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|                                | UNITED STATES SECURITIES AND EXCHANGE COMMISSION                            WASHINGTON, D.C. 20549                                                                                                           FORM                            10-K                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  (Mark                    One) |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| x                                   | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)                            OF THE SECURITIES EXCHANGE ACT OF 1934                            For the fiscal year ended December 31, 2007                                                                                 OR                                                                                 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE                            SECURITIES EXCHANGE ACT OF 1934                            For the transition period                            from           to                                                                                     Commission File Number 1-11166                            AXA FINANCIAL, INC.                               (Exact name of registrant as specified in its charter)  |

|  Delaware                                                                                                                                      |   |  13-3623351                                                                     |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------|
|  (State                                or other jurisdiction of incorporation or                                organization)   |   |   (I.R.S.                                Employer Identification No.) |
|                                                                                                                                                |   |                                                                                 |
|                                                                                                                                                |   |                                                                                 |
|  1290                                Avenue of the Americas, New York, New York                                                                |   |  10104                                                                          |
|  (Address                                of principal executive offices)                                                                       |   | (Zip                                Code)                                            |
|                                                                                                                                                |   |                                                                                 |
|  Registrant’s                                telephone number, including area code (212) 554-1234                                        |
|                                                                                                                                                |   |                                                                                 |
|  Securities                        registered pursuant to Section 12(b) of the Act:                                                            |
|                                                                                                                                                |   |                                                                                 |
|  Title of                        each class                                                                                                    |   |  Name                                of each exchange on which registered       |
|  None                                                                                                                                          |   |  None                                                                           |
|                                                                                                                                                |   |                                                                                 |
|  Securities                        registered pursuant to Section 12(g) of the Act:                                                            |
|  None                                                                                                                                          |
|                                                                                                                                                |   |                                                                                 |

| Large                            accelerated filer                            o |  | Accelerated                            filer o |
|---------------------------------------------------------------------------------|--|------------------------------------------------|

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

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| Part                                    I               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
|---------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
| Item 1.                                                 | Business                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 1-1    |
|                                                    | Overview                                                                                                                                                                          | 1-1    |
|                                                    | Segment                                    Information                                                                                                                            | 1-1    |
|                                                    | Employees and Financial                                    Professionals                                                                                                          | 1-6    |
|                                                    | Competition                                                                                                                                                                       | 1-7    |
|                                                    | Regulation                                                                                                                                                                        | 1-7    |
|                                                    | Parent                                    Company                                                                                                                                 | 1-10   |
|                                                    | Other                                    Information                                                                                                                              | 1-11   |
| Item 1A.                                                | Risk                                    Factors                                                                                                                                   | 1A-1   |
| Item 1B.                                                | Unresolved Staff                                    Comments                                                                                                                      | 1B-1   |
| Item 2.                                                 | Properties                                                                                                                                                                        | 2-1    |
| Item 3.                                                 | Legal                                    Proceedings                                                                                                                              | 3-1    |
| Item 4.                                                 | 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 Accounting 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                                                                                                                                                                                                                                                                                   |   | $      | 36,300.6 |   |       |   | 72.8 | % |
| Mortgages                                                                                                                                                                                                                                                                                                    |   |   | 5,210.4  |   |       |   | 10.4 |   |
| Equity real estate                                                                                                                                                                                                                                                                                                |   |   | 382.3    |   |       |   | 0.8 |   |
| Other equity                                investments                                                                                                                                                                                                                             |   |   | 1,679.4  |   |       |   | 3.4 |   |
| Policy                                loans                                                |   |   | 5,035.8  |   |       |   | 10.1 |   |
| Cash and short-term investments                                                                (2)                                                                                                                                                                                                                                    |   |   | 1,245.2  |   |       |   | 2.5 |   |
| Total                                                                                                                                                                                                    |   | $      | 49,853.7 |   |       |   | 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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| • | Sustained equity market declines that result in decreases in                                    the account values of our variable life and annuity contracts                                    could reduce the amount of revenue we derive from fees charged                                    on those account and asset values;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| • | Sustained equity market declines that result in decreases in                                    the account values of our variable life and annuity contracts                                    that provide guaranteed benefits would increase the size of our                                    potential obligations related to such guaranteed                                    benefits.  This could result in an increase in claims                                    and reserves related to those contracts, net of any reinsurance                                    reimbursements or proceeds from our hedging program;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| • | Increased volatility of equity markets may result in changes to                                    the fair value of our GMIB reinsurance contracts, which could                                    result in increased volatility of our earnings;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| • | Increased volatility of equity markets 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 less volatile investment options (which may have                                    lower fees), which could negatively impact our future                                    profitability;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| • | Equity market declines could negatively impact the value of                                    equity securities we hold for investment, including our                                    investment in AllianceBernstein, thereby reducing our                                    capital;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| • | Equity price declines may decrease the value of assets held to                                    fund payments to employees from our qualified pension plan,                                    which could result in increased pension plan costs; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| • | Deferred acquisition costs, referred to as DAC, and value of                                    business acquired, referred to as VOBA, are accounting methods                                    for amortizing the sales costs related to the acquisition of                                    new life insurance and annuity business over the period in                                    which that business will generate earnings for                                    us.  DAC and VOBA amortization rates are based in                                    part on investment return and related estimates that, in turn,                                    are based on actual market trends and reasonable expectations                                    as to future performance drawn from those                                    trends.  Equity market declines could lead to                                    reductions in these estimates that, in turn, could accelerate                                    our DAC and VOBA amortization and reduce our current                                    earnings. |

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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 Financial                                    Advisory/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 which results in                                    our workforce being unable to be physically located at one of                                    our facilities could result in lengthy interruptions in our                                    service.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| • | A terrorist attack on the financial services industry 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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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 2007          |   |   | 2006   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |          |   |   |   |   |
| (Losses) Earnings from Discontinued Operations, Net of Income                                Taxes:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          |   |   |   |   |
| Wind-up                                Annuities                                                                                                                                                                             |   | $             | (.1    | )      |   | $      | 30.2 |   |
| Real estate                                held-for-sale                                                                                                         |   |          | (6.7   | )      |   |   | 12.0 |   |
| Disposal of business -                                Enterprise                                                                                                 |   |          | (2.4   | )      |   |   | (6.1 | ) |
| Total                                                                                                                                                            |   | $             | (9.2   | )      |   | $      | 36.1 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |          |   |   |   |   |   |   |
| (Losses) Gains on Disposal of Discontinued Operations,                                Net of Income Taxes:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |          |   |   |   |   |   |   |
| Real estate                                held-for-sale                                                                                                         |   | $             | 3.1    |   |   | $      | 62.1 |   |
| Discontinued Investment Banking and Brokerage segment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |          | -      |   |   |   | 53.9 |   |
| Disposal of business -                                Advest                                                                                                     |   |          | -      |   |   |   | 4.1 |   |
| Disposal of business -                                Enterprise                                                                                                 |   |          | (6.7   | )      |   |   | (2.9 | ) |
| Total                                                                                                                                                            |   | $             | (3.6   | )      |   | $      | 117.2 |   |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |     |   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 2007   |     | 2006   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |     |   |   |   |
| Universal life and investment-type product policy fee income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | $      | 2,973.1  |   |   | $ | 2,468.3 |   |
| Premiums                                                                                                                                                                                                                                                                                                                                    |   |   | 1,561.6  |   |   |   | 1,581.6 |   |
| Net investment                                income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | 3,235.7  |   |   |   | 2,943.4 |   |
| Investment losses, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   | (63.2    | )      |   |   | (8.2 | ) |
| Commissions, fees and other                                income                                                                                                      |   |   | 1,167.2  |   |   |   | 938.7 |   |
| Total                                revenues                                                                                                                                                                                                                                                  |   |   | 8,874.4  |   |   |   | 7,923.8 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |     |   |   |   |   |   |
| Policyholders’                                benefits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   | 3,089.8  |   |   |   | 2,997.6 |   |
| Interest credited to policyholders’ account                                balances                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   | 1,192.3  |   |   |   | 1,216.5 |   |
| Compensation and                                benefits                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   | 1,104.2  |   |   |   | 1,035.3 |   |
| Commission                                costs                                                                                                                        |   |   | 1,624.7  |   |   |   | 1,295.3 |   |
| Interest                                expense                                                                                                                        |   |   | 177.5    |   |   |   | 180.7 |   |
| Amortization of DAC and                                VOBA                                                                                                            |   |   | 1,217.5  |   |   |   | 812.6 |   |
| Capitalization of                                DAC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   | (1,806.1 | )      |   |   | (1,458.8 | ) |
| Rent                                expense                                                                                                                            |   |   | 99.4     |   |   |   | 89.2 |   |
| Amortization of other intangible assets,                                net                                                                                            |   |   | 33.7     |   |   |   | 4.8 |   |
| All other operating costs and                                expenses                                                                                                  |   |   | 799.5    |   |   |   | 798.4 |   |
|  Total benefits and other                                deductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   | 7,532.5  |   |   |   | 6,971.6 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |     |   |   |   |   |   |
| Earnings from Continuing Operations before                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |     |   |   |   |   |   |
| Income Taxes and Minority                                Interest                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | $      | 1,341.9  |   |   | $ | 952.2 |   |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 2007   |    |   | 2006   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |    |   |   |   |
| Revenues:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |    |   |   |   |
| Investment advisory and services fees                                                                (1)                                                                                     |   | $      | 3,386.2 |   |   | $      | 2,890.2 |   |
| Distribution                                revenues                                                                                                                                         |   |   | 473.4   |   |   |   | 421.0 |   |
| Institutional research                                services                                                                                                                               |   |   | 423.6   |   |   |   | 375.1 |   |
| Other revenues                                                                (1)                                                                                                            |   |   | 126.8   |   |   |   | 124.3 |   |
| Commissions, fees and other                                income                                                                                                                                           |   |   | 4,410.0 |   |   |   | 3,810.6 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |    |   |   |   |   |   |
| Investment                                income                                                                                                                                             |   |   | 313.7   |   |   |   | 328.7 |   |
| Less: interest expense to finance trading                                activities                                                                                                          |   |   | (194.4  | )      |   |   | (187.8 | ) |
| Net investment                                income                                                                                                                                                        |   |   | 119.3   |   |   |   | 140.9 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |    |   |   |   |   |   |
| Investment gains,                                net                                                                                                                                         |   |   | 32.6    |   |   |   | 53.2 |   |
| Total                                revenues                                                                                                                                                                    |   |   | 4,561.9 |   |   |   | 4,004.7 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |    |   |   |   |   |   |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |    |   |   |   |   |   |
| Compensation and                                benefits                                                                                                                                     |   |   | 1,864.5 |   |   |   | 1,570.2 |   |
| Distribution plan                                payments                                                                                                                                    |   |   | 335.1   |   |   |   | 292.9 |   |
| Amortization of deferred sales                                commissions                                                                                                                    |   |   | 95.5    |   |   |   | 100.4 |   |
| Interest                                expense                                                                                                                                              |   |   | 78.8    |   |   |   | 78.6 |   |
| Rent                                expense                                                                                                                                                  |   |   | 170.5   |   |   |   | 155.7 |   |
| Amortization of other intangible assets,                                net                                                                                                                  |   |   | 34.9    |   |   |   | 27.6 |   |
| Other operating costs and                                expenses                                                                                                                            |   |   | 676.0   |   |   |   | 651.0 |   |
| Total                                expenses                                                                                                                                                                    |   |   | 3,255.3 |   |   |   | 2,876.4 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |    |   |   |   |   |   |
| Earnings from Continuing Operations before                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |    |   |   |   |   |   |
| Income Taxes and Minority                                Interest                                                                                                                            |   | $      | 1,306.6 |   |   | $      | 1,128.3 |   |

|   (1) |  Included fees earned by AllianceBernstein totaling $41.3                                million and $41.8 million in 2007 and 2006, respectively, for                                services provided to the Insurance Group. |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | December 31, |    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 2007         |    |   | 2006 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |         |    |   |   |   |
| Third party                                                                (1)                                                                                                       |   | $            | 734,774 |   |   | $ | 651,562 |   |
| General Account and other                                                                (2)                                                                                         |   |         | 53,676  |   |   |   | 54,688 |   |
| Insurance Group Separate                                Accounts                                                                                                                     |   |         | 100,175 |   |   |   | 88,758 |   |
| Total Assets Under                                Management                                                                                                                                             |   | $            | 888,625 |   |   | $ | 795,008 |   |

| (1)   | Includes $34.01 billion and $29.46 billion of assets managed on                                behalf of AXA affiliates at December 31, 2007 and 2006,                                respectively.  Also included in 2007 and 2006 are $19.75                                billion and $17.83 billion, respectively, in assets related to an                                Australian joint venture between AllianceBernstein and an AXA                                affiliate. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Includes invested assets of AXA Financial Group not managed by                                AllianceBernstein, principally cash and short-term investments and                                policy loans, totaling approximately $12.5 billion and $11.3                                billion at December 31, 2007 and 2006, respectively, as well as                                mortgages and equity real estate totaling $5.8 billion and $5.42                                billion at December 31, 2007 and 2006, respectively. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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|                                                                                                                                                                                                                                                                                       |   | Contractual Obligations – December 31, 2007 |      |   |                   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------|-----------|--------|------------------------|--------|
|                                                                                                                                                                                                                                                                                       |   | (In Millions)                                     |      |   |                   |   |
|                                                                                                                                                                                                                                                                                       |   |                                              |      |   | Payments Due by Period |   |
|                                                                                                                                                                                                                                                                                       |   |                                              |      |   | Less than              |   |   |   |   |   |   |   |   | Over |   |
|                                                                                                                                                                                                                                                                                       |   | Total                                             |      |   | 1 year                 |   |   | 1 – 3 years |   |   | 4 – 5 years |   |   | 5 years |   |
|                                                                                                                                                                                                                                                                                       |   |                                              |      |   |                   |   |   |   |   |   |   |   |   |   |   |
| Contractual obligations:                                                                                                                                                                                                                                                                   |   |                                              |      |   |                   |   |   |   |   |   |   |   |   |   |   |
| Policyholders liabilities -                                                                                                                                                                                                                                                                |   |                                              |      |   |                   |   |   |   |   |   |   |   |   |   |   |
| policyholders’ account                                                                                                                                                                                                                                                               |   |                                              |      |   |                   |   |   |   |   |   |   |   |   |   |   |
| balances, future policy                                                                                                                                                                                                                                                                    |   |                                              |      |   |                   |   |   |   |   |   |   |   |   |   |   |
| benefits and other                                                                                                                                                                                                                                                                         |   |                                              |      |   |                   |   |   |   |   |   |   |   |   |   |   |
| policyholders liabilities                                                                (1)                                                                                                                                                                                               |   | $                                                 | 98,058.8  |   |                   | $      | 3,580.6 |   |   | $ | 7,135.6 |   |   | $ | 6,450.0 |   |   | $ | 80,892.6 |   |
| Long-term                                debt                                           |   |                                              | 1,830.2   |   |                   |   | 498.3 |   |   |   | 780.0 |   |   |   | - |   |   |   | 551.9 |   |
| Operating                                leases                                         |   |                                              | 2,998.3   |   |                   |   | 219.9 |   |   |   | 412.8 |   |   |   | 362.9 |   |   |   | 2,002.7 |   |
| Employee                                benefits                                        |   |                                              | 1,006.5   |   |                   |   | 101.3 |   |   |   | 211.9 |   |   |   | 204.9 |   |   |   | 488.4 |   |
|                                                                                                                                                                                                                                                                                       |   |                                              |      |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Contractual                                                                                                                                                                                                                                                                          |   |                                              |      |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Obligations                                                                                                      |   | $                                                 | 103,893.8 |   |                   | $      | 4,400.1 |   |   | $ | 8,540.3 |   |   | $ | 7,017.8 |   |   | $ | 83,935.6 |   |

| (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 AXA Financial Group’s experience and                                assume market growth and interest crediting consistent with                                assumptions used in amortizing DAC and VOBA.  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. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                           |   | Interest Rate Risk Exposure                                (In Millions) |     |   |                                                                                                   |   |     |                                      |   |
|------------------------------------------------|--------|--------------------------------------------------------------------------|----------|--------|--------------------------------------------------------------------------------------------------------|--------|----------|-------------------------------------------|--------|
|                                           |   |                                                                     |     |   |                                                                                                   |   |     |                                      |   |   |   |   |
|                                           |   | December 31, 2007                                                        |     |   | December 31, 2006                                                                                      |   |
|                                           |   | FairValue                                                                |     |   | Balance After                                    +100 Base                                Point Change |   |     | Fair                                Value |   |   | Balance After+100 BasisPoint Change |   |
| Insurance                                Group |   |                                                                     |     |   |                                                                                                   |   |     |                                      |   |   |   |   |
| Continuing Operations:                         |   |                                                                     |     |   |                                                                                                   |   |     |                                      |   |   |   |   |
| Fixed maturities:                              |   |                                                                     |     |   |                                                                                                   |   |     |                                      |   |   |   |   |
| Fixed rate                                     |   | $                                                                        | 35,925.5 |   |                                                                                                   | $      | 34,065.9 |                                      |   | $ | 38,068.7 |   |   | $ | 36,139.7 |   |
| Floating rate                                  |   |                                                                     | 356.6    |   |                                                                                                   |   | 356.1    |                                      |   |   | 279.5 |   |   |   | 278.9 |   |
| Mortgage loans                                 |   |                                                                     | 5,237.0  |   |                                                                                                   |   | 5,002.8  |                                      |   |   | 4,703.0 |   |   |   | 4,503.6 |   |
|                                           |   |                                                                     |     |   |                                                                                                   |   |     |                                      |   |   |   |   |   |   |   |   |
| Wind-up Annuities:                             |   |                                                                     |     |   |                                                                                                   |   |     |                                      |   |   |   |   |   |   |   |   |
| Fixed maturities:                              |   |                                                                     |     |   |                                                                                                   |   |     |                                      |   |   |   |   |   |   |   |   |
| Fixed rate                                     |   | $                                                                        | 705.0    |   |                                                                                                   | $      | 678.5    |                                      |   | $ | 764.8 |   |   | $ | 735.6 |   |
| Mortgage loans                                 |   |                                                                     | 2.3      |   |                                                                                                   |   | 2.3      |                                      |   |   | 3.0 |   |   |   | 3.0 |   |
|                                           |   |                                                                     |     |   |                                                                                                   |   |     |                                      |   |   |   |   |   |   |   |   |
| AXA                                Financial   |   |                                                                     |     |   |                                                                                                   |   |     |                                      |   |   |   |   |   |   |   |   |
| Fixed maturities:                              |   |                                                                     |     |   |                                                                                                   |   |     |                                      |   |   |   |   |   |   |   |   |
| Fixed rate                                     |   | $                                                                        | 5.0      |   |                                                                                                   | $      | 4.7      |                                      |   | $ | 11.5 |   |   | $ | 11.1 |   |

----

|                                                                                                                                                                                                                                                                                                                 |   | Equity Price Risk Exposure                                (In Millions) |   |   |                                   |   |   |      |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------|--------|--------|----------------------------------------|--------|--------|-----------|--------|
|                                                                                                                                                                                                                                                                                                                 |   |                                                                    |   |   |                                   |   |
|                                                                                                                                                                                                                                                                                                                 |   | December 31, 2007                                                       |   |   | December 31, 2006                      |   |
|                                                                                                                                                                                                                                                                                                                 |   | Fair                                Value                               |   |   | Balance After -10% Equity Price Change |   |   | FairValue |   |   | Balance After                                 -10% Equity Price Change |   |
| Insurance Group                                                                                                                                                                                                                                                                                                      |   |                                                                    |   |   |                                   |   |   |      |   |   |   |   |
| Continuing                                operations                                               |   | $                                                                       | 25.6   |   |                                   | $      | 23.1   |      |   | $ | 262.8 |   |   | $ | 236.5 |   |
|                                                                                                                                                                                                                                                                                                                 |   |                                                                    |   |   |                                   |   |   |      |   |   |   |   |   |   |   |   |
| AXA                                Financial                                             |   | $                                                                       | .2     |   |                                   | $      | .2     |      |   | $ | 1.4 |   |   | $ | 1.3 |   |

----

|                                                                                                                                                                                      |   |                                           |     |   |                                                                                                                                   |   |   | Interest Rate Sensitivity                                                                               |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------|----------|--------|----------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                      |   |                                           |     |   |                                                                                                                                   |   |   |                                                                                                    |   |   |   |   |   |   |
|                                                                                                                                                                                      |   | Notional                                Amount |     |   | Weighted                                        Average                                    Term                                (Years) |   |   | Balance After                                    -100 Basis                                Point Change |   |   | Fair                                Value |   | Balance After                                    +100 Basis                                Point Change |   |
| December 31, 2007                                                                                                                                                                         |   |                                           |     |   |                                                                                                                                   |   |   |                                                                                                    |   |   |   |   |   |   |
| Insurance Group:                                                                                                                                                                          |   |                                           |     |   |                                                                                                                                   |   |   |                                                                                                    |   |   |   |   |   |   |   |
| Options:                                                                                                                                                                                  |   |                                           |     |   |                                                                                                                                   |   |   |                                                                                                    |   |   |   |   |   |   |   |
| 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 | ) |
|                                                                                                                                                                                      |   |                                           |     |   |                                                                                                                                   |   |   |                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| AXA Financial:                                                                                                                                                                            |   |                                           |     |   |                                                                                                                                   |   |   |                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| 3                                                                rd party swaps                                                                                                           |   |                                           | 850.0    |   |                                                                                                                                   |   | 1.5    |                                                                                                    |   |   | (6.8 | ) |   |   | 4.8 |   |   |   | 16.5 |   |
| Total                               |   | $                                              | 29,134.4 |   |                                                                                                                                   |   |   |                                                                                                    |   | $ | 266.7 |   |   | $ | 172.6 |   |   | $ | (142.7 | ) |
|                                                                                                                                                                                      |   |                                           |     |   |                                                                                                                                   |   |   |                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2006                                                                                                                                                                         |   |                                           |     |   |                                                                                                                                   |   |   |                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Insurance Group:                                                                                                                                                                          |   |                                           |     |   |                                                                                                                                   |   |   |                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Options:                                                                                                                                                                                  |   |                                           |     |   |                                                                                                                                   |   |   |                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Floors                                                       |   | $                                              | 32,000.0 |   |                                                                                                                                   |   | 2.88   |                                                                                                    |   | $ | 30.2 |   |   | $ | 8.7 |   |   | $ | 4.3 |   |
| Futures                                       |   |                                           | 565.8    |   |                                                                                                                                   |   | .22    |                                                                                                    |   |   | 40.5 |   |   |   | - |   |   |   | (40.5 | ) |
|                                                                                                                                                                                      |   |                                           |     |   |                                                                                                                                   |   |   |                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| AXA Financial:                                                                                                                                                                            |   |                                           |     |   |                                                                                                                                   |   |   |                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Swaps with AXA                                                                                                                                                                            |   |                                           | 1,280.0  |   |                                                                                                                                   |   | 2.0    |                                                                                                    |   |   | 16.6 |   |   |   | 39.2 |   |   |   | 61.8 |   |
| 3                                                                rd party swaps                                                                                                           |   |                                           | 1,080.0  |   |                                                                                                                                   |   | .29    |                                                                                                    |   |   | (10.8 | ) |   |   | (13.2 | ) |   |   | (15.9 | ) |
| Total                               |   | $                                              | 34,925.8 |   |                                                                                                                                   |   |   |                                                                                                    |   | $ | 76.5 |   |   | $ | 34.7 |   |   | $ | 9.7 |   |
|                                                                                                                                                                                      |   |                                           |     |   |                                                                                                                                   |   |   |                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |

|                                                                                                                                                                            |   |   |     |   |   |   |   |                                  Equity Sensitivity |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|--------|----------------------------------------------------------|--------|
|                                                                                                                                                                            |   |   |     |   |   |   |   |                                                     |   |   |   |   |
|                                                                                                                                                                            |   |   |     |   |   |   |   | Fair**Value**                                            |   |   | -10% Equity                                    Balance after**Price Shift** |   |
| December 31, 2007                                                                                                                                                               |   |   |     |   |   |   |   |                                                     |   |   |   |   |
| Insurance Group:                                                                                                                                                                |   |   |     |   |   |   |   |                                                     |   |   |   |   |
| Futures                                                                               |   | $      | (5,081.1 | )      |   |   | .22    |                                                     |   | $ | - |   |   | $ | 508.1 |   |
|                                                                                                                                                                            |   |   |     |   |   |   |   |                                                     |   |   |   |   |   |   |   |   |
| December 31, 2006                                                                                                                                                               |   |   |     |   |   |   |   |                                                     |   |   |   |   |   |   |   |   |
| Insurance Group:                                                                                                                                                                |   |   |     |   |   |   |   |                                                     |   |   |   |   |   |   |   |   |
| Futures                             |   | $      | (2,970.5 | )      |   |   | .22    |                                                     |   | $ | - |   |   | $ | 297.0 |   |

