MIRA INFORM REPORT

Report Date :

10.10.2012

IDENTIFICATION DETAILS

Name :	AXA EQUITABLE LIFE INSURANCE COMPANY

Registered Office :	13th Floor, 1290 Avenue of the Americas, New York, NY 10104

Country :	United States

Financials (as on) :	31.12.2011

Date of Incorporation :	1859

Legal Form :	Private Subsidiary Company

Line of Business :	Life Insurance Company

No. of Employees :	4603 employees

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

United States

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

United States - ECONOMIC OVERVIEW

The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $48,100. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. Imported oil accounts for nearly 55% of US consumption. Oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices increased another 50% between 2006 and 2008. In 2008, soaring oil prices threatened inflation and caused a deterioration in the US merchandise trade deficit, which peaked at $840 billion. In 2009, with the global recession deepening, oil prices dropped 40% and the US trade deficit shrank, as US domestic demand declined, but in 2011 the trade deficit ramped back up to $803 billion, as oil prices climbed once more. The global economic downturn, the sub-prime mortgage crisis, investment bank failures, falling home prices, and tight credit pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP). The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP; total government revenues from taxes and other sources are lower, as a percentage of GDP, than that of most other developed countries. The wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the US budget deficit and public debt - through 2011, the direct costs of the wars totaled nearly $900 billion, according to US government figures. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform bill that will extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight. Long-term problems include inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, sizable current account and budget deficits - including significant budget shortages for state governments - energy shortages, and stagnation of wages for lower-income families.

Source : CIA

Company name & address

AXA Equitable Life Insurance Company

13th Floor, 1290 Avenue of the Americas

New York, NY 10104

United States

Tel: 212-554-1234

Fax: 212-554-2320

Web: www.axa-equitable.com

Synthesis

Employees: 4,603

Company Type: Private Subsidiary

Corporate Family: 1020 Companies

Ultimate Parent: AXA

Incorporation Date: 1859

Auditor: PricewaterhouseCoopers LLP

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2011

Reporting Currency: US Dollar

Annual Sales: 17,872.0 1

Net Income: 2,414.0

Total Assets: 166,016.0 2

Business Description

AXA Equitable Life Insurance Company (AXA Equitable) is a life insurance company. AXA Equitable is part of a diversified financial services organization offering a line of financial advisory, insurance and investment management services. Together with the Companyâ€™s affiliates, including AllianceBernstein L.P (AllianceBernstein), it operates as an asset manager, with total assets under management of approximately $559.9 billion as of December 31, 2010, of which approximately $478 billion were managed by AllianceBernstein. AXA Equitable is a wholly owned subsidiary of AXA Financial, Inc. (AXA Financial), which is a wholly owned subsidiary of AXA S.A. (AXA). The Company operates in two business segments: the Insurance and Investment Management segments. During the year ended December 31, 2010, it realigned the Insurance segment into five operating areas include: financial protection and wealth management, retirement savings, strategic shared services, finance and human resources. For the six months ended 30 June 2012, AXA Equitable Life Insurance Company revenues increased 17% to $5.52B. Net income increased from $169M to $786M. Revenues reflect Insurance segment increase of 30% to $4.21B. Net income benefited from Other Operating Costs and Expenses decrease of 32% to $519M (expense), Amort. of Deferred Sales Commissions decrease of 10% to $18M (expense).

Industry

Industry Investment Services

ANZSIC 2006: 6420 - Auxiliary Insurance Services

NACE 2002: 6720 - Activities auxiliary to insurance and pension funding

NAICS 2002: 524113 - Direct Life Insurance Carriers

UK SIC 2003: 6720 - Activities auxiliary to insurance and pension funding

UK SIC 2007: 6629 - Other activities auxiliary to insurance and pension funding

US SIC 1987: 6411 - Insurance Agents, Brokers, and Service

Key Executives

(Emails Available)

Name	Title
Mark Pearson	Chairman of the Board, Chief Executive Officer
Nick Lane	Senior Executive Vice President and President of retirement savings
Anders Malmstrom	Chief Financial Officer, Senior Executive Vice President
Amy J. Radin	Senior Executive Vice President, Chief Marketing Officer
Richard Silver	Senior Executive Vice President, Chief Legal Officer and Chief Administrative Officer

news

Title	Date
Separate Account No. 70 of Axa Equitable Life Insurance Co Files SEC Form 497, Definitive Materials (Sept. 25, 2012) Insurance Weekly News (164 Words)	3-Oct-2012
Treasurer sues insurance companies over unclaimed property The Charleston Gazette, W.Va. (401 Words)	29-Sep-2012
Record Number of Contracts Signed Between Corporate Supporters and Certified Women-Owned Businesses PR Newswire US (453 Words)	26-Sep-2012
Fitch Affirms AXA Entities' IFS at 'AA-'; Revises Outlook to Negative Business Wire (1417 Words)	24-Sep-2012
AXA Foundation Provides $670,000 in Annual Scholarships In Association with U.S. News & World Report PR Newswire US (587 Words)	18-Sep-2012

1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1

2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1

Corporate Overview

Location

13th Floor, 1290 Avenue of the Americas

New York, NY, 10104

New York County

United States

Tel: 212-554-1234

Fax: 212-554-2320

Web: www.axa-equitable.com

Sales USD(mil): 17,872.0

Assets USD(mil): 166,016.0

Employees: 4,603

Fiscal Year End: 31-Dec-2011

Industry: Investment Services

Incorporation Date: 1859

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Chairman of the Board,

Chief Executive Officer: Mark Pearson

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Additional Information

Industry Codes

ANZSIC 2006 Codes:

6420 - Auxiliary Insurance Services

6419 - Other Auxiliary Finance and Investment Services

6310 - Life Insurance

NACE 2002 Codes:

6720 - Activities auxiliary to insurance and pension funding

6713 - Activities auxiliary to financial intermediation not elsewhere classified

6601 - Life insurance

NAICS 2002 Codes:

524113 - Direct Life Insurance Carriers

523930 - Investment Advice

US SIC 1987:

6411 - Insurance Agents, Brokers, and Service

6282 - Investment Advice

6311 - Life Insurance

UK SIC 2003:

6720 - Activities auxiliary to insurance and pension funding

6601 - Life insurance

6713 - Activities auxiliary to financial intermediation not elsewhere classified

UK SIC 2007:

6629 - Other activities auxiliary to insurance and pension funding

6511 - Life insurance

6619 - Other activities auxiliary to financial services, except insurance and pension funding

Business Description

More Business Descriptions

Establishments primarily engaged in furnishing investment information and advice to companies and individuals concerning securities and commodities on a contract or fee basis.

AXA Equitable Life Insurance Company is a respected leader in the insurance industry. Governments institutions corporations foundations and individuals rely on our products; they rely on our strength and our experience. For more than a century outstanding insurance and annuity products have been the hallmark of AXA Equitable. AXA Equitable is an insurance powerhouse with a visible presence providing a wide range of high- quality products. Founded in 1859 as The Equitable Life Assurance Society of the United States and renamed in September 2004 AXA Equitable Life Insurance Company is one of the nations premier providers of life insurance annuities. AXA Equitable is the principal life insurance subsidiary of AXA Financial Inc. one of the leading U.S. organizations in financial protection and wealth management through its strong brands. In addition to AXA Equitable Life Insurance Company AXA Financials brands include AXA Advisors LLC Alliance Capital Management L.P. Sanford C. Bernstein & Co. LLC AXA Distributors LLC and the MONY family of companies including MONY Life Insurance Company U.S. Financial Life Insurance Company Advest Inc. and Lebenthal a division of Advest Inc. Member: NYSE NASD SIPC. The MONY family of companies became a wholly owned subsidiary of AXA Financial on July 8 2004.

AXA Financial is a premier organization that specializes in financial protection and wealth management through its strong brands. The company's brands include AXA Equitable Life Insurance Company, AXA Advisors, Alliance Capital Management, Sanford C. Bernstein & Co., AXA Distributors and the MONY family of companies. AXA Financial is a member of the global AXA Group, a worldwide leader in financial protection and wealth management. AXA's operations are geographically diverse. The company has major operations in Western Europe, North America and the Asia/Pacific region, including its location in New York.

Financial Data

Financials in:	USD(mil)

Revenue:	17,872.0
Net Income:	2,414.0
Assets:	166,016.0
Long Term Debt:	1,525.0
Total Liabilities:	150,455.0

Date of Financial Data:	31-Dec-2011

1 Year Growth

56.2%

Key Corporate Relationships

Auditor:	PricewaterhouseCoopers LLP
Bank:	Federal Home Loan Bank-NY, Banc Of America Leasing & Capital Llc

Auditor:	PricewaterhouseCoopers LLP

Additional Information
ABI Number:	233477330

Credit Report as of 11/01/2011

Location
1290 Ave Of Americas Ste: Conc4 New York, NY 10104-0106 United States

County:	New York
MSA:	New York, NY

Phone:	212-554-1234
Fax:	212-554-2320
URL:	http://axa-equitable.com

ABI^©:	233477330

Annual Sales:	$17,872,000,000 (USD)

Facility Size(ft²):	2,500 - 9,999

Business Type:	Private
Location Type:	Subsidiary
Corp. Affiliation:	AXA Financial Inc

Primary Line of Business:
SIC:	6282-05 - Financial Planning Consultants
NAICS:	523930 - Investment Advice
Secondary Lines of Business:
NAICS:	523910 - Misc Intermediation
	524210 - Insurance Agencies & Brokerages
SICs:	6411-09 - Insurance-Life (Agents)
	6411-12 - Insurance
	6799-98 - Venture Capital Companies

Corporate Family	Corporate Structure News:
	AXA AXA Equitable Life Insurance Company
AXA Equitable Life Insurance Company Total Corporate Family Members: 1020 Excluded Small Branches and/or Trading Addresses: 359 (Available via export)

