                                                                                     |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operations                                                         |   | $                       | 600.1   |   |   | $ | 510.2 |   |   | $ | 96.6 |   |   | $ | 2,039.5 |   |
|                                                                                                                                                                                                                                              |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      Earnings                                        |   | $                       | 607.4   |   |   | $ | 510.6 |   |   | $ | 96.6 |   |   | $ | 2,012.0 |   |
|                                                                                                                                                                                                                                              |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2007                                                                                                                                                                                                                                              |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Revenues                                      |   | $                       | 2,677.9 |   |   | $ | 2,608.2 |   |   | $ | 2,938.5 |   |   | $ | 3,183.8 |   |
|                                                                                                                                                                                                                                              |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings      from                                                                                                                                                                                                                                |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Continuing      Operations                                                                                                                                                                                                                        |   | $                       | 295.7   |   |   | $ | 232.0 |   |   | $ | 356.6 |   |   | $ | 352.4 |   |
|                                                                                                                                                                                                                                              |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      Earnings                                        |   | $                       | 299.6   |   |   | $ | 218.2 |   |   | $ | 362.4 |   |   | $ | 353.4 |   |
|                                                                                                                                                                                                                                              |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |               |     |   | Estimated       |   |     | Carrying |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|----------|--------|-----------------|--------|----------|----------|--------|
| Type of Investment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | Cost      (A)      |     |   | Fair      Value |   |     | Value    |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | (In      Millions) |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |               |     |
| Fixed      maturities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |               |     |   |            |   |     |     |   |
| U.S.      government, agencies and authorities                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | $                  | 1,061.9  |   |            | $      | 1,341.6  |     |   | $ | 1,341.6 |   |
| State,      municipalities and political subdivisions                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |               | 164.7    |   |            |   | 169.0    |     |   |   | 169.0 |   |
| Foreign      governments                                                                                                                      |   |               | 211.1    |   |            |   | 242.5    |     |   |   | 242.5 |   |
| Public      utilities                                                                                                                         |   |               | 2,945.4  |   |            |   | 2,768.8  |     |   |   | 2,768.8 |   |
| All      other corporate      bonds                                                                                                           |   |               | 20,258.1 |   |            |   | 18,381.6 |     |   |   | 18,381.6 |   |
| Redeemable      preferred      stocks                                                                                                         |   |               | 1,569.8  |   |            |   | 927.5    |     |   |   | 927.5 |   |
| Total      fixed      maturities                                                                                               |   |               | 26,211.0 |   |            |   | 23,831.0 |     |   |   | 23,831.0 |   |
| Equity      securities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |               |     |   |            |   |     |     |   |   |   |   |
| Common      stocks:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |               |     |   |            |   |     |     |   |   |   |   |
| Industrial,      miscellaneous and all      other                                                                                        |   |               | 31.7     |   |            |   | 26.8     |     |   |   | 26.8 |   |
| Mortgage      loans on real      estate                                                                                        |   |               | 3,673.9  |   |            |   | 3,624.5  |     |   |   | 3,673.9 |   |
| Real      estate                                                                                                               |   |               | 314.0    |   |            | N/A    |     |     |   | 314.0 |   |
| Real      estate acquired in satisfaction of      debt                                                                         |   |               | -        |   |            | N/A    |     |     |   | - |   |
| Real      estate joint      ventures                                                                                           |   |               | 56.3     |   |            | N/A    |     |     |   | 56.3 |   |
| Policy      loans                                                                                                              |   |               | 3,700.3  |   |            |   | 5,056.6  |     |   |   | 3,700.3 |   |
| Other      limited partnership interests and equity investments                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |               | 1,620.0  |   |            |   | 1,620.0  |     |   |   | 1,620.0 |   |
| Trading      securities                                                                                                        |   |               | 514.5    |   |            |   | 322.7    |     |   |   | 322.7 |   |
| Other      invested      assets                                                                                                |   |               | 1,501.4  |   |            |   | 1,501.4  |     |   |   | 1,501.4 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |               |     |   |            |   |     |     |   |   |   |   |
| Total      Investments                                                                                                         |   | $                  | 37,623.1 |   |            | $      | 35,983.0 |     |   | $ | 35,046.4 |   |