----

|                                                                                                                                                                                                                                                                                      |   | Interest Rate Risk Exposure                                (In Millions) |    |   |                                                                                                |   |    |                                      |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------|---------|--------|-----------------------------------------------------------------------------------------------------|--------|---------|-------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                      |   |                                                                     |    |   |                                                                                                |   |    |                                      |   |
|                                                                                                                                                                                                                                                                                      |   | December 31, 2007                                                        |    |   | December 31, 2006                                                                                   |   |
|                                                                                                                                                                                                                                                                                      |   | Fair                                Value                                |    |   | Balance After                                -100 Basis                                Point Change |   |    | Fair                                Value |   |   | Balance After                                -100 Basis                                Point Change |   |
|                                                                                                                                                                                                                                                                                      |   |                                                                     |    |   |                                                                                                |   |    |                                      |   |   |   |   |
| Insurance Group                                                                                                                                                                                                                                                                           |   |                                                                     |    |   |                                                                                                |   |    |                                      |   |   |   |   |
| Continuing Operations:                                                                                                                                                                                                                                                                    |   |                                                                     |    |   |                                                                                                |   |    |                                      |   |   |   |   |
| Fixed                                rate                                                   |   | $                                                                        | 227.3   |   |                                                                                                | $      | 241.6   |                                      |   | $ | 232.5 |   |   | $ | 248.6 |   |
|                                                                                                                                                                                                                                                                                      |   |                                                                     |    |   |                                                                                                |   |    |                                      |   |   |   |   |   |   |   |   |
| AXA Financial                                                                                                                                                                                                                                                                             |   |                                                                     |    |   |                                                                                                |   |    |                                      |   |   |   |   |   |   |   |   |
| Fixed                                rate                                         |   | $                                                                        | 1,218.5 |   |                                                                                                | $      | 1,283.4 |                                      |   | $ | 1,481.1 |   |   | $ | 1,558.3 |   |

|                                                                                                                                                                                                                                                    |   | Interest Rate Risk Exposure                                (In Millions)        |   |   |                                                                                                |   |   |                                      |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------------------------|--------|--------|-------------------------------------------|--------|
|                                                                                                                                                                                                                                                    |   |                                                                            |   |   |                                                                                                |   |   |                                      |   |   |   |   |
|                                                                                                                                                                                                                                                    |   | December 31, 2007                                                               |   |   | December 31, 2006                                                                                   |   |
|                                                                                                                                                                                                                                                    |   |                                  Fair                                Value |   |   | Balance After                                +100 Basis                                Point Change |   |   | Fair                                Value |   |   | Balance After                                +100 Basis                                Point Change |   |
|                                                                                                                                                                                                                                                    |   |                                                                            |   |   |                                                                                                |   |   |                                      |   |   |   |   |
| Fixed Income Investments:                                                                                                                                                                                                                               |   |                                                                            |   |   |                                                                                                |   |   |                                      |   |   |   |   |
| Trading                                         |   | $                                                                               | 106.2  |   |                                                                                                | $      | 101.0  |                                      |   | $ | 31.7 |   |   | $ | 30.2 |   |
| Available-for-sale and other                                                                                                                                                                                                                            |   |                                                                            |   |   |                                                                                                |   |   |                                      |   |   |   |   |   |   |   |   |
| investments                                               |   |                                                                            | 28.4   |   |                                                                                                |   | 27.0   |                                      |   |   | 32.0 |   |   |   | 30.5 |   |

----

|                                                   Equity Price Risk Exposure                        (In Millions) |   |
|-----------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                        |   | December 31, 2007 |   |   | December 31, 2006 |   |
|                                                                                                                        |   |                                  Fair                                Value |   |   | Balance                                After                                    -10% equity                                    Price                                    Change |   |   | Fair                                Value |   |   | Balance                                After                                    -10% Equity                                    Price                                    Change |   |
|                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity Investments:                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Trading                                                              |   | $ | 466.1 |   |   | $ | 419.5 |   |   | $ | 432.1 |   |   | $ | 388.9 |   |
| Available for sale and other                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| investments                                                                         |   |   | 314.5 |   |   |   | 283.0 |   |   |   | 251.8 |   |   |   | 226.7 |   |

|   |   | **Interest Rate Risk Exposure                            (In Millions)** 

                              |      |   |                                                  |   |
|--------|--------|--------------------------------------------------------------------------------------------------------------------|-----------|--------|-------------------------------------------------------|--------|
|   |   |   **December 31,                            2007**                                                       |      |   | December 31, 2006                                |   |
|   |   | **Fair Value**                                                                                                     |      |   | **Balance****After****-100 Basis****Point****Change** |   |   | **Balance**
**After**

**-10%****Exchange**

**Rate Change** |   |   | Fair Value |   |   | Balance

 After                            -100 Basis                            Point Change |   |   | Balance

After                            -10% Exchange                            Rate Change |   |
|   |   |                                                                                                               |      |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Debt   |   | **$**                                                                                                              | **534.0** |   |                                                  | **$**  | **557.5** |   |   | **$** | **534.0** |   |   | $ | 335.0 |   |   | $ | 349.4 |   |   | $ | 335.0 |   |

For                further information on AllianceBernstein’s market risk, see AllianceBernstein                and AllianceBernstein Holding’s Annual Reports on Form 10-K for the year                ended December 31, 2007.

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| Reports of Independent Registered Public Accounting Firms:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Report of PricewaterhouseCoopers LLP on AXA Financial,                            Inc.                                                                                        | F-1    |
| Report of KPMG LLP on AllianceBernstein L.P.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | F-2    |
| Report of KPMG LLP on AllianceBernstein Holding                            L.P.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | F-3    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |
| Consolidated Financial Statements:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| Consolidated Balance Sheets, December 31, 2007 and                            2006                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | F-4    |
| Consolidated Statements of Earnings, Years Ended December 31, 2007,                            2006 and 2005                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | F-5    |
| Consolidated Statements of Shareholder’s Equity and Comprehensive                            Income,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
| Years Ended December 31, 2007, 2006 and                            2005                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | F-6    |
| Consolidated Statements of Cash Flows, Years Ended December 31, 2007,                            2006 and 2005                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | F-7    |
| Notes to Consolidated Financial                            Statements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | F-9    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |
| Report of Independent Registered Public Accounting Firm on Consolidated                            Financial Statement Schedules                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | F-65   |
| Consolidated Financial Statement Schedules:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |
| Schedule I - Summary of Investments - Other than Investments in Related                            Parties,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |
| December 31, 2007                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | F-66   |
| Schedule II - Balance Sheets (Parent Company), December 31, 2007 and                            2006                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | F-67   |
| Schedule II - Statements of Earnings (Parent Company),                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |
| Years Ended December 31, 2007, 2006 and                            2005                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | F-68   |
| Schedule II - Statements of Cash Flows (Parent Company),                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
| Years Ended December 31, 2007, 2006 and 2005                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | F-69   |
| Schedule III - Supplementary Insurance Information,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
| Years Ended December 31, 2007, 2006 and                            2005                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | F-70   |
| Schedule IV - Reinsurance, Years Ended December 31, 2007, 2006 and                            2005                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | F-73   |

----

----

**Report of Independent Registered Public Accounting            Firm**                          

The General Partner and Unitholders            AllianceBernstein L.P.:             

We have audited the accompanyingconsolidated statements of income, changes in            partners’capital and comprehensive income            and cash flowsfor the year ended December 31,            2005of AllianceBernstein L.P. and subsidiaries            (“AllianceBernstein”), formerly Alliance Capital Management L.P.These consolidated financial statements are the            responsibility of the management of the General Partner.Our responsibility is to express an opinion on these            consolidated financial statements based on our audit.

We conducted our audit in accordance with the standards            of the Public Company Accounting Oversight Board (United States).Those standards require that we plan and perform the            audit to obtain reasonable assurance about whether the financial statements are free of            material misstatement.An audit includes            examining, on a test basis, evidence supporting the amounts and disclosures in the            financial statements.An audit also includes            assessing the accounting principles used and significant estimates made by management,            as well as evaluating the overall financial statement presentation.We believe that our audit providesa reasonable basis for our opinion.

In our opinion, the consolidated financial statements            referred to above present fairly, in all material respects,the results of operations and cash flows of            AllianceBernsteinfor the year ended December 31,            2005,in conformity with U.S. generally accepted            accounting principles.

/s/ KPMG LLP            New York, New York

February 24, 2006

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**Report of Independent Registered Public Accounting            Firm**             

The General Partner and Unitholders            AllianceBernstein Holding L.P.:             

We have audited the accompanyingstatements of income, changes in partners’capital and comprehensive income and cash flowsfor the year ended December 31, 2005of AllianceBernstein Holding L.P.            (“AllianceBernstein Holding”), formerly Alliance Capital Management Holding            L.P. Thesefinancial statements are the            responsibility of the management of the General Partner.Our responsibility is to express an opinion on these            financial statements based on our audit.

We conducted our audit in accordance with the standards            of the Public Company Accounting Oversight Board (United States).Those standards require that we plan and perform the            audit to obtain reasonable assurance about whether the financial statements are free of            material misstatement.An audit includes            examining, on a test basis, evidence supporting the amounts and disclosures in the            financial statements.An audit also includes            assessing the accounting principles used and significant estimates made by management,            as well as evaluating the overall financial statement presentation.We believe that our audit providesa reasonable basis for our opinion.

In our opinion, thefinancial statements referred to above present fairly,            in all material respects,the results of            operations and cash flows of AllianceBernstein Holdingfor the year ended December 31, 2005,in conformity with U.S. generally accepted accounting            principles.

/s/ KPMG LLP            New York, New York

February 24, 2006

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 2007          |      |   | 2006   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | (In Millions) |      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          |      |   |   |   |
| ASSETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |          |      |   |   |   |
| Investments:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |          |      |   |   |   |
| Fixed maturities available for sale, at estimated fair value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | $             | 35,663.7  |   |   | $      | 37,991.8 |   |
| Mortgage loans on real estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |          | 5,210.4   |   |   |   | 4,664.6 |   |
| Equity real estate, held for the production of                            income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |          | 382.0     |   |   |   | 412.9 |   |
| Policy                            loans                                                                                                                                         |   |          | 5,037.3   |   |   |   | 5,007.5 |   |
| Other equity                            investments                                                                                                                             |   |          | 1,997.2   |   |   |   | 1,735.3 |   |
| Trading                            securities                                                                                                                                   |   |          | 573.3     |   |   |   | 465.1 |   |
| Other invested                            assets                                                                                                                                |   |          | 1,212.4   |   |   |   | 1,119.6 |   |
| Total                            investments                                                                                                                                                        |   |          | 50,076.3  |   |   |   | 51,396.8 |   |
| Cash and cash                            equivalents                                                                                                                  |   |          | 2,055.8   |   |   |   | 1,771.6 |   |
| Cash and securities segregated, at estimated fair                            value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |          | 2,370.0   |   |   |   | 2,009.8 |   |
| Broker-dealer related receivables                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |          | 1,623.5   |   |   |   | 3,481.0 |   |
| Deferred policy acquisition                            costs                                                                                                          |   |          | 9,369.9   |   |   |   | 8,609.9 |   |
| Goodwill and other intangible assets,                            net                                                                                                  |   |          | 5,380.7   |   |   |   | 4,868.9 |   |
| Value of business                            acquired                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |          | 610.2     |   |   |   | 689.5 |   |
| Amounts due from                            reinsurers                                                                                                                |   |          | 3,435.7   |   |   |   | 3,339.3 |   |
| Loans to                            affiliates                                                                                                                        |   |          | 691.4     |   |   |   | 400.0 |   |
| Other                            assets                                                                                                                               |   |          | 3,647.7   |   |   |   | 3,585.8 |   |
| Separate Accounts’                            assets                                                                                                            |   |          | 100,011.1 |   |   |   | 88,593.1 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          |      |   |   |   |   |   |
| Total                            Assets                                                                                                                               |   | $             | 179,272.3 |   |   | $      | 168,745.7 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          |      |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |          |      |   |   |   |   |   |
| Policyholders’ account                            balances                                                                                                      |   | $             | 28,420.5  |   |   | $      | 29,895.6 |   |
| Future policy benefits and other policyholders liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |          | 22,934.1  |   |   |   | 22,754.7 |   |
| Broker-dealer related payables                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |          | 595.1     |   |   |   | 954.9 |   |
| Customers related                            payables                                                                                                                 |   |          | 2,722.2   |   |   |   | 3,980.8 |   |
| Short-term and long-term                            debt                                                                                                              |   |          | 2,381.5   |   |   |   | 2,190.2 |   |
| Loans from                            affiliates                                                                                                                      |   |          | 1,345.0   |   |   |   | 1,280.0 |   |
| Income taxes                            payable                                                                                                                       |   |          | 2,580.3   |   |   |   | 2,120.3 |   |
| Other                            liabilities                                                                                                                          |   |          | 4,936.6   |   |   |   | 5,037.9 |   |
| Separate Accounts’                            liabilities                                                                                                       |   |          | 100,011.1 |   |   |   | 88,593.1 |   |
| Minority interest in equity of consolidated                            subsidiaries                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |          | 1,681.2   |   |   |   | 1,631.6 |   |
| Minority interest subject to redemption                            rights                                                                                             |   |          | 142.7     |   |   |   | 288.0 |   |
| Total                            liabilities                                                                                                                                                        |   |          | 167,750.3 |   |   |   | 158,727.1 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          |      |   |   |   |   |   |
| Commitments and contingent liabilities (Notes 2, 5, 12, 13, 18 and                            19)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |          |      |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          |      |   |   |   |   |   |
| SHAREHOLDER’S EQUITY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |          |      |   |   |   |   |   |
| Common stock, $.01 par value, 500 million shares authorized,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |          |      |   |   |   |   |   |
| 436.2 million shares issued and outstanding                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |          | 3.9       |   |   |   | 3.9 |   |
| Capital in excess of par value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |          | 1,250.0   |   |   |   | 1,122.4 |   |
| Retained earnings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          | 10,863.8  |   |   |   | 9,494.7 |   |
| Accumulated other comprehensive                            loss                                                                                                       |   |          | (478.8    | )      |   |   | (378.9 | ) |
| Treasury shares, at cost                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |          | (116.9    | )      |   |   | (223.5 | ) |
| Total shareholder’s                            equity                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |          | 11,522.0  |   |   |   | 10,018.6 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          |      |   |   |   |   |   |
| Total Liabilities and Shareholder’s                            Equity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | $             | 179,272.3 |   |   | $      | 168,745.7 |   |

----

|                                                                                                                                                                                       |   |                                                                  2007 |     |   | 2006          |   |     | 2005   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------|----------|--------|---------------|--------|----------|--------|--------|
|                                                                                                                                                                                       |   |                                                                       |     |   | (In Millions) |   |     |   |   |
|                                                                                                                                                                                       |   |                                                                       |     |   |          |   |     |   |   |
| REVENUES                                                                                                                                                                                   |   |                                                                       |     |   |          |   |     |   |   |
| Universal life and investment-type product policy fee income                                                                                                                               |   | $                                                                          | 2,973.1  |   |          | $      | 2,468.3  |   |   | $ | 2,090.2 |   |
| Premiums                                                                                                                                                                    |   |                                                                       | 1,561.6  |   |          |   | 1,581.6  |   |   |   | 1,648.8 |   |
| Net investment                                income                                                                                |   |                                                                       | 3,393.0  |   |          |   | 3,106.6  |   |   |   | 3,200.1 |   |
| Investment (losses) gains,                                net                                                                                           |   |                                                                       | (30.6    | )      |          |   | 45.0     |   |   |   | 56.4 |   |
| Commissions, fees and other income                                                                                                                                               |   |                                                                       | 5,447.8  |   |          |   | 4,637.0  |   |   |   | 3,886.6 |   |
| Total revenues                                                                                                                                                         |   |                                                                       | 13,344.9 |   |          |   | 11,838.5 |   |   |   | 10,882.1 |   |
|                                                                                                                                                                                       |   |                                                                       |     |   |          |   |     |   |   |   |   |   |
| BENEFITS AND OTHER DEDUCTIONS                                                                                                                                                              |   |                                                                       |     |   |          |   |     |   |   |   |   |   |
| Policyholders’                                benefits                      |   |                                                                       | 3,089.8  |   |          |   | 2,997.6  |   |   |   | 2,842.4 |   |
| Interest credited to policyholders’ account balances                                                                                                                                 |   |                                                                       | 1,192.3  |   |          |   | 1,216.5  |   |   |   | 1,206.9 |   |