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
AXA	Parent	Paris	France	Insurance (Life)	141,489.8	163,000
AXA Konzern AG	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Insurance (Life)		10,898
AXA Service AG	Subsidiary	Koln	Germany	Business Services	1,334.8	6,659
AXA Krankenversicherung AG	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Insurance (Accident and Health)		651
DWK AG & Co. GrundstÃ¼cksgesellschaft K 2 KG	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Real Estate Operations	6.7	3
AXA Logistic Services GmbH	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Investment Services	83.0	406
VVS Holding Vertriebs-, Verwaltungs- und Service GmbH	Subsidiary	Bayreuth, Bayern	Germany	Commercial Banks	43.1	400
AVS Allgemeine Verwaltungs- und Service GmbH	Subsidiary	Bayreuth, Bayern	Germany	Computer Services		176
BSW Verbraucher-Service Beamten-Selbsthilfewerk GmbH	Subsidiary	Bayreuth, Bayern	Germany	Miscellaneous Capital Goods		70
AXA Technology Services GmbH	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Computer Services	176.4	325
AXA Konzern AG	Branch	Dreieich	Germany	Investment Services		180
Deutsche Ã„rzteversicherung AG	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Insurance (Life)		155
AXA Krankenversicherung Gesellschaft fÃ¼r die Betreuung von Maklern und Mehrfachagenten mbH	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Insurance (Accident and Health)	147.7	100
AXA ART Versicherung AG	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Insurance (Accident and Health)		55
AXA Art Insurance Corp	Subsidiary	New York, NY	United States	Insurance (Property and Casualty)		20
AXA Bank AG	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Consumer Financial Services		47
AXA Art France	Subsidiary	Paris	France	Investment Services		20
AXA Finanz Service GmbH	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Investment Services	2.8	19
Inreka GmbH	Subsidiary	Cloppenburg	Germany	Miscellaneous Financial Services	68.8	12
Rheinisch-WestfÃ¤lische Sterbekasse Lebensversicherung AG	Subsidiary	Essen, Nordrhein-Westfalen	Germany	Investment Services		9
Axa Krankenversicherung Gesellschaft	Subsidiary	Koln	Germany	Business Services	68.6	2
AXA Schaden Experten GmbH	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Investment Services	16.5	2
Pro bAV Pensionskasse AG	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Investment Services		2
Venus Beteiligungsgesellschaft mbH	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Consumer Financial Services		2
Deutsche Ã„rzte Finanz Beratungs- und Vermittlungs-Aktiengesellschaft	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Business Services	112.8	1
AXA Financial	Subsidiary	New York, NY	United States	Insurance (Life)	11,228.0	9,509
AXA Equitable Life Assurance Company	Subsidiary	New York, NY	United States	Investment Services	3,242.0	5,139
AXA Equitable Life Insurance Company	Subsidiary	New York, NY	United States	Investment Services	17,872.0	4,603
AXA Equitable	Branch	Syracuse, NY	United States	Investment Services	153.3	700
AXA Equitable	Branch	New Hyde Park, NY	United States	Investment Services	48.3	150
AXA Equitable	Branch	Irvine, CA	United States	Investment Services	32.5	101
AXA Equitable	Branch	Scottsdale, AZ	United States	Investment Services	17.7	81
AXA Equitable	Branch	Charlotte, NC	United States	Investment Services	15.3	70
Equitable Life Assurance Soc	Subsidiary	Los Angeles, CA	United States	Investment Services	13.1	60
AXA Equitable	Branch	Overland Park, KS	United States	Investment Services	16.1	50
AXA Equitable	Branch	Rochester, NY	United States	Investment Services	11.0	50
AXA Equitable	Branch	Boca Raton, FL	United States	Investment Services	11.0	50
AXA Equitable	Branch	Syracuse, NY	United States	Investment Services	8.8	40
AXA Equitable	Branch	Dayton, OH	United States	Investment Services	9.7	30
AXA Equitable	Branch	Oklahoma City, OK	United States	Investment Services	6.1	28
AXA Equitable	Branch	Franklin, TN	United States	Investment Services	8.1	25
AXA Equitable	Branch	Hamden, CT	United States	Investment Services	8.1	25
AXA Equitable	Branch	Poughkeepsie, NY	United States	Investment Services	5.5	25
AXA Equitable	Branch	Nashville, TN	United States	Investment Services	5.5	25
AXA Equitable	Branch	Terrace Park, OH	United States	Investment Services	6.4	20
AXA Equitable	Branch	Marlton, NJ	United States	Investment Services	6.4	20
AXA Equitable	Branch	San Antonio, TX	United States	Investment Services	3.7	17
AXA Equitable	Branch	Green Bay, WI	United States	Investment Services	3.9	12
AXA Equitable	Branch	Falls Church, VA	United States	Investment Services	2.6	12
AXA Equitable	Branch	East Brunswick, NJ	United States	Investment Services	2.6	8
Equitable Life Assurance Soc	Subsidiary	Palatine, IL	United States	Investment Services	0.7	3
Equitable Life Assurance Soc	Subsidiary	Woodland Hills, CA	United States	Investment Services	0.7	3
Equitable Life Assurance Soc	Subsidiary	Marshfield, WI	United States	Investment Services	0.7	3
JONES Insurance	Subsidiary	Decatur, AL	United States	Investment Services	0.4	2
EQUITABLE Life Assurance	Subsidiary	Madison, IN	United States	Investment Services	0.2	1
AXA Equitable Insurance Co	Subsidiary	Stone Lake, WI	United States	Investment Services	0.2	1
AllianceBernstein Holding LP	Subsidiary	New York, NY	United States	Investment Services	-65.6	3,764
Sanford C. Bernstein & Co., LLP	Unit	New York, NY	United States	Investment Services	450.0	4,000
Bernstein Investment Research	Branch	Los Angeles, CA	United States	Miscellaneous Financial Services	40.9	70
Bernstein Global Wealth Management	Branch	Los Angeles, CA	United States	Miscellaneous Financial Services	30.4	52
Bernstein Investment Research	Branch	West Palm Beach, FL	United States	Investment Services	15.8	49
Bernstein Investment Research	Branch	San Francisco, CA	United States	Investment Services	12.9	40
Bernstein Global Wealth Management	Branch	Chicago, IL	United States	Miscellaneous Financial Services	22.8	39
Bernstein Investment Research	Branch	Dallas, TX	United States	Investment Services	11.3	35
Bernstein Global Wealth Management	Branch	Miami, FL	United States	Miscellaneous Financial Services	17.5	30
Bernstein Investment Research	Branch	Boston, MA	United States	Investment Services	9.7	30
Bernstein Global Wealth Management	Branch	Washington, DC	United States	Investment Services	9.0	28
Bernstein Global Wealth Management	Branch	Minneapolis, MN	United States	Miscellaneous Financial Services	14.6	25
Bernstein Global Wealth Management	Branch	Houston, TX	United States	Investment Services	7.7	24
Bernstein Global Wealth Management	Branch	Denver, CO	United States	Investment Services	6.4	20
Bernstein Global Wealth Management	Branch	Tampa, FL	United States	Investment Services	6.4	20
Bernstein Global Wealth Management	Branch	Seattle, WA	United States	Miscellaneous Financial Services	9.3	16
Bernstein Investment Research	Branch	Seattle, WA	United States	Investment Services	5.2	16
Bernstein Investment Research	Branch	San Diego, CA	United States	Miscellaneous Financial Services	8.2	14
AllianceBernstein L.P.	Subsidiary	New York, NY	United States	Investment Services	2,749.9	3,385
Alliance Bernstein	Branch	New York, NY	United States	Investment Services	80.5	250
Alliancebernstein Japan Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Consumer Financial Services	102.2	129
Alliance Bernstein	Branch	Miami, FL	United States	Miscellaneous Financial Services	17.5	30
Alliance Bernstein	Branch	Minneapolis, MN	United States	Investment Services	6.4	20
Alliance Bernstein	Branch	Philadelphia, PA	United States	Investment Services	6.4	20
Sanford C Bernstein & Co LLC	Subsidiary	New York, NY	United States	Miscellaneous Financial Services
The Advest Group, Inc.	Subsidiary	Hartford, CT	United States	Investment Services		1,700
Boston Advisors LLC	Subsidiary	Boston, MA	United States	Investment Services	1.0	42
Advest Bank & Trust Company	Subsidiary	Hartford, CT	United States	Commercial Banks		20
Equitable	Subsidiary	New York, NY	United States	Investment Services	103.4	650
MONY Life Insurance Co	Subsidiary	New York, NY	United States	Insurance (Accident and Health)		500
MONY Group	Branch	Westport, CT	United States	Investment Services	2.3	7
AXA Distributors, LLC.	Subsidiary	New York, NY	United States	Insurance (Life)		200
AXA Distributors	Branch	Farmington, CT	United States	Investment Services	32.9	150
AXA Network, LLC	Subsidiary	Harrisburg, PA	United States	Investment Services		180
AXA Network	Branch	Bala Cynwyd, PA	United States	Miscellaneous Financial Services	10.5	15
AXA Network	Branch	Omaha, NE	United States	Miscellaneous Financial Services	10.5	15
AXA Corp. Solutions Insurance Company	Subsidiary	New York, NY	United States	Investment Services	21.0	80
AXA Advisors	Branch	Indianapolis, IN	United States	Investment Services	11.0	50
AXA Advisors, LLC	Subsidiary	Minneapolis, MN	United States	Investment Services	0.8	8
MONY Life Insurance Company of the Americas, Ltd.	Subsidiary	Georgetown, Grand Cayman	Cayman Islands	Insurance (Accident and Health)		2
MONY Life Insurance Co of America	Subsidiary	New York, NY	United States	Insurance (Life)	285.0
AXA Advisors, LLC	Subsidiary	New York, NY	United States	Investment Services	157.0
AXA Advisors	Branch	Charlotte, NC	United States	Investment Services	241.8	751
AXA Advisors	Branch	Bala Cynwyd, PA	United States	Investment Services	128.8	400
AXA Advisors	Branch	New Hyde Park, NY	United States	Investment Services	96.6	300
AXA Advisors	Branch	Edison, NJ	United States	Investment Services	64.4	200
AXA Advisors	Branch	Woodbridge, NJ	United States	Investment Services	48.3	150
AXA Advisors	Branch	Richfield, MN	United States	Investment Services	48.3	150
AXA Advisors	Branch	Falls Church, VA	United States	Investment Services	45.1	140
AXA Advisors	Branch	Denver, CO	United States	Investment Services	41.9	130
AXA Advisors	Branch	Los Angeles, CA	United States	Investment Services	38.6	120
AXA Advisors	Branch	San Francisco, CA	United States	Investment Services	26.3	120
AXA Advisors	Branch	St Louis, MO	United States	Investment Services	31.9	99
AXA Advisors	Branch	St Louis, MO	United States	Investment Services	25.8	80
AXA Advisors	Branch	Woodland Hills, CA	United States	Investment Services	24.2	75
AXA Advisors	Branch	Atlanta, GA	United States	Investment Services	22.5	70
AXA Advisors	Branch	Williamsville, NY	United States	Investment Services	22.5	70
AXA Advisors	Branch	Rochester, NY	United States	Investment Services	22.5	70
AXA Advisors	Branch	Wellesley, MA	United States	Investment Services	15.3	70
AXA Advisors	Branch	Clifton Park, NY	United States	Investment Services	19.3	60
AXA Advisors	Branch	Orlando, FL	United States	Investment Services	19.3	60
AXA Advisors	Branch	Scottsdale, AZ	United States	Investment Services	19.3	60
AXA Advisors	Branch	San Diego, CA	United States	Investment Services	19.3	60
AXA Advisors	Branch	Richmond, VA	United States	Investment Services	16.1	50
AXA Advisors	Branch	Oak Brook, IL	United States	Investment Services	16.1	50
AXA Advisors	Branch	Raleigh, NC	United States	Investment Services	11.0	50
AXA Advisors	Branch	Columbia, MD	United States	Investment Services	12.9	40
AXA Advisors	Branch	Los Angeles, CA	United States	Investment Services	12.9	40
AXA Advisors	Branch	Fort Lee, NJ	United States	Investment Services	12.9	40
AXA Advisors	Branch	Honolulu, HI	United States	Investment Services	12.9	40
AXA Advisors	Branch	Omaha, NE	United States	Investment Services	12.9	40
AXA Advisors	Branch	Manasquan, NJ	United States	Investment Services	12.9	40
AXA Advisors	Branch	Morristown, NJ	United States	Investment Services	12.9	40