| (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 interest represents      original cost adjusted for equity in earnings and      distributions. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 2008               |      |   | 2007   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|-----------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | (In      Millions) |      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |      |
| ASSETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |               |      |   |   |   |
| Investment:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |               |      |   |   |   |
| Fixed      maturities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |               |      |   |   |   |
| Available      for sale, at estimated fair value (amortized                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |               |      |   |   |   |
| cost      of $26,191.2 and $26,683.9,      respectively)                                                                                                                                  |   | $                  | 23,795.9  |   |   | $      | 26,838.9 |   |
| Mortgage      loans on real      estate                                                                                                                          |   |               | 3,673.9   |   |   |   | 3,730.6 |   |
| Equity      real      estate                                                                                                                                     |   |               | 370.6     |   |   |   | 382.0 |   |
| Policy      loans                                                                                                                                                |   |               | 3,700.3   |   |   |   | 3,692.6 |   |
| Investments      in and loans to      affiliates                                                                                                                 |   |               | 967.6     |   |   |   | 1,659.1 |   |
| Other      equity      investments                                                                                                                               |   |               | 1,408.5   |   |   |   | 1,520.3 |   |
| Other      invested      assets                                                                                                                                  |   |               | 1,501.4   |   |   |   | 996.0 |   |
| Total      investments                                                                                                                                                                    |   |               | 35,418.2  |   |   |   | 38,819.5 |   |
| Cash      and cash      equivalents                                                                                                                    |   |               | 1,730.7   |   |   |   | 513.5 |   |
| Deferred      policy acquisition      costs                                                                                                            |   |               | 7,482.0   |   |   |   | 8,992.3 |   |
| Amounts      due from      reinsurers                                                                                                                  |   |               | 2,896.8   |   |   |   | 1,773.0 |   |
| Other      assets                                                                                                                                      |   |               | 12,700.1  |   |   |   | 2,495.7 |   |
| Loans      to      affiliates                                                                                                                          |   |               | 588.3     |   |   |   | 638.3 |   |
| Prepaid      pension      asset                                                                                                                        |   |               | -         |   |   |   | 199.3 |   |
| Separate      Accounts      assets                                                                                                                     |   |               | 67,627.0  |   |   |   | 96,539.6 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |      |   |   |   |   |   |
| Total      Assets                                                                                                                                      |   | $                  | 128,443.1 |   |   | $      | 149,971.2 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |      |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |               |      |   |   |   |   |   |
| Policyholders’      account      balances                                                                                                        |   | $                  | 24,750.4  |   |   | $      | 24,743.4 |   |
| Future      policy benefits and other policyholders liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |               | 17,693.9  |   |   |   | 14,181.7 |   |
| Short-term      and long-term      debt                                                                                                                |   |               | 1,524.9   |   |   |   | 773.2 |   |
| Income      taxes      payable                                                                                                                         |   |               | 3,025.6   |   |   |   | 2,317.3 |   |
| Other      liabilities                                                                                                                                 |   |               | 2,457.7   |   |   |   | 1,230.0 |   |
| Separate      Accounts      liabilities                                                                                                                |   |               | 67,627.0  |   |   |   | 96,539.6 |   |
| Total      liabilities                                                                                                                                                                    |   |               | 117,079.5 |   |   |   | 139,785.2 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |      |   |   |   |   |   |
| SHAREHOLDER’S      EQUITY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |               |      |   |   |   |   |   |
| Common      stock, $1.25 par value, 2.0 million shares authorized,    issued                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |               |      |   |   |   |   |   |
| and      outstanding                                                                                                                                             |   |               | 2.5       |   |   |   | 2.5 |   |
| Capital      in excess of par      value                                                                                                               |   |               | 5,184.1   |   |   |   | 5,265.4 |   |
| Retained      earnings                                                                                                                                 |   |               | 8,412.6   |   |   |   | 5,186.0 |   |
| Accumulated      other comprehensive      loss                                                                                                         |   |               | (2,235.6  | )      |   |   | (267.9 | ) |
| Total      shareholder’s      equity                                                                                                                                                |   |               | 11,363.6  |   |   |   | 10,186.0 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |      |   |   |   |   |   |
| Total      Liabilities and Shareholder’s      Equity                                                                                             |   | $                  | 128,443.1 |   |   | $      | 149,971.2 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 2008               |     |   | 2007   |   |     | 2006   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|----------|--------|--------|--------|----------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | (In      Millions) |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |               |     |   |   |   |     |   |   |
| REVENUES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |               |     |   |   |   |     |   |   |