| Compensation and                                benefits                                                                                       |   |   | 2,968.3  |   |   |   | 2,605.2  |   |   |   | 2,272.6  |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|----------|--------|--------|--------|----------|--------|
| Commissions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   | 1,624.7  |   |   |   | 1,295.3  |   |   |   | 1,104.9  |   |
| Distribution plan payments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   | 335.1    |   |   |   | 292.9    |   |   |   | 292.0    |   |
| Amortization of deferred sales                                commissions                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   | 95.5     |   |   |   | 100.4    |   |   |   | 132.0    |   |
| Interest expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   | 256.3    |   |   |   | 259.3    |   |   |   | 256.9    |   |
| Amortization of deferred policy acquisition costs and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |     |   |   |   |     |   |   |   |     |   |
| value of business                                acquired                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   | 1,217.5  |   |   |   | 812.6    |   |   |   | 682.0    |   |
| Capitalization of deferred policy acquisition costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   | (1,806.1 | )      |   |   | (1,458.8 | )      |   |   | (1,347.6 | )      |
| Rent expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   | 269.9    |   |   |   | 244.9    |   |   |   | 226.6    |   |
| Amortization of other intangible assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   | 68.6     |   |   |   | 32.4     |   |   |   | 32.4     |   |
| Other operating costs and                                expenses                                                                              |   |   | 1,384.6  |   |   |   | 1,359.7  |   |   |   | 1,111.8  |   |
| Total benefits and other deductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   | 10,696.5 |   |   |   | 9,758.0  |   |   |   | 8,812.9  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |     |   |   |   |     |   |   |   |     |   |
| Earnings from continuing operations before                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |     |   |   |   |     |   |   |   |     |   |
| income taxes and minority                                interest                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   | 2,648.4  |   |   |   | 2,080.5  |   |   |   | 2,069.2  |   |
| Income                                taxes                                                                                                    |   |   | (844.6   | )      |   |   | (515.9   | )      |   |   | (591.5   | )      |
| Minority interest in net income of consolidated subsidiaries                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   | (466.7   | )      |   |   | (436.7   | )      |   |   | (338.7   | )      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |     |   |   |   |     |   |   |   |     |   |
| Earnings from continuing                                operations                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   | 1,337.1  |   |   |   | 1,127.9  |   |   |   | 1,139.0  |   |
| (Losses) earnings from discontinued operations,                                net of income taxes                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   | (9.2     | )      |   |   | 36.1     |   |   |   | 20.2     |   |
| (Losses) gains on disposal of discontinued operations,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |     |   |   |   |     |   |   |   |     |   |
| net of income taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | (3.6     | )      |   |   | 117.2    |   |   |   | (85.4    | )      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |     |   |   |   |     |   |   |   |     |   |
| Net                                Earnings                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | $      | 1,324.3  |   |   |   | 1,281.2  |   |   | $      | 1,073.8  |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 2007          |     |   | 2006   |   |     | 2005   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|----------|--------|--------|--------|----------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | (In Millions) |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          |     |   |   |   |     |   |   |
| SHAREHOLDER’S EQUITY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |          |     |   |   |   |     |   |   |
| Common stock, at par value, beginning and end of year                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | $             | 3.9      |   |   | $      | 3.9      |   |   | $ | 3.9 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          |     |   |   |   |     |   |   |   |   |   |
| Capital in excess of par value, beginning of year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |          | 1,122.4  |   |   |   | 1,047.8  |   |   |   | 1,073.5 |   |
| Changes in capital in excess of par                            value                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |          | 127.6    |   |   |   | 74.6     |   |   |   | (25.7 | ) |
| Capital in excess of par value, end of                            year                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |          | 1,250.0  |   |   |   | 1,122.4  |   |   |   | 1,047.8 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          |     |   |   |   |     |   |   |   |   |   |
| Retained earnings, beginning of                            year                                                                                                                                                                                                                                                                                    |   |          | 9,494.7  |   |   |   | 8,213.5  |   |   |   | 7,139.7 |   |
| Cumulative effect adjustment to adopt FIN                            48                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |          | 44.8     |   |   |   | -        |   |   |   | - |   |
| Retained earnings, beginning of year as adjusted                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |          | 9,539.5  |   |   |   | 8,213.5  |   |   |   | 7,139.7 |   |
| Net                            earnings                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |          | 1,324.3  |   |   |   | 1,281.2  |   |   |   | 1,073.8 |   |
| Retained earnings, end of year                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |          | 10,863.8 |   |   |   | 9,494.7  |   |   |   | 8,213.5 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          |     |   |   |   |     |   |   |   |   |   |
| Accumulated other comprehensive (loss) income,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |          |     |   |   |   |     |   |   |   |   |   |
| beginning of year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |          | (378.9   | )      |   |   | 345.5    |   |   |   | 866.1 |   |
| Other comprehensive                            loss                                                                              |   |          | (99.9    | )      |   |   | (142.7   | )      |   |   | (520.6 | ) |
| Adjustment to initially apply SFAS No. 158,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |          |     |   |   |   |     |   |   |   |   |   |
| net of income taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |          | -        |   |   |   | (581.7   | )      |   |   | - |   |
| Accumulated other comprehensive (loss) income, end of year                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |          | (478.8   | )      |   |   | (378.9   | )      |   |   | 345.5 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          |     |   |   |   |     |   |   |   |   |   |
| Treasury shares at cost, beginning of year                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          | (223.5   | )      |   |   | (364.8   | )      |   |   | (19.4 | ) |
| Changes in treasury shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |          | 106.6    |   |   |   | 141.3    |   |   |   | (345.4 | ) |
| Treasury shares at cost, end of year                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |          | (116.9   | )      |   |   | (223.5   | )      |   |   | (364.8 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          |     |   |   |   |     |   |   |   |   |   |
| Total Shareholder’s Equity, End of Year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | $             | 11,522.0 |   |   | $      | 10,018.6 |   |   | $ | 9,245.9 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 2007          |    |   | 2006   |   |    | 2005   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|---------|--------|--------|--------|---------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | (In Millions) |    |
| COMPREHENSIVE INCOME                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |          |    |   |   |   |    |   |   |
| Net                            earnings                                                                              |   | $             | 1,324.3 |   |   | $      | 1,281.2 |   |   | $ | 1,073.8 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |          |    |   |   |   |    |   |   |   |   |   |
| Change in unrealized losses, net of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |          |    |   |   |   |    |   |   |   |   |   |
| reclassification adjustment                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |          | (223.4  | )      |   |   | (161.2  | )      |   |   | (501.9 | ) |
| Defined benefit plans:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |          |    |   |   |   |    |   |   |   |   |   |
| Net gain arising during year                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |          | 68.8    |   |   |   | -       |   |   |   | - |   |
| Prior service cost arising during year                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |          | 1.7     |   |   |   | -       |   |   |   | - |   |
| Less: reclassification adjustment for:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |          |    |   |   |   |    |   |   |   |   |   |
| Amortization of net losses included in net periodic cost                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          | 54.4    |   |   |   | -       |   |   |   | - |   |
| Amortization of net prior service credit                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          |    |   |   |   |    |   |   |   |   |   |
| included in net periodic cost                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |          | (1.3    | )      |   |   | -       |   |   |   | - |   |
| Amortization of net transition                            asset                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          | (.1     | )      |   |   | -       |   |   |   | - |   |
| Minimum pension liability adjustment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |          | -       |   |   |   | 18.5    |   |   |   | (18.7 | ) |
| Other comprehensive income – defined benefit plans                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          | 123.5   |   |   |   | 18.5    |   |   |   | (18.7 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |          |    |   |   |   |    |   |   |   |   |   |
| Other comprehensive                            loss                                                                                                                                                                                                                                                                                                                                                                                                            |   |          | (99.9   | )      |   |   | (142.7  | )      |   |   | (520.6 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |          |    |   |   |   |    |   |   |   |   |   |
| Comprehensive Income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | $             | 1,224.4 |   |   | $      | 1,138.5 |   |   | $ | 553.2 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | 2007          |     |   | 2006   |   |     | 2005   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|----------|--------|--------|--------|----------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | (In Millions) |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |          |     |
| Net earnings                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | $             | 1,324.3  |   |   | $      | 1,281.2  |   |   | $ | 1,073.8 |   |
| Adjustments to reconcile net earnings to net cash                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |          |     |   |   |   |     |   |   |   |   |   |
| provided by operating activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |          |     |   |   |   |     |   |   |   |   |   |
| Interest credited to policyholders’ account balances                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |          | 1,192.3  |   |   |   | 1,216.5  |   |   |   | 1,206.9 |   |
| Universal life and investment-type product                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |          |     |   |   |   |     |   |   |   |   |   |
| policy fee                            income                                                                                                           |   |          | (2,973.1 | )      |   |   | (2,468.3 | )      |   |   | (2,090.2 | ) |
| Net change in broker-dealer and customer                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |          |     |   |   |   |     |   |   |   |   |   |
| related                            receivables/payables                                                                                                |   |          | 91.5     |   |   |   | 119.0    |   |   |   | (352.2 | ) |
| Investment losses (gains),                            net                                                                               |   |          | 30.1     |   |   |   | (45.0    | )      |   |   | (56.4 | ) |
| Change in deferred policy acquisition costs and                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |          |     |   |   |   |     |   |   |   |   |   |
| value of business                            acquired                                                                                                  |   |          | (588.6   | )      |   |   | (646.2   | )      |   |   | (665.6 | ) |
| Change in future policy                            benefits                                                                             |   |          | 139.6    |   |   |   | 23.2     |   |   |   | 153.3 |   |
| Change in income taxes                            payable                                                                               |   |          | 617.5    |   |   |   | 339.5    |   |   |   | 468.4 |   |
| Change in segregated cash and securities, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |          | (360.2   | )      |   |   | (245.0   | )      |   |   | (240.0 | ) |
| Change in fair value of guaranteed minimum income                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |          |     |   |   |   |     |   |   |   |   |   |
| benefit reinsurance                            contracts                                                                                               |   |          | (6.9     | )      |   |   | 14.9     |   |   |   | (42.7 | ) |
| Change in accounts payable and accrued expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |          | 99.7     |   |   |   | 75.6     |   |   |   | 37.1 |   |
| Amortization of deferred sales commission                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |          | 95.5     |   |   |   | 100.4    |   |   |   | 132.0 |   |
| Other depreciation and                            amortization                                                                          |   |          | 207.5    |   |   |   | 229.7    |   |   |   | 274.7 |   |
| Amortization of other intangible assets                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |          | 68.6     |   |   |   | 32.4     |   |   |   | 32.4 |   |
| Losses (gains) on disposal of discontinued operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |          | 3.6      |   |   |   | (117.2   | )      |   |   | 85.4 |   |
| Minority interest in net income of consolidated subsidiaries                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |          | 466.8    |   |   |   | 436.7    |   |   |   | 338.7 |   |
| Other,                            net                                                                                                   |   |          | (214.7   | )      |   |   | 403.2    |   |   |   | (173.4 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |          |     |   |   |   |     |   |   |   |   |   |
| Net cash provided by operating activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |          | 193.5    |   |   |   | 750.6    |   |   |   | 182.2 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |          |     |   |   |   |     |   |   |   |   |   |
| Cash flows from investing activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |          |     |   |   |   |     |   |   |   |   |   |
| Maturities and repayments                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |          | 3,078.7  |   |   |   | 4,256.4  |   |   |   | 4,189.0 |   |
| Sales of investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |          | 2,726.9  |   |   |   | 2,344.7  |   |   |   | 2,748.9 |   |
| Purchases of investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |          | (4,527.5 | )      |   |   | (6,087.1 | )      |   |   | (7,748.0 | ) |
| Change in short-term                            investments                                                                                                                                                                                                                                                                                                                                                                                                                       |   |          | (24.6    | )      |   |   | 11.1     |   |   |   | 59.2 |   |
| Purchase of minority interest in consolidated subsidiary                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |          | (745.7   | )      |   |   | -        |   |   |   | - |   |
| Disposition of The Advest Group, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |          | -        |   |   |   | -        |   |   |   | 400.0 |   |
| Decrease in loans to                            affiliates                                                                                                                                                                                                                                                                                                                                                                                                                             |   |          | 400.0    |   |   |   | -        |   |   |   | - |   |
| Increase in loans to affiliates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |          | (704.0   | )      |   |   | -        |   |   |   | - |   |
| Change in capitalized software, leasehold improvements                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |          |     |   |   |   |     |   |   |   |   |   |
| and EDP equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |          | (217.0   | )      |   |   | (159.3   | )      |   |   | (141.5 | ) |
| Other,                            net                                                                                                                                                                                                                                                                                                                                                                                                                    |   |          | (37.4    | )      |   |   | (442.9   | )      |   |   | (138.2 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |          |     |   |   |   |     |   |   |   |   |   |
| Net cash used in investing                            activities                                                                                                                                                                                                                                                                                                                                                                                                                  |   |          | (50.6    | )      |   |   | (77.1    | )      |   |   | (630.6 | ) |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | 2007          |     |   | 2006   |   |     | 2005   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|----------|--------|--------|--------|----------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | (In Millions) |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |          |     |   |   |   |     |   |   |
| Cash flows from financing activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |          |     |   |   |   |     |   |   |
| Policyholders’ account balances:                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |          |     |   |   |   |     |   |   |
| Deposits                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | $             | 4,716.3  |   |   | $      | 4,316.2  |   |   | $ | 4,649.9 |   |
| Withdrawals and transfers to Separate Accounts                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |          | (4,591.3 | )      |   |   | (4,233.3 | )      |   |   | (3,630.2 | ) |
| Proceeds in loans from affiliates                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |          | 850.0    |   |   |   | 335.0    |   |   |   | 11.1 |   |
| Repayments of loans from affiliates                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |          | (785.0   | )      |   |   | (635.0   | )      |   |   | - |   |
| Net change in short-term                            financings                                                                          |   |          | 198.2    |   |   |   | 337.7    |   |   |   | - |   |
| Repayments of long-term                            debt                                                                                 |   |          | -        |   |   |   | (700.0   | )      |   |   | (675.0 | ) |
| Purchases of treasury shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |          | (7.6     | )      |   |   | (4.3     | )      |   |   | (372.6 | ) |
| Other,                            net                                                                                                   |   |          | (239.3   | )      |   |   | (144.6   | )      |   |   | (266.5 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |          |     |   |   |   |     |   |   |   |   |   |
| Net cash provided by (used in) financing activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |          | 141.3    |   |   |   | (728.3   | )      |   |   | (283.3 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |          |     |   |   |   |     |   |   |   |   |   |
| Change in cash and cash equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |          | 284.2    |   |   |   | (54.8    | )      |   |   | (731.7 | ) |
| Cash and cash equivalents, beginning of year                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |          | 1,771.6  |   |   |   | 1,826.4  |   |   |   | 2,558.1 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |          |     |   |   |   |     |   |   |   |   |   |
| Cash and Cash Equivalents, End of Year                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | $             | 2,055.8  |   |   | $      | 1,771.6  |   |   | $ | 1,826.4 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |          |     |   |   |   |     |   |   |   |   |   |
| Supplemental cash flow information:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |          |     |   |   |   |     |   |   |   |   |   |
| Interest                            Paid                                                                                                                                                                                                                                                                                                                                                                                                                 |   | $             | 155.6    |   |   | $      | 178.7    |   |   | $ | 217.5 |   |
| Income Taxes Paid                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | $             | 154.9    |   |   | $      | 89.7     |   |   | $ | 164.4 |   |

----

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

----

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

----

----

----

| • | 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. |

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

----

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

|                                                                                                                                                                                                                                                                                                                     |   | Amortized                                Cost |     |   | Gross                                Unrealized                                Gains |   |   | Gross                                Unrealized                                Losses |   |   | Estimated                                Fair Value |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|----------|--------|--------------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                     |   |                                          |     |   | (In Millions)                                                                        |   |   |                                                                                  |   |
|                                                                                                                                                                                                                                                                                                                     |   |                                          |     |   |                                                                                 |   |   |                                                                                  |   |   |                                                |   |
| December                                31, 2007                                                                                                                                                                                                                                                                         |   |                                          |     |   |                                                                                 |   |   |                                                                                  |   |   |                                                |   |
| Fixed Maturities:                                                                                                                                                                                                                                                                                                        |   |                                          |     |   |                                                                                 |   |   |                                                                                  |   |   |                                                |   |
| Available for Sale:                                                                                                                                                                                                                                                                                                      |   |                                          |     |   |                                                                                 |   |   |                                                                                  |   |   |                                                |   |
| Corporate                                                                                                                                                                                                                                                                                                           |   | $                                             | 29,782.7 |   |                                                                                 | $      | 676.6  |                                                                                  |   | $      | 724.1                                               |   |   | $ | 29,735.2 |   |
| Mortgage-backed                                                                                                            |   |                                          | 1,382.2  |   |                                                                                 |   | 4.7    |                                                                                  |   |   | 16.8                                                |   |   |   | 1,370.1 |   |
| U.S. Treasury, government                                                                                                                                                                                                                                                                                                |   |                                          |     |   |                                                                                 |   |   |                                                                                  |   |   |                                                |   |   |   |   |   |
| and agency securities                                                                                                                                                                                                                                                                                                    |   |                                          | 1,862.6  |   |                                                                                 |   | 85.6   |                                                                                  |   |   | 1.1                                                 |   |   |   | 1,947.1 |   |
| States and political                                                                                                                                                                                                                                                                                                     |   |                                          |     |   |                                                                                 |   |   |                                                                                  |   |   |                                                |   |   |   |   |   |
| subdivisions                                                                                                                         |   |                                          | 181.1    |   |                                                                                 |   | 17.3   |                                                                                  |   |   | .6                                                  |   |   |   | 197.8 |   |
| Foreign                                governments                                                                         |   |                                          | 306.9    |   |                                                                                 |   | 44.1   |                                                                                  |   |   | -                                                   |   |   |   | 351.0 |   |
| Redeemable preferred stock                                                                                                                                                                                                                                                                                               |   |                                          | 2,155.1  |   |                                                                                 |   | 51.7   |                                                                                  |   |   | 144.3                                               |   |   |   | 2,062.5 |   |
| Total Available for Sale                                                                                                                                                                                                                                                                                                 |   | $                                             | 35,670.6 |   |                                                                                 | $      | 880.0  |                                                                                  |   | $      | 886.9                                               |   |   | $ | 35,663.7 |   |
|                                                                                                                                                                                                                                                                                                                     |   |                                          |     |   |                                                                                 |   |   |                                                                                  |   |   |                                                |   |   |   |   |   |
| Equity Securities:                                                                                                                                                                                                                                                                                                       |   |                                          |     |   |                                                                                 |   |   |                                                                                  |   |   |                                                |   |   |   |   |   |
| Available for                                sale                                                                |   | $                                             | 49.1     |   |                                                                                 | $      | 1.6    |                                                                                  |   | $      | 8.6                                                 |   |   | $ | 42.1 |   |
| Trading                                securities                                                                |   |                                          | 482.2    |   |                                                                                 |   | 8.7    |                                                                                  |   |   | 23.8                                                |   |   |   | 467.1 |   |
| Total Equity                                Securities                                            |   | $                                             | 531.3    |   |                                                                                 | $      | 10.3   |                                                                                  |   | $      | 32.4                                                |   |   | $ | 509.2 |   |
|                                                                                                                                                                                                                                                                                                                     |   |                                          |     |   |                                                                                 |   |   |                                                                                  |   |   |                                                |   |   |   |   |   |
| December                                31, 2006                                                                                                                                                                                                                                                                         |   |                                          |     |   |                                                                                 |   |   |                                                                                  |   |   |                                                |   |   |   |   |   |
| Fixed Maturities:                                                                                                                                                                                                                                                                                                        |   |                                          |     |   |                                                                                 |   |   |                                                                                  |   |   |                                                |   |   |   |   |   |
| Available for Sale:                                                                                                                                                                                                                                                                                                      |   |                                          |     |   |                                                                                 |   |   |                                                                                  |   |   |                                                |   |   |   |   |   |
| Corporate                                                                                                                  |   | $                                             | 30,561.1 |   |                                                                                 | $      | 728.8  |                                                                                  |   | $      | 388.4                                               |   |   | $ | 30,901.5 |   |
| Mortgage-backed                                                                                                            |   |                                          | 2,187.7  |   |                                                                                 |   | 2.8    |                                                                                  |   |   | 41.6                                                |   |   |   | 2,148.9 |   |
| U.S. Treasury, government                                                                                                                                                                                                                                                                                                |   |                                          |     |   |                                                                                 |   |   |                                                                                  |   |   |                                                |   |   |   |   |   |
| and agency securities                                                                                                                                                                                                                                                                                                    |   |                                          | 2,034.1  |   |                                                                                 |   | 38.9   |                                                                                  |   |   | 15.5                                                |   |   |   | 2,057.5 |   |
| States and political                                                                                                                                                                                                                                                                                                     |   |                                          |     |   |                                                                                 |   |   |                                                                                  |   |   |                                                |   |   |   |   |   |
| subdivisions                                                                                                                         |   |                                          | 181.5    |   |                                                                                 |   | 17.8   |                                                                                  |   |   | 1.0                                                 |   |   |   | 198.3 |   |
| Foreign                                governments                                                                         |   |                                          | 294.5    |   |                                                                                 |   | 38.5   |                                                                                  |   |   | 1.0                                                 |   |   |   | 332.0 |   |
| Redeemable preferred stock                                                                                                                                                                                                                                                                                               |   |                                          | 2,305.2  |   |                                                                                 |   | 81.2   |                                                                                  |   |   | 32.8                                                |   |   |   | 2,353.6 |   |
| Total Available for Sale                                                                                                                                                                                                                                                                                                 |   | $                                             | 37,564.1 |   |                                                                                 | $      | 908.0  |                                                                                  |   | $      | 480.3                                               |   |   | $ | 37,991.8 |   |
|                                                                                                                                                                                                                                                                                                                     |   |                                          |     |   |                                                                                 |   |   |                                                                                  |   |   |                                                |   |   |   |   |   |
| Equity Securities:                                                                                                                                                                                                                                                                                                       |   |                                          |     |   |                                                                                 |   |   |                                                                                  |   |   |                                                |   |   |   |   |   |
| Available for                                sale                                                                |   | $                                             | 119.6    |   |                                                                                 | $      | 5.5    |                                                                                  |   | $      | .8                                                  |   |   | $ | 124.3 |   |
| Trading                                securities                                                                |   |                                          | 408.0    |   |                                                                                 |   | 35.4   |                                                                                  |   |   | 9.9                                                 |   |   |   | 433.5 |   |
| Total Equity                                Securities                                            |   | $                                             | 527.6    |   |                                                                                 | $      | 40.9   |                                                                                  |   | $      | 10.7                                                |   |   | $ | 557.8 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | Available for Sale |     |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|----------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | Amortized          |     |   | Estimated |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | Cost               |     |   | Fair Value |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | (In Millions)      |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |               |     |   |   |   |
| Due in one year or                            less                                                                                            |   | $                  | 1,269.2  |   |   | $ | 1,273.5 |   |
| Due in years two through                            five                                                                                      |   |               | 9,304.2  |   |   |   | 9,592.7 |   |
| Due in years six through                            ten                                                                                       |   |               | 12,943.8 |   |   |   | 12,816.2 |   |
| Due after ten                            years                                                                                                |   |               | 8,616.1  |   |   |   | 8,548.7 |   |
| Subtotal                                                                                                                                                               |   |               | 32,133.3 |   |   |   | 32,231.1 |   |
| Mortgage-backed                            securities                                                                                         |   |               | 1,382.2  |   |   |   | 1,370.1 |   |
| Total                                                                                                                                         |   | $                  | 33,515.5 |   |   | $ | 33,601.2 |   |

|                                                                                                                                                                              |   | 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                             |   | $                   | 6,526.5 |   |                | $      | 394.8  |       |   | $ | 6,854.3 |   |   | $ | 329.3 |   |   | $ | 13,380.8 |   |   | $ | 724.1 |   |
| Mortgage-backed                                                                                                                                                                   |   |                | 30.0    |   |                |   | .1     |       |   |   | 1,072.8 |   |   |   | 16.7 |   |   |   | 1,102.8 |   |   |   | 16.8 |   |
| U.S. Treasury,                                                                                                                                                                    |   |                |    |   |                |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| government and                                                                                                                                                                    |   |                |    |   |                |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| agency securities                                                                                                                                                                 |   |                | 133.2   |   |                |   | .3     |       |   |   | 147.4 |   |   |   | .8 |   |   |   | 280.6 |   |   |   | 1.1 |   |
| States and political                                                                                                                                                              |   |                |    |   |                |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| subdivisions                                    |   |                | -       |   |                |   | -      |       |   |   | 24.7 |   |   |   | .6 |   |   |   | 24.7 |   |   |   | .6 |   |
| Foreign governments                                                                                                                                                               |   |                | 12.1    |   |                |   | -      |       |   |   | 5.0 |   |   |   | - |   |   |   | 17.1 |   |   |   | - |   |
| Redeemable                                                                                                                                                                        |   |                |    |   |                |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| preferred stock                                                                                                                                                                   |   |                | 622.6   |   |                |   | 66.4   |       |   |   | 778.0 |   |   |   | 77.9 |   |   |   | 1,400.6 |   |   |   | 144.3 |   |
|                                                                                                                                                                              |   |                |    |   |                |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Temporarily                                                                                                                                                                 |   |                |    |   |                |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Impaired Securities                                                                                                                                                               |   | $                   | 7,324.4 |   |                | $      | 461.6  |       |   | $ | 8,882.2 |   |   | $ | 425.3 |   |   | $ | 16,206.6 |   |   | $ | 886.9 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | December 31,  |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2007          |   | 2006 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |          |   |
| Impaired mortgage loans with investment valuation allowances                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |          | $      | 11.4 |   |   | $ | 91.0 |   |
| Impaired mortgage loans without investment valuation allowances                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |          |   | 2.7 |   |   |   | 7.1 |   |
| Recorded investment in impaired mortgage loans                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |          |   | 14.1 |   |   |   | 98.1 |   |
| Investment valuation                            allowances                                                                                  |          |   | (1.4 | ) |   |   | (13.0 | ) |
| Net Impaired Mortgage                            Loans                                                                                      |          | $      | 12.7 |   |   | $ | 85.1 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | 2007          |   |   | 2006   |   |   | 2005   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |          |   |
| Balances, beginning of                            year                                                               |   | $             | 22.6   |   |   | $      | 13.4   |   |   | $ | 11.8 |   |
| Additions charged to                            income                                                               |   |          | 20.9   |   |   |   | 10.1   |   |   |   | 5.2 |   |
| Deductions for writedowns and                                                                                                                                                                                                                                                                                                                                                                                                              |   |          |   |   |   |   |   |   |   |   |   |   |
| asset                            dispositions                                                                                  |   |          | (42.1  | )      |   |   | (.9    | )      |   |   | (3.6 | ) |
| Balances, End of                            Year                                                                     |   | $             | 1.4    |   |   | $      | 22.6   |   |   | $ | 13.4 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |          |   |   |   |   |   |   |   |   |   |   |
| Balances, end of year comprise:                                                                                                                                                                                                                                                                                                                                                                                                            |   |          |   |   |   |   |   |   |   |   |   |   |
| Mortgage loans on real                            estate                                                                       |   | $             | 1.4    |   |   | $      | 12.9   |   |   | $ | 13.4 |   |
| Equity real                            estate                                                                                  |   |          | -      |   |   |   | 9.7    |   |   |   | - |   |
| Total                                                                                                                |   | $             | 1.4    |   |   | $      | 22.6   |   |   | $ | 13.4 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | December 31,  |    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 2007          |    |   | 2006 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | (In Millions) |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |          |    |
| BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |          |    |   |   |   |
| Investments in real estate, at depreciated                            cost                                                                                      |   | $             | 462.6   |   |   | $ | 421.7 |   |
| Investments in securities, generally at estimated fair value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |          | 544.3   |   |   |   | 294.8 |   |
| Cash and cash                            equivalents                                                                                                            |   |          | 3.3     |   |   |   | 10.6 |   |
| Other                            assets                                                                                                                         |   |          | 1.6     |   |   |   | 24.4 |   |
| Total                            Assets                                                                                                                         |   | $             | 1,011.8 |   |   | $ | 751.5 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |          |    |   |   |   |   |   |
| Borrowed funds - third                            party                                                                                                         |   | $             | 273.1   |   |   | $ | 278.1 |   |
| Other                            liabilities                                                                                                                    |   |          | 316.0   |   |   |   | 115.7 |   |
| Total                            liabilities                                                                                                                    |   |          | 589.1   |   |   |   | 393.8 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |          |    |   |   |   |   |   |
| Partners’                            capital                                                                                                              |   |          | 422.7   |   |   |   | 357.7 |   |
| Total Liabilities and Partners’                            Capital                                                                                        |   | $             | 1,011.8 |   |   | $ | 751.5 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |          |    |   |   |   |   |   |
| AXA Financial Group’s Carrying Value in                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |          |    |   |   |   |   |   |
| These Entities Included                            Above                                                                                                                            |   | $             | 115.3   |   |   | $ | 100.1 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 2007          |   |   | 2006   |   |   | 2005   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |          |   |
| STATEMENTS OF EARNINGS                                                                                                                                                                                                                                                                                                                                                                                                                        |   |          |   |   |   |   |   |   |   |
| Revenues of real estate joint ventures                                                                                                                                                                                                                                                                                                                                                                                                        |   | $             | 78.7   |   |   | $      | 88.5   |   |   | $ | 98.2 |   |
| Net revenues of other limited partnership interests                                                                                                                                                                                                                                                                                                                                                                                           |   |          | 45.5   |   |   |   | 16.7   |   |   |   | 6.3 |   |
| Interest expense - third                            party                                                               |   |          | (18.2  | )      |   |   | (18.5  | )      |   |   | (18.2 | ) |
| Other                            expenses                                                                               |   |          | (67.4  | )      |   |   | (62.8  | )      |   |   | (62.2 | ) |
| Net                            Earnings                                                                                                                    |   | $             | 38.6   |   |   | $      | 23.9   |   |   | $ | 24.1 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |          |   |   |   |   |   |   |   |   |   |   |
| AXA Financial Group’s Equity in Net Earnings of                                                                                                                                                                                                                                                                                                                                                                                         |   |          |   |   |   |   |   |   |   |   |   |   |
| These Entities Included                            Above                                                                                         |   | $             | 24.3   |   |   | $      | 16.4   |   |   | $ | 11.6 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | December 31,  |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 2007          |   | 2006 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |          |   |
| Notional Amount by Derivative Type:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |          |   |
| Options:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |          |   |   |   |   |   |
| Floors                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |          | $      | 27,000 |   |   | $ | 32,000 |   |
| Exchange traded U.S. Treasuries and equity index futures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |          |   | 6,241 |   |   |   | 3,536 |   |
| Interest rate                            swaps                                                                                   |          |   | 1,013 |   |   |   | 2,360 |   |
| Total                                                                                                                            |          | $      | 34,254 |   |   | $ | 37,896 |   |