AXA Advisors	Branch	Tampa, FL	United States	Investment Services	12.9	40
AXA Advisors	Branch	Houston, TX	United States	Investment Services	12.9	40
AXA Advisors	Branch	Salt Lake City, UT	United States	Investment Services	8.8	40
AXA Advisors	Branch	Brentwood, CA	United States	Investment Services	8.8	40
AXA Advisors	Branch	Dayton, OH	United States	Investment Services	7.9	36
AXA Advisors	Branch	Birmingham, AL	United States	Investment Services	11.3	35
AXA Advisors	Branch	Akron, OH	United States	Investment Services	9.7	30
AXA Advisors	Branch	Cleveland, OH	United States	Investment Services	9.7	30
Norman F Hodgins Jr Agency	Branch	New Orleans, LA	United States	Investment Services	9.7	30
AXA Advisors	Branch	Jacksonville, FL	United States	Investment Services	9.3	29
AXA Advisors	Branch	Oklahoma City, OK	United States	Investment Services	9.0	28
AXA Advisors	Branch	Lexington, KY	United States	Investment Services	8.1	25
AXA Advisors	Branch	Grand Rapids, MI	United States	Investment Services	8.1	25
AXA Advisors	Branch	Nashville, TN	United States	Investment Services	8.1	25
AXA Advisors	Branch	Austin, TX	United States	Investment Services	8.1	25
AXA Advisors	Branch	Peoria, IL	United States	Investment Services	5.5	25
AXA Advisors	Branch	Roanoke, VA	United States	Investment Services	5.5	25
AXA Advisors	Branch	Lancaster, PA	United States	Investment Services	6.4	20
AXA Advisors	Branch	Princeton, NJ	United States	Investment Services	6.4	20
AXA Advisors	Branch	Poughkeepsie, NY	United States	Investment Services	6.4	20
AXA Advisors	Branch	The Woodlands, TX	United States	Investment Services	6.4	20
AXA Advisors	Branch	San Antonio, TX	United States	Investment Services	5.5	17
AXA Advisors	Branch	Wichita, KS	United States	Investment Services	4.8	15
AXA Advisors	Branch	Franklin, TN	United States	Investment Services	4.8	15
AXA Advisors	Branch	Saginaw, MI	United States	Investment Services	4.8	15
AXA Advisors	Branch	Chattanooga, TN	United States	Investment Services	4.8	15
AXA Advisors	Branch	Sarasota, FL	United States	Investment Services	4.8	15
AXA Advisors	Branch	Tulsa, OK	United States	Investment Services	4.8	15
AXA Advisors	Branch	Durham, NC	United States	Investment Services	4.8	15
AXA Advisors	Branch	Mt Pleasant, SC	United States	Investment Services	4.8	15
AXA Advisors	Branch	Walnut Creek, CA	United States	Investment Services	4.8	15
AXA Advisors	Branch	Columbia, SC	United States	Investment Services	4.8	15
AXA Advisors	Branch	High Point, NC	United States	Investment Services	4.5	14
AXA Advisors	Branch	Green Bay, WI	United States	Investment Services	3.9	12
AXA Advisors	Branch	Okemos, MI	United States	Investment Services	3.9	12
AXA Advisors	Branch	Erie, PA	United States	Investment Services	3.9	12
AXA Advisors	Branch	Melville, NY	United States	Investment Services	3.9	12
AXA Advisors	Branch	Selma, AL	United States	Investment Services	2.4	12
AXA Advisors	Branch	San Jose, CA	United States	Investment Services	3.2	10
AXA Advisors	Branch	Milford, CT	United States	Investment Services	3.2	10
AXA Advisors	Branch	West Des Moines, IA	United States	Investment Services	3.2	10
AXA Advisors	Branch	Springfield, IL	United States	Investment Services	3.2	10
AXA Advisors	Branch	Lebanon, TN	United States	Investment Services	2.9	9
AXA Advisors	Branch	Decatur, IL	United States	Investment Services	2.6	8
AXA Advisors	Branch	Las Vegas, NV	United States	Investment Services	2.6	8
AXA Advisors	Branch	Grand Junction, CO	United States	Investment Services	2.6	8
AXA Advisors	Branch	Sioux Falls, SD	United States	Investment Services	2.6	8
AXA Advisors	Branch	Baton Rouge, LA	United States	Investment Services	2.6	8
AXA Advisors	Branch	Toledo, OH	United States	Investment Services	2.6	8
AXA Advisors	Branch	New York, NY	United States	Investment Services	2.6	8
AXA Advisors	Branch	Arlington Hts, IL	United States	Investment Services	2.3	7
AXA Advisors	Branch	Bismarck, ND	United States	Investment Services	2.3	7
AXA Advisors	Branch	Albuquerque, NM	United States	Investment Services	2.3	7
AXA Advisors	Branch	Cleveland, OH	United States	Investment Services	2.3	7
AXA Advisors	Branch	El Paso, TX	United States	Miscellaneous Financial Services	3.0	6
PHILLIPS Financial	Subsidiary	Fort Collins, CO	United States	Investment Services	1.6	5
KWTX 502	Subsidiary	New York, NY	United States	Investment Services	1.6	5
Smart Business Tax Solutions	Subsidiary	Southfield, MI	United States	Personal Services	0.1	4
Caruso Faintych & Co	Subsidiary	Goshen, NY	United States	Investment Services	0.6	2
Axa Courtage Assurance Mutuelle	Subsidiary	Paris	France	Insurance (Accident and Health)
AXA Life Insurance Co Ltd	Subsidiary	Tokyo	Japan	Insurance (Life)		7,820
AXA Japan Holding Co.	Subsidiary	Tokyo	Japan	Investment Services	1.0	7,000
Axa General Insurance Company Limited	Subsidiary	Taito-Ku, Tokyo	Japan	Insurance (Property and Casualty)	326.8
AXA Holdings Belgium SA/NV	Subsidiary	Bruxelles	Belgium	Miscellaneous Financial Services		6,140
AXA Bank Europe SA/NV	Subsidiary	Brussels	Belgium	Consumer Financial Services		1,090
L'Ardenne PrÃ©voyante SA/NV	Subsidiary	Stavelot	Belgium	Insurance (Life)		70
AXA Group	Subsidiary	London	United Kingdom	Insurance (Accident and Health)	1,000.0	5,000
AXA Belgium SA/NV	Subsidiary	Bruxelles	Belgium	Insurance (Life)		4,695
Groupe Winterthur-Belgique	Subsidiary	Bruxelles	Belgium	Miscellaneous Financial Services		1,200
AXA Verzekeringen B.V	Subsidiary	Utrecht	Netherlands	Miscellaneous Financial Services
Axa UK PLC	Subsidiary	London	United Kingdom	Business Services		4,500
Guardian Royal Exchange PLC	Subsidiary	London	United Kingdom	Business Services	5,761.7	6,652
Axa Ppp Healthcare Group PLC	Subsidiary	London	United Kingdom	Business Services	168.2	2,167
Axa Icas Occupational Health Services Ltd.	Subsidiary	London	United Kingdom	Business Services	15.7	100
Priplan Investments Ltd.	Subsidiary	London	United Kingdom	Business Services	49.8
Axa Ppp Healthcare Administration Services Ltd.	Subsidiary	London	United Kingdom	Business Services	15.6
Icas International Holdings Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Axa Icas Ltd.	Subsidiary	Glasgow	United Kingdom	Personal Services	14.9	228
Icas International Ltd.	Subsidiary	London	United Kingdom	Business Services	0.8
Securehealth (Holdings) Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Independent Sales Force Solutions Ltd.	Subsidiary	London	United Kingdom	Business Services	15.1	66
Securehealth Ltd.	Subsidiary	London	United Kingdom	Insurance (Accident and Health)	11.5	45
Essential Healthcare Ltd.	Subsidiary	Glasgow	United Kingdom	Investment Services	0.4
Axa Insurance PLC	Subsidiary	Ipswich	United Kingdom	Insurance (Accident and Health)	0.0	350
Axa Insurance UK PLC	Subsidiary	London	United Kingdom	Insurance (Accident and Health)	3,036.7
Axa Ppp Healthcare Ltd.	Subsidiary	Tunbridge Wells	United Kingdom	Insurance (Accident and Health)	1,693.2
Axa General Insurance Ltd.	Subsidiary	London	United Kingdom	Insurance (Accident and Health)	0.2
Orion Personal Insurances Ltd.	Subsidiary	London	United Kingdom	Insurance (Accident and Health)		300
Aquis Securities PLC	Subsidiary	London	United Kingdom	Construction Services
Aquis Property Co. Ltd. (The)	Subsidiary	London	United Kingdom	Construction Services
Aquis Estates Ltd.	Subsidiary	London	United Kingdom	Construction Services
G. R. E. Farms (Lytham) Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Magnet House Properties Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
British Equitable Assurance Co. Ltd.	Subsidiary	London	United Kingdom	Insurance (Life)
Guardian Insurance Ltd.	Subsidiary	Cardiff	United Kingdom	Nonclassifiable Industries
Axa Services Ltd.	Subsidiary	London	United Kingdom	Business Services	634.2
Ignition New Business Solutions Ltd.	Subsidiary	London	United Kingdom	Business Services	0.5	9
Bruton Property Holdings Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Bruton Estates Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Gre Nominee Shareholdings Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Architas Multi-Manager Ltd.	Subsidiary	London	United Kingdom	Commercial Banks	53.1
Axa Portfolio Services Ltd.	Subsidiary	London	United Kingdom	Commercial Banks	28.7
Axa Equity & Law Unit Trust Managers Ltd.	Subsidiary	London	United Kingdom	Investment Services		750
Architas Advisory Services Ltd.	Subsidiary	London	United Kingdom	Commercial Banks	5.5
Axa Sun Life Direct Ltd.	Subsidiary	London	United Kingdom	Business Services	0.7
Axa Finance Uk Ltd.	Subsidiary	London	United Kingdom	Business Services
Sl London Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Sun Life Holdings Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Sun Life Corporation PLC	Subsidiary	London	United Kingdom	Business Services
Sun Life International Ltd.	Subsidiary	London	United Kingdom	Investment Services
Sun Life Smc Ltd.	Subsidiary	London	United Kingdom	Business Services
Charles Carrick Ltd.	Subsidiary	London	United Kingdom	Investment Services
Sun Life And Provincial Quest Trustee Co. Ltd.	Subsidiary	London	United Kingdom	Consumer Financial Services
Axa Uk Pension Trustees Corporation	Subsidiary	London	United Kingdom	Investment Services
Winterthur UK Financial Services Group Ltd.	Subsidiary	London	United Kingdom	Business Services
Winterthur Financial Services Uk Holdings Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Winterthur Trustee Services Ltd.	Subsidiary	London	United Kingdom	Investment Services
Winterthur 2 Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Winterthur Systems Leasing Ltd.	Subsidiary	London	United Kingdom	Business Services
Winterthur Life UK Holdings Ltd.	Subsidiary	London	United Kingdom	Insurance (Life)
Axa Wealth Services Ltd.	Subsidiary	London	United Kingdom	Commercial Banks	45.6
Axa Wealth Ltd.	Subsidiary	London	United Kingdom	Insurance (Life)	40.6
Winterthur 1 Ltd.	Subsidiary	London	United Kingdom	Insurance (Life)
Axa Wealth Nominees Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Gbi (Holdings) Ltd	Subsidiary	London	United Kingdom	Business Services
Swiftcover Insurance Services Ltd	Subsidiary	London	United Kingdom	Insurance (Accident and Health)	130.3	651
Supplier And Incident Management Solutions Ltd.	Subsidiary	London	United Kingdom	Business Services	30.5	517
Sims Claims Services Ltd.	Subsidiary	Tunbridge Wells	United Kingdom	Business Services	25.2	468
Knight Law Ltd.	Subsidiary	London	United Kingdom	Personal Services	3.9	35
Knight Rehabilitation Services Ltd.	Subsidiary	London	United Kingdom	Healthcare Facilities	1.0	14
Bluefin Group Ltd.	Subsidiary	London	United Kingdom	Business Services
Bluefin Insurance Group Ltd.	Subsidiary	Southampton	United Kingdom	Commercial Banks	204.5	1,712
The Davis Group Ltd.	Subsidiary	London	United Kingdom	Commercial Banks		85
Sbj Holdings Ltd.	Subsidiary	London	United Kingdom	Business Services	0.0
Sbj Stephenson Group Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Sbj Regis Low Holdings Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Sbj Regis Low Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Sbj (No. 2) Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Anchor (Uk) Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Cox, Hepburn (Insurance Services) Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Cox, Hepburn (Financial Services) Ltd.	Subsidiary	Worcester	United Kingdom	Insurance (Life)		6
Sbj Gl Ltd.	Subsidiary	London	United Kingdom	Insurance (Accident and Health)
E. Nugent Linaker & Co. Ltd.	Subsidiary	London	United Kingdom	Insurance (Life)