| Universal      life and investment-type product policy fee                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |               |     |   |   |   |     |   |   |
| income                                                                                                                               |   | $                  | 2,956.3  |   |   | $      | 2,741.6  |   |   | $ | 2,252.6 |   |
| Premiums                                                                                                                   |   |               | 752.5    |   |   |   | 800.0    |   |   |   | 813.9 |   |
| Net      investment      income                                                                                            |   |               | 9,371.9  |   |   |   | 2,544.4  |   |   |   | 2,232.1 |   |
| Investment      losses,      net                                                                                           |   |               | (357.6   | )      |   |   | (39.0    | )      |   |   | (4.0 | ) |
| Equity      in earnings of      subsidiaries                                                                               |   |               | 259.8    |   |   |   | 345.5    |   |   |   | 308.7 |   |
| Commissions,      fees and other      income                                                                               |   |               | 2,290.9  |   |   |   | 767.9    |   |   |   | 576.4 |   |
| Total      revenues                                                                                                                                      |   |               | 15,273.8 |   |   |   | 7,160.4  |   |   |   | 6,179.7 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |               |     |   |   |   |     |   |   |   |   |   |
| BENEFITS      AND OTHER DEDUCTIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |               |     |   |   |   |     |   |   |   |   |   |
| Policyholders’      benefits                                                                                         |   |               | 4,692.4  |   |   |   | 1,993.5  |   |   |   | 1,956.0 |   |
| Interest      credited to policyholders’ account balances                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |               | 1,065.3  |   |   |   | 1,044.4  |   |   |   | 1,061.3 |   |
| Compensation      and      benefits                                                                                        |   |               | 675.0    |   |   |   | 734.2    |   |   |   | 690.5 |   |
| Commissions                                                                                                                |   |               | 1,518.3  |   |   |   | 1,835.3  |   |   |   | 1,474.9 |   |
| Interest      expense                                                                                                      |   |               | 47.3     |   |   |   | 48.8     |   |   |   | 47.6 |   |
| Amortization      of deferred policy acquisition costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |               | 3,483.9  |   |   |   | 1,095.2  |   |   |   | 684.5 |   |
| Capitalization      of deferred policy acquisition costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |               | (1,394.0 | )      |   |   | (1,718.7 | )      |   |   | (1,363.0 | ) |
| Rent      expense                                                                                                          |   |               | 47.1     |   |   |   | 47.4     |   |   |   | 41.3 |   |
| Amortization      and      depreciation                                                                                    |   |               | 63.0     |   |   |   | 65.8     |   |   |   | 70.4 |   |
| Premium      taxes                                                                                                         |   |               | 38.6     |   |   |   | 41.5     |   |   |   | 37.2 |   |
| Other      operating costs and      expenses                                                                               |   |               | 277.1    |   |   |   | 307.9    |   |   |   | 266.8 |   |
| Total      benefits and other      deductions                                                                                                            |   |               | 10,514.0 |   |   |   | 5,495.3  |   |   |   | 4,967.5 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |               |     |   |   |   |     |   |   |   |   |   |
| Earnings      from continuing operations before                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |               |     |   |   |   |     |   |   |   |   |   |
| income      taxes                                                                                                                    |   |               | 4,759.8  |   |   |   | 1,665.1  |   |   |   | 1,212.2 |   |
| Income      tax      expense                                                                                               |   |               | (1,513.4 | )      |   |   | (428.4   | )      |   |   | (164.7 | ) |
| Earnings      from continuing      operations                                                                              |   |               | 3,246.4  |   |   |   | 1,236.7  |   |   |   | 1,047.5 |   |
| Equity      in (losses) earnings from discontinued                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |               |     |   |   |   |     |   |   |   |   |   |
| operations,      net of income      taxes                                                                                                 |   |               | (26.1    | )      |   |   | (5.9     | )      |   |   | 31.2 |   |
| Equity      in gains (losses) on sale of discontinued                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |               |     |   |   |   |     |   |   |   |   |   |
| operations,      net of income      taxes                                                                                                 |   |               | 6.3      |   |   |   | 2.8      |   |   |   | (1.9 | ) |
| Net      Earnings                                                                                                          |   | $                  | 3,226.6  |   |   | $      | 1,233.6  |   |   | $ | 1,076.8 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | 2008               |     |   | 2007   |   | 2006     |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|----------|--------|--------|--------|----------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | (In      Millions) |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |               |     |
| Net      earnings                                                                                                              |   | $                  | 3,226.6  |   |   | $      | 1,233.6  |   |   | $ | 1,076.8 |   |
| Adjustments      to reconcile net earnings to net cash                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |     |   |   |   |     |   |   |   |   |   |
| provided      by operating activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |     |   |   |   |     |   |   |   |   |   |
| Interest      credited to policyholders’ account balances                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |               | 1,065.3  |   |   |   | 1,044.4  |   |   |   | 1,061.3 |   |
| Universal      life and investment-type policy fee income                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |               | (2,956.3 | )      |   |   | (2,741.6 | )      |   |   | (2,252.6 | ) |
| Investment      losses,      net                                                                                                         |   |               | 357.6    |   |   |   | 39.0     |   |   |   | 4.0 |   |
| Equity      in net earnings of      subsidiaries                                                                                         |   |               | (261.9   | )      |   |   | (345.5   | )      |   |   | (309.5 | ) |
| Dividends      from      subsidiaries                                                                                                    |   |               | 242.4    |   |   |   | 442.5    |   |   |   | 277.1 |   |