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

----

|                                                                                                                                                                                                                                                                                                                   | Gross         |   |         |   |   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|--------|--------------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                   | Carrying      |   | Accumulated  |   |   |   |
|                                                                                                                                                                                                                                                                                                                   | Amount        |   | Amortization |   | Net    |   |
|                                                                                                                                                                                                                                                                                                                   | (In Millions) |   |
| December 31,                            2007                                                                                                                                                                                                                                                                           |          |   |         |   |   |   |
| VOBA                                                    |          | $      | 868.8        |   |   | $      | (258.6 | ) |   | $ | 610.2 |   |
| Insurance distribution network                                                        (1)                                                                                                                                                                                                                              |          |   | 26.0         |   |   |   | (8.0 | ) |   |   | 18.0 |   |
| Total                                                                                                                                                                                                                                                                                                                  |          | $      | 894.8        |   |   | $      | (266.6 | ) |   | $ | 628.2 |   |
|                                                                                                                                                                                                                                                                                                                   |          |   |         |   |   |   |   |   |   |   |   |   |
| December 31,                            2006                                                                                                                                                                                                                                                                           |          |   |         |   |   |   |   |   |   |   |   |   |
| VOBA                                                    |          | $      | 868.8        |   |   | $      | (179.3 | )                    (2) |   | $ | 689.5 |   |
| Insurance distribution network                                                                                                                                                                                                                                                                                         |          |   | 64.0         |   |   |   | (12.1 | ) |   |   | 51.9 |   |
| Total                                                                                                                                                                                                                                                                                                                  |          | $      | 932.8        |   |   | $      | (191.4 | ) |   | $ | 741.4 |   |
|                                                                                                                                                                                                                                                                                                                   |          |   |         |   |   |   |   |   |   |   |   |   |

----

| 5)   | FAIR VALUE OF OTHER FINANCIAL INSTRUMENTS |
|----------------|-------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                    |   | December 31,  |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|---------|
|                                                                                                                                                                                                                                                                                                                                    |   | 2007          |    |   | 2006 |   |
|                                                                                                                                                                                                                                                                                                                                    |   | Carrying      |    |   | Estimated |   |   | Carrying |   |   | Estimated |   |
|                                                                                                                                                                                                                                                                                                                                    |   | Value         |    |   | Fair Value |   |   | Value |   |   | Fair Value |   |
|                                                                                                                                                                                                                                                                                                                                    |   | (In Millions) |    |
|                                                                                                                                                                                                                                                                                                                                    |   |          |    |
| AXA Financial                            Group:                                                                                                                                                                                                                                                                                         |   |          |    |   |   |   |   |   |   |   |   |   |
| Mortgage loans on real estate                                                                                                                                                                                                                                                                                                           |   | $             | 5,210.4 |   |   | $ | 5,237.0 |   |   | $ | 4,664.6 |   |   | $ | 4,703.1 |   |
| Other limited partnership interests                                                                                                                                                                                                                                                                                                     |   |          | 1,768.5 |   |   |   | 1,768.5 |   |   |   | 1,405.8 |   |   |   | 1,405.8 |   |
| Policyholders liabilities:                                                                                                                                                                                                                                                                                                              |   |          |         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment                            contracts                                                                  |   |          | 4,516.5 |   |   |   | 4,608.6 |   |   |   | 5,476.4 |   |   |   | 5,573.3 |   |
| Long-term                            debt                                                         |   |          | 1,349.3 |   |   |   | 1,445.8 |   |   |   | 1,607.0 |   |   |   | 1,713.6 |   |
|                                                                                                                                                                                                                                                                                                                                    |   |          |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Closed                            Blocks:                                                                                                                                                                                                                                                                                               |   |          |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgage loans on real estate                                                                                                                                                                                                                                                                                                           |   | $             | 1,909.7 |   |   | $ | 1,907.7 |   |   | $ | 1,501.8 |   |   | $ | 1,511.8 |   |
| Other equity                            investments                                               |   |          | 3.6     |   |   |   | 3.6 |   |   |   | 2.2 |   |   |   | 2.2 |   |
| SCNILC                            liability                                                       |   |          | 9.2     |   |   |   | 9.2 |   |   |   | 10.4 |   |   |   | 10.3 |   |
|                                                                                                                                                                                                                                                                                                                                    |   |          |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Wind-up                            Annuities:                                                                                                                                                                                                                                                                                           |   |          |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgage loans on real estate                                                                                                                                                                                                                                                                                                           |   | $             | 2.2     |   |   | $ | 2.3 |   |   | $ | 2.9 |   |   | $ | 3.0 |   |
| Other equity                            investments                                               |   |          | 1.6     |   |   |   | 1.6 |   |   |   | 2.3 |   |   |   | 2.3 |   |
| Guaranteed interest contracts                                                                                                                                                                                                                                                                                                           |   |          | 5.5     |   |   |   | 5.8 |   |   |   | 5.8 |   |   |   | 6.0 |   |
|                                                                                                                                                                                                                                                                                                                                    |   |          |    |   |   |   |   |   |   |   |   |   |   |   |   |   |

| 6)   | CLOSED BLOCKS |
|----------------|---------------|

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | December 31,  |    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 2007          |    |   | 2006 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | (In Millions) |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |          |    |   |   |   |
| CLOSED BLOCK LIABILITIES:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |          |    |   |   |   |
| Future policy benefits, policyholders’ account balances and                            other                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | $             | 8,657.3 |   |   | $ | 8,759.5 |   |
| Policyholder dividend                            obligation                                                                                               |   |          | -       |   |   |   | 3.2 |   |
| Other                            liabilities                                                                                                              |   |          | 115.2   |   |   |   | 29.1 |   |
| Total Closed Block                            liabilities                                                                                                 |   |          | 8,772.5 |   |   |   | 8,791.8 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |          |    |   |   |   |   |   |
| ASSETS DESIGNATED TO THE CLOSED BLOCK:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |          |    |   |   |   |   |   |
| Fixed maturities, available for sale, at estimated fair value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |          |    |   |   |   |   |   |
| (amortized cost of $5,816.6 and                            $5,967.6)                                                                                                     |   |          | 5,825.6 |   |   |   | 6,019.4 |   |
| Mortgage loans on real                            estate                                                                                                  |   |          | 1,099.3 |   |   |   | 809.4 |   |
| Policy                            loans                                                                                                                   |   |          | 1,197.5 |   |   |   | 1,233.1 |   |
| Cash and other invested                            assets                                                                                                 |   |          | 4.7     |   |   |   | 6.8 |   |
| Other                            assets                                                                                                                   |   |          | 240.1   |   |   |   | 286.2 |   |
| Total assets designated to the Closed                            Block                                                                                    |   |          | 8,367.2 |   |   |   | 8,354.9 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |          |    |   |   |   |   |   |
| Excess of Closed Block liabilities over assets designated to                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |          |    |   |   |   |   |   |
| the Closed                            Block                                                                                                                              |   |          | 405.3   |   |   |   | 436.9 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |          |    |   |   |   |   |   |
| Amounts included in accumulated other comprehensive income:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          |    |   |   |   |   |   |
| Net unrealized investment gains, net of deferred income tax                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          |    |   |   |   |   |   |
| expense of $3.2 and $17.0 and policyholder dividend                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |          |    |   |   |   |   |   |
| obligation of $0 and                            $3.2                                                                                                                                    |   |          | 5.9     |   |   |   | 31.6 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |          |    |   |   |   |   |   |
| Maximum Future Earnings To Be Recognized From Closed Block                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |          |    |   |   |   |   |   |
| Assets and                            Liabilities                                                                                                                        |   | $             | 411.2   |   |   | $ | 468.5 |   |

|                                        |   | 2007                                                                      |   |   | 2006   |   |   | 2005   |   |
|---------------------------------------------|--------|---------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
|                                        |   |                                                   (In Millions) |   |
| REVENUES:                                   |   |                                                                      |   |   |   |   |   |   |   |
| Premiums and other income                   |   | $                                                                         | 409.6  |   |   | $      | 428.1  |   |   | $ | 449.3 |   |
| Investment income (net of investment        |   |                                                                      |   |   |   |   |   |   |   |   |   |   |
| expenses of $.2, $.1, and $0)               |   |                                                                      | 501.8  |   |   |   | 520.2  |   |   |   | 525.9 |   |
| Investment gains, net                       |   |                                                                      | 7.9    |   |   |   | 1.7    |   |   |   | 1.2 |   |
| Total revenues                              |   |                                                                      | 919.3  |   |   |   | 950.0  |   |   |   | 976.4 |   |
|                                        |   |                                                                      |   |   |   |   |   |   |   |   |   |   |
| BENEFITS AND OTHER DEDUCTIONS:              |   |                                                                      |   |   |   |   |   |   |   |   |   |   |
| Policyholders’ benefits and dividends |   |                                                                      | 828.2  |   |   |   | 852.2  |   |   |   | 842.5 |   |
| Other operating costs and expenses          |   |                                                                      | 2.7    |   |   |   | 3.0    |   |   |   | 3.4 |   |
| Total benefits and other deductions         |   |                                                                      | 830.9  |   |   |   | 855.2  |   |   |   | 845.9 |   |
|                                        |   |                                                                      |   |   |   |   |   |   |   |   |   |   |
| Net revenues before income taxes            |   |                                                                      | 88.4   |   |   |   | 94.8   |   |   |   | 130.5 |   |
| Income tax expense                          |   |                                                                      | (31.0  | )      |   |   | (31.1  | )      |   |   | (45.6 | ) |
| Net Revenues                                |   | $                                                                         | 57.4   |   |   | $      | 63.7   |   |   | $ | 84.9 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | December 31,  |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 2007          |   | 2006 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |          |   |
| Balance, beginning of                            year                                                                                                    |          | $      | 3.2 |   |   | $ | 73.7 |   |
| Increase in unrealized investment                            losses                                                                                      |          |   | (3.2 | ) |   |   | (70.5 | ) |
| Balance, End of                            Year                                                                                                          |          | $      | - |   |   | $ | 3.2 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 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,  |    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 2007          |    |   | 2006 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | (In Millions) |    |
| CLOSED BLOCK LIABILITIES:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |          |    |   |   |   |
| Future policy benefits, policyholders’ account balances and                            other                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | $             | 7,072.0 |   |   | $ | 7,202.8 |   |
| Policyholder dividend                            obligation                                                                                               |   |          | 129.4   |   |   |   | 109.6 |   |
| Other                            liabilities                                                                                                              |   |          | 48.1    |   |   |   | 35.6 |   |
| Total Closed Block                            liabilities                                                                                                 |   |          | 7,249.5 |   |   |   | 7,348.0 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |          |    |   |   |   |   |   |
| ASSETS DESIGNATED TO THE CLOSED BLOCK:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |          |    |   |   |   |   |   |
| Fixed maturities, available for sale, at estimated fair value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |          |    |   |   |   |   |   |
| (amortized cost of $4,106.4 and                            $4,277.6)                                                                                                |   |          | 4,082.5 |   |   |   | 4,237.2 |   |
| Mortgage loans on real                            estate                                                                                                  |   |          | 810.3   |   |   |   | 692.4 |   |
| Policy                            loans                                                                                                                   |   |          | 951.3   |   |   |   | 977.9 |   |
| Cash and other invested                            assets                                                                                                 |   |          | 152.6   |   |   |   | 54.7 |   |
| Other                            assets                                                                                                                   |   |          | 261.5   |   |   |   | 333.9 |   |
| Total assets designated to the Closed                            Block                                                                                    |   |          | 6,258.2 |   |   |   | 6,296.1 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |          |    |   |   |   |   |   |
| Excess of Closed Block liabilities over assets designated to                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |          |    |   |   |   |   |   |
| the Closed                            Block                                                                                                                         |   |          | 991.3   |   |   |   | 1,051.9 |   |
| Amounts included in accumulated other comprehensive income:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          |    |   |   |   |   |   |
| Net unrealized investment gains, net of policyholder                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |          |    |   |   |   |   |   |
| dividend obligation of $23.9 and                            $40.3                                                                                                             |   |          | -       |   |   |   | - |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |          |    |   |   |   |   |   |
| Maximum Future Earnings To Be Recognized From                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |          |    |   |   |   |   |   |
| Closed Block Assets and                            Liabilities                                                                                                      |   | $             | 991.3   |   |   | $ | 1,051.9 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   | 2007   |   |   |   | 2006          |   |   |   | 2005   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|---------------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   | (In Millions) |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |          |   |   |   |   |   |
| REVENUES:                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |          |   |   |   |   |   |
| Premiums and other                            income                                                                                   |   | $      | 340.4  |   |   | $      | 363.0         |   |   | $      | 410.0  |   |
| Investment income (net of investment                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |          |   |   |   |   |   |
| expenses of $6.5, $6.3, and                            $5.8)                                                                                                                                  |   |   | 344.9  |   |   |   | 342.0         |   |   |   | 340.9  |   |
| Investment losses,                            net                                                                                      |   |   | (1.3   | )      |   |   | (2.0          | )      |   |   | (3.9   | )      |
| Total                            revenues                                                                                              |   |   | 684.0  |   |   |   | 703.0         |   |   |   | 747.0  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |          |   |   |   |   |   |
| BENEFITS AND OTHER DEDUCTIONS:                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |          |   |   |   |   |   |
| Policyholders’ benefits and                            dividends                                                                 |   |   | 587.1  |   |   |   | 604.5         |   |   |   | 644.8  |   |
| Other operating costs and                            expenses                                                                                                                                                                                                                                                                                                                                                             |   |   | 3.8    |   |   |   | 4.0           |   |   |   | 4.5    |   |
| Total benefits and other                            deductions                                                                                                                                                                                                                                                                                                                                                                      |   |   | 590.9  |   |   |   | 608.5         |   |   |   | 649.3  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |          |   |   |   |   |   |
| Net revenues before income taxes                                                                                                                                                                                                                                                                                                                                                                                                              |   |   | 93.1   |   |   |   | 94.5          |   |   |   | 97.7   |   |
| Income tax                            expense                                                                                          |   |   | (32.5  | )      |   |   | (33.0         | )      |   |   | (34.2  | )      |
| Net                            Revenues                                                                                                |   | $      | 60.6   |   |   | $      | 61.5          |   |   | $      | 63.5   |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 2007          |   | 2006   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |          |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |          |   |   |   |   |   |
| Balance, beginning of                            year                                                                                    |          | $      | 109.6  |   |   | $ | 142.5 |   |
| Applicable to net                            revenues                                                                                    |          |   | 3.4    |   |   |   | 6.2 |   |
| Decrease (increase) in unrealized investment losses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |          |   | 16.4   |   |   |   | (39.1 | ) |
| Balance, End of                            Year                                                                                          |          | $      | 129.4  |   |   | $ | 109.6 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | December 31,  |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 2006          |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |          |   |
| Impaired mortgage loans with investment valuation allowances                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | $             | -      |   |
| Impaired mortgage loans without investment valuation allowances                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |          | .2     |   |
| Recorded investment in impaired mortgage                            loans                                                                                      |   |          | .2     |   |
| Investment valuation                            allowances                                                                                                     |   |          | -      |   |
| Net Impaired Mortgage                            Loans                                                                                                         |   | $             | .2     |   |

----

| 7)   | CONTRACTHOLDER BONUS INTEREST CREDITS |
|----------------|---------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | December 31,  |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 2007          |   | 2006 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |          |   |
| Balance, beginning of                            year                                                                                                          |          | $      | 650.7 |   | $ | 555.0 |   |
| Contractholder bonus interest credits                            deferred                                                                                      |          |   | 174.7 |   |   | 155.4 |   |
| Amortization charged to                            income                                                                                                      |          |   | (71.2 | ) |   | (59.7 | ) |
| Balance, End of                            Year                                                                                                                |          | $      | 754.2 |   | $ | 650.7 |   |

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

| •   | Return of Premium: the benefit is the greater of current account                                value or premiums paid (adjusted for withdrawals);                                                                                                                                                                   |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|               |                                                                                                                                                                                                                                                                                                                 |
| •   | Ratchet: the benefit is the greatest of current account value,                                premiums paid (adjusted for withdrawals), or the highest account                                value on any anniversary up to contractually specified ages                                (adjusted for withdrawals); |
|               |                                                                                                                                                                                                                                                                                                                 |
| •   | Roll-Up: the benefit is the greater of current account value or                                premiums paid (adjusted for withdrawals) accumulated at                                contractually specified interest rates up to specified ages;                                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.                                                                                                                         |

|                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | GMDB          |   |   | GMIB   |   |   | Total  |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |          |   |
| Balance at January 1, 2005                                                                                                                                                                                                                                                                                                                                                                                                             |   | $             | 68.5   |   |   | $      | 117.7  |   |   | $ | 186.2 |   |
| Paid guarantee                            benefits                                                                              |   |          | (42.7  | )      |   |   | (2.2   | )      |   |   | (44.9 | ) |
| Other changes in                            reserve                                                                             |   |          | 90.0   |   |   |   | 58.3   |   |   |   | 148.3 |   |
| Balance at December 31,                            2005                                                               |   |          | 115.8  |   |   |   | 173.8  |   |   |   | 289.6 |   |
| Paid guarantee                            benefits                                                                              |   |          | (34.1  | )      |   |   | (3.3   | )      |   |   | (37.4 | ) |
| Other changes in                            reserve                                                                             |   |          | 82.7   |   |   |   | 58.1   |   |   |   | 140.8 |   |
| Balance at December 31,                            2006                                                               |   |          | 164.4  |   |   |   | 228.6  |   |   |   | 393.0 |   |
| Paid guarantee                            benefits                                                                              |   |          | (32.2  | )      |   |   | (2.7   | )      |   |   | (34.9 | ) |
| Other changes in                            reserve                                                                             |   |          | 122.2  |   |   |   | 84.4   |   |   |   | 206.6 |   |
| Balance at December 31,                            2007                                                               |   | $             | 254.4  |   |   | $      | 310.3  |   |   | $ | 564.7 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | GMDB          |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |          |   |
| Balance at January 1,                            2005                                                                 |   | $             | 9.3    |   |
| Paid guarantee benefits                            ceded                                                                        |   |          | (12.2  | ) |
| Other changes in                            reserve                                                                             |   |          | 25.8   |   |
| Balance at December 31,                            2005                                                               |   |          | 22.9   |   |
| Paid guarantee benefits                            ceded                                                                        |   |          | (9.2   | ) |
| Other changes in                            reserve                                                                             |   |          | 10.4   |   |
| Balance at December 31,                            2006                                                               |   |          | 24.1   |   |
| Paid guarantee                            benefits                                                                              |   |          | (7.8   | ) |
| Other changes in                            reserve                                                                             |   |          | 12.4   |   |
| Balance at December 31,                            2007                                                               |   | $             | 28.7   |   |

|                                                                                                                                                                                                                                                     |   |            |   |   |                                      |   |   |                                      |   |   |                                    |   |   |                                    |                        |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------|--------|--------|-------------------------------------------|--------|--------|-------------------------------------------|--------|--------|-----------------------------------------|--------|--------|-----------------------------------------|-----------------------------|
|                                                                                                                                                                                                                                                     |   | ReturnofPremium |   |   |                              Ratchet |   |   |                              Roll-Up |   |   |                              Combo |   |   |                              Total |                        |
|                                                                                                                                                                                                                                                     |   |            |   |   | (Dollars In Millions)                     |   |   |
| GMDB:                                                                                                                                                                                                                                                    |   |            |   |   |                                      |   |   |                                      |   |   |                                    |   |   |                                    |                        |
| Account values invested in:                                                                                                                                                                                                                              |   |            |   |   |                                      |   |   |                                      |   |   |                                    |   |   |                                    |                        |
| General                            Account                                     |   | $               | 10,735 |   |                                      | $      | 648    |                                      |   | $      | 310                                     |   |   | $                                       | 775                         |   |   | $ | 12,468 |   |
| Separate                            Accounts                                   |   | $               | 29,673 |   |                                      | $      | 9,898  |                                      |   | $      | 7,279                                   |   |   | $                                       | 31,243                      |   |   | $ | 78,093 |   |
| Net amount at risk, gross                                                                                                                                                                                                                                |   | $               | 242    |   |                                      | $      | 309    |                                      |   | $      | 1,404                                   |   |   | $                                       | 561                         |   |   | $ | 2,516 |   |
| Net amount at risk, net of                                                                                                                                                                                                                               |   |            |   |   |                                      |   |   |                                      |   |   |                                    |   |   |                                    |                        |   |   |   |   |   |
| amounts                            reinsured                                   |   | $               | 242    |   |                                      | $      | 255    |                                      |   | $      | 853                                     |   |   | $                                       | 557                         |   |   | $ | 1,907 |   |
| Average attained age of                                                                                                                                                                                                                                  |   |            |   |   |                                      |   |   |                                      |   |   |                                    |   |   |                                    |                        |   |   |   |   |   |
| contractholders                                                                |   |            | 49.6   |   |                                      |   | 61.7   |                                      |   |   | 65.3                                    |   |   |                                    | 61.6                        |   |   |   | 53.2 |   |
| Percentage of contractholders                                                                                                                                                                                                                            |   |            |   |   |                                      |   |   |                                      |   |   |                                    |   |   |                                    |                        |   |   |   |   |   |
| over age                            70                                         |   |            | 7.6    | %      |                                      |   | 22.1   | %                                         |   |   | 37.1                                    | %      |   |                                    | 21.6                        | % |   |   | 12.4 | % |
| 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    |                                      |   | $      | 98                                      |   |   | $                                       | 989                         |   |   | $ | 1,087 |   |
| Separate                            Accounts                                   |   |            | N/A    |   |                                      |   | N/A    |                                      |   | $      | 4,806                                   |   |   | $                                       | 41,712                      |   |   | $ | 46,518 |   |
| Net amount at risk, gross                                                                                                                                                                                                                                |   |            | N/A    |   |                                      |   | N/A    |                                      |   | $      | 274                                     |   |   | $                                       | -                           |   |   | $ | 274 |   |
| Net amount at risk, net of                                                                                                                                                                                                                               |   |            |   |   |                                      |   |   |                                      |   |   |                                    |   |   |                                    |                        |   |   |   |   |   |
| amounts                            reinsured                                   |   |            | N/A    |   |                                      |   | N/A    |                                      |   | $      | 71                                      |   |   | $                                       | -                           |   |   | $ | 71 |   |
| Weighted average years                                                                                                                                                                                                                                   |   |            |   |   |                                      |   |   |                                      |   |   |                                    |   |   |                                    |                        |   |   |   |   |   |
| remaining until                                                                                                                                                                                                                                          |   |            |   |   |                                      |   |   |                                      |   |   |                                    |   |   |                                    |                        |   |   |   |   |   |
| annuitization                                                                  |   |            | N/A    |   |                                      |   | N/A    |                                      |   |   | 2.1                                     |   |   |                                    | 8.1                         |   |   |   | 7.3 |   |
| Range of contractually                                                                                                                                                                                                                                   |   |            |   |   |                                      |   |   |                                      |   |   |                                    |   |   |                                    |                        |   |   |   |   |   |
| specified interest rates                                                                                                                                                                                                                                 |   |            | N/A    |   |                                      |   | N/A    |                                      |   |   | 3%                    - 6               | %      |   |                                    | 3%                    - 6.5 | % |   |   |   |   |
|                                                                                                                                                                                                                                                     |   |            |   |   |                                      |   |   |                                      |   |   |                                    |   |   |                                    |                        |   |   |   |   |   |