Layton Blackham Holdings Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Layton Blackham Ltd.	Subsidiary	London	United Kingdom	Business Services	0.0	80
Bbps Ltd.	Subsidiary	Coventry	United Kingdom	Insurance (Accident and Health)	6.6	48
Kendal Paint & Colour Co. Ltd.	Subsidiary	Kendal	United Kingdom	Retail (Home Improvement)		7
Layton Blackham Insurance Brokers Ltd.	Subsidiary	Chelmsford	United Kingdom	Insurance (Accident and Health)
Layton Blackham Investments Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Layton Blackham Group Ltd.	Subsidiary	London	United Kingdom	Investment Services
Silbury Holdings Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Three Star Financial Services Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Cox Hepburn Holdings Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Helm Holdings Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Helm Group Uk Ltd.	Subsidiary	London	United Kingdom	Insurance (Accident and Health)		40
Smart & Cook Holdings Ltd.	Subsidiary	London	United Kingdom	Insurance (Accident and Health)
Thornton Grove (Holdings) Ltd.	Subsidiary	London	United Kingdom	Insurance (Accident and Health)
Bluefin Insurance Holdings Ltd.	Subsidiary	London	United Kingdom	Insurance (Accident and Health)
Bluefin Insurance Services Ltd.	Subsidiary	London	United Kingdom	Insurance (Accident and Health)	182.9	1,602
Stuart Alexander Ltd.	Subsidiary	Southampton	United Kingdom	Insurance (Accident and Health)		40
Sbj Uk Ltd.	Subsidiary	London	United Kingdom	Insurance (Accident and Health)
Smart & Cook (Scotland) Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Financial Services
Ross Lloyd Holdings Ltd.	Subsidiary	London	United Kingdom	Business Services
Ross Lloyd Ltd.	Subsidiary	Carlisle	United Kingdom	Insurance (Accident and Health)		30
Bluefin Underwriting Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Stuart Alexander Group Ltd.	Subsidiary	Highbridge	United Kingdom	Commercial Banks
Stuart Alexander (Holdings) Ltd.	Subsidiary	London	United Kingdom	Business Services	0.0
Stuart Alexander Premium Finance Ltd.	Subsidiary	London	United Kingdom	Consumer Financial Services
Sbj Group Ltd.	Subsidiary	London	United Kingdom	Commercial Banks	0.2
Bluefin Advisory Services Ltd.	Subsidiary	London	United Kingdom	Business Services
Thinc Group Holdings Ltd.	Subsidiary	London	United Kingdom	Business Services
Thinc Network Services Ltd.	Subsidiary	Leamington Spa	United Kingdom	Investment Services	0.0
Thinc Assured Network Ltd.	Subsidiary	London	United Kingdom	Commercial Banks	-0.1
Bluefin Private Client Holdings Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Bluefin Wealth Management Holdings Ltd.	Subsidiary	London	United Kingdom	Business Services
Bluefin Management Services Ltd.	Subsidiary	London	United Kingdom	Business Services	26.5	160
Thinc Group Ltd.	Subsidiary	London	United Kingdom	Commercial Banks	12.5
Bluefin Personal Consulting Ltd.	Subsidiary	London	United Kingdom	Commercial Banks	10.8
Morgan James & Co Ltd.	Subsidiary	London	United Kingdom	Investment Services
Watterson Wealth Management Ltd	Subsidiary	London	United Kingdom	Investment Services
Bluefin Management Services Holdings Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Thinc Entities Ltd.	Subsidiary	London	United Kingdom	Commercial Banks		11
Bluefin Wealth Management Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Layton Blackham Financial Services Ltd.	Subsidiary	London	United Kingdom	Investment Services
Oldco (No. 1) Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Sbj Group Pension Scheme Trustees Ltd.	Subsidiary	London	United Kingdom	Investment Services
AXA France Vie SA	Subsidiary	Nanterre	France	Insurance (Life)		4,500
Axa Epargne Entreprise	Subsidiary	Nanterre	France	Miscellaneous Financial Services		74
AXA Portugal, Companhia de Seguros de Vida S.A.	Subsidiary	Lisboa	Portugal	Insurance (Accident and Health)		61
Parimmo	Subsidiary	Courbevoie	France	Business Services	5.0
AXA Seguros SA de CV	Subsidiary	Mexico, DF	Mexico	Investment Services		4,200
AXA Winterthur	Subsidiary	Winterthur	Switzerland	Insurance (Accident and Health)		3,871
Winterthur Life & Pensions AG	Subsidiary	Winterthur	Switzerland	Insurance (Property and Casualty)		9,000
Winterthur Insurance Co	Subsidiary	Winterthur	Switzerland	Insurance (Property and Casualty)		4,000
Winterthur Life Taiwan Branch	Subsidiary	Taipei	Taiwan	Investment Services		18
Winterthur Financial Services UK Ltd.	Subsidiary	Basingstoke	United Kingdom	Business Services	473.2	2,194
DBV-Winterthur Holding AG	Subsidiary	Wiesbaden	Germany	Investment Services		2,000
DBV-Winterthur Versicherung AG	Subsidiary	Wiesbaden	Germany	Miscellaneous Financial Services
Seguros Atlas S.A.	Subsidiary	Mexico, DF	Mexico	Insurance (Property and Casualty)		493
AXA- ARAG Rechtsschutz AG	Subsidiary	ZÃ¼rich	Switzerland	Insurance (Property and Casualty)	56.1	163
Technopark Immobilien AG	Subsidiary	Zurich	Switzerland	Computer Services	1.0	8
La Equitativa de Madrid	Subsidiary	Madrid	Spain	Insurance (Property and Casualty)
AXA France Assurance SAS	Subsidiary	Nanterre	France	Insurance (Life)		2,950
AXA ART Versicherung AG Benelux	Subsidiary	Anvers	Belgium	Investment Services		6,000
AXA France IARD SA	Subsidiary	Nanterre	France	Insurance (Accident and Health)		4,500
Union GuinÃ©enne d'Assurances et de RÃ©assurances	Subsidiary	Conakry	Guinea	Insurance (Accident and Health)		95
AXA Corporate Solutions Assurance SA	Subsidiary	Paris	France	Insurance (Property and Casualty)		1,499
Axa Corporate Solutions Assurance	Subsidiary	Milano, Milano	Italy	Insurance (Accident and Health)		84
Axa Corporate Solutions Assurance	Branch	Quarry Bay, Hong Kong	Hong Kong	Investment Services	1,583.7	15
Axa Corporate Solutions Services	Subsidiary	Paris	France	Miscellaneous Financial Services	18.8	9
AXA Corporate Solutions - Marine	Subsidiary	Singapore	Singapore	Insurance (Property and Casualty)
Avanssur SA	Subsidiary	Nanterre	France	Insurance (Property and Casualty)	179.8	749
AXA Banque SA	Subsidiary	Paris	France	Commercial Banks		749
Axa Banque Financement	Subsidiary	Fontenay Sous Bois	France	Commercial Banks
Direct Assurance Vie	Subsidiary	Nanterre	France	Insurance (Life)		374
Juridica SA	Subsidiary	Marly-le-Roi	France	Insurance (Property and Casualty)		224
AXA Courtage S.A.	Subsidiary	Paris	France	Miscellaneous Financial Services
Dbv-Winterthur Krankenversicherung	Subsidiary	Wiesbaden	Germany	Insurance (Accident and Health)		2,721
Axa Business Services Pvt Ltd.	Subsidiary	Bangalore	India	Commercial Banks	955.0	2,500
AXA Leben AG	Subsidiary	Winterthur	Switzerland	Insurance (Life)		1,850
ZÃ¼rcher Freilager AG	Subsidiary	ZÃ¼rich	Switzerland	Real Estate Operations	21.0	25
Groupe Winterthur-Belgique	Subsidiary	Bruxelles	Belgium	Insurance (Accident and Health)		1,700
AXA Assicurazioni SpA	Subsidiary	Milano, MI	Italy	Insurance (Life)		1,207
Quixa SpA	Subsidiary	Milano, Milano	Italy	Insurance (Accident and Health)		167
Axa Ireland Limited	Subsidiary	Dublin	Ireland	Insurance (Accident and Health)	568.8	984
Axa Insurance Limited	Subsidiary	Dublin	Ireland	Insurance (Accident and Health)	609.7	934
Axa Financial Limited	Subsidiary	Dublin	Ireland	Investment Services	0.1	6
AXA Assistance France SA	Subsidiary	ChÃ¢tillon	France	Investment Services	237.9	944
Inter Partner Assistance SA/NV	Subsidiary	Bruxelles	Belgium	Investment Services	36.8	800
AXA Assistance Deutschland GmbH	Subsidiary	MÃ¼nchen, Bayern	Germany	Miscellaneous Financial Services	29.8	120
AXA Assistance SA	Subsidiary	ChÃ¢tillon	France	Investment Services	237.9	780
Pluridis	Subsidiary	Paris	France	Business Services	0.0	5
AXA Assistance Maroc SA	Subsidiary	Casablanca	Morocco	Investment Services
Gie Axa Technology Services France	Subsidiary	Paris	France	Miscellaneous Financial Services		749
Gie Axa	Subsidiary	Paris	France	Miscellaneous Financial Services		749
AXA Versicherung AG	Subsidiary	Wien	Austria	Investment Services	1.0	650
Axa Life Insurance Company Limited	Subsidiary	Wan Chai, Hong Kong	Hong Kong	Insurance (Life)	0.0	600
AXA Credit	Subsidiary	Fontenay-sous-Bois, Cedex	France	Insurance (Property and Casualty)		600
AXA Portugal, Companhia de Seguros, S.A.	Subsidiary	Porto	Portugal	Insurance (Property and Casualty)		597
AXA Sigorta AS	Subsidiary	Istanbul	Turkey	Insurance (Accident and Health)		578
AXA Insurance (Saudi Arabia) B.S.C.	Subsidiary	Riyadh	Saudi Arabia	Insurance (Property and Casualty)		550
Axa Investment Managers UK Ltd.	Subsidiary	London	United Kingdom	Investment Services	312.1	500
AXA Real Estate Investment Managers SA	Subsidiary	Paris La DÃ©fense	France	Real Estate Operations		515
AXA Real Estate Investment Managers France SA	Subsidiary	Paris La DÃ©fense	France	Real Estate Operations	74.8	500
Axa Real Estate Investment Managers Italia SRL	Subsidiary	Milano, Milano	Italy	Business Services	6.6	20
AXA Immobilien GmbH	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Real Estate Operations		5
AXA Investment Managers GS Limited	Subsidiary	Madrid	Spain	Investment Services	1.0	500
AXA Seguros e Inversiones	Subsidiary	Madrid	Spain	Insurance (Accident and Health)
AXA Investment Managers Paris SA	Subsidiary	Paris la DÃ©fense	France	Miscellaneous Financial Services	905.5	400
Axa Investment Managers Japan Ltd.	Subsidiary	Minato-Ku, Tokyo	Japan	Miscellaneous Financial Services	22.5	44
FinanciÃ¨re Tuileries Holdings S.A.	Subsidiary	Paris	France	Miscellaneous Financial Services		10
Axa Rosenberg Investment Management Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Financial Services	42.5	52
AXA Investment Managers Private Equity SA	Subsidiary	Paris	France	Miscellaneous Financial Services		50
Schustermann & Borenstein GmbH	Subsidiary	MÃ¼nchen, Bayern	Germany	Apparel and Accessories	202.8	977
TLD Group SAS	Subsidiary	Rungis	France	Aerospace and Defense		900
TLD Europe SAS	Subsidiary	St Lin	France	Miscellaneous Capital Goods	120.1	242
TLD Asia Ltd	Subsidiary	New Territories, New Territories	Hong Kong	Miscellaneous Capital Goods		126
Adhetec	Subsidiary	Tarbes	France	Fabricated Plastic and Rubber	11.1	74
Riemser Arzneimittel AG	Subsidiary	Greifswald, Hansestadt, Mecklenburg-Vorpommern	Germany	Biotechnology and Drugs	146.6	616
RIEMSER Specialty Production GmbH	Subsidiary	Laupheim, Baden-WÃ¼rttemberg	Germany	Biotechnology and Drugs	15.3	87
curasan AG	Subsidiary	Kleinostheim	Germany	Biotechnology and Drugs	6.8	38
FATOL Arzneimittel GmbH	Subsidiary	Schiffweiler	Germany	Biotechnology and Drugs	1.0
Opodo Ltd.	Holding	London	United Kingdom	Miscellaneous Transportation	194.3	375
Travellink AB	Subsidiary	Stockholm	Sweden	Personal Services	26.8	100
Online Travel Portal Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Flex-Elektrowerkzeuge GmbH	Subsidiary	Steinheim An Der Murr, Baden-WÃ¼rttemberg	Germany	Miscellaneous Capital Goods	67.5	250
CamaÃ¯eu SA	Subsidiary	Roubaix	France	Retail (Apparel)	1,072.7	13
CamaÃ¯eu International SAS	Subsidiary	Roubaix	France	Retail (Apparel)	835.1	3,499
Camaieu Polska Sp Z O O	Subsidiary	Warszawa	Poland	Apparel and Accessories	72.1	720
Camaieu Italia SRL	Subsidiary	Milano, Milano	Italy	Retail (Apparel)	73.1	490
Axa Private Equity Asia Pte. Ltd.	Subsidiary	Singapore	Singapore	Business Services	6.0
AXA Private Equity Eastern Europe GmbH	Subsidiary	Vienna	Austria	Investment Services
Axa Framlington Investment Management Ltd.	Subsidiary	London	United Kingdom	Investment Services
AXA Banque	Subsidiary	Fontenay-sous-Bois	France	Consumer Financial Services		500
AXA China Region Ltd.	Subsidiary	Hong Kong	Hong Kong	Insurance (Property and Casualty)		500
AXA Wealth Management (HK) Limited	Subsidiary	Hong Kong	Hong Kong	Investment Services	1.0	100