| Change      in deferred policy acquisition costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               | 2,089.9  |   |   |   | (623.5   | )      |   |   | (678.5 | ) |
| Change      in future policy benefits and other policyholder funds                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |               | 2,398.0  |   |   |   | 96.9     |   |   |   | 52.0 |   |
| Net      investment income related to derivative instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |               | (7,302.1 | )      |   |   | (86.6    | )      |   |   | 302.4 |   |
| Change      in reinsurance recoverable with affiliate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |               | (6,351.5 | )      |   |   | -        |   |   |   | - |   |
| Change      in prepaid pension      asset                                                                                                |   |               | 213.3    |   |   |   | (2.3     | )      |   |   | 51.6 |   |
| Change      in fair value of guaranteed minimum income                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               |     |   |   |   |     |   |   |   |   |   |
| benefit      reinsurance      contract                                                                                                                  |   |               | (1,566.8 | )      |   |   | (6.9     | )      |   |   | 14.8 |   |
| Change      in income tax      payable                                                                                                   |   |               | 1,171.4  |   |   |   | 442.7    |   |   |   | 314.4 |   |
| Amortization      and      depreciation                                                                                                  |   |               | 70.9     |   |   |   | 71.7     |   |   |   | 95.7 |   |
| Other,      net                                                                                                                          |   |               | 16.6     |   |   |   | 263.0    |   |   |   | 312.9 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |               |     |   |   |   |     |   |   |   |   |   |
| Net      cash (used in) provided by operating activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |               | (7,586.6 | )      |   |   | (172.6   | )      |   |   | 322.4 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |               |     |   |   |   |     |   |   |   |   |   |
| Cash      flows from investing activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |               |     |   |   |   |     |   |   |   |   |   |
| Maturities      and      repayments                                                                                                      |   |               | 1,721.8  |   |   |   | 2,115.7  |   |   |   | 2,906.1 |   |
| Sales                                                                                                                                    |   |               | 605.0    |   |   |   | 2,125.5  |   |   |   | 1,543.6 |   |
| Purchases                                                                                                                                |   |               | (2,033.5 | )      |   |   | (3,397.0 | )      |   |   | (3,983.3 | ) |
| Cash      settlements related to derivative instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |               | 5,337.0  |   |   |   | (98.3    | )      |   |   | - |   |
| Sale      of AXA Equitable Life and Annuity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |               | 60.8     |   |   |   | -        |   |   |   | - |   |
| Change      in short-term      investments                                                                                               |   |               | 29.3     |   |   |   | 107.0    |   |   |   | 65.6 |   |
| Change      in policy      loans                                                                                                         |   |               | (7.7     | )      |   |   | (40.7    | )      |   |   | (46.7 | ) |
| Other,      net                                                                                                                          |   |               | (30.3    | )      |   |   | (335.3   | )      |   |   | (445.4 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |               |     |   |   |   |     |   |   |   |   |   |
| Net      cash provided by (used in) investing activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |               | 5,682.4  |   |   |   | 476.9    |   |   |   | 39.9 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |               |     |   |   |   |     |   |   |   |   |   |
| Cash      flows from financing activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |               |     |   |   |   |     |   |   |   |   |   |
| Policyholders’      account balances:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |               |     |   |   |   |     |   |   |   |   |   |
| Deposits                                                                                                                                           |   |               | 4,399.5  |   |   |   | 4,127.6  |   |   |   | 3,897.7 |   |
| Withdrawals      and transfers to Separate Accounts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |               | (2,598.1 | )      |   |   | (3,812.8 | )      |   |   | (3,552.2 | ) |
| Shareholder      dividends      paid                                                                                                     |   |               | -        |   |   |   | (600.0   | )      |   |   | (600.0 | ) |
| Change      in short-term      financings                                                                                                |   |               | (248.7   | )      |   |   | -        |   |   |   | - |   |
| Increase      in collateralized pledged liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |               | 568.7    |   |   |   | -        |   |   |   | - |   |
| Increase      in loans from      affiliates                                                                                              |   |               | 1,000.0  |   |   |   | -        |   |   |   | - |   |
| Other,      net                                                                                                                          |   |               |     |   |   |   | 15.5     |   |   |   | 4.5 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |               |     |   |   |   |     |   |   |   |   |   |
| Net      cash (used in) provided by financing activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |               | 3,121.4  |   |   |   | (269.7   | )      |   |   | (250.0 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |               |     |   |   |   |     |   |   |   |   |   |
| Change      in cash and cash      equivalents                                                                                  |   |               | 1,217.2  |   |   |   | 34.6     |   |   |   | 112.3 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |               |     |   |   |   |     |   |   |   |   |   |
| Cash      and cash equivalents, beginning of year                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               | 513.5    |   |   |   | 478.9    |   |   |   | 366.6 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |               |     |   |   |   |     |   |   |   |   |   |
| Cash      and Cash Equivalents, End of      Year                                                                               |   | $                  | 1,730.7  |   |   | $      | 513.5    |   |   | $ | 478.9 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |               |     |   |   |   |     |   |   |   |   |   |
| Supplemental      cash flow information:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |               |     |   |   |   |     |   |   |   |   |   |
| Interest      Paid                                                                                                                       |   | $                  | 22.8     |   |   | $      | 29.2     |   |   | $ | 27.8 |   |
| Income      Taxes      Paid                                                                                                              |   | $                  | 124.8    |   |   | $      | 115.0    |   |   | $ | 77.3 |   |