----

| Investment in Variable Insurance Trust Mutual Funds                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | December 31, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 2007 |   | 2006 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |
| GMDB:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |
| Equity                                                                                                                                                                                                                                                                                                    |   | $ | 50,567 |   | $ | 45,083 |   |
| Fixed                            income                                                                                         |   |   | 4,693 |   |   | 4,824 |   |
| Balanced                                                                                                                                                                                                                                                                                                                           |   |   | 20,590 |   |   | 14,927 |   |
| Other                                                                                                                           |   |   | 2,243 |   |   | 2,221 |   |
| Total                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | $ | 78,093 |   | $ | 67,055 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| GMIB:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |
| Equity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | $ | 27,966 |   | $ | 22,966 |   |
| Fixed                            income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   | 2,711 |   |   | 2,756 |   |
| Balanced                                                                                                                        |   |   | 14,816 |   |   | 10,442 |   |
| Other                                                                                                                                                                                                                                                                                                                                        |   |   | 1,025 |   |   | 995 |   |
| Total                                                                                                                                                                                                                                                                                                                                                                                                                   |   | $ | 46,518 |   | $ | 37,159 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | Direct Liability |   |   | Reinsurance Ceded |   |   | Net    |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|--------|--------|-------------------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | (In Millions)    |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |             |   |
| Balance at January 1,                            2005                                                                 |   | $                | 21.0   |   |              | $      | -      |   |   | $ | 21.0 |   |
| Other changes in                            reserves                                                                            |   |             | 14.0   |   |              |   | -      |   |   |   | 14.0 |   |
| Balance at December 31,                            2005                                                               |   |             | 35.0   |   |              |   | -      |   |   |   | 35.0 |   |
| Other changes in                            reserves                                                                                 |   |             | 31.8   |   |              |   | -      |   |   |   | 31.8 |   |
| Balance at December 31,                            2006                                                               |   |             | 66.8   |   |              |   | -      |   |   |   | 66.8 |   |
| Other changes in                            reserves                                                                                 |   |             | 68.1   |   |              |   | -      |   |   |   | 68.1 |   |
| Balance at December 31,                            2007                                                               |   | $                | 134.9  |   |              | $      | -      |   |   | $ | 134.9 |   |

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

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 2007          |    |   | 2006   |   |    | 2005   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|---------|--------|--------|--------|---------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | (In Millions) |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |          |    |
| Direct                            premiums                                                                                   |   | $             | 1,631.1 |   |   | $      | 1,665.2 |   |   | $ | 1,761.2 |   |
| Reinsurance                            assumed                                                                               |   |          | 198.7   |   |   |   | 197.2   |   |   |   | 171.7 |   |
| Reinsurance                            ceded                                                                                 |   |          | (268.2  | )      |   |   | (280.8  | )      |   |   | (284.1 | ) |
| Premiums                                                                                                                     |   | $             | 1,561.6 |   |   | $      | 1,581.6 |   |   | $ | 1,648.8 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |          |    |   |   |   |    |   |   |   |   |   |
| Universal Life and Investment-type Product                                                                                                                                                                                                                                                                                                                                                                                                         |   |          |    |   |   |   |    |   |   |   |   |   |
| Policy Fee Income                            Ceded                                                                                     |   | $             | 200.9   |   |   | $      | 145.4   |   |   | $ | 169.3 |   |
| Policyholders’ Benefits                            Ceded                                                               |   | $             | 544.0   |   |   | $      | 521.9   |   |   | $ | 434.2 |   |
| Interest Credited to Policyholders’ Account                                                                                                                                                                                                                                                                                                                                                                                                  |   |          |    |   |   |   |    |   |   |   |   |   |
| Balances                            Ceded                                                                                              |   | $             | 56.1    |   |   | $      | 53.8    |   |   | $ | 50.9 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | 2007          |   |   | 2006   |   |   | 2005   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |          |   |
| Incurred benefits related to current year                                                                                                                                                                                                                                                                                                                                                                                                            |   | $             | 33.0   |   |   | $      | 36.0   |   |   | $ | 35.7 |   |
| Incurred benefits related to prior years                                                                                                                                                                                                                                                                                                                                                                                                             |   |          | 13.4   |   |   |   | 9.9    |   |   |   | 50.4 |   |
| Total Incurred                            Benefits                                                                             |   | $             | 46.4   |   |   | $      | 45.9   |   |   | $ | 86.1 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |          |   |   |   |   |   |   |   |   |   |   |
| Benefits paid related to current                            year                                                               |   | $             | 12.0   |   |   | $      | 14.2   |   |   | $ | 14.9 |   |
| Benefits paid related to prior                            years                                                                |   |          | 33.0   |   |   |   | 30.1   |   |   |   | 44.9 |   |
| Total Benefits                            Paid                                                                                 |   | $             | 45.0   |   |   | $      | 44.3   |   |   | $ | 59.8 |   |

----

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

|   | Short-term and long-term debt consists of the following: |
|--------|----------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | December 31,  |    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 2007          |    |   | 2006 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | (In Millions) |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |          |    |   |   |   |
| Short-term                    debt:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          |    |   |   |   |   |   |
| Promissory note (with interest rates of 5.16% and 5.27%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | $             | 248.3   |   |   | $ | 248.3 |   |
| Current portion of long-term                            debt                                                                                      |   |          | 250.0   |   |   |   | - |   |
| AllianceBernstein commercial                            paper                                                                                     |   |          | 533.9   |   |   |   | 334.9 |   |
| Total short-term                            debt                                                                                                  |   |          | 1,032.2 |   |   |   | 583.2 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |          |    |   |   |   |   |   |
| Long-term debt:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |          |    |   |   |   |   |   |
| AXA Financial:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |          |    |   |   |   |   |   |
| Senior Notes, 7.75%, due through                            2010                                                                                            |   |          | 479.0   |   |   |   | 478.5 |   |
| Senior Notes, 6.5%, due                            2008                                                                                                     |   |          | -       |   |   |   | 250.0 |   |
| Senior Debentures, 7.0%, due                            2028                                                                                                |   |          | 348.2   |   |   |   | 348.1 |   |
| Senior Notes, 8.35%, due                            2010                                                                                                    |   |          | 320.4   |   |   |   | 328.7 |   |
| Total AXA                            Financial                                                                                                                                  |   |          | 1,147.6 |   |   |   | 1,405.3 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |          |    |   |   |   |   |   |
| MONY Life:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |          |    |   |   |   |   |   |
| Surplus Notes, 11.25%, due                            2024                                                                                                  |   |          | 1.9     |   |   |   | 1.9 |   |
| Total MONY                            Life                                                                                                                                      |   |          | 1.9     |   |   |   | 1.9 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |          |    |   |   |   |   |   |
| AXA Equitable:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |          |    |   |   |   |   |   |
| Surplus Notes, 7.70%, due                            2015                                                                                                   |   |          | 199.8   |   |   |   | 199.8 |   |
| Total AXA                            Equitable                                                                                                                                  |   |          | 199.8   |   |   |   | 199.8 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |          |    |   |   |   |   |   |
| Total long-term                            debt                                                                                                   |   |          | 1,349.3 |   |   |   | 1,607.0 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |          |    |   |   |   |   |   |
| Total Short-term and Long-term                            Debt                                                                                    |   | $             | 2,381.5 |   |   | $ | 2,190.2 |   |

----

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

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | 2007          |    |   | 2006   |   |   | 2005   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|---------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | (In Millions) |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |          |    |   |   |   |   |   |   |
| Investment advisory and services fees                                                                                                                                                                                                                                                                                                                                                                                                          |   | $             | 1,025.4 |   |   | $      | 840.5  |   |   | $ | 728.5 |   |
| Distribution                            revenues                                                                         |   |          | 473.4   |   |   |   | 421.0  |   |   |   | 397.8 |   |
| Other revenues - shareholder servicing fees                                                                                                                                                                                                                                                                                                                                                                                                    |   |          | 103.6   |   |   |   | 97.2   |   |   |   | 99.3 |   |
| Other revenues -                            other                                                                        |   |          | 6.5     |   |   |   | 6.9    |   |   |   | 8.0 |   |
| Institutional research                            services                                                               |   |          | 1.6     |   |   |   | 1.9    |   |   |   | 3.9 |   |

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2007          |   | 2006   |   | 2005   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                          | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                          |          |   |
| Service                            cost                                                                                 |          | $      | 58.0   |   |   | $      | 57.0 |   |   | $ | 54.9 |   |
| Interest cost on projected benefit obligations                                                                                                                                                                                                                                                                                                                                                                                                |          |   | 185.8  |   |   |   | 174.4 |   |   |   | 178.1 |   |
| Expected return on                            assets                                                                    |          |   | (225.4 | )      |   |   | (217.3 | ) |   |   | (207.1 | ) |
| Net amortization and                            deferrals                                                               |          |   | 75.1   |   |   |   | 100.3 |   |   |   | 97.3 |   |
| Net Periodic Pension                            Expense                                                                 |          | $      | 93.5   |   |   | $      | 114.4 |   |   | $ | 123.2 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | December 31,  |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 2007          |   | 2006 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |          |   |
| Benefit obligations, beginning of                            year                                                                                      |          | $      | 3,274.6 |   |   | $ | 3,407.4 |   |
| Service                            cost                                                                                                                |          |   | 50.0 |   |   |   | 50.0 |   |
| Interest                            cost                                                                                                               |          |   | 185.8 |   |   |   | 174.4 |   |
| Actuarial losses                            (gains)                                                                                                    |          |   | (81.4 | ) |   |   | (131.6 | ) |
| Benefits                            paid                                                                                                               |          |   | (241.2 | ) |   |   | (225.6 | ) |
| Plan                            amendments                                                                                                             |          |   | (4.2 | ) |   |   | - |   |
| Benefit Obligations, End of                            Year                                                                                            |          | $      | 3,183.6 |   |   | $ | 3,274.6 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | December 31,  |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2007          |   | 2006 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |          |   |
| Plan assets at fair value, beginning of                            year                                                                                          |          | $      | 2,811.5 |   |   | $ | 2,671.1 |   |
| Actual return on plan                            assets                                                                                                          |          |   | 216.6 |   |   |   | 339.8 |   |
| Contributions                                                                                                                                                    |          |   | 4.9 |   |   |   | 4.4 |   |
| Benefits paid and                            fees                                                                                                                |          |   | (215.2 | ) |   |   | (203.8 | ) |
| Plan assets at fair value, end of                            year                                                                                                |          |   | 2,817.8 |   |   |   | 2,811.5 |   |
| Projected benefit                            obligations                                                                                                         |          |   | 3,183.6 |   |   |   | 3,274.6 |   |
| Underfunding of Plan Assets Over Projected Benefit Obligations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |          | $      | (365.8 | ) |   | $ | (463.1 | ) |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | December 31,  |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 2007          |   | 2006 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |          |   |
| Unrecognized net actuarial                            loss                                                                                                  |          | $      | 710.4 |   |   | $ | 853.2 |   |
| Unrecognized prior service cost                            (credit)                                                                                         |          |   | (5.7 | ) |   |   | (2.3 | ) |
| Unrecognized net transition obligation                            (asset)                                                                                   |          |   | (.8 | ) |   |   | (.8 | ) |
| Total                                                                                                                                                                                |          | $      | 703.9 |   |   | $ | 850.1 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                              | December 31,                                    |   |    |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------|--------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                              | 2007                                            |   | 2006    |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                              | Estimated                            Fair Value |   |    | % |   | EstimatedFair                            Value |   |   |  % |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                              | (Dollars In Millions)                           |   |    |
|                                                                                                                                                                                                                                                                                                                                                                                              |                                            |   |    |   |   |   |   |   |   |   |
| Corporate and government debt securities                                                                                                                                                                                                                                                                                                                                                          |                                            | $      | 456.7   |   |   |   | 16.2 |   | $ | 469.4 |   |   |   | 16.7 |   |
| Equity                            securities                                                              |                                            |   | 2,075.3 |   |   |   | 73.6 |   |   | 2,084.9 |   |   |   | 74.2 |   |
| Equity real                            estate                                                             |                                            |   | 277.7   |   |   |   | 9.9 |   |   | 245.5 |   |   |   | 8.7 |   |
| Short-term                            investments                                                         |                                            |   | 8.1     |   |   |   | .3 |   |   | 11.7 |   |   |   | .4 |   |
| Total Plan                            Assets                                                              |                                            | $      | 2,817.8 |   |   |   | 100.0 |   | $ | 2,811.5 |   |   |   | 100.0 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | AXA Financial Group             |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 2007                            |   | 2006 |
| Discount rate:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                            |   |   |   |   |
| Benefit                            obligation                                                                                                  |   |                      6.25% |   |                              5.75% |
| Periodic                            cost                                                                                                       |   |                      5.75% |   |                              5.25% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                            |   |   |   |   |   |   |
| 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% |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 2007          |   |   | 2006   |   |   | 2005   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |          |   |
| Service                            costs                                                                                                               |   | $             | 2.7    |   |   | $      | 6.4    |   |   | $ | 7.1 |   |
| Interest cost on accumulated postretirement                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |          |   |   |   |   |   |   |   |   |   |   |
| benefits                            obligation                                                                                                                   |   |          | 35.3   |   |   |   | 35.5   |   |   |   | 37.3 |   |
| Net amortization and                            deferrals                                                                                              |   |          | 6.5    |   |   |   | 9.3    |   |   |   | 3.3 |   |
| Curtailment                            gain                                                                                                            |   |          | -      |   |   |   | (45.4  | )      |   |   | - |   |
| Plan recalculation adjustment                                                        (1)                                                               |   |          | -      |   |   |   | -      |   |   |   | 28.5 |   |
| Other                                                                                                                                                  |   |          | -      |   |   |   | (5.4   | )      |   |   | - |   |
| Net Periodic Postretirement Benefits Costs                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | $             | 44.5   |   |   | $      | .4     |   |   | $ | 76.2 |   |

| (1)   | Included an adjustment in third quarter 2005 of the survivor income                            benefits liability related to prior periods. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | December 31,  |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 2007          |   |   | 2006 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |          |   |
| Accumulated postretirement benefits obligation,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |          |   |   |   |   |
| beginning of                            year                                                                                                                                            |   | $             | 650.5  |   |   | $ | 704.6 |   |
| Service                            cost                                                                                                                                       |   |          | 2.7    |   |   |   | 6.4 |   |
| Interest                            cost                                                                                                                                      |   |          | 35.3   |   |   |   | 35.5 |   |
| Contributions and benefits                            paid                                                                                                                    |   |          | (46.5  | ) |   |   | (48.9 | ) |
| Medicare Part D                            Subsidy                                                                                                                            |   |          | (4.6   | ) |   |   | (4.3 | ) |
| Actuarial losses                            (gains)                                                                                                                           |   |          | (41.2  | ) |   |   | (34.9 | ) |
| Plan                            amendments                                                                                                                                    |   |          | -      |   |   |   | (15.4 | ) |
| Plan recalculation adjustment                                                        (1)                                                                                      |   |          | -      |   |   |   | 7.5 |   |
| Accumulated Postretirement Benefits Obligation, End of Year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | $             | 596.2  |   |   | $ | 650.5 |   |

| (1)   | Included an adjustment in 2006 of the postretirement liability related                            to prior periods. |
|-----------------|---------------------------------------------------------------------------------------------------------------------|

|                              | December 31,  |   |
|-----------------------------------|---------------|--------|
|                              | 2007          |   | 2006 |   |
|                              | (In Millions) |   |
|                              |          |   |
| Unrecognized net actuarial loss   |          | $      | 102.5 |   | $ | 151.4 |   |
| Unrecognized prior service credit |          |   | (11.4 | ) |   | (12.6 | ) |
| Total                             |          | $      | 91.1 |   | $ | 138.8 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 2007                                    |   | 2006                                    |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|--------|-----------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                    |   |                                    |   |   |
| Discount rate:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                    |   |                                    |   |   |
| Benefit                            obligation                                                                              |   |                              6.25% |   |  5.75%                             |
| Periodic                            cost                                                                                   |   |                      5.75%         |   |                              5.25% |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 2007          |   | 2006 |   | 2005   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|--------|------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |          |   |
| Service                            cost                                                                                                                                                                                                                                                                                                                                                                                         |          | $      | 4.5  |   | $      | 6.0    |   | $ | 5.8 |   |
| Interest cost on projected benefit obligations                                                                                                                                                                                                                                                                                                                                                                                                                               |          |   | 1.6  |   |   | 1.3    |   |   | 1.8 |   |
| Plan recalculation adjustment                                                        (1)                                                               |          |   | -    |   |   | (12.1  | ) |   | - |   |
| Net actuarial                            gain                                                                                                          |          |   | (9.2 | )      |   | -      |   |   | - |   |
| Net Periodic Post-employment Benefits Cost                                                                                                                                                                                                                                                                                                                                                                                                                                   |          | $      | (3.1 | )      | $      | (4.8   | ) | $ | 7.6 |   |

| (1)   | Included an adjustment in 2006 of the post-employment liability related                            to prior periods. |
|-----------------|----------------------------------------------------------------------------------------------------------------------|

|                                                                               |   |            |    |   | Postretirement Benefits            |   |
|------------------------------------------------------------------------------------|--------|-----------------|---------|--------|-----------------------------------------|--------|
|                                                                               |   |            |    |   |                                    |   |   | Health |   |
|                                                                               |   | PensionBenefits |    |   | LifeInsurance                           |   |   | GrossEstimatedPayment |   |   | EstimatedMedicarePart D Subsidy |   |   | NetEstimatedPayment |   |
|                                                                               |   |            |    |   |                      (In Millions) |   |   |   |   |
|                                                                               |   |            |    |   |                                    |   |   |   |   |   |   |   |   |   |   |
| 2008                                                                          |   | $               | 240.8   |   |                                    | $      | 24.5 |   |   | $ | 34.2 |   |   | $ | 5.2 |   |   | $ | 29.0 |   |
| 2009              |   |            | 262.6   |   |                                    |   | 24.8 |   |   |   | 33.4 |   |   |   | 5.7 |   |   |   | 27.7 |   |
| 2010              |   |            | 256.6   |   |                                    |   | 25.0 |   |   |   | 32.5 |   |   |   | 6.1 |   |   |   | 26.4 |   |
| 2011              |   |            | 258.6   |   |                                    |   | 25.2 |   |   |   | 31.4 |   |   |   | 6.5 |   |   |   | 24.9 |   |
| 2012              |   |            | 264.4   |   |                                    |   | 25.3 |   |   |   | 30.0 |   |   |   | 7.0 |   |   |   | 23.0 |   |
| Years 2013 - 2017                                                                  |   |            | 1,322.8 |   |                                    |   | 126.4 |   |   |   | 130.5 |   |   |   | 41.9 |   |   |   | 88.6 |   |

----

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

|                                                                                                                                                                                                    |   |                                                      |   |   |                         |         |   |                                                      |   |   |                         |   |   |                                                      |   |   |                         |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------|--------|--------|------------------------------|--------------|--------|-----------------------------------------------------------|--------|--------|------------------------------|--------|--------|-----------------------------------------------------------|--------|--------|------------------------------|--------|
|                                                                                                                                                                                                    |   |                      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, 2007                                                                                                                                                                                         |   |                                                      | 7.4    |   |                         | €       | 24.82  |                                                      |   |   | 26.8                         |   |   | $                                                         | 23.03  |   |                         |   | 4.8 |   |   | $ | 41.62 |   |
| Options granted                                                                                                                                                                                         |   |                                                      | 3.1    |   |                         | €       | 34.56  |                                                      |   |   | -                            |   |   | $                                                         | -      |   |                         |   | 3.7 |   |   | $ | 85.07 |   |
| Options exercised                                                                                                                                                                                       |   |                                                      | (.1    | )      |                         | €  | 20.67  |                                                      |   |   | (7.4                         | )      |   | $                                                         | 24.12  |   |                         |   | (1.2 | ) |   | $ | 39.25 |   |
| Options forfeited, net                                                                                                                                                                                  |   |                                                      | (.1    | )      |                         | €       | 23.42  |                                                      |   |   | (.4                          | )      |   | $                                                         | 22.54  |   |                         |   | - | (2) |   | $ | 33.18 |   |
| Options expired                                                                                                                                                                                         |   |                                                      | -      |   |                         |         | -      |                                                      |   |   | -                            |   |   |                                                      | -      |   |                         |   | - |   |   |   | - |   |
| Options Outstanding at                                                                                                                                                                                  |   |                                                      |   |   |                         |         |   |                                                      |   |   |                         |   |   |                                                      |   |   |                         |   |   |   |   |   |   |   |
| December 31, 2007                                                                                                                                                                                       |   |                                                      | 10.3   |   |                         | €       | 27.77  |                                                      |   |   | 19.0                         |   |   | $                                                         | 22.64  |   |                         |   | 7.3 |   |   | $ | 64.20 |   |
| Aggregate Intrinsic                                                                                                                                                                                     |   |                                                      |   |   |                         |         |   |                                                      |   |   |                         |   |   |                                                      |   |   |                         |   |   |   |   |   |   |   |
| Value                            (1)                             |   |                                                      |   |   |                         | €       | 23.0   |                                                      |   |   |                         |   |   | $                                                         | 323.3  |   |                         |   |   |   |   | $ | 80.37 |   |
| Weighted Average                                                                                                                                                                                        |   |                                                      |   |   |                         |         |   |                                                      |   |   |                         |   |   |                                                      |   |   |                         |   |   |   |   |   |   |   |
| Remaining                                                                                                                                                                                               |   |                                                      |   |   |                         |         |   |                                                      |   |   |                         |   |   |                                                      |   |   |                         |   |   |   |   |   |   |   |
| Contractual Term                                                                                                                                                                                        |   |                                                      |   |   |                         |         |   |                                                      |   |   |                         |   |   |                                                      |   |   |                         |   |   |   |   |   |   |   |
| (in                            years)                            |   |                                                      | 8.27   |   |                         |         |   |                                                      |   |   | 3.94                         |   |   |                                                      |   |   |                         |   | 6.9 |   |   |   |   |   |
| Options Exercisable at                                                                                                                                                                                  |   |                                                      |   |   |                         |         |   |                                                      |   |   |                         |   |   |                                                      |   |   |                         |   |   |   |   |   |   |   |
| December 31, 2007                                                                                                                                                                                       |   |                                                      | 3.3    |   |                         | €  | 20.46  |                                                      |   |   | 15.8                         |   |   | $                                                         | 22.53  |   |                         |   | 3.5 |   |   | $ | 42.52 |   |
| Aggregate Intrinsic                                                                                                                                                                                     |   |                                                      |   |   |                         |         |   |                                                      |   |   |                         |   |   |                                                      |   |   |                         |   |   |   |   |   |   |   |
| Value                            (1)                             |   |                                                      |   |   |                         | €  | 23.0   |                                                      |   |   |                         |   |   | $                                                         | 270.8  |   |                         |   |   |   |   | $ | 115.4 |   |
| Weighted Average                                                                                                                                                                                        |   |                                                      |   |   |                         |         |   |                                                      |   |   |                         |   |   |                                                      |   |   |                         |   |   |   |   |   |   |   |
| Remaining                                                                                                                                                                                               |   |                                                      |   |   |                         |         |   |                                                      |   |   |                         |   |   |                                                      |   |   |                         |   |   |   |   |   |   |   |
| Contractual Term                                                                                                                                                                                        |   |                                                      |   |   |                         |         |   |                                                      |   |   |                         |   |   |                                                      |   |   |                         |   |   |   |   |   |   |   |
| (in                            years)                            |   |                                                      | 7.26   |   |                         |         |   |                                                      |   |   | 3.36                         |   |   |                                                      |   |   |                         |   | 3.5 |   |   |   |   |   |