Axa Assistance Claims Centre Ltd.	Subsidiary	Redhill	United Kingdom	Investment Services		450
AXA Versicherungen AG	Subsidiary	Winterthur, Zurich	Switzerland	Investment Services	19,637.0	375
Gie Axa Group Solution	Subsidiary	Puteaux	France	Software and Programming		374
AXA Insurance Regional Office	Subsidiary	Manama	Bahrain	Insurance (Accident and Health)	60.0	350
Axa Winterthur Iberica Aie	Subsidiary	Cornella De Llobregat, Barcelona	Spain	Business Services	9.3	342
Go Voyages SASU	Subsidiary	Paris	France	Personal Services	207.6	317
Alliance Capital Ltd	Subsidiary	London	United Kingdom	Miscellaneous Financial Services		305
AXA Portugal - Companhia de Seguros S.A.	Subsidiary	Lisbon	Portugal	Insurance (Property and Casualty)		300
AXA Seguros Brazil	Subsidiary	Rio de Janeiro	Brazil	Insurance (Property and Casualty)		300
Axa Technology Services Belgium	Subsidiary	Bruxelles	Belgium	Computer Services	145.0	293
AXA Insurance (Gulf) BSC(c)	Subsidiary	Manama	Bahrain	Insurance (Property and Casualty)		280
AXA Assurances	Subsidiary	Paris, Cedex 09	France	Insurance (Property and Casualty)		280
AXA Insurance pcl	Subsidiary	Bangkok	Thailand	Insurance (Property and Casualty)	30.0	260
Axa Assistance (U.K.) Ltd.	Subsidiary	Redhill	United Kingdom	Consumer Financial Services	15.3	251
Intact Insurance	Subsidiary	North York, ON	Canada	Insurance (Property and Casualty)	145.8	250
Axa Insurance Singapore Pte Ltd	Subsidiary	Singapore	Singapore	Insurance (Accident and Health)	233.5	240
Axa Assistance Argentina S.A.	Subsidiary	Ciudad De Buenos Aires, Ciudad De Buenos Aires	Argentina	Healthcare Facilities	8.0	240
Axa Real Estate Investment Managers France En Abrege Axa Reim France	Subsidiary	Courbevoie	France	Business Services	112.8	224
Inter Partner Assistance	Subsidiary	Camlica - Uskudar, Istanbul	Turkey	Insurance (Accident and Health)	37.0	215
AXA MPS Assicurazioni Vita SpA	Joint Venture	Roma	Italy	Insurance (Life)		210
Axa Mps Financial Limited	Subsidiary	Dublin	Ireland	Insurance (Life)	181.9	31
AXA Liabilities Managers Inc.	Subsidiary	New York, NY	United States	Investment Services	21.5	200
AXA Assurances Luxembourg S.A.	Subsidiary	Luxembourg	Luxembourg	Insurance (Accident and Health)		200
AXA Assurances Vie Luxembourg	Subsidiary	Luxembourg	Luxembourg	Insurance (Property and Casualty)		180
Axa Technology Services Mediterranean Region Aeie	Subsidiary	Madrid	Spain	Computer Services	108.7	179
Axa Technology Services Mediterranean Region A.E.I.E	Subsidiary	Milano, Milano	Italy	Software and Programming	103.7	49
AXA Versicherung AG	Subsidiary	Dreieich	Germany	Insurance (Property and Casualty)		170
AXA Investment Managers Pvt Equity Europ	Subsidiary	Paris	France	Miscellaneous Financial Services	183.1	166
AXA Private Equity Germany GmbH	Subsidiary	Frankfurt Am Main, Hessen	Germany	Commercial Banks	14.0	18
frostkrone Holding GmbH	Subsidiary	Rietberg, Nordrhein-Westfalen	Germany	Commercial Banks		3
frostkrone TiefkÃ¼hlkost GmbH	Subsidiary	Rietberg, Nordrhein-Westfalen	Germany	Food Processing	38.8	79
Bornholter KÃ¤severtriebs- und Produktionsgesellschaft mbH	Subsidiary	Verl, Nordrhein-Westfalen	Germany	Food Processing		18
A.M. Holding	Subsidiary	Chanas	France	Commercial Banks
Inter Partner Assistenza Servizi SpA	Subsidiary	Roma, Roma	Italy	Personal Services	17.4	163
AXA Rosenberg Investment Management	Subsidiary	Orinda, CA	United States	Miscellaneous Financial Services	18.0	150
AXA Rosenberg Investment Management Ltd	Subsidiary	Singapore	Singapore	Miscellaneous Financial Services	2.5	30
AXA Rosenberg Canada Co	Subsidiary	North York, ON	Canada	Miscellaneous Financial Services		1
Axa Rosenberg Investment Management Asia Pacific Limited	Subsidiary	Quarry Bay, Hong Kong	Hong Kong	Miscellaneous Financial Services	1.0
AXA Assistance USA	Subsidiary	Chicago, IL	United States	Personal Services		150
Inter Partner Assistance	Subsidiary	Barueri, Sao Paulo	Brazil	Insurance (Accident and Health)		150
Insurance Corp. of Newfoundland Limited	Subsidiary	Saint John's, NL	Canada	Investment Services		150
AXA Insurance	Subsidiary	New York, NY	United States	Insurance (Accident and Health)		150
Axa Insurance Ltd.	Subsidiary	Belfast	United Kingdom	Investment Services		150
AXA Investment Managers SA	Subsidiary	Paris la DÃ©fense	France	Miscellaneous Financial Services	101.8	149
Axa Investment Managers Ltd.	Subsidiary	London	United Kingdom	Business Services	64.6	558
AXA Investment Managers Deutschland GmbH	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Consumer Financial Services		202
BHN NeukÃ¶lln Arcaden GrundstÃ¼cksgesellschaft mbH & Co. KG	Subsidiary	Essen, Nordrhein-Westfalen	Germany	Real Estate Operations	9.9	8
Iniziativa Tredici SRL	Subsidiary	Milano, Milano	Italy	Business Services	10.8	4
AXA Real Invest Europa I Frankreich 1 GmbH	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Consumer Financial Services		3
Pdm A Parco De Medici A SRL Inbreve Pdm A Parco De Medici A SRL	Subsidiary	Milano, Milano	Italy	Business Services	9.4	1
La Scaglia SRL	Subsidiary	Milano, Milano	Italy	Business Services	3.3	1
FeldmÃ¼hleplatz 1 GmbH & Co. KG	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Business Services		1
AXA Immoselect HauptverwaltungsgebÃ¤ude GmbH & Co. Objekt DÃ¼sseldorf Uerdinger StraÃŸe KG	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Business Services	17.8
Living Galvani GmbH & Co.KG	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Real Estate Operations	2.6
AXA Real Invest Europa I Luxemburg 1 GmbH	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Consumer Financial Services
HPK Hirschgarten 1 GmbH & Co.KG	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Consumer Financial Services
AXA Asset Managers Deutschland GmbH	Subsidiary	Koln	Germany	Miscellaneous Financial Services	63.1	53
Axa Private Equity UK Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Financial Services	43.4	6
Axa Investment Managers Gs Ltd.	Subsidiary	London	United Kingdom	Investment Services	43.7
Axa Asset Management Ltd.	Subsidiary	London	United Kingdom	Business Services
Newgate One Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Newgate Two Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Axa Liabilities Managers	Subsidiary	Paris	France	Investment Services	49.7	149
Axa Cessions	Subsidiary	Paris	France	Insurance (Accident and Health)		149
Mutuelle Saint-Christophe	Subsidiary	Paris, Cedex	France	Insurance (Property and Casualty)		149
Inter Partner Assistance Service GmbH	Subsidiary	Frankfurt (Oder), Brandenburg	Germany	Investment Services	6.6	137
Asuransi AXA Indonesia, PT	Subsidiary	Jakarta	Indonesia	Insurance (Accident and Health)		137
Axa Middle East SAL	Subsidiary	Beirut	Lebanon	Insurance (Life)		131
AXA zivotnÃ pojiÅ¡t'ovna a.s.	Subsidiary	Praha	Czech Republic	Insurance (Life)		127
AXASOFT, a.s.	Subsidiary	Bratislava	Slovakia	Software and Programming	9.3	123
Duplomatic Oleodinamica SpA	Subsidiary	Parabiago, Milano	Italy	Miscellaneous Capital Goods	41.3	105
AXA BiztosÃtÃ³ Zrt	Subsidiary	Budapest	Hungary	Insurance (Life)		104
Axa Magyarorszag Befektetesi Alapkezelo Zartkoruen Mukodo Reszvenytarsasag	Subsidiary	Budapest	Hungary	Investment Services	6.5	23
U A Vie	Subsidiary	Abidjan	Cote d'Ivoire	Insurance (Property and Casualty)		103
Winterthur Insurance (Asia) Ltd	Unit	Pu Dong District, Shanghai	China	Insurance (Accident and Health)	81.0	100
AXA Csoport MagyarorszÃ¡g	Subsidiary	Budapest	Hungary	Insurance (Accident and Health)	18.0	100
Inter Partner Assistance Hong Kong Ltd	Subsidiary	Wanchai, Wanchai	Hong Kong	Business Services	18.0	100
AXA Insurance (Gulf) B.S.C.	Subsidiary	Dubai	United Arab Emirates	Insurance (Property and Casualty)	12.0	100
AXA Insurance	Subsidiary	Riyadh, Ar Riyad	Saudi Arabia	Insurance (Accident and Health)	8.0	100
AXA Assistance Ltd	Subsidiary	Rajathewee, Bangkok	Thailand	Miscellaneous Capital Goods		100
AXA Affin General Insurance Berhad	Subsidiary	Kuala Lumpur	Malaysia	Insurance (Property and Casualty)		100
Axa Life Insurance Singapore Private Ltd.	Subsidiary	Singapore	Singapore	Insurance (Life)	190.8	99
Axa Assistance - ServiÃ§os Portugal, S.A.	Subsidiary	Lisboa, Lisboa	Portugal	Business Services	2.7	96
AXA Assurances Senegal	Subsidiary	Dakar	Senegal	Insurance (Accident and Health)		93
UGAR	Subsidiary	Conakry	Guinea	Insurance (Property and Casualty)		91
Axa Equitable Financial Services LLC	Subsidiary	Melville, NY	United States	Investment Services	27.4	85
Ouveo Aquitaine	Subsidiary	St Medard De Guizieres	France	Fabricated Plastic and Rubber	25.6	84
AXA Gabon SA	Subsidiary	Libreville	Gabon	Insurance (Accident and Health)		82
AXA Assurances CÃ´te d'Ivoire	Subsidiary	Abidjan	Cote d'Ivoire	Insurance (Property and Casualty)		78
Axa-Williamsville	Subsidiary	Buffalo, NY	United States	Investment Services	24.2	75
FELICITAS-Direktwerbung GmbH	Subsidiary	Wiesbaden, Hessen	Germany	Printing Services		75
Ouveo	Subsidiary	Plelan Le Petit	France	Fabricated Plastic and Rubber	21.8	74
Axa Global Distributors (Ireland) Limited	Subsidiary	Dublin	Ireland	Business Services	4.3	70
Axa Assistance Ireland Limited	Subsidiary	Athlone	Ireland	Investment Services	3.7	65
AXA Corporate Solutions	Subsidiary	New York, NY	United States	Investment Services		65
AXA MPS Assicurazioni Danni SpA	Joint Venture	Roma	Italy	Insurance (Property and Casualty)		65
Axa Assistance Services Europe Limited	Subsidiary	Dublin	Ireland	Investment Services	36.0	53
Axa Insurance Gulf BSCc	Subsidiary	Muscat	Oman	Insurance (Property and Casualty)	8.0	50
AXA Funds Management	Subsidiary	Wellington	New Zealand	Miscellaneous Financial Services	5.6	50
Axa Exclusiv Seguros E Inversiones Agencia De Seguros Sa	Subsidiary	Madrid	Spain	Investment Services	14.5	49
AXA Real Estate Managers Deutschland	Subsidiary	Koln	Germany	Investment Services	12.3	38
AXA Pacific Insurance Co	Subsidiary	Edmonton, AB	Canada	Investment Services	10.2	35
AXA Insurance (Gulf) B.S.C.	Subsidiary	Riyadh	Saudi Arabia	Investment Services		35
Inter Partner Assistance	Subsidiary	Singapore	Singapore			35
Aixam Mega SAS	Subsidiary	Aix les Bains	France	Auto and Truck Manufacturers	120.6	34
Compagnie Industrielle Du Vercors	Subsidiary	Chanas	France	Fabricated Plastic and Rubber	9.9	34
Carmetal	Subsidiary	Chanas	France	Miscellaneous Fabricated Products	6.5	34
Aixam Production	Subsidiary	Aix Les Bains	France	Auto and Truck Manufacturers	2.8	34
Carmax	Subsidiary	Chanas	France	Auto and Truck Manufacturers	2.6	34
Mega Production	Subsidiary	Chanas	France	Auto and Truck Manufacturers	3.1	14
Aixam Mega Italia SRL	Subsidiary	Cherasco, Cuneo	Italy	Retail (Specialty)	17.7	11
AIXAM Deutschland GmbH	Subsidiary	St. Wendel	Germany	Retail (Specialty)	11.2	6
Manageo	Subsidiary	Luynes	France	Computer Services	7.7	34
Adhap Performances	Subsidiary	Clermont Ferrand	France	Healthcare Facilities	7.3	34
Axa Assurcredit	Subsidiary	Nanterre	France	Insurance (Accident and Health)		34
Axa Art Versicherung Ag	Subsidiary	Paris	France	Investment Services		34
Inter Partner Assistance Sa	Subsidiary	Roma, Roma	Italy	Insurance (Accident and Health)		33
AXA Technology Services SAS	Subsidiary	Puteaux	France	Computer Services	151.0	32
Axa Technology Services South East Asia Limited	Subsidiary	Wan Chai, Hong Kong	Hong Kong	Computer Services		600
Axa Technology Services UK Ltd.	Subsidiary	London	United Kingdom	Computer Services	150.9	402
Axa Hedging Services Limited	Subsidiary	Dublin	Ireland	Investment Services	20.4	32
Axa Seguros, S.A. De C.V.	Subsidiary	Tuxtla Gutierrez, Chiapas	Mexico	Insurance (Life)	0.5	32
AXA Asia Regional Centre Pte Ltd	Subsidiary	Singapore	Singapore	Investment Services	1.0	30