----

|                                                                                                                                                                              |   |               |    |                 |   | Future      Policy   |   | Policy  |     |       |   |                 |   | Amortization     |    |      |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|----------------------|--------|----------------------|--------|---------|----------|------------|--------|----------------------|--------|------------------|---------|-----------|--------|
|                                                                                                                                                                              |   | Deferred           |    |                 |   | Benefits             |   | Charges |     | (1)        |   | Policyholders’ |   | of      Deferred |    | (2)       |   |
|                                                                                                                                                                              |   | Policy             |    | Policyholders’ |   | And      Other       |   | and     |     | Net        |   | Benefits      and    |   | Policy           |    | Other     |   |
|                                                                                                                                                                              |   | Acquisition        |    | Account              |   | Policyholders’ |   | Premium |     | Investment |   | Interest             |   | Acquisition      |    | Operating |   |
| Segment                                                                                                                                                                           |   | Costs              |    | Balances             |   | Funds                |   | Revenue |     | Income     |   | Credited             |   | Costs            |    | Expense   |   |
|                                                                                                                                                                              |   | (In      Millions) |    |
|                                                                                                                                                                              |   |               |    |
| Insurance                             |   | $                  | 7,482.0 |                 | $      | 24,742.5             |   | $       | 17,733.1 |       | $      | 3,710.1              |   | $                | 9,364.5 |      | $      | 5,767.9 |   | $ | 3,484.7 |   | $ | 1,376.0 |   |
| Investment                                                                                                                                                                        |   |               |    |                 |   |                 |   |    |     |       |   |                 |   |             |    |      |   |   |   |   |   |   |   |   |   |
| Management                                      |   |               | -       |                 |   | -                    |   |    | -        |       |   | -                    |   |             | (287.4  | )    |   | - |   |   | - |   |   | 2,610.5 |   |
| Consolidation/                                                                                                                                                                    |   |               |    |                 |   |                 |   |    |     |       |   |                 |   |             |    |      |   |   |   |   |   |   |   |   |   |
| elimination                                     |   |               | -       |                 |   | -                    |   |    | -        |       |   | -                    |   |             | 16.6    |      |   | - |   |   | - |   |   | (76.1 | )  |
| Total                                 |   | $                  | 7,482.0 |                 | $      | 24,742.5             |   | $       | 17,733.1 |       | $      | 3,710.1              |   | $                | 9,093.7 |      | $      | 5,767.9 |   | $ | 3,484.7 |   | $ | 3,910.4 |   |