----

| (1)   | Intrinsic value, presented in millions, is calculated as the excess of                            the closing market price on December 31, 2007 of the respective                            underlying shares over the strike prices of the option awards. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Approximately 19,500 options on AllianceBernstein Holding units were                            forfeited in 2007. |
|-----------------|--------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                      |   |   | AXA OrdinaryShares |   |   |   | AXAADRs  |   |   |   | AllianceBernsteinHolding                            Units  |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------------------|--------|--------|--------|---------------|--------|--------|--------|-----------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                      |   |   | 2007          |   |   |   | 2006     |   |   |   | 2005                                                       |   |   |   | 2007  |   |   |   | 2006  |   |   |   | 2005  |   |
|                                                                                                                                                                                                                                      |   |   |               |   |   |   |          |   |   |   |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividend                            yield                                 |   |   | 4.10               | %      |   |   | 3.48          | %      |   |   | 3.01                                                            | %      |   |   | 5.6-5.7 | % |   |   | 6 | % |   |   | 6.2 | % |
|                                                                                                                                                                                                                                      |   |   |               |   |   |   |          |   |   |   |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expected volatility                                                                                                                                                                                                                       |   |   | 27.5               | %      |   |   | 28            | %      |   |   | 25                                                              | %      |   |   | 27.7-30.8 | % |   |   | 31 | % |   |   | 31 | % |
|                                                                                                                                                                                                                                      |   |   |               |   |   |   |          |   |   |   |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Risk-free interest rate                                                                                                                                                                                                                   |   |   | 4.40               | %      |   |   | 3.77          | %      |   |   | 4.27                                                            | %      |   |   | 3.5-4.9 | % |   |   | 4.9 | % |   |   | 3.7 | % |
|                                                                                                                                                                                                                                      |   |   |               |   |   |   |          |   |   |   |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expected life in years                                                                                                                                                                                                                    |   |   | 5.5                |   |   |   | 5.0           |   |   |   | 5.0                                                             |   |   |   | 6.0-9.5 |   |   |   | 6.5 |   |   |   | 3.0 |   |
|                                                                                                                                                                                                                                      |   |   |               |   |   |   |          |   |   |   |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average fair                                                                                                                                                                                                                     |   |   |               |   |   |   |          |   |   |   |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| value per option at                                                                                                                                                                                                                       |   |   |               |   |   |   |          |   |   |   |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| grant                            date                                               |   | $      | 9.61               |   |   | $      | 7.45          |   |   | $      | 4.85                                                            |   |   | $ | 15.96 |   |   | $ | 12.35 |   |   | $ | 7.04 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Shares ofRestrictedStock |   | WeightedAverageGrant DateFair Value |        |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|--------|-------------------------------------|-------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                     |   |                                |        |
| Unvested as of January 1,                            2007                                                                                          |                     |   | 514,035                             |        |   | $ | 23.91 |   |
| Granted                                                                                                                                            |                     |   | 100,187                             |        |   | $ | 44.59 |   |
| Vested                                                                                                                                             |                     |   | (161,756                            | **)**  |   | $ | 24.55 |   |
| Forfeited                                                                                                                                          |                     |   | (43,955                             | )      |   |   |   |   |
| Unvested as of December 31,                            2007                                                                                        |                     |   | 408,511                             |        |   | $ | 29.67 |   |

----

----

----

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 2007          |    |   | 2006   |   |    | 2005   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|---------|--------|--------|--------|---------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | (In Millions) |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |          |    |
| Fixed                            maturities                                                                                                                                                                                                                                           |   | $             | 2,217.3 |   |   | $      | 2,326.8 |   |   | $ | 2,330.7 |   |
| Mortgage loans on real                            estate                                                                   |   |          | 338.3   |   |   |   | 362.1   |   |   |   | 363.2 |   |
| Equity real                            estate                                                                              |   |          | 103.5   |   |   |   | 98.1    |   |   |   | 114.1 |   |
| Other equity                            investments                                                                        |   |          | 261.6   |   |   |   | 200.9   |   |   |   | 187.2 |   |
| Policy                            loans                                                                                    |   |          | 321.9   |   |   |   | 316.7   |   |   |   | 317.0 |   |
| Short-term                            investments                                                                          |   |          | 97.1    |   |   |   | 91.9    |   |   |   | 45.3 |   |
| Derivative                            investments                                                                          |   |          | 67.5    |   |   |   | (290.7  | )      |   |   | (67.5 | ) |
| Broker-dealer related                            receivables                                                               |   |          | 234.6   |   |   |   | 226.5   |   |   |   | 124.8 |   |
| Trading                            securities                                                                              |   |          | 36.0    |   |   |   | 53.4    |   |   |   | 28.6 |   |
| Other investment                            income                                                                         |   |          | 58.3    |   |   |   | 43.4    |   |   |   | 17.1 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |          |    |   |   |   |    |   |   |   |   |   |
| Gross investment                            income                                                                                   |   |          | 3,736.1 |   |   |   | 3,429.1 |   |   |   | 3,460.5 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |          |    |   |   |   |    |   |   |   |   |   |
| Investment                            expenses                                                                             |   |          | (148.7  | )      |   |   | (134.7  | )      |   |   | (164.5 | ) |
| Interest                            expense                                                                                |   |          | (194.4  | )      |   |   | (187.8  | )      |   |   | (95.9 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |          |    |   |   |   |    |   |   |   |   |   |
| Net Investment                            Income                                                                           |   | $             | 3,393.0 |   |   | $      | 3,106.6 |   |   | $ | 3,200.1 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 2007          |   |   | 2006   |   |   | 2005   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |          |   |   |   |   |   |   |   |
| Fixed                            maturities                                                                             |   | $             | (95.0  | )      |   | $      | (20.3  | )      |   | $ | 6.9 |   |
| Mortgage loans on real                            estate                                                                |   |          | 9.4    |   |   |   | 2.6    |   |   |   | (.1 | ) |
| Equity real                            estate                                                                           |   |          | 12.9   |   |   |   | 8.9    |   |   |   | 4.0 |   |
| Other equity                            investments                                                                     |   |          | 16.6   |   |   |   | 21.2   |   |   |   | 31.1 |   |
| Other                                                                                     (1)                                                                                                                                                             |   |          | 25.5   |   |   |   | 32.6   |   |   |   | 14.5 |   |
| Investment Gains (Losses),                            Net                                                               |   | $             | (30.6  | )      |   | $      | 45.0   |   |   | $ | 56.4 |   |

| (1)   | In 2007 and 2006, respectively, AllianceBernstein issued units to its                            employees under long-term incentive plans.  As a result of                            these transactions, AXA Financial Group recorded non-cash realized                            gains of $26.7 million and $33.0 million for 2007 and 2006,                            respectively. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 2007          |   |   | 2006   |   |   | 2005   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |          |   |
| Balance, beginning of                            year                                                               |   | $             | 262.2  |   |   | $      | 423.4  |   |   | $ | 925.3 |   |
| Changes in unrealized investment gains (losses)                                                                                                                                                                                                                                                                                                                                                                                           |   |          | (441.1 | )      |   |   | (494.8 | )      |   |   | (1,227.1 | ) |
| Changes in unrealized investment gains (losses)                                                                                                                                                                                                                                                                                                                                                                                           |   |          |   |   |   |   |   |   |   |   |   |   |
| attributable to:                                                                                                                                                                                                                                                                                                                                                                                                                          |   |          |   |   |   |   |   |   |   |   |   |   |
| Participating group annuity contracts,                                                                                                                                                                                                                                                                                                                                                                                                    |   |          |   |   |   |   |   |   |   |   |   |   |
| Closed Blocks policyholder dividend                                                                                                                                                                                                                                                                                                                                                                                                       |   |          |   |   |   |   |   |   |   |   |   |   |
| obligation and                            other                                                                                                   |   |          | (2.5   | )      |   |   | 134.2  |   |   |   | 289.5 |   |
| DAC and                            VOBA                                                                                            |   |          | 92.8   |   |   |   | 91.6   |   |   |   | 171.3 |   |
| Deferred income                            taxes                                                                                   |   |          | 127.4  |   |   |   | 107.8  |   |   |   | 264.4 |   |
| Balance, End of                            Year                                                                     |   | $             | 38.8   |   |   | $      | 262.2  |   |   | $ | 423.4 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |          |   |   |   |   |   |   |   |   |   |   |
| Balance, end of year comprises:                                                                                                                                                                                                                                                                                                                                                                                                           |   |          |   |   |   |   |   |   |   |   |   |   |
| Unrealized investment gains (losses) on:                                                                                                                                                                                                                                                                                                                                                                                                  |   |          |   |   |   |   |   |   |   |   |   |   |
| Fixed                            maturities                                                                                                       |   | $             | 2.0    |   |   | $      | 439.3  |   |   | $ | 936.3 |   |
| Other equity                            investments                                                                                               |   |          | 1.3    |   |   |   | 5.1    |   |   |   | 2.9 |   |
| Total                                                                                                                                             |   |          | 3.3    |   |   |   | 444.4  |   |   |   | 939.2 |   |
| Amounts of unrealized investment gains (losses)                                                                                                                                                                                                                                                                                                                                                                                           |   |          |   |   |   |   |   |   |   |   |   |   |
| attributable to:                                                                                                                                                                                                                                                                                                                                                                                                                          |   |          |   |   |   |   |   |   |   |   |   |   |
| Participating group annuity contracts,                                                                                                                                                                                                                                                                                                                                                                                                    |   |          |   |   |   |   |   |   |   |   |   |   |
| Closed Blocks policyholder dividend                                                                                                                                                                                                                                                                                                                                                                                                       |   |          |   |   |   |   |   |   |   |   |   |   |
| obligation and                            other                                                                                                                            |   |          | 46.2   |   |   |   | 48.7   |   |   |   | (85.5 | ) |
| DAC and                            VOBA                                                                                                                          |   |          | (6.2   | )      |   |   | (99.0  | )      |   |   | (190.6 | ) |
| Deferred income                            taxes                                                                                                                 |   |          | (4.5   | )      |   |   | (131.9 | )      |   |   | (239.7 | ) |
| Total                                                                                                               |   | $             | 38.8   |   |   | $      | 262.2  |   |   | $ | 423.4 |   |

----

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

|                                                                                                                                                                                                                                                                                                                                                                                                                          | 2007          |   | 2006   |   | 2005   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                          | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                          |          |   |
| Income tax expense:                                                                                                                                                                                                                                                                                                                                                                                                           |          |   |   |   |   |   |   |   |   |
| Current                            expense                                                                        |          | $      | 621.4  |   |   | $      | 533.3 |   |   | $ | 291.6 |   |
| Deferred expense                            (benefit)                                                             |          |   | 223.2  |   |   |   | (17.4 | ) |   |   | 299.9 |   |
| Total                                                                                                   |          | $      | 844.6  |   |   | $      | 515.9 |   |   | $ | 591.5 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 2007          |   |   | 2006   |   |   | 2005   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |          |   |
| Expected income tax                            expense                                                                    |   | $             | 926.9  |   |   | $      | 728.2  |   |   | $ | 724.2 |   |
| Minority                            interest                                                                              |   |          | (132.6 | )      |   |   | (163.1 | )      |   |   | (127.2 | ) |
| Separate Accounts investment activity                                                                                                                                                                                                                                                                                                                                                                                                           |   |          | (53.5  | )      |   |   | (48.6  | )      |   |   | (91.4 | ) |
| Non-taxable investment                            income                                                                  |   |          | (25.4  | )      |   |   | (23.5  | )      |   |   | (20.7 | ) |
| Adjustment of tax audit                            reserves                                                               |   |          | 26.4   |   |   |   | (82.4  | )      |   |   | 19.1 |   |
| State income                            taxes                                                                             |   |          | 55.5   |   |   |   | 50.4   |   |   |   | 34.9 |   |
| AllianceBernstein income and foreign taxes                                                                                                                                                                                                                                                                                                                                                                                                      |   |          | 40.2   |   |   |   | 48.7   |   |   |   | 43.6 |   |
| Other                                                                                                                     |   |          | 7.1    |   |   |   | 6.2    |   |   |   | 9.0 |   |
| Income Tax                            Expense                                                                             |   | $             | 844.6  |   |   | $      | 515.9  |   |   | $ | 591.5 |   |

|                                                                                                                                                                                                                                                                                                                                          | December 31, 2007 |   | December 31, 2006 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------|--------|-------------------|--------|
|                                                                                                                                                                                                                                                                                                                                          | Assets            |   | Liabilities       |   | Assets |   | Liabilities |   |
|                                                                                                                                                                                                                                                                                                                                          | (In Millions)     |   |
|                                                                                                                                                                                                                                                                                                                                          |              |   |
| Compensation and related benefits                                                                                                                                                                                                                                                                                                             |              | $      | 593.3             |   | $ | - |   | $ | 664.4 |   | $ | - |   |
| Reserves and                            reinsurance                                                |              |   | 1,615.5           |   |   | - |   |   | 1,436.0 |   |   | - |   |
| DAC and                            VOBA                                                            |              |   | -                 |   |   | 2,957.4 |   |   | - |   |   | 2,647.0 |   |
| Unrealized investment gains                                                                                                                                                                                                                                                                                                                   |              |   | -                 |   |   | 4.8 |   |   | - |   |   | 121.3 |   |
| Investments                                                                                        |              |   | -                 |   |   | 919.3 |   |   | - |   |   | 818.9 |   |
| Other                                                                                              |              |   | 157.5             |   |   | - |   |   | 125.1 |   |   | - |   |
| Total                                                                                              |              | $      | 2,366.3           |   | $ | 3,881.5 |   | $ | 2,225.5 |   | $ | 3,587.2 |   |

----

|                                                                                                     |   | 2007          |   |
|----------------------------------------------------------------------------------------------------------|--------|---------------|--------|
|                                                                                                     |   | (In Millions) |   |
|                                                                                                     |   |          |   |
| Balance at January 1, 2007 (date of adoption)                                                            |   | $             | 494.8  |   |
| Additions for tax positions of prior years                                                               |   |          | 33.2   |   |
| Reductions for tax positions of prior years                                                              |   |          | (18.6  | ) |
| Additions for tax positions of current years                                                             |   |          | 7.5    |   |
| Reductions for tax positions of current years                                                            |   |          | (1.2   | ) |
| Settlements with tax authorities                                                                         |   |          | (58.9  | ) |
| Reductions as a result of a lapse of the applicable statue of                                limitations |   |          | -      |   |
| Balance, End of Year                                                                                     |   | $             | 456.8  |   |

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

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | 2007          |   |   | 2006   |   |   | 2005   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |          |   |   |   |   |   |   |   |
| (Losses) Earnings from Discontinued Operations,                            Net of Income Taxes:                                                                                                                                                                                                                                                                                                                                                                                                                                |   |          |   |   |   |   |   |   |   |
| Wind-up                            Annuities                                                                                            |   | $             | (.1    | )      |   | $      | 30.2   |   |   | $ | 15.2 |   |
| Real estate                            held-for-sale                                                                                    |   |          | (6.7   | )      |   |   | 12.0   |   |   |   | 12.5 |   |
| Disposal of business -                            Advest                                                                                |   |          | -      |   |   |   | -      |   |   |   | (6.7 | ) |
| Disposal of business -                            Enterprise                                                                            |   |          | (2.4   | )      |   |   | (6.1   | )      |   |   | (0.8 | ) |
| Total                                                                                                                                   |   | $             | (9.2   | )      |   | $      | 36.1   |   |   | $ | 20.2 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |          |   |   |   |   |   |   |   |   |   |   |
| (Losses) Gains on Disposal of Discontinued Operations,                            Net of Income Taxes:                                                                                                                                                                                                                                                                                                                                                                                                                         |   |          |   |   |   |   |   |   |   |   |   |   |
| Real estate                            held-for-sale                                                                                    |   | $             | 3.1    |   |   | $      | 62.1   |   |   | $ | - |   |
| Discontinued Investment Banking and Brokerage segment                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |          | -      |   |   |   | 53.9   |   |   |   | - |   |
| Disposal of business -                            Advest                                                                                |   |          | -      |   |   |   | 4.1    |   |   |   | (85.4 | ) |
| Disposal of business -                            Enterprise                                                                            |   |          | (6.7   | )      |   |   | (2.9   | )      |   |   | - |   |
| Total                                                                                                                                   |   | $             | (3.6   | )      |   | $      | 117.2  |   |   | $ | (85.4 | ) |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | December 31,  |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | 2007          |   |   | 2006 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |          |   |
| BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |          |   |   |   |   |
| Fixed maturities, available for sale, at estimated fair value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          |   |   |   |   |
| (amortized cost of $696.3 and                            $752.7)                                                                                      |   | $             | 705.0  |   |   | $ | 764.8 |   |
| Equity real                            estate                                                                                               |   |          | 165.0  |   |   |   | 169.5 |   |
| Mortgage loans on real                            estate                                                                                    |   |          | 2.2    |   |   |   | 2.9 |   |
| Other invested                            assets                                                                                            |   |          | 1.8    |   |   |   | 2.6 |   |
| Total                            investments                                                                                                          |   |          | 874.0  |   |   |   | 939.8 |   |
| Cash and cash                            equivalents                                                                                        |   |          | -      |   |   |   | .1 |   |
| Other                            assets                                                                                                     |   |          | 27.3   |   |   |   | 13.7 |   |
| Total                            Assets                                                                                                     |   | $             | 901.3  |   |   | $ | 953.6 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |          |   |   |   |   |   |   |
| Policyholders                            liabilities                                                                                        |   | $             | 756.1  |   |   | $ | 788.2 |   |
| Allowance for future                            losses                                                                                      |   |          | -      |   |   |   | 1.0 |   |
| Other                            liabilities                                                                                                |   |          | 145.2  |   |   |   | 164.4 |   |
| Total                            Liabilities                                                                                                |   | $             | 901.3  |   |   | $ | 953.6 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | 2007          |   |   | 2006   |   |   | 2005   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |          |   |
| STATEMENTS OF EARNINGS                                                                                                                                                                                                                                                                                                                                                                                                                         |   |          |   |   |   |   |   |   |   |
| Investment income (net of investment                                                                                                                                                                                                                                                                                                                                                                                                           |   |          |   |   |   |   |   |   |   |
| expenses of $19.6, $19.0 and $18.4)                                                                                                                                                                                                                                                                                                                                                                                                            |   | $             | 64.9   |   |   | $      | 71.3   |   |   | $ | 70.0 |   |
| Investment (losses) gains,                            net                                                                |   |          | (.8    | )      |   |   | 6.0    |   |   |   | (.3 | ) |
| Policy fees, premiums and other income                                                                                                                                                                                                                                                                                                                                                                                                         |   |          | .2     |   |   |   | -      |   |   |   | - |   |
| Total                            revenues                                                                                |   |          | 64.3   |   |   |   | 77.3   |   |   |   | 69.7 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |          |   |   |   |   |   |   |   |   |   |   |
| Benefits and other                            deductions                                                                 |   |          | 79.9   |   |   |   | 84.7   |   |   |   | 87.1 |   |
| Losses charged to the                                                                                                                                                                                                                                                                                                                                                                                                                          |   |          |   |   |   |   |   |   |   |   |   |   |
| allowance for future                            losses                                                                             |   |          | (15.6  | )      |   |   | (7.4   | )      |   |   | (17.4 | ) |
| Pre-tax loss from                            operations                                                                  |   |          | -      |   |   |   | -      |   |   |   | - |   |
| Pre-tax (loss from strengthening) earnings from                                                                                                                                                                                                                                                                                                                                                                                                |   |          |   |   |   |   |   |   |   |   |   |   |
| releasing the allowance for future losses                                                                                                                                                                                                                                                                                                                                                                                                      |   |          | (.1    | )      |   |   | 37.1   |   |   |   | 23.2 |   |
| Income tax                            expense                                                                            |   |          | -      |   |   |   | (6.9   | )      |   |   | (8.0 | ) |
| Earnings from Wind-up                            Annuities                                                               |   | $             | (.1    | )      |   | $      | 30.2   |   |   | $ | 15.2 |   |

----

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | **December 31,**                                  |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|-------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | **2007**                                          |       | 2006 |  | 2005 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | **(In Millions)**

                          |       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                   |       |
| Unrealized gains on                        investments                                                                                                                             |                                                   | **$** | **38.8** |  | $ | 262.2 |  | $ | 423.4 |  |
| Defined benefit pension and other                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                   |       |  |  |  |  |  |  |  |  |
|       postretirement                        plans                                                                                                                   |                                                   |       | **(517.6** | **)** |  | (641.1 | ) |  | - |  |
| Minimum pension                        liability                                                                                                                                   |                                                   |       | **-** |  |  | - |  |  | (77.9 | ) |
| Total Accumulated Other                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                   |       |  |  |  |  |  |  |  |  |
|       Comprehensive                        (Loss)                        Income                                                                                     |                                                   | **$** | **(478.8** | **)** | $ | (378.9 | ) | $ | 345.5 |  |

 

----

|                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 2007          |   |   | 2006   |   |   | 2005   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                              |   | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          |   |
| Net unrealized (losses) gains on investments:                                                                                                                                                                                                                                                                                                                                                                                     |   |          |   |   |   |   |   |   |   |
| Net unrealized losses (gains)                                                                                                                                                                                                                                                                                                                                                                                                     |   |          |   |   |   |   |   |   |   |
| arising during the                            period                                                                                                |   | $             | (419.9 | )      |   | $      | (481.8 | )      |   | $ | (1,182.4 | ) |
| Losses reclassified into net earnings                                                                                                                                                                                                                                                                                                                                                                                             |   |          |   |   |   |   |   |   |   |   |   |   |
| during the                            period                                                                                                        |   |          | (21.2  | )      |   |   | (13.0  | )      |   |   | (44.7 | ) |
| Net unrealized (losses) gains on investments                                                                                                                                                                                                                                                                                                                                                                                      |   |          | (441.1 | )      |   |   | (494.8 | )      |   |   | (1,227.1 | ) |
| Adjustments for policyholders liabilities, DAC                                                                                                                                                                                                                                                                                                                                                                                    |   |          |   |   |   |   |   |   |   |   |   |   |
| and VOBA and deferred income taxes                                                                                                                                                                                                                                                                                                                                                                                                |   |          | 217.7  |   |   |   | 333.6  |   |   |   | 725.2 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          |   |   |   |   |   |   |   |   |   |   |
| Change in unrealized (losses) gains, net of                                                                                                                                                                                                                                                                                                                                                                                       |   |          |   |   |   |   |   |   |   |   |   |   |
| adjustments                                                                                                                               |   |          | (223.4 | )      |   |   | (161.2 | )      |   |   | (501.9 | ) |
| Change in minimum pension liability                                                                                                                                                                                                                                                                                                                                                                                               |   |          | -      |   |   |   | 18.5   |   |   |   | (18.7 | ) |
| Change in defined benefit pension and other                                                                                                                                                                                                                                                                                                                                                                                       |   |          |   |   |   |   |   |   |   |   |   |   |
| postretirement                            plans                                                                                           |   |          | 123.5  |   |   |   |   |   |   |   |   |   |
| Total Other Comprehensive                            Loss                                                             |   | $             | (99.9  | )      |   | $      | (142.7 | )      |   | $ | (520.6 | ) |