GESA Assistance Pte Ltd	Subsidiary	Singapore	Singapore	Investment Services		30
Axa Art Insurance Ltd.	Subsidiary	London	United Kingdom	Insurance (Accident and Health)	46.3	29
Axa Art Services Ltd.	Subsidiary	London	United Kingdom	Insurance (Accident and Health)	6.2	29
Axa Real Estate Investment Managers Iberica Sa	Subsidiary	Madrid	Spain	Construction Services	6.3	23
International Claims Handling Center SA	Joint Venture	Warsaw	Poland	Insurance (Accident and Health)	2.0	21
Winterthur-Europe Life	Subsidiary	Luxembourg	Luxembourg	Insurance (Accident and Health)		21
AXA	Subsidiary	Plano, TX	United States	Investment Services	4.4	20
Winterthur - Europe Vie SA	Subsidiary	Luxembourg	Luxembourg	Investment Services		20
HDI Seguros S.A.	Subsidiary	Montevideo	Uruguay	Insurance (Life)		20
Seguro Directo Gere - Companhia de Seguros, S.A.	Subsidiary	Lisbon	Portugal	Insurance (Property and Casualty)		20
Compagnie FinanciÃ¨re de Paris SA	Subsidiary	Paris	France	Consumer Financial Services		20
Axa Real Estate Investment Managers Ltd.	Subsidiary	London	United Kingdom	Construction Services	2.1	18
Axa Real Estate Investment Managers UK Ltd.	Subsidiary	London	United Kingdom	Construction Services	30.8	64
Gobafoss General Partner Ltd.	Subsidiary	London	United Kingdom	Construction Services	0.0
Hollingbourne Gp Ltd.	Subsidiary	London	United Kingdom	Construction Services	0.0
Thomas More Square General Partner Ltd.	Subsidiary	London	United Kingdom	Business Services	0.0
Clements House General Partner Ltd.	Subsidiary	London	United Kingdom	Construction Services	0.0
Clements House Nominee 1 Ltd.	Subsidiary	London	United Kingdom	Construction Services
Clements House Nominee 2 Ltd.	Subsidiary	London	United Kingdom	Construction Services
Cheapside General Partner Ltd.	Subsidiary	London	United Kingdom	Construction Services
Seorf (General Partner) Ltd.	Subsidiary	London	United Kingdom	Construction Services
Seorf No. 2 Ltd.	Subsidiary	London	United Kingdom	Construction Services
Dagenham (General Partner) Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Dagenham Nominee Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Reof Ii (Gp) Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Reof Ii (Gp) (Scotland) Ltd.	Subsidiary	Edinburgh	United Kingdom	Business Services
Uk Regeneration Ltd.	Subsidiary	London	United Kingdom	Investment Services
Alternative Property Income Venture (Scotland) Ltd.	Subsidiary	Edinburgh	United Kingdom	Business Services
Axa Im Benelux	Subsidiary	Bruxelles	Belgium	Business Services	18.3	17
AXA Lebensversicherung AG	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Insurance (Life)		16
Kolner Spezial Beratungs-GmbH fÃ¼r betriebliche Altersversorgung	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Investment Services		42
GANYMED Erste Beteiligungs-Verwaltungs-Gesellschaft mbH & Co. KG	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Investment Services	11.0	3
Bruckner GmbH & Co. Projektentwicklungs KG	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Real Estate Operations	5.7	2
Merkur Gesellschaft fÃ¼r Beteiligungswerte mbH	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Commercial Banks		2
AXA Vie Gabon	Subsidiary	Libreville	Gabon	Insurance (Property and Casualty)		16
Axa Life Europe Limited	Subsidiary	Dublin	Ireland	Insurance (Life)	609.3	15
Groupe Outremer TÃ©lÃ©com SA	Subsidiary	Paris	France	Communications Services	249.1	14
Informatique Telematique Ocean Indien	Subsidiary	St Denis	France	Computer Services	1.8	7
Novacap SAS	Subsidiary	Lyon	France	Chemical Manufacturing	3.5	14
Novapex SAS	Subsidiary	Lyon	France	Chemical Manufacturing	378.8	145
Novacid SAS	Subsidiary	Lyon	France	Chemical Manufacturing	20.0	16
Axa Investment Managers Italia Societa di Intermediazione Mobiliare Per Azioni	Subsidiary	Milano, Milano	Italy	Commercial Banks		12
Axa Framlington Group Ltd.	Subsidiary	London	United Kingdom	Commercial Banks	11.0	7
Axa Italia SpA	Subsidiary	Milano, Milano	Italy	Commercial Banks	0.0	5
AXA Assurances IARD	Subsidiary	Taipei, ROC	Taiwan	Insurance (Property and Casualty)		5
Axa Insurance	Subsidiary	Fullerton, CA	United States	Investment Services	0.8	4
Porta Romana Immobiliare SRL	Subsidiary	Milano, Milano	Italy	Business Services	4.2	2
Axa Reinsurance Ireland Limited	Subsidiary	Dublin	Ireland	Insurance (Life)	74.0	1
Alliancebernstein (France) Sas	Subsidiary	Paris	France	Computer Services	2.2	1
AXA Assurances Inc	Subsidiary	Quebec, QC	Canada	Investment Services	0.3	1
Axa Group Solution	Subsidiary	Paris	France	Miscellaneous Financial Services	241.7
Axa Rosenberg Management Ireland Limited	Subsidiary	Dublin	Ireland	Investment Services	52.2
Axa Travel Insurance	Subsidiary	Dublin	Ireland	Investment Services	30.5
Axa Assurances Cameroun	Subsidiary	Douala	Cameroon	Insurance (Accident and Health)	26.6
Axa Investment Managers Ireland Limited	Subsidiary	Dublin	Ireland	Investment Services	24.8
Truck Assistance International	Subsidiary	Lyon	France	Insurance (Accident and Health)	24.3
Ahorro Familiar SA	Subsidiary	Madrid	Spain	Real Estate Operations	20.9
Colisee 21 Matignon	Subsidiary	Courbevoie	France	Business Services	7.8
Axa Holdings Ireland Limited	Subsidiary	Dublin	Ireland	Consumer Financial Services	0.2
Lor Patrimoine SAS	Subsidiary	Paris	France	Investment Services
AXA SA	Subsidiary	Buenos Aires, Buenos Aires	Argentina	Insurance (Accident and Health)
Ing Seguros	Subsidiary	Puebla, Puebla	Mexico	Investment Services
Bluefin Corporate Holdings Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Bluefin Corporate Consulting Ltd.	Subsidiary	London	United Kingdom	Commercial Banks	81.8	517
Sbj Benefit Consultants Ltd.	Subsidiary	London	United Kingdom	Investment Services		100
Pifc Consulting PLC	Subsidiary	Glasgow	United Kingdom	Commercial Banks	0.0
Bluefin Corporate Consulting Services Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations
E. B. Consultants Ltd.	Subsidiary	London	United Kingdom	Investment Services
Sbj Professional Trustees Ltd.	Subsidiary	London	United Kingdom	Investment Services
S. G. Ingram : Actuary Ltd.	Subsidiary	London	United Kingdom	Investment Services
Orbit Benefits Ltd.	Subsidiary	London	United Kingdom	Investment Services
AXA Mediterranean Holding, S.A.	Subsidiary	Madrid	Spain	Insurance (Property and Casualty)
AXA Aurora Iberica S.A. de Seguros y Reaseguros	Subsidiary	Madrid	Spain	Investment Services		2,500
Hilo Direct Seguros y Reaseguros S.A.	Subsidiary	Madrid	Spain	Insurance (Property and Casualty)		320
AXA Zycie Towarzystwo Ubezpieczen S.A.	Subsidiary	Warsaw	Poland	Insurance (Life)
Axa Polska S A	Subsidiary	Warszawa	Poland	Investment Services	46.6	500
Axa Towarzystwo Funduszy Inwestycyjnych S A	Subsidiary	Warszawa	Poland	Miscellaneous Financial Services	1.3
Axa Investment Managers UK Holdings Ltd.	Subsidiary	London	United Kingdom	Business Services
Colisee Re	Subsidiary	Paris	France	Insurance (Accident and Health)
AXA SA	Subsidiary	Seoul	Korea, Republic of	Insurance (Accident and Health)
AXA Conseil	Subsidiary	Paris	France	Insurance (Property and Casualty)
AXA Seguros, S.A. de C.V.	Subsidiary	MÃ©xico, D.F.	Mexico	Insurance (Life)
Seguros Comercial America	Branch	Guadalajara, Jalisco	Mexico	Commercial Banks	7.5	375
Consultoria Y AsesorÃa En Servicios Corporativos Y De AdministraciÃ³n, S.A. De C.V.	Subsidiary	Ciudad De Mexico, Distrito Federal	Mexico	Business Services		50
Axa Salud, S.A. De C.V.	Subsidiary	Ciudad De Mexico, Distrito Federal	Mexico	Healthcare Facilities	11.0
AXA Ukraine	Subsidiary	Kiev	Ukraine	Insurance (Life)
Axa Beleggingsfondsen N.V.	Subsidiary	Utrecht, Utrecht	Netherlands	Investment Services
AXA Asistencia Chile SA (AXA Assistance)	Subsidiary	Santiago	Chile	Insurance (Accident and Health)
Axa Group Services Limited	Subsidiary	Dublin	Ireland	Business Services
AXA Affin Life Insurance Berhad	Subsidiary	Kuala Lumpur	Malaysia	Insurance (Life)
Vinci B.V.	Subsidiary	Breda, North Brabant	Netherlands	Miscellaneous Financial Services
Kolnische Verwaltungs-Aktiengesellschaft fÃ¼r Versicherungswerte	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Consumer Financial Services		59
Omniasig Life	Subsidiary	Bucharest	Romania	Investment Services
Hcm Holdings Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
AXA Versicherung AG	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Insurance (Accident and Health)
AXA Customer Care GmbH	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Investment Services	27.2	240
Lefac Leasing-Finanz-GmbH	Subsidiary	Koln, Nordrhein-Westfalen	Germany	Rental and Leasing		8
AXA Seguros Generales, S.A. de Seguros y Reaseguros	Subsidiary	Palma de Mallorca, Balears	Spain	Insurance (Life)
AXA-Minmetals Assurance Co., Ltd.	Subsidiary	Shanghai	China	Insurance (Property and Casualty)
AXA Assistance Australia	Subsidiary	St Leonard, NSW	Australia	Commercial Banks
AXA Assurances Suisse S.A	Subsidiary	Lausanne	Switzerland	Insurance (Accident and Health)
Axa Millesimes	Subsidiary	Paris	France	Miscellaneous Financial Services
Quinta Do Noval - Vinhos, S.A.	Subsidiary	PinhÃ£o, AlijÃ³	Portugal	Beverages (Alcoholic)	5.1	73
Compagnie Medocaine Des Grands Crus	Subsidiary	Blanquefort	France	Beverages (Alcoholic)	75.7	34
Chateaux & Associes	Subsidiary	Pauillac	France	Computer Services	3.0	34
Societe Dexploitation Pichon Longueville	Subsidiary	Pauillac	France	Crops	10.6	34
Societe Dexploitation Suduiraut	Subsidiary	Preignac	France	Crops	1.8	34
Societe De Pichon Longueville	Subsidiary	Pauillac	France	Business Services	1.6
Chateau Suduiraut	Subsidiary	Preignac	France	Business Services	0.2
AXA Insurance	Subsidiary	Jeddah, Makkah	Saudi Arabia	Insurance (Accident and Health)
AXA Corporate Solutions Latin America Inc	Subsidiary	Miami, FL	United States	Insurance (Accident and Health)
Cfp Management	Subsidiary	Paris	France	Commercial Banks
Societe Financiere De Developpement-Sofinad	Subsidiary	Courbevoie	France	Miscellaneous Financial Services	0.3
Ing Seguros S.A. De C.V.	Subsidiary	Mexico City, Distrito Federal	Mexico	Insurance (Property and Casualty)
Axa China	Subsidiary	Paris	France	Miscellaneous Financial Services
Axa Equity & Law Life Assurance Society Plc	Subsidiary	Bangor	United Kingdom
Societe Beaujon	Subsidiary	Paris	France	Miscellaneous Financial Services
Axa Towarzystwo Ubezpieczen I Reasekuracji S A	Subsidiary	Warszawa	Poland	Insurance (Property and Casualty)	3.5	70
AXA penzijnÃ fond a.s.	Subsidiary	Brno	Czech Republic	Investment Services		39
Axa Insurance	Subsidiary	Morecambe	United Kingdom	Insurance (Life)
AXA MBASK Insurance Company	Subsidiary	Baku	Azerbaijan	Insurance (Life)
AXA Greece	Subsidiary	Athens	Greece	Insurance (Accident and Health)
UAT	Subsidiary	Lome	Togo	Insurance (Property and Casualty)
AXA Corporate Solutions Life Reinsurance Company	Subsidiary	New York, NY	United States	Insurance (Accident and Health)
AXA HAYAT ve EMEKLILIK AS	Subsidiary	Istanbul	Turkey	Insurance (Life)
AXA Slovakia	Subsidiary	Bratislava	Slovakia	Insurance (Accident and Health)
Winterthur Group	Subsidiary	Winterthur	Switzerland	Insurance (Accident and Health)
Marine Technical Consulting Co Ltd	Subsidiary	Piraeus	Greece	Insurance (Accident and Health)
AXA Colonia Insurance Limited	Subsidiary	Dublin	Ireland	Insurance (Property and Casualty)
Winterthur" Schweizerische Versicherungs-Gesellschaft	Subsidiary
Axa Pensiones Sa. Entidad Gestora De Fondos De Pensiones	Subsidiary	Cornella De Llobregat, Barcelona	Spain	Investment Services	14.7	12
Asesores De Seguros Asegur Agencia De Seguros Sociedad Anonima	Subsidiary
Asesores De Seguros Asegur Agencia De Seguros Sociedad Anonima	Subsidiary	Madrid	Spain	Investment Services	8.7	22