| (1)   | Net      investment income 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 |     | (1)        |   | Policyholders’ |   | of      Deferred |    | (2)       |   |
|                                                                                                                                                                              |   | Policy             |    | Policyholders’ |   | And      Other       |   | and     |     | Net        |   | Benefits      and    |   | Policy           |    | Other     |   |
|                                                                                                                                                                              |   | Acquisition        |    | Account              |   | Policyholders’ |   | Premium |     | Investment |   | Interest             |   | Acquisition      |    | Operating |   |
| Segment                                                                                                                                                                           |   | Costs              |    | Balances             |   | Funds                |   | Revenue |     | Income     |   | Credited             |   | Costs            |    | Expense   |   |
|                                                                                                                                                                              |   | (In      Millions) |    |
|                                                                                                                                                                              |   |               |    |
| Insurance                             |   | $                  | 9,019.3 |                 | $      | 25,168.2             |   | $       | 14,304.7 |       | $      | 3,546.6              |   | $                | 2,548.4 |      | $      | 3,063.7 |   | $ | 1,099.2 |   | $ | 1,476.2 |   |
| Investment                                                                                                                                                                        |   |               |    |                 |   |                 |   |    |     |       |   |                 |   |             |    |      |   |   |   |   |   |   |   |   |   |
| Management                                      |   |               | -       |                 |   | -                    |   |    | -        |       |   | -                    |   |             | 122.3   |      |   | - |   |   | - |   |   | 3,161.3 |   |
| Consolidation/                                                                                                                                                                    |   |               |    |                 |   |                 |   |    |     |       |   |                 |   |             |    |      |   |   |   |   |   |   |   |   |   |
| elimination                                     |   |               | -       |                 |   | -                    |   |    | -        |       |   | -                    |   |             | 17.7    |      |   | - |   |   | - |   |   | (91.4) |   |
| Total                                 |   | $                  | 9,019.3 |                 | $      | 25,168.2             |   | $       | 14,304.7 |       | $      | 3,546.6              |   | $                | 2,688.4 |      | $      | 3,063.7 |   | $ | 1,099.2 |   | $ | 4,546.1 |   |

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

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

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                      |               | Policy  |    |       |   |                 |   | Amortization     |    |      |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|---------|---------|------------|--------|----------------------|--------|------------------|---------|-----------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                      |               | Charges |    | (1)        |   | Policyholders’ |   | of      Deferred |    | (2)       |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                      |               | and     |    | Net        |   | Benefits      and    |   | Policy           |    | Other     |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                      |               | Premium |    | Investment |   | Interest             |   | Acquisition      |    | Operating |   |
| Segment                                                                                                                                                                                                                                                                                                                                                                                                                                                   |               | Revenue |    | Income     |   | Credited             |   | Costs            |    | Expense   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (In      Millions) |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                      |               |    |
| Insurance                                                                         |               | $       | 3,070.5 |       | $      | 2,237.1              |   | $                | 3,043.0 |      | $      | 689.3 |   | $ | 1,352.7 |   |
| Investment                                                                                                                                                                                                                                                                                                                                                                                                                                                |               |    |    |       |   |                 |   |             |    |      |   |   |   |   |   |   |
| Management                                                                                  |               |    | -       |       |   | 134.2                |   |             | -       |      |   | - |   |   | 2,804.3 |   |
| Consolidation/                                                                                                                                                                                                                                                                                                                                                                                                                                            |               |    |    |       |   |                 |   |             |    |      |   |   |   |   |   |   |
| Elimination                                                                                 |               |    | -       |       |   | 17.9                 |   |             | -       |      |   | - |   |   | (90.0) |   |
| Total                                                                             |               | $       | 3,070.5 |       | $      | 2,389.2              |   | $                | 3,043.0 |      | $      | 689.3 |   | $ | 4,067.0 |   |