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

----

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

----

----

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

----

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 2007          |    |   | 2006   |   |     | 2005   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|---------|--------|--------|--------|----------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | (In Millions) |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |          |    |
| Net change in statutory surplus and                                                                                                                                                                                                                                                                                                                                                                                                   |   |          |    |   |   |   |     |   |   |
| capital stock                                                                                                                                                                                                                                                                                                                                                                                                                         |   | $             | (36.6   | )      |   | $      | 1,487.4  |   |   | $ | 917.3 |   |
| Change in                            AVR                                                                        |   |          | (201.2  | )      |   |   | 339.5    |   |   |   | 301.8 |   |
| Net change in statutory surplus, capital stock                                                                                                                                                                                                                                                                                                                                                                                        |   |          |    |   |   |   |     |   |   |   |   |   |
| and                            AVR                                                                                        |   |          | (237.8  | )      |   |   | 1,826.9  |   |   |   | 1,219.1 |   |
| Adjustments:                                                                                                                                                                                                                                                                                                                                                                                                                          |   |          |    |   |   |   |     |   |   |   |   |   |
| Future policy benefits and policyholders’                                                                                                                                                                                                                                                                                                                                                                                       |   |          |    |   |   |   |     |   |   |   |   |   |
| account                            balances                                                                                         |   |          | 473.1   |   |   |   | (29.6    | )      |   |   | 99.6 |   |
| DAC and                            VOBA                                                                                   |   |          | 596.1   |   |   |   | 652.8    |   |   |   | 663.2 |   |
| Deferred income                            taxes                                                                          |   |          | (694.6  | )      |   |   | 608.8    |   |   |   | 131.6 |   |
| Valuation of                            investments                                                                       |   |          | (18.5   | )      |   |   | (67.9    | )      |   |   | (48.1 | ) |
| Valuation of investment                            subsidiary                                                             |   |          | 483.7   |   |   |   | (2,224.8 | )      |   |   | (1,340.1 | ) |
| Change in fair value of GMIB contracts                                                                                                                                                                                                                                                                                                                                                                                                |   |          | 6.9     |   |   |   | (14.9    | )      |   |   | 42.7 |   |
| Shareholder dividends paid                                                                                                                                                                                                                                                                                                                                                                                                       |   |          | 680.0   |   |   |   | 635.0    |   |   |   | 575.0 |   |
| Changes in non-admitted                            assets                                                                 |   |          | 67.0    |   |   |   | (151.3   | )      |   |   | (59.6 | ) |
| AXA Financial and other subsidiaries                                                                                                                                                                                                                                                                                                                                                                                                  |   |          | (3.2    | )      |   |   | 4.1      |   |   |   | (161.5 | ) |
| Other,                            net                                                                                     |   |          | (59.6   | )      |   |   | 13.3     |   |   |   | (79.0 | ) |
|   GAAP adjustments for Wind-up Annuities                                                                                                                                                                                                                                                                                                                                                                                         |   |          | 31.2    |   |   |   | 28.8     |   |   |   | 30.9 |   |
| AXA Financial Group’s GAAP Consolidated                                                                                                                                                                                                                                                                                                                                                                                         |   |          |    |   |   |   |     |   |   |   |   |   |
| Net                            Earnings                                                                                   |   | $             | 1,324.3 |   |   | $      | 1,281.2  |   |   | $ | 1,073.8 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | December 31,  |     |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|----------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | 2007          |     |   | 2006 |   |   | 2005 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | (In Millions) |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |          |     |
| Statutory surplus and capital                            stock                                                                  |   | $             | 7,530.5  |   |   | $ | 7,567.1 |   |   | $ | 6,079.7 |   |
| AVR                                                                                                                             |   |          | 1,409.8  |   |   |   | 1,611.0 |   |   |   | 1,271.5 |   |
| Statutory surplus, capital stock and AVR                                                                                                                                                                                                                                                                                                                                                                                                                             |   |          | 8,940.3  |   |   |   | 9,178.1 |   |   |   | 7,351.2 |   |
| Adjustments:                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |          |     |   |   |   |   |   |   |   |   |   |
| Future policy benefits and policyholders’                                                                                                                                                                                                                                                                                                                                                                                                                      |   |          |     |   |   |   |   |   |   |   |   |   |
| account                            balances                                                                                                         |   |          | (2,352.2 | ) |   |   | (2,627.9 | ) |   |   | (2,447.2 | ) |
| DAC and                            VOBA                                                                                                   |   |          | 9,980.1  |   |   |   | 9,299.4 |   |   |   | 8,562.3 |   |
| Deferred income                            taxes                                                                                          |   |          | (1,202.7 | ) |   |   | (881.5 | ) |   |   | (1,250.8 | ) |
| Valuation of                            investments                                                                                       |   |          | 474.4    |   |   |   | 988.2 |   |   |   | 1,429.8 |   |
| Valuation of investment                            subsidiary                                                                             |   |          | (4,779.4 | ) |   |   | (5,263.1 | ) |   |   | (3,038.3 | ) |
| Fair value of GMIB reinsurance contracts                                                                                                                                                                                                                                                                                                                                                                                                                             |   |          | 124.6    |   |   |   | 117.7 |   |   |   | 132.7 |   |
| Non-admitted                            assets                                                                                            |   |          | 1,331.6  |   |   |   | 1,263.9 |   |   |   | 1,112.5 |   |
| Issuance of surplus                            notes                                                                                      |   |          | (525.9   | ) |   |   | (625.9 | ) |   |   | (739.8 | ) |
| Goodwill related to the MONY Acquisition                                                                                                                                                                                                                                                                                                                                                                                                                             |   |          | 391.1    |   |   |   | 414.6 |   |   |   | 427.5 |   |
| Adjustment to initially apply SFAS No. 158,                                                                                                                                                                                                                                                                                                                                                                                                                          |   |          |     |   |   |   |   |   |   |   |   |   |
| net of income                            taxes                                                                                                           |   |          | -        |   |   |   | (581.7 | ) |   |   | - |   |
| AXA Financial and other subsidiaries                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |          | (380.0   | ) |   |   | (1,076.5 | ) |   |   | (1,795.8 | ) |
| Other,                            net                                                                                                     |   |          | (481.4   | ) |   |   | (126.8 | ) |   |   | (417.6 | ) |
|   GAAP adjustments for Wind-up Annuities                                                                                                                                                                                                                                                                                                                                                                                                                        |   |          | 1.5      |   |   |   | (59.9 | ) |   |   | (80.6 | ) |
| AXA Financial Group’s GAAP Consolidated                                                                                                                                                                                                                                                                                                                                                                                                                        |   |          |     |   |   |   |   |   |   |   |   |   |
| Shareholder’s                            Equity                                                                                     |   | $             | 11,522.0 |   |   | $ | 10,018.6 |   |   | $ | 9,245.9 |   |

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

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 2007          |     |   | 2006   |   |     | 2005   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|----------|--------|--------|--------|----------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | (In Millions) |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |          |     |   |   |   |     |   |   |
| Segment                            revenues:                                                                                                                                                                                                                                                                                                                                                                                             |   |          |     |   |   |   |     |   |   |
| Financial                            Advisory/Insurance                                                                                                                                                                                                                                                                                   |   | $             | 8,874.4  |   |   | $      | 7,923.8  |   |   | $ | 7,713.4 |   |
| Investment Management                            (1)                                                               |   |          | 4,561.9  |   |   |   | 4,004.7  |   |   |   | 3,267.4 |   |
| Consolidation/elimination                                                                                          |   |          | (91.4    | )      |   |   | (90.0    | )      |   |   | (98.7 | ) |
| Total                            Revenues                                                                          |   | $             | 13,344.9 |   |   | $      | 11,838.5 |   |   | $ | 10,882.1 |   |

| (1)   | Intersegment investment advisory and other fees of approximately $124.7                            million, $120.8 million and $123.7 million for 2007, 2006 and 2005,                            respectively, are included in total revenues of the Investment                            Management segment. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | 2007          |    |   | 2006   |   |    | 2005   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|---------|--------|--------|--------|---------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | (In Millions) |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |          |    |   |   |   |    |   |   |
| Segment earnings from continuing operations                                                                                                                                                                                                                                                                                                                                                                                          |   |          |    |   |   |   |    |   |   |
| before income taxes                            and minority interest:                                                                                                                                                                                                                                                                                                                                                                |   |          |    |   |   |   |    |   |   |
| Financial                            Advisory/Insurance                                                                                                                                                                                                                        |   | $             | 1,341.9 |   |   | $      | 952.2   |   |   | $ | 1,208.6 |   |
| Investment                            Management                                                               |   |          | 1,306.6 |   |   |   | 1,128.3 |   |   |   | 860.6 |   |
| Consolidation/elimination                                                                                      |   |          | (.1     | )      |   |   | -       |   |   |   | - |   |
| Total Earnings from Continuing Operations before                                                                                                                                                                                                                                                                                                                                                                                     |   |          |    |   |   |   |    |   |   |   |   |   |
| Income Taxes and Minority Interest                                                                                                                                                                                                                                                                                                                                                                                                   |   | $             | 2,648.4 |   |   | $      | 2,080.5 |   |   | $ | 2,069.2 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |          |    |   |   |   |    |   |   |   |   |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | December 31,  |      |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 2007          |      |   | 2006 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | (In Millions) |      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          |      |   |   |   |
| Segment assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |          |      |   |   |   |
| Financial                            Advisory/Insurance                                                                                        |   | $             | 163,056.9 |   |   | $ | 151,821.7 |   |
| Investment                            Management                                                                                               |   |          | 16,243.6  |   |   |   | 16,938.7 |   |
| Consolidation/elimination                                                                                                                      |   |          | (28.2     | ) |   |   | (14.7 | ) |
| Total                            Assets                                                                                                        |   | $             | 179,272.3 |   |   | $ | 168,745.7 |   |

----

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

|                                                                                                                                                                                                                                                                                                        |   | Three Months Ended |    |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|
|                                                                                                                                                                                                                                                                                                        |   | March 31           |    |   | June 30 |   |   | September 30 |   |   | December 31 |   |
|                                                                                                                                                                                                                                                                                                        |   | (In Millions)      |    |
|                                                                                                                                                                                                                                                                                                        |   |               |    |
| 2007                                                                                                                                                                                                                                                                                                        |   |               |    |   |   |   |   |   |   |   |   |   |
| Total                            Revenues                                            |   | $                  | 3,173.7 |   |   | $ | 3,088.4 |   |   | $ | 3,415.4 |   |   | $ | 3,667.4 |   |
|                                                                                                                                                                                                                                                                                                        |   |               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings from Continuing                                                                                                                                                                                                                                                                                    |   |               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operations                                                                                     |   | $                  | 337.6   |   |   | $ | 253.2 |   |   | $ | 396.1 |   |   | $ | 350.2 |   |
|                                                                                                                                                                                                                                                                                                        |   |               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                            Earnings                                              |   | $                  | 336.9   |   |   | $ | 233.9 |   |   | $ | 403.5 |   |   | $ | 350.0 |   |
|                                                                                                                                                                                                                                                                                                        |   |               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2006                                                                                                                                                                                                                                                                                                        |   |               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                            Revenues                                            |   | $                  | 2,752.6 |   |   | $ | 3,097.7 |   |   | $ | 2,871.7 |   |   | $ | 3,116.5 |   |
|                                                                                                                                                                                                                                                                                                        |   |               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings from Continuing                                                                                                                                                                                                                                                                                    |   |               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operations                                                                                     |   | $                  | 270.8   |   |   | $ | 370.9 |   |   | $ | 300.1 |   |   | $ | 186.1 |   |
|                                                                                                                                                                                                                                                                                                        |   |               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                            Earnings                                              |   | $                  | 281.6   |   |   | $ | 372.9 |   |   | $ | 442.0 |   |   | $ | 184.7 |   |

----

----

|                                             |   |          |     |   | Estimated  |   |     | Carrying |   |
|--------------------------------------------------|--------|---------------|----------|--------|------------|--------|----------|----------|--------|
| Type of Investment                               |   | Cost (A)      |     |   | Fair Value |   |     | Value    |   |
|                                             |   | (In Millions) |     |
|                                             |   |          |     |
| Fixed maturities:                                |   |          |     |   |       |   |     |     |   |
| U.S. government, agencies and authorities        |   | $             | 1,862.6  |   |       | $      | 1,947.1  |     |   | $ | 1,947.1 |   |
| State, municipalities and political subdivisions |   |          | 181.1    |   |       |   | 197.8    |     |   |   | 197.8 |   |
| Foreign governments                              |   |          | 306.9    |   |       |   | 351.0    |     |   |   | 351.0 |   |
| Public utilities                                 |   |          | 3,875.2  |   |       |   | 3,961.9  |     |   |   | 3,961.9 |   |
| All other corporate bonds                        |   |          | 27,289.7 |   |       |   | 27,143.4 |     |   |   | 27,143.4 |   |
| Redeemable preferred stocks                      |   |          | 2,155.1  |   |       |   | 2,062.5  |     |   |   | 2,062.5 |   |
| Total fixed maturities                           |   |          | 35,670.6 |   |       |   | 35,663.7 |     |   |   | 35,663.7 |   |
|                                             |   |          |     |   |       |   |     |     |   |   |   |   |
| Equity securities:                               |   |          |     |   |       |   |     |     |   |   |   |   |
| Common stocks:                                   |   |          |     |   |       |   |     |     |   |   |   |   |
| Industrial, miscellaneous and all other          |   |          | 49.1     |   |       |   | 42.1     |     |   |   | 42.1 |   |
| Mortgage loans on real estate                    |   |          | 5,210.4  |   |       |   | 5,237.0  |     |   |   | 5,210.4 |   |
| Real estate                                      |   |          | 209.3    |   |       | XXX    |     |     |   | 209.3 |   |
| Real estate acquired in satisfaction of debt     |   |          | 113.0    |   |       | XXX    |     |     |   | 113.0 |   |
| Real estate joint ventures                       |   |          | 59.7     |   |       | XXX    |     |     |   | 59.7 |   |
| Policy loans                                     |   |          | 5,037.3  |   |       |   | XXX      |     |   |   | 5,037.3 |   |
| Other limited partnership interests and          |   |          |     |   |       |   |     |     |   |   |   |   |
| equity investments                               |   |          | 1,955.1  |   |       |   | 1,955.1  |     |   |   | 1,955.1 |   |
| Trading securities                               |   |          | 587.5    |   |       |   | 573.3    |     |   |   | 573.3 |   |
| Other invested assets                            |   |          | 1,212.4  |   |       |   | 1,212.4  |     |   |   | 1,212.4 |   |
|                                             |   |          |     |   |       |   |     |     |   |   |   |   |
| Total Investments                                |   | $             | 50,104.4 |   |       | $      | 44,683.6 |     |   | $ | 50,076.3 |   |

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

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 2007          |     |   | 2006   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|----------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | (In Millions) |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |          |     |
| ASSETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |          |     |   |   |   |
| Investment in consolidated                            subsidiaries                                                                                               |   | $             | 13,295.9 |   |   | $      | 12,279.2 |   |
| Fixed maturities available for sale, at estimated fair value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          |     |   |   |   |   |   |
| (amortized costs, $5.0 and                            $5.5)                                                                                                                |   |          | 5.0      |   |   |   | 5.5 |   |
| Other invested                            assets                                                                                                                 |   |          | .2       |   |   |   | 22.6 |   |
| Total                            investments                                                                                                                                                   |   |          | 13,301.1 |   |   |   | 12,307.3 |   |
| Cash and cash                            equivalents                                                                                                             |   |          | 95.5     |   |   |   | 144.1 |   |
| Loans to                            affiliates                                                                                                                   |   |          | 329.0    |   |   |   | 425.5 |   |
| Intangible assets,                            net                                                                                                                |   |          | 1,131.5  |   |   |   | 548.7 |   |
| Income taxes                            receivable                                                                                                               |   |          | 321.6    |   |   |   | 429.7 |   |
| Other                            assets                                                                                                                          |   |          | 563.7    |   |   |   | 512.1 |   |
| Total                            Assets                                                                                                                          |   | $             | 15,742.4 |   |   | $      | 14,367.4 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |          |     |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |          |     |   |   |   |   |   |
| Short-term and long-term                            debt                                                                                                         |   | $             | 1,397.5  |   |   | $      | 1,405.3 |   |
| Loans from                            affiliates                                                                                                                 |   |          | 1,345.0  |   |   |   | 1,280.0 |   |
| Liability for employee benefit                            plans                                                                                                  |   |          | 1,284.0  |   |   |   | 1,318.4 |   |
| Accrued                            liabilities                                                                                                                   |   |          | 193.9    |   |   |   | 345.1 |   |
| Total                            liabilities                                                                                                                                                   |   |          | 4,220.4  |   |   |   | 4,348.8 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |          |     |   |   |   |   |   |
| SHAREHOLDER’S EQUITY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |          |     |   |   |   |   |   |
| Common stock, $.01 par value, 500 million shares authorized,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |          |     |   |   |   |   |   |
| 436.2 million shares issued and                            outstanding                                                                                                     |   |          | 3.9      |   |   |   | 3.9 |   |
| Capital in excess of par                            value                                                                                                        |   |          | 1,250.0  |   |   |   | 1,122.4 |   |
| Retained                            earnings                                                                                                                     |   |          | 10,863.8 |   |   |   | 9,494.7 |   |
| Accumulated other comprehensive                            loss                                                                                                  |   |          | (478.8   | )      |   |   | (378.9 | ) |
| Treasury shares, at                            cost                                                                                                              |   |          | (116.9   | )      |   |   | (223.5 | ) |
| Total shareholder’s                            equity                                                                                                                                    |   |          | 11,522.0 |   |   |   | 10,018.6 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |          |     |   |   |   |   |   |
| Total Liabilities and Shareholder’s                            Equity                                                                                      |   | $             | 15,742.4 |   |   | $      | 14,367.4 |   |

----

|                                                                                                                    |   |          |    |   |   |   |    |   |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|---------|--------|--------|--------|---------|--------|--------|
|                                                                                                                    |   | 2007          |    |   | 2006   |   |    | 2005   |   |
|                                                                                                                    |   | (In Millions) |    |
|                                                                                                                    |   |          |    |   |   |   |    |   |   |
| REVENUES                                                                                                                |   |          |    |   |   |   |    |   |   |
| Equity in earnings from continuing operations of consolidated                                    subsidiaries           |   | $             | 1,562.4 |   |   | $      | 1,324.9 |   |   | $ | 1,295.1 |   |
| Net investment income                                                                                                   |   |          | 17.0    |   |   |   | 39.0    |   |   |   | 39.7 |   |
| Investment gains (losses), net                                                                                          |   |          | 8.2     |   |   |   | 3.4     |   |   |   | (.7 | ) |
| Other income                                                                                                            |   |          | 1.1     |   |   |   | -       |   |   |   | - |   |
| Total revenues                                                                                                          |   |          | 1,588.7 |   |   |   | 1,367.3 |   |   |   | 1,334.1 |   |
|                                                                                                                    |   |          |    |   |   |   |    |   |   |   |   |   |
| EXPENSES                                                                                                                |   |          |    |   |   |   |    |   |   |   |   |   |
| Interest expense                                                                                                        |   |          | 203.6   |   |   |   | 196.5   |   |   |   | 170.2 |   |
| Amortization of other intangible assets                                                                            |   |          | 13.0    |   |   |   | 5.5     |   |   |   | 4.6 |   |
| General and administrative expenses                                                                                     |   |          | 21.1    |   |   |   | 34.3    |   |   |   | 28.7 |   |
| Total expenses                                                                                                          |   |          | 237.7   |   |   |   | 236.3   |   |   |   | 203.5 |   |
|                                                                                                                    |   |          |    |   |   |   |    |   |   |   |   |   |
| Earnings from continuing operations before                                                                              |   |          |    |   |   |   |    |   |   |   |   |   |
| income taxes                                                                                                            |   |          | 1,351.0 |   |   |   | 1,131.0 |   |   |   | 1,130.6 |   |
| Income tax (expense) benefit                                                                                            |   |          | (13.9   | )      |   |   | (3.1    | )      |   |   | 8.4 |   |
|                                                                                                                    |   |          |    |   |   |   |    |   |   |   |   |   |
| Earnings from continuing operations                                                                                     |   |          | 1,337.1 |   |   |   | 1,127.9 |   |   |   | 1,139.0 |   |
| Equity in (losses) earnings from discontinued operations, net                                    of income taxes        |   |          | (9.2    | )      |   |   | 36.1    |   |   |   | 20.2 |   |
| Equity in (losses) gains on disposal of discontinued                                    operations, net of income taxes |   |          | (3.6    | )      |   |   | 117.2   |   |   |   | (85.4 | ) |
| Net Earnings                                                                                                            |   | $             | 1,324.3 |   |   | $      | 1,281.2 |   |   | $ | 1,073.8 |   |

----

|                                                                                                               |   |          |     |   |   |   |     |   |   |
|--------------------------------------------------------------------------------------------------------------------|--------|---------------|----------|--------|--------|--------|----------|--------|--------|
|                                                                                                               |   | 2007          |     |   | 2006   |   |     | 2005   |   |
|                                                                                                               |   | (In Millions) |     |
|                                                                                                               |   |          |     |   |   |   |     |   |   |
| Net earnings                                                                                                       |   | $             | 1,324.3  |   |   | $      | 1,281.2  |   |   | $ | 1,073.8 |   |
| Adjustments to reconcile net earnings to net                                cash provided by operating activities: |   |          |     |   |   |   |     |   |   |   |   |   |
| Equity in net earnings of subsidiaries                                                                             |   |          | (1,549.6 | )      |   |   | (1,415.4 | )      |   |   | (1,315.5 | ) |
| Dividends from subsidiaries                                                                                        |   |          | 880.4    |   |   |   | 768.2    |   |   |   | 639.7 |   |
| Investment (gains) losses, net                                                                                     |   |          | (8.2     | )      |   |   | (3.4     | )      |   |   | .7 |   |
| Change in income tax receivable                                                                                    |   |          | 183.6    |   |   |   | (28.8    | )      |   |   | (8.0 | ) |
| Other                                                                                                              |   |          | (161.6   | )      |   |   | (108.3   | )      |   |   | 98.9 |   |
|                                                                                                               |   |          |     |   |   |   |     |   |   |   |   |   |
| Net cash provided by operating activities                                                                          |   |          | 668.9    |   |   |   | 493.5    |   |   |   | 489.6 |   |
|                                                                                                               |   |          |     |   |   |   |     |   |   |   |   |   |
| Cash flows from investing activities:                                                                              |   |          |     |   |   |   |     |   |   |   |   |   |
| Maturities and repayments                                                                                          |   |          | .8       |   |   |   | 6.8      |   |   |   | 3.8 |   |
| Sales                                                                                                              |   |          | 4.9      |   |   |   | 2.4      |   |   |   | 14.4 |   |
| Purchase of AllianceBernstein Units                                                                                |   |          | (745.7   | )      |   |   | -        |   |   |   | - |   |
| Decrease in loans to affiliates                                                                                    |   |          | 100.0    |   |   |   | 115.0    |   |   |   | - |   |
| Increase in loans to affiliates                                                                                    |   |          | (4.0     | )      |   |   | -        |   |   |   | - |   |
| Purchases                                                                                                          |   |          | -        |   |   |   | (3.8     | )      |   |   | (2.8 | ) |
| Contribution to subsidiaries                                                                                       |   |          | (160.1   | )      |   |   | (268.4   | )      |   |   | - |   |
| Other                                                                                                              |   |          | 17.3     |        |   |   | (7.9     | )      |   |   | (18.9 | ) |
|                                                                                                               |   |          |     |   |   |   |     |   |   |   |   |   |
|                                                                                                                    |        |               |          |        |        |        |          |        |        |  |  |  |
| Net cash used in investing activities                                                                              |   |          | (786.8   | )      |   |   | (155.9   | )      |   |   | (3.5 | ) |
|                                                                                                               |   |          |     |   |   |   |     |   |   |   |   |   |
| Cash flows from financing activities:                                                                              |   |          |     |   |   |   |     |   |   |   |   |   |
| Repayment of long-term debt                                                                                        |   |          | -        |   |   |   | -        |   |   |   | (275.0 | ) |
| Increase in short-term debt                                                                                        |   |          | (.8      | )      |   |   | 10.0     |   |   |   | 17.8 |   |
| Proceeds from loans from affiliates                                                                                |   |          | 850.0    |   |   |   | 335.0    |   |   |   | 11.1 |   |
| Repayment of loans from affiliates                                                                                 |   |          | (785.0   | )      |   |   | (635.0   | )      |   |   | - |   |
| Sales of treasury shares                                                                                           |   |          | (7.6     | )      |   |   | (4.3     | )      |   |   | (372.6 | ) |
| Other                                                                                                              |   |          | 12.7     |   |   |   | 17.1     |   |   |   | 27.8 |   |
|                                                                                                                    |        |               |          |        |        |        |          |        |        |  |  |  |
|                                                                                                                    |        |               |          |        |        |        |          |        |        |  |  |  |
| Net cash provided by (used in) financing activities                                                                |   |          | 69.3     |   |   |   | (277.2   | )      |   |   | (590.9 | ) |
|                                                                                                               |   |          |     |   |   |   |     |   |   |   |   |   |
| Change in cash and cash equivalents                                                                                |   |          | (48.6    | )      |   |   | 60.4     |   |   |   | (104.8 | ) |
| Cash and cash equivalents, beginning of year                                                                       |   |          | 144.1    |   |   |   | 83.7     |   |   |   | 188.5 |   |
|                                                                                                               |   |          |     |   |   |   |     |   |   |   |   |   |
| Cash and Cash Equivalents, End of Year                                                                             |   | $             | 95.5     |   |   | $      | 144.1    |   |   | $ | 83.7 |   |
|                                                                                                               |   |          |     |   |   |   |     |   |   |   |   |   |
| Supplemental cash flow information:                                                                                |   |          |     |   |   |   |     |   |   |   |   |   |
| Interest Paid                                                                                                      |   | $             | 78.0     |   |   | $      | 78.0     |   |   | $ | 123.5 |   |
| Income Taxes Refunded                                                                                              |   | $             | 20.7     |   |   | $      | 19.3     |   |   | $ | - |   |