Competitors Report

Company Name	Location	Employees	Ownership
Hartford Life Insurance Co	Simsbury, Connecticut, United States	4,300	Private
Metlife Inc	New York, New York, United States	67,000	Public
Pruco Life Insurance Co	Newark, New Jersey, United States		Private

Executive report

Board of Directors

Name

Title

Function

Mark Pearson

Chairman of the Board, Chief Executive Officer

Chairman

Biography:

Mr. Mark Pearson is the Chairman of the Board and Chief Executive Officer of Axa Equitable Life Insurance Co. Mr. Pearson has been a Director of AXA Equitable since January 2011 and has served as Chairman of the Board and Chief Executive Officer since February 2011. Mr. Pearson also serves as President and Chief Executive Officer of AXA Financial since February 2011. Mr. Pearson is also a member of the Management and Executive Committees at AXA. Mr. Pearson joined AXA in 1995 with the acquisition of National Mutual Holdings (now AXA Asia Pacific Holdings) and was appointed Regional Chief Executive of AXA Asia Life in 2001. In 2008, he became President and Chief Executive Officer of AXA Japan Holding Co. Ltd. (â€œAXA Japanâ€) and was appointed a member of the Executive Committee of AXA. Before joining AXA, Mr. Pearson spent approximately 20 years in the insurance sector, assuming several senior manager positions at National Mutual Holdings and Friends Provident. Mr. Pearson is a Fellow of the Chartered Association of Certified Accountants. Mr. Pearson is also a director of AXA Financial (since January 2011), MONY Life (since January 2011), MLOA (since January 2011) and AllianceBernstein Corporation (since February 2011).

Age: 53

Compensation/Salary:$1,020,510

Compensation Currency: USD

Henri de Castries

Director

Director/Board Member

Biography:

Mr. Henri de Castries is the Director of AXA Equitable Life Insurance Co. Mr. de Castries has also served as Chairman of the Board of AXA Financial since April 1998. Since April 2010, Mr. de Castries has been Chairman of the Board and Chief Executive Officer of AXA. Mr. de Castries served as the Chairman of the Management Board of AXA from May 2000 through April 2010. Prior thereto, he served AXA in various capacities, including Vice Chairman of the AXA Management Board; Senior Executive Vice President-Financial Services and Life Insurance Activities in the United States, Germany, the United Kingdom and Benelux from 1996 to 2000; Executive Vice President-Financial Services and Life Insurance Activities from 1993 to 1996; Corporate Secretary from 1991 to 1993; and Central Director of Finances from 1989 to 1991. Mr. de Castries is also a director of AXA Financial (since September 1993), MONY Life (since July 2004), MLOA (since July 2004), AllianceBernstein Corporation (since October 1993) and various other subsidiaries and affiliates of the AXA Group.