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

| (2)   | 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) |      |
| 2008                                                                                                                                                                                                                                            |   |                       |      |   |          |   |      |      |   |   |     |   |   |           |   |
| Life      Insurance In-Force                                                                                                                                                                                                                    |   | $                          | 336,299.5 |   |          | $      | 155,465.8 |      |   | $      | 40,939.1 |   |   | $              | 221,772.8 |   |   |   | 18.46 | % |
|                                                                                                                                                                                                                                            |   |                       |      |   |          |   |      |      |   |   |     |   |   |           |   |   |   |   |   |   |
| Premiums:                                                                                                                                                                                                                                       |   |                       |      |   |          |   |      |      |   |   |     |   |   |           |   |   |   |   |   |   |
| Life      insurance and                                                                                                                                                                                                                         |   |                       |      |   |          |   |      |      |   |   |     |   |   |           |   |   |   |   |   |   |
| annuities                                                                       |   | $                          | 733.5     |   |          | $      | 204.9     |      |   | $      | 170.5    |   |   | $              | 699.1 |   |   |   | 24.39 | % |
| Accident      and      health                                    |   |                       | 114.8     |   |          |   | 78.6      |      |   |   | 23.3     |   |   |           | 59.5 |   |   |   | 39.16 | % |
| Total      Premiums                                              |   | $                          | 848.3     |   |          | $      | 283.5     |      |   | $      | 193.8    |   |   | $              | 758.6 |   |   |   | 25.55 | % |
|                                                                                                                                                                                                                                            |   |                       |      |   |          |   |      |      |   |   |     |   |   |           |   |   |   |   |   |   |
| 2007                                                                                                                                                                                                                                            |   |                       |      |   |          |   |      |      |   |   |     |   |   |           |   |   |   |   |   |   |
| Life      Insurance In-Force                                                                                                                                                                                                                    |   | $                          | 319,395.8 |   |          | $      | 129,342.7 |      |   | $      | 42,201.0 |   |   | $              | 232,254.1 |   |   |   | 18.17 | % |
|                                                                                                                                                                                                                                            |   |                       |      |   |          |   |      |      |   |   |     |   |   |           |   |   |   |   |   |   |
| Premiums:                                                                                                                                                                                                                                       |   |                       |      |   |          |   |      |      |   |   |     |   |   |           |   |   |   |   |   |   |
| Life      insurance and                                                                                                                                                                                                                         |   |                       |      |   |          |   |      |      |   |   |     |   |   |           |   |   |   |   |   |   |
| annuities                                                                       |   | $                          | 735.1     |   |          | $      | 159.7     |      |   | $      | 168.0    |   |   | $              | 743.4 |   |   |   | 22.60 | % |
| Accident      and      health                                    |   |                       | 120.0     |   |          |   | 83.5      |      |   |   | 25.0     |   |   |           | 61.5 |   |   |   | 40.65 | % |
| Total      Premiums                                              |   | $                          | 855.1     |   |          | $      | 243.2     |      |   | $      | 193.0    |   |   | $              | 804.9 |   |   |   | 23.99 | % |
|                                                                                                                                                                                                                                            |   |                       |      |   |          |   |      |      |   |   |     |   |   |           |   |   |   |   |   |   |
| 2006                                                                                                                                                                                                                                            |   |                       |      |   |          |   |      |      |   |   |     |   |   |           |   |   |   |   |   |   |
| Life      Insurance In-Force                                                                                                                                                                                                                    |   | $                          | 297,114.1 |   |          | $      | 113,545.9 |      |   | $      | 39,347.2 |   |   | $              | 222,915.4 |   |   |   | 17.66 | % |
|                                                                                                                                                                                                                                            |   |                       |      |   |          |   |      |      |   |   |     |   |   |           |   |   |   |   |   |   |
| Premiums:                                                                                                                                                                                                                                       |   |                       |      |   |          |   |      |      |   |   |     |   |   |           |   |   |   |   |   |   |
| Life      insurance and                                                                                                                                                                                                                         |   |                       |      |   |          |   |      |      |   |   |     |   |   |           |   |   |   |   |   |   |
| annuities                                                                       |   | $                          | 732.5     |   |          | $      | 139.8     |      |   | $      | 163.7    |   |   | $              | 756.4 |   |   |   | 21.64 | % |
| Accident      and      health                                    |   |                       | 126.1     |   |          |   | 89.4      |      |   |   | 24.7     |   |   |           | 61.4 |   |   |   | 40.23 | % |
| Total      Premiums                                              |   | $                          | 858.6     |   |          | $      | 229.2     |      |   | $      | 188.4    |   |   | $              | 817.8 |   |   |   | 23.04 | % |
|                                                                                                                                                                                                                                            |   |                       |      |

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

----

----

----

----

----

----

----

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 2008                |   | 2007   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | (In      Thousands) |   |
| Principal      Accounting Fees and Services:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                |   |
| Audit      fees                                                                                                |                | $      | 18,029 |   |   | $ | 19,470 |   |
| Audit      related      fees                                                                                   |                |   | 2,504  |   |   |   | 2,626 |   |
| Tax      fees                                                                                                  |                |   | 2,376  |   |   |   | 2,158 |   |
| All      other      fees                                                                                       |                |   | 257    |   |   |   | 175 |   |
| Total                                                                                           |                | $      | 23,166 |   |   | $ | 24,429 |   |