----

|                         |          |    |                 |     | 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) |    |
|                         |          |    |
| Financial Advisory/Insurance | $             | 9,369.9 |                 | $        | 28,420.5             |   | $       | 22,934.1 |       | $      | 4,534.7              |     | $            | 3,235.7 |      | $       | 4,282.1 |   | $ | 1,217.5 |   | $ | 2,032.9 |   |
| Investment Management        |          | -       |                 |     | -                    |   |    | -        |       |   | -                    |     |         | 129.6   |      |    | - |   |   | - |   |   | 3,255.3 |   |
| Consolidation/Elimination    |          | -       |                 |     | -                    |   |    | -        |       |   | -                    |     |         | 27.7    |      |    | - |   |   | - |   |   | (91.3 | ) |
| Total                        | $             | 9,369.9 |                 | $        | 28,420.5             |   | $       | 22,934.1 |       | $      | 4,534.7              |     | $            | 3,393.0 |      | $       | 4,282.1 |   | $ | 1,217.5 |   | $ | 5,196.9 |   |

| (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) |    |
|                                                                                                                                                                          |          |    |
| Financial Advisory/Insurance                                                                                                                                                  | $             | 8,609.9 |                 | $        | 29,895.6             |   | $       | 22,754.7 |       | $      | 4,049.9              |     | $            | 2,943.4 |      | $       | 4,214.1 |   | $ | 812.6 |   | $ | 1,944.9 |   |
| Investment Management                                                                                                                                                    |          | -       |                 |     | -                    |   |    | -        |       |   | -                    |     |         | 132.9   |      |    | - |   |   | - |   |   | 2,876.4 |   |
| Consolidation/Elimination                                                                                                                                                |          | -       |                 |     | -                    |   |    | -        |       |   | -                    |     |         | 30.3    |      |    | - |   |   | - |   |   | (90.0 | ) |
| Total                             | $             | 8,609.9 |                 | $        | 29,895.6             |   | $       | 22,754.7 |       | $      | 4,049.9              |     | $            | 3,106.6 |      | $       | 4,214.1 |   | $ | 812.6 |   | $ | 4,731.3 |   |
|                                                                                                                                                                          |          |    |                 |     |                 |   |    |     |       |   |                 |     |         |    |      |    |   |   |   |   |   |   |   |   |

| (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) |   |         |   |   |      |   |   |   |
|                                                                                                       |   |    |    |   |       |   |    |                 |          |   |         |   |   |      |   |   |   |
| Financial Advisory/Insurance                                                                               |   | $       | 3,739.0 |   |       | $      | 3,132.9 |                 |          | $      | 4,049.3      |   |   | $         | 682.0  |   |   | $ | 1,773.5 |   |
| Investment                                Management          |   |    | -       |   |       |   | 50.8    |                 |          |   | -            |   |   |      | -      |   |   |   | 2,406.8 |   |
| Consolidation/Elimination                                                         |   |    | -       |   |       |   | 16.4    |                 |          |   | -            |   |   |      | -      |   |   |   | (98.7 | ) |
| Total                                                         |   | $       | 3,739.0 |   |       | $      | 3,200.1 |                 |          | $      | 4,049.3      |   |   | $         | 682.0  |   |   | $ | 4,081.6 |   |

| (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) |            |
| 2007                                                                                                                                                                                                                                                            |   |                  |            |   |      |   |            |      |   |   |           |   |   |       |            |
| Life Insurance In-force                                                                                                                                                                                                                                         |   | $                     |  473,580.9 |   |      | $      |  209,940.4 |      |   | $      | 40,334.2  |   |   | $          |  303,974.7 |   |   | 13.27 | % |
|                                                                                                                                                                                                                                                            |   |                  |            |   |      |   |            |      |   |   |           |   |   |       |            |   |   |   |   |
| Premiums:                                                                                                                                                                                                                                                       |   |                  |            |   |      |   |            |      |   |   |           |   |   |       |            |   |   |   |   |
| Life insurance and annuities                                                                                                                                                                                                                                    |   | $                     | 1,511.1         |   |      | $      | 184.7           |      |   | $      |  173.7    |   |   | $          |  1,500.1   |   |   | 11.58 | % |
| Accident and health                                                                                                                                                                                                                                             |   |                  |  120.0     |   |      |   |  83.5      |      |   |   |  25.0     |   |   |       |  61.5      |   |   | 40.65 | % |
| Total                                Premiums                                    |   | $                     |  1,631.1   |   |      | $      |  268.2     |      |   | $      | 198.7          |   |   | $          |  1,561.6   |   |   | 12.72  | % |
|                                                                                                                                                                                                                                                            |   |                  |            |   |      |   |            |      |   |   |           |   |   |       |            |   |   |   |   |
| 2006                                                                                                                                                                                                                                                            |   |                  |            |   |      |   |            |      |   |   |           |   |   |       |            |   |   |   |   |
| Life Insurance In-force                                                                                                                                                                                                                                         |   | $                     | 452,148.6       |   |      | $      | 154,656.3       |      |   | $      | 48,259.3       |   |   | $          | 345,751.6       |   |   |   | 13.96 | % |
|                                                                                                                                                                                                                                                            |   |                  |            |   |      |   |            |      |   |   |           |   |   |       |            |   |   |   |   |   |
| Premiums:                                                                                                                                                                                                                                                       |   |                  |            |   |      |   |            |      |   |   |           |   |   |       |            |   |   |   |   |   |
| Life insurance and                                                                                                                                                                                                                                              |   |                  |            |   |      |   |            |      |   |   |           |   |   |       |            |   |   |   |   |   |
| annuities                                                                                                      |   | $                     | 1,539.1         |   |      | $      | 191.4           |      |   | $      | 172.5          |   |   | $          | 1,520.2         |   |   |   | 11.35 | % |
| Accident and health                                                                                                                                                                                                                                             |   |                  | 126.1           |   |      |   | 89.4            |      |   |   | 24.7           |   |   |       | 61.4            |   |   |   | 40.23 | % |
| Total                                Premiums                                    |   | $                     | 1,665.2         |   |      | $      | 280.8           |      |   | $      | 197.2          |   |   | $          | 1,581.6         |   |   |   | 12.47 | % |
|                                                                                                                                                                                                                                                            |   |                  |            |   |      |   |            |      |   |   |           |   |   |       |            |   |   |   |   |   |
| 2005                                                                                                                                                                                                                                                            |   |                  |            |   |      |   |            |      |   |   |           |   |   |       |            |   |   |   |   |   |
| Life Insurance In-force                                                                                                                                                                                                                                         |   | $                     | 437,434.5       |   |      | $      | 143,078.7       |      |   | $      | 50,606.1       |   |   | $          | 344,961.9       |   |   |   | 14.67 | % |
|                                                                                                                                                                                                                                                            |   |                  |            |   |      |   |            |      |   |   |           |   |   |       |            |   |   |   |   |   |
| Premiums:                                                                                                                                                                                                                                                       |   |                  |            |   |      |   |            |      |   |   |           |   |   |       |            |   |   |   |   |   |
| Life insurance and                                                                                                                                                                                                                                              |   |                  |            |   |      |   |            |      |   |   |           |   |   |       |            |   |   |   |   |   |
| annuities                                                                                                      |   | $                     | 1,627.5         |   |      | $      | 195.8           |      |   | $      | 153.0          |   |   | $          | 1,584.7         |   |   |   | 9.65 | % |
| Accident and health                                                                                                                                                                                                                                             |   |                  | 133.7           |   |      |   | 88.3            |      |   |   | 18.7           |   |   |       | 64.1            |   |   |   | 29.17 | % |
| Total                                Premiums                                    |   | $                     | 1,761.2         |   |      | $      | 284.1           |      |   | $      | 171.7          |   |   | $          | 1,648.8         |   |   |   | 10.41 | % |
|                                                                                                                                                                                                                                                            |   |                  |            |   |      |   |            |      |   |   |           |   |   |       |            |   |   |   |   |   |

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

----

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2007           |   | 2006   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (In Thousands) |   |
| Principal Accounting Fees and Services:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |           |   |
| Audit                                fees                                                                                           | $              | 19,470 |   | $      | 21,325 |   |
| Audit related                                fees                                                                                   |           | 2,626  |   |   | 2,187 |   |
| Tax                                fees                                                                                             |           | 2,158  |   |   | 1,845 |   |
| All other                                fees                                                                                       |           | 175    |   |   | 78 |   |
| Total                                                                                                                | $              | 24,429 |   | $      | 25,435 |   |

----

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

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

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

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

----

| Date: | March 12, 2008 |   | AXA FINANCIAL, INC. |
|-------|----------------|--------|---------------------|

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

|                       |   |                                   |   |           |
|----------------------------|--------|----------------------------------------|--------|----------------|
| /s/ Henri de Castries      |   | Chairman of the Board, Director        |   | March 12, 2008 |
| Henri de Castries          |   |                                   |   |           |
|                       |   |                                   |   |           |
| /s/ Christopher M. Condron |   | President and Chief Executive Officer, |   | March 12, 2008 |
| Christopher M. Condron     |   | Director                               |   |           |
|                       |   |                                   |   |           |
| /s/ Richard S. Dziadzio    |   | Executive Vice President and           |   | March 12, 2008 |
| Richard S. Dziadzio        |   | Chief Financial Officer                |   |           |
|                       |   |                                   |   |           |
| /s/ Alvin H. Fenichel      |   | Senior Vice President and Controller   |   | March 12, 2008 |
| Alvin H. Fenichel          |   |                                   |   |           |
|                       |   |                                   |   |           |
| /s/ Bruce W. Calvert       |   | Director                               |   | March 12, 2008 |
| Bruce W. Calvert           |   |                                   |   |           |
|                       |   |                                   |   |           |
| /s/ Denis Duverne          |   | Director                               |   | March 12, 2008 |
| Denis Duverne              |   |                                   |   |           |
|                       |   |                                   |   |           |
| /s/ Charlynn Goins         |   | Director                               |   | March 12, 2008 |
| Charlynn Goins             |   |                                   |   |           |
|                       |   |                                   |   |           |
| /s/ Anthony J. Hamilton    |   | Director                               |   | March 12, 2008 |
| Anthony J. Hamilton        |   |                                   |   |           |
|                       |   |                                   |   |           |
| /s/ Mary R. Henderson      |   | Director                               |   | March 12, 2008 |
| Mary R. Henderson          |   |                                   |   |           |
|                       |   |                                   |   |           |
| /s/ James F. Higgins       |   | Director                               |   | March 12, 2008 |
| James F. Higgins           |   |                                   |   |           |
|                       |   |                                   |   |           |
| /s/ Scott D. Miller        |   | Director                               |   | March 12, 2008 |
| Scott D. Miller            |   |                                   |   |           |
|                       |   |                                   |   |           |
| /s/ Joseph H. Moglia       |   | Director                               |   | March 12, 2008 |
| Joseph H. Moglia           |   |                                   |   |           |
|                       |   |                                   |   |           |
| /s/ Lorie A. Slutsky       |   | Director                               |   | March 12, 2008 |
| Lorie A. Slutsky           |   |                                   |   |           |

----

|               |   |     |   |           |
|--------------------|--------|----------|--------|----------------|
| /s/ Ezra Suleiman  |   | Director |   | March 12, 2008 |
| Ezra Suleiman      |   |     |   |           |
|               |   |     |   |           |
| /s/ Peter J. Tobin |   | Director |   | March 12, 2008 |
| Peter J. Tobin     |   |     |   |           |
|               |   |     |   |           |

----

|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                                                                                                                                                                                                                                                      |   |   |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
| Number |   | Description                                                                                                                                                                                                                                                                                                                                                                                                               |   | Method of Filing                                                                                                                                                                                                                                                                                                          |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                                                                                                                                                                                                                                                      |   |   |
| 2.1    |   | Acquisition Agreement dated as of June 20, 2000, amended and                                restated as of October 2, 2000, among AllianceBernstein,                                AllianceBernstein Holding, Alliance Capital Management LLC,                                Bernstein, Bernstein Technologies Inc., SCB Partners Inc., Sanford                                C. Bernstein & Co., LLC, and SCB LLC |   | Filed as Exhibit 2.1 to Alliance’s Annual Report on Form 10-K                                for the year ended December 31, 2000 and incorporated herein by                                reference                                                                                                               |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                                                                                                                                                                                                                                                      |   |   |
| 2.2    |   | Purchase Agreement dated as of June 20, 2000 by and among Alliance,                                AXA Financial and Bernstein                                                                                                                                                                                                                                                                                            |   | Filed as Exhibit 10.18 to Alliance’s Annual Report on Form                                10-K for the year ended December 31, 2000 and incorporated herein                                by reference                                                                                                             |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                                                                                                                                                                                                                                                      |   |   |
| 2.3    |   | Financing Agreement dated as of June 20, 2000 between AXA Financial                                and Alliance                                                                                                                                                                                                                                                                                                           |   | Filed as Exhibit 10.19 to Alliance’s Annual Report on Form                                10-K for the year ended December 31, 2000 and incorporated herein                                by reference                                                                                                             |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                                                                                                                                                                                                                                                      |   |   |
| 2.4    |   | Letter Agreement dated as of June 20, 2000 between AXA Financial                                and Bernstein                                                                                                                                                                                                                                                                                                             |   | Filed as Exhibit 10.20 to Alliance’s Annual Report on Form                                10-K for the year ended December 31, 2000 and incorporated herein                                by reference                                                                                                             |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                                                                                                                                                                                                                                                      |   |   |
| 2.5    |   | Agreement and Plan of Merger dated as of September 17, 2003 among                                AXA Financial, AIMA Acquisition Co. and MONY                                                                                                                                                                                                                                                                             |   | Filed as Exhibit 2.1 to the registrant’s Current Report on                                Form 8-K dated September 18, 2003 and incorporated herein by                                reference                                                                                                                     |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                                                                                                                                                                                                                                                      |   |   |
| 2.6    |   | Amendment No.1 to the Agreement and Plan of Merger dated as of                                February 22, 2004 among AXA Financial, AIMA Acquisition Co. and                                MONY                                                                                                                                                                                                                         |   | Filed as Exhibit 2.1 to the registrant’s Current Report on                                Form 8-K dated February 23, 2004 and incorporated herein by                                reference                                                                                                                      |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                                                                                                                                                                                                                                                      |   |   |
| 2.7    |   | Acquisition agreement dated as September 14, 2005 between AXA                                Financial, Inc. and Merrill Lynch, Pierce, Fenner & Smith                                Incorporated.                                                                                                                                                                                                                   |   | Filed as Exhibit 99.1 to the registrant’s Current Report on                                Form 8-K dated September 14, 2005 and incorporated herein by                                reference                                                                                                                    |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                                                                                                                                                                                                                                                      |   |   |
| 3.1    |   | Restated Certificate of Incorporation of AXA Financial                                                                                                                                                                                                                                                                                                                                                                    |   | Filed as Exhibit 4.01(a) to Post-Effective Amendment No. 1 to the                                registrant’s Form S-3 Registration Statement (No. 333-03224),                                dated May 27, 1997 and incorporated herein by reference                                                               |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                                                                                                                                                                                                                                                      |   |   |
| 3.2    |   | Amendment to Restated Certificate of Incorporation of AXA                                Financial                                                                                                                                                                                                                                                                                                                        |   | Filed as Exhibit 4.01(g) to Post-Effective Amendment No. 1 to the                                registrant’s                                Form S-3 Registration Statement                                (No. 333-03224), dated May 27, 1997 and incorporated herein by                                reference |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                                                                                                                                                                                                                                                      |   |   |
| 3.3    |   | Corrected Certificate of Amendment of Restated Certificate of                                Incorporation of AXA Financial                                                                                                                                                                                                                                                                                               |   | Filed as Exhibit 3 to the registrant’s Current Report on Form                                8-K dated September 1, 1999 and incorporated herein by                                reference                                                                                                                        |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                                                                                                                                                                                                                                                      |   |   |

----

|   |   |                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                      |   |   |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
| Number |   | Description                                                                                                                                                                                                                                                                                                          |   | Method of Filing                                                                                                                                                                                                                                          |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                      |   |   |
| 3.4    |   | Amendment to the Restated Certificate of Incorporation of AXA                                Financial dated May 19, 2000                                                                                                                                                                                            |   | Filed as Exhibit 3.4 to the registrant’s                                Form 10-Q for the quarter ended June 30, 2000 and incorporated                                herein by reference                                                           |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                      |   |   |
| 3.5    |   | By-laws of AXA Financial, as amended effective March 23,                                2000                                                                                                                                                                                                                         |   | Filed as Exhibit 3.3 to the registrant’s Annual Report on                                Form 10-K for the year ended December 31, 1999 and incorporated                                herein by reference                                         |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                      |   |   |
| 4.1    |   | Form of Certificate for AXA Financial’s Common Stock, par                                value $.01 per share                                                                                                                                                                                                  |   | Filed as Exhibit 4(c) to the registrant’s                                Form S-1 Registration Statement                                (No. 33-48115), dated May 26, 1992 and incorporated herein by                                reference      |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                      |   |   |
| 4.2    |   | Indenture, dated as of December 1, 1993, from AXA Financial to                                Chemical Bank, as Trustee                                                                                                                                                                                              |   | Filed as Exhibit 4.02 to the registrant’s                                Form S-4 Registration Statement                                (No. 33-73102), dated December 17, 1993 and incorporated herein by                                reference |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                      |   |   |
| 4.3    |   | Fourth Supplemental Indenture, dated                                April 1, 1998, from AXA Financial to The Chase Manhattan Bank                                (formerly known as Chemical Bank), as Trustee, together with forms                                of global Senior Note and global Senior Indenture |   | Filed as Exhibit 4.18(a) to the registrant’s Current Report                                on Form 8-K dated April 7, 1998 and incorporated herein by                                reference                                                      |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                      |   |   |
| 4.4    |   | Fifth Supplemental Indenture, dated July 28, 2000, from AXA                                Financial to The Chase Manhattan Bank (formerly known as Chemical                                Bank), as Trustee, together with the form of global Senior                                Note                           |   | Filed as Exhibit 4.18(d) to the registrant’s Current Report                                on Form 8-K dated July 31, 2000 and incorporated herein by                                reference                                                      |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                      |   |   |
| 9.1(a) |   | Voting Trust Agreement dated as of May 12, 1992, among AXA, Claude                                Bébéar, Patrice Garnier and Henri de                                Clermont-Tonnerre                                                                                                                |   | Filed as Exhibit 9 to the registrant’s                                Form S-1 Registration Statement                                (No. 33-48115), dated May 26, 1992 and incorporated herein by                                reference         |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                      |   |   |
| 9.1(b) |   | First Amendment dated January 22, 1997 to the Voting Trust                                Agreement dated as of                                May 12, 1992                                                                                                                                                          |   | Filed as Exhibit 9(b) to the registrant’s Annual Report on                                Form 10-K for the year ended December 31, 1997 and incorporated                                herein by reference                                        |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                      |   |   |
| 9.1(c) |   | Amended and Restated Voting Trust Agreement dated May 12,                                2002                                                                                                                                                                                                                        |   | Filed as Exhibit 9.1(c) to the registrant’s Annual Report on                                Form 10-K for the year ended December 31, 2002 and incorporated                                herein by reference                                      |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                      |   |   |
| 10.1   |   | Cooperation Agreement, dated as of July 18, 1991, as amended among                                AXA Equitable, AXA Financial and AXA                                                                                                                                                                               |   | Filed as Exhibit 10(d) to the registrant’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 Equitable, AXA                                Financial and AXA                                                                                                                                                                                                      |   | Filed as Exhibit 10(e) to the registrant’s                                Form S-1 Registration Statement                                (No. 33-48115), dated May 26, 1992 and incorporated herein by                                reference     |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                      |   |   |

----

| Number |   | Description                                                                                                                                                                                                                                              |   | Method of Filing                                                                                                                                                                                                                                      |   |   |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|   |   |                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                  |   |   |
| 10.3   |   | Amended and Restated Reinsurance Agreement, dated as of March 29,                                1990, between AXA Equitable and First Equicor Life Insurance                                Company                                                     |   | Filed as Exhibit 10(o) to the registrant’s                                Form S-1 Registration Statement                                (No. 33-48115), dated May 26, 1992 and incorporated herein by                                reference |   |   |
|   |   |                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                  |   |   |
| 10.4   |   | The Amended and Restated Transfer Agreement dated as of February                                23, 1993, as amended and restated on May 28, 1993, among Alliance,                                Equitable Capital and Equitable Investment Corporation |   | Filed as Exhibit 19 to the registrant’s Statement on Schedule                                13D dated July 29, 1993 and incorporated herein by reference                                                                                       |   |   |
|   |   |                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                  |   |   |
| 10.5   |   | Management Compensation Arrangements with Messrs.                                Bébéar and de Castries                                                                                                                                    |   | Filed as Exhibit 10.22 to the registrant’s Annual Report on                                Form 10-K for the year ended December 31, 1997 and incorporated                                herein by reference                                   |   |   |
|   |   |                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                  |   |   |
| 10.6   |   | Exchange Agreement dated as of                                September 27, 1994, between AXA and AXA Financial                                                                                                                                          |   | Filed as Exhibit 10.01 to registrant’s Form S-4 Registration                                Statement (No. 33-84462), dated September 28, 1994 and incorporated                                herein by reference                              |   |   |
|   |   |                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                  |   |   |
| 10.7   |   | Employment Agreement dated May 11, 2001 between AXA Financial, AXA                                Equitable and Christopher M. Condron +                                                                                                                 |   | Filed as Exhibit 10.16 to the registrant’s Form 10-Q for the                                quarter ended June 30, 2001 and incorporated herein by                                reference                                                     |   |   |
|   |   |                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                  |   |   |
| 13.1   |   | AllianceBernstein Risk Factors                                                                                                                                                                                                                           |   | Filed herewith                                                                                                                                                                                                                                        |   |   |
|   |   |                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                  |   |   |
| 18     |   | Preferability Letter from PricewaterhouseCoopers LLP                                                                                                                                                                                                     |   | Filed as Exhibit 18 to the Registrant’s Annual Report on Form                                10-K for the year ended December 31, 2002 and incorporated herein                                by reference                                      |   |   |
|   |   |                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                  |   |   |
| 21     |   | Subsidiaries of the registrant                                                                                                                                                                                                                           |   | Omitted pursuant to General Instruction I of Form 10-K                                                                                                                                                                                                |   |   |
|   |   |                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                  |   |   |
| 23.1   |   | Consent of PricewaterhouseCoopers LLP                                                                                                                                                                                                                    |   | Filed herewith                                                                                                                                                                                                                                        |   |   |
|   |   |                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                  |   |   |
| 23.2   |   | Consent of KPMG LLP (regarding AllianceBernstein L.P. and                                subsidiaries)                                                                                                                                                   |   | Filed herewith                                                                                                                                                                                                                                        |   |   |
|   |   |                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                  |   |   |
| 23.3   |   | Consent of KPMG LLP (regarding AllianceBernstein Holding                                L.P.)                                                                                                                                                            |   | Filed herewith                                                                                                                                                                                                                                        |   |   |
|   |   |                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                  |   |   |
| 31.1   |   | Section 302 Certification made by the registrant’s Chief                                Executive Officer                                                                                                                                          |   | Filed herewith                                                                                                                                                                                                                                        |   |   |
|   |   |                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                  |   |   |
| 31.2   |   | Section 302 Certification made by the registrant’s Chief                                Financial Officer                                                                                                                                          |   | Filed herewith                                                                                                                                                                                                                                        |   |   |
|   |   |                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                  |   |   |
|   |   |                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                  |   |   |

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|   |   |                                                                                                            |   |             |   |   |
|--------|--------|-----------------------------------------------------------------------------------------------------------------|--------|------------------|--------|--------|
| Number |   | Description                                                                                                     |   | Method of Filing |   |   |
|   |   |                                                                                                            |   |             |   |   |
|   |   |                                                                                                            |   |             |   |   |
| 32.1   |   | Section 906 Certification made by the registrant’s Chief                                Executive Officer |   | Filed herewith   |   |   |
|   |   |                                                                                                            |   |             |   |   |
| 32.2   |   | Section 906 Certification made by the registrant’s Chief                                Financial Officer |   | Filed herewith   |   |   |

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