----

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

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

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

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

----

| Date: | March      13, 2009 |   | AXA      EQUITABLE LIFE INSURANCE COMPANY  |
|-------|---------------------|--------|-------------------------------------------------|

|   |   |   | By:    |  /s/      Christopher M. Condron                                     |
|--------|--------|--------|--------|--------------------------------------------------------------------------------|
|   |   |   | Name:  | Christopher      M. Condron                                                    |
|   |   |   |   | Chairman      of the Board, President and Chief Executive Officer,    Director |

|                               |   |                                            |   |                |
|------------------------------------|--------|-------------------------------------------------|--------|---------------------|
| /s/      Christopher M. Condron    |   | Chairman      of the Board, President and Chief |   | March      13, 2009 |
| Christopher      M. Condron        |   | Executive      Officer, Director                |   |                |
|                               |   |                                            |   |                |
| /s/      Richard S. Dziadzio       |   | Executive      Vice President and               |   | March      13, 2009 |
| Richard      S. Dziadzio           |   | Chief      Financial Officer                    |   |                |
|                               |   |                                            |   |                |
| /s/      Alvin H. Fenichel    |   | Senior      Vice President and Chief            |   | March      13, 2009 |
| Alvin      H. Fenichel             |   | Accounting      Officer                         |   |                |
|                               |   |                                            |   |                |
| /s/      Henri de Castries    |   | Director                                        |   | March      13, 2009 |
| Henri      de Castries             |   |                                            |   |                |
|                               |   |                                            |   |                |
| /s/      Denis Duverne        |   | Director                                        |   | March      13, 2009 |
| Denis      Duverne                 |   |                                            |   |                |
|                               |   |                                            |   |                |
| /s/      Charlynn Goins       |   | Director                                        |   | March      13, 2009 |
| Charlynn      Goins                |   |                                            |   |                |
|                               |   |                                            |   |                |
| /s/      Anthony J. Hamilton  |   | Director                                        |   | March      13, 2009 |
| Anthony      J. Hamilton           |   |                                            |   |                |
|                               |   |                                            |   |                |
| /s/      Mary R. Henderson    |   | Director                                        |   | March      13, 2009 |
| Mary      R. Henderson             |   |                                            |   |                |
|                               |   |                                            |   |                |
| /s/      James F. Higgins     |   | Director                                        |   | March      13, 2009 |
| James      F. Higgins              |   |                                            |   |                |
|                               |   |                                            |   |                |
| /s/      Scott D. Miller           |   | Director                                        |   | March      13, 2009 |
| Peter      S. Kraus                |   |                                            |   |                |
|                               |   |                                            |   |                |
| /s/      Peter S. Kraus       |   | Director                                        |   | March      13, 2009 |
| Scott      D. Miller               |   |                                            |   |                |
|                               |   |                                            |   |                |
| /s/      Joseph H. Moglia     |   | Director                                        |   | March      13, 2009 |
| Joseph      H. Moglia              |   |                                            |   |                |
|                               |   |                                            |   |                |
| /s/      Lorie A. Slutsky     |   | Director                                        |   | March      13, 2009 |
| Lorie      A. Slutsky              |   |                                            |   |                |
|                               |   |                                            |   |                |
| /s/ Ezra      Suleiman   |   | Director                                        |   | March      13, 2009 |
| Ezra      Suleiman                 |   |                                            |   |                |
|                               |   |                                            |   |                |
| /s/      Peter J. Tobin       |   | Director                                        |   | March      13, 2009 |
| Peter      J. Tobin                |   |                                            |   |                |

----

|   |   |                                                                                                                                                                     |   |                                                                                                                                                                   |   | 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 Equitable Life, as amended January 1, 1997                                                                                                      |   | Filed      as Exhibit 3.1(a) to registrant’s Annual Report on Form 10-K for the year      ended December 31, 1996 and incorporated herein by    reference        |   |   |
|   |   |                                                                                                                                                                     |   |                                                                                                                                                                   |   |   |
| 3.2    |   | Restated      Charter of AXA Equitable, as amended December 6, 2004                                                                                                 |   | Filed      as Exhibit 3.2 to registrant’s Annual Report on Form 10-K for the year      ended December 31, 3004 and incorporated herein by    reference           |   |   |
|   |   |                                                                                                                                                                     |   |                                                                                                                                                                   |   |   |
| 3.3    |   | 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          |   |   |
|   |   |                                                                                                                                                                     |   |                                                                                                                                                                   |   |   |

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|   |   |                                                                                                                                                            |   |                                                                                                                                                                 |   | 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 |