Age: 57

Ramon de Oliveira

Independent Director

Director/Board Member

Biography:

Mr. Ramon de Oliveira is the Independent Director of AXA Equitable Life Insurance Co. Since April 2010, Mr. de Oliveira has been a member of AXAâ€™s Board of Directors, where he serves on the Finance Committee (Chair) and Audit Committee, and from April 2009 to May 2010, he was a member AXAâ€™s Supervisory Board. He is currently the Managing Director of the consulting firm Investment Audit Practice, LLC, based in New York, NY. From 2002 and 2006, Mr. de Oliveira was an adjunct professor of Finance at Columbia University. Prior thereto, starting in 1977, he spent 24 years at JP Morgan & Co. where he was Chairman and Chief Executive Officer of JP Morgan Investment Management and was also a member of the firmâ€™s Management Committee since its inception in 1995. Upon the merger with Chase Manhattan Bank in 2001, Mr. de Oliveira was the only executive from JP Morgan & Co. asked to join the Executive Committee of the new firm with operating responsibilities. Mr. de Oliveira is currently a member of the Board of Directors of Investment Audit Practice, LLC, the Kauffman Foundation, Fonds de Dotation du Louvre, Tattinger-Kobrand, Quilvest SA and The Red Cross. Previously he was a Director of JP Morgan Suisse, American Century Company, Inc., SunGard Data Systems and The Hartford Insurance Company. Mr. de Oliveira is also a director of AXA Financial, MONY Life and MLOA since May 2011.

Age: 57

Education:

University of Paris
Institut d'Etudes Politiques de Paris

Denis Duverne

Director

Director/Board Member

Biography:

Mr. Denis Duverne is the Director of AXA Equitable Life Insurance Co. Since April 2010, Mr. Duverne has been the Deputy Chief Executive Officer of AXA, in charge of Finance, Strategy and Operations and a member of AXAâ€™s Board of Directors. From January 2010 until April 2010, Mr. Duverne was AXAâ€™s Management Board member in charge of Finance, Strategy and Operations. Mr. Duverne was a member of the AXA Management Board from February 2003 through April 2010. He was Chief Financial Officer of AXA from May 2003 through December 2009. From January 2000 to May 2003, Mr. Duverne served as Group Executive Vice President-Finance, Control and Strategy. Mr. Duverne joined AXA as Senior Vice President in 1995. Mr. Duverne is also a director of AXA Financial (since November 2003), MONY Life (since July 2004), MLOA (since July 2004), AllianceBernstein Corporation (since February 1996) and various other subsidiaries and affiliates of the AXA Group.

Age: 58

Education:

Ecole Nationale d'Administration
Hautes Etudes Commerciales

Barbara Fallon-Walsh

Director

Director/Board Member

Education:

Harvard Business School, MBA
Northeastern University, BS

Charlynn Goins

Independent Director

Director/Board Member

Biography:

Ms. Charlynn Goins is Independent Director of AXA Equitable Life Insurance Co. Since December 2008, Ms. Goins has served as a Director of Federal National Mortgage Association Fannie Mae (â€œFannie Maeâ€), where she serves on the Executive Committee and Nominating and Corporate Governance Committee (Chair). Since July 2008, she has also served as Chairman of the Board (Distribution Committee) of The New York Community Trust. Prior to being elected its Chairman, Ms. Goins served as Vice Chairman and a member of the Trustâ€™s Distribution Committee. Previously, Ms. Goins served as Chairperson of the Board of Directors of New York City Health and Hospitals Corporation from June 2004 to September 2008. She also served on the Board of Trustees of The Mainstay Funds, New York Life Insurance Companyâ€™s retail family of funds, from June 2001 through July 2006 and on the Board of Directors of The Communityâ€™s Bank from February 2001 through June 2004. Ms. Goins is also a director of AXA Financial, MONY Life and MLOA since September 2006.

Age: 69

Danny L. Hale

Independent Director

Director/Board Member

Biography:

Mr. Danny L. Hale is the Independent Director of AXA Equitable Life Insurance Co. From January 2003 to March 2008, Mr. Hale served as Senior Vice President and Chief Financial Officer of The Allstate Corporation. Prior to joining The Allstate Corporation in January 2003, he was Executive Vice President and Chief Financial Officer of the Promus Hotel Corporation until its acquisition by the Hilton Hotels Group in 1999. Prior to joining Promus Hotel Corporation, Mr. Hale was Executive Vice President and Chief Financial Officer of USF&G Corporation from 1993 to 1998. Mr. Hale joined insurer USF&G Corporation in 1991 as Executive Vice President of Diversified Insurance & Investment Operations. Prior thereto, Mr. Hale held various positions with each of Chase Manhattan Leasing and General Electric Company. Mr. Hale is also a director of AXA Financial, MONY Life and MLOA since May 2010.

Age: 67

Education:

Yale University, B (Economics)

Anthony John Hamilton

Independent Director

Director/Board Member

Biography:

Mr. Anthony John Hamilton is Independent Director of AXA Equitable Life Insurance Co. Since April 2010, Mr. Hamilton has been a member of AXAâ€™s Board of Directors, where he serves on the Audit Committee (Chair) and Compensation and Human Resources Committee. Prior thereto, he was a member of AXAâ€™s Supervisory Board from January 1996 to April 2010. Mr. Hamilton is also a director of AXA Equity and Law plc since 1993 and its Non-executive Chairman since 1995 and a director of AXA UK plc since 1995 and its Non-executive Chairman since September 2000. Mr. Hamilton joined the investment bank Fox-Pitt, Kelton Limited (â€œFPKâ€) in 1978. He was a principal shareholder and served as executive chairman of FPK from 1994 until FPK was acquired by Swiss RE in March 1999. Mr. Hamilton retired from his executive responsibilities at FPK in 2004. Mr. Hamilton is currently a director of Tawa plc and is a former director of FPK; Pinault Printemps Redoute SA; Swiss Re Capital Markets Limited; CX Reinsurance; and Binley Limited. Mr. Hamilton is also a director of AXA Financial (since December 1995), MONY Life (since May 2006) and MLOA (since May 2006).

Age: 70

Education:

University of Oxford, PHD (Physics)
University of Oxford, MA

Peter Kraus

Director

Director/Board Member

Biography:

Mr. Peter S. Kraus is the Director of AXA Equitable Life Insurance Co. Since December 2008, Mr. Kraus has served as Chairman of the Board of AllianceBernstein Corporation and Chief Executive Officer of AllianceBernstein Corporation, AllianceBernstein and AllianceBernstein Holding. From September 2008 through December 2008, Mr. Kraus served as an executive vice president, the head of global strategy and a member of the Management Committee of Merrill Lynch & Co. Inc. (â€œMerrill Lynchâ€). Prior to joining Merrill Lynch, Mr. Kraus spent 22 years with Goldman Sachs Group Inc. (â€œGoldmanâ€), where he most recently served as co-head of the Investment Management Division and a member of the Management Committee, as well as head of firm-wide strategy and chairman of the Strategy Committee. Mr. Kraus also served as co-head of the Financial Institutions Group. Mr. Kraus is a member of the Management and Executive Committees of AXA. Mr. Kraus is also a director of AXA Financial, MONY and MLOA since February 2009.

Age: 59

Education:

New York University, MBA
Trinity College, BA

Bertram L. Scott

Director

Director/Board Member

Age: 60

Education:

DePaul University, BBA

Lorie A. Slutsky

Independent Director

Director/Board Member

Biography:

Ms. Lorie A. Slutsky is Independent Director of AXA Equitable Life Insurance Co. Since January 1990, Ms. Slutsky has been President and Chief Executive Officer of The New York Community Trust, a community foundation that manages a $2 billion endowment and annually grants more than $150 million to non-profit organizations. Ms. Slutsky is Secretary and a board member of the Independent Sector and co-chaired its National Panel on the Non-Profit Sector, which focused on reducing abuse and improving governance practices at non-profits. She served on the Board of Directors of BoardSource from 1999 to 2008 and served as its Chair from 2005 to 2007. She also served on the Board of Directors of the Council on Foundations from 1989 to 1995 and as its Chair from 1992 to 1994. Ms. Slutsky served as Trustee and Chair of the Budget Committee of Colgate University from 1989 to 1997. Ms. Slutsky is also a director of AXA Financial, MONY Life and MLOA (since September 2006) and AllianceBernstein Corporation (since July 2002).

Age: 59

Ezra Suleiman

Director

Director/Board Member

Biography:

Mr. Ezra Suleiman is Director of AXA Equitable Life Insurance Co. Mr. Suleiman was a member of AXAâ€™s Board of Directors from April 2010 to April 2011, where he served on the Audit Committee and Ethics and Governance Committee. Prior thereto, he was a member of AXAâ€™s Supervisory Board from April 2003 to April 2010. Mr. Suleiman is currently the IBM Professor of International Studies at Princeton University and has been a Professor of Politics at Princeton University since 1979. Mr. Suleiman is currently a member of the Board of Directors of Suez Environnement, where he serves on the Audit and Financial Statements Committee (Chair) and the Appointments and Compensation Committee. He is also the President of the Advisory Board of Institut Montaigne; and member of the Editorial Board of Comparative Politics; a member of the Editorial Committees of La Revue des Deux Mondes, Politique AmÃ©ricaine and Questions Internationales; and a member of the Council on Foreign Relations (New York) and HEC International Advisory Board. Mr. Suleiman is also a director of AXA Financial, MONY Life and MLOA since May 2006.

Age: 70

Education:

Harvard University
Columbia University

Richard C. Vaughan

Independent Director

Director/Board Member

Biography:

Mr. Richard C. Vaughan is the Independent Director of AXA Equitable Life Insurance Co. From 1995 to May 2005, Mr. Vaughan served as Executive Vice President and Chief Financial Officer of Lincoln Financial Group (â€œLincolnâ€). Mr. Vaughan joined Lincoln in July 1990 as Senior Vice President and Chief Financial Officer of Lincolnâ€™s Employee Benefits Division. In June 1992, Mr. Vaughan was appointed Chief Financial Officer of Lincoln and was promoted to Executive Vice President of Lincoln in January 1995. Mr. Vaughan is a member of the Board of Directors of MBIA Inc., where he serves on the Audit Committee (Chair), Compensation and Governance Committee and Executive Committee. Previously, Mr. Vaughan was also a Director of The Bank of New York and Davita, Inc. Mr. Vaughan is also a director of AXA Financial, MONY and MLOA since May 2010.

Age: 62

Education:

University of Missouri, BS (Business Administration)

Executives

Name

Title

Function

Mark Pearson

Chairman of the Board, Chief Executive Officer

Chief Executive Officer

Biography:

Age: 53

Compensation/Salary:$1,020,510

Compensation Currency: USD

Nick Lane

Senior Executive Vice President and President of retirement savings

President

Biography:

Mr. Nicholas Lane is the Senior Executive Vice President and President - Retirement Savings of AXA Equitable Life Insurance Co. Mr. Lane has overall responsibility for annuity product manufacturing, service delivery, marketing, in-force management and wholesale distribution. Mr. Lane rejoined AXA Equitable from AXA, where he served as head of AXA Group Strategy since 2008. Prior to joining AXA Group in 2008, he was a director of AXA Advisors LLC and a director and Vice Chairman of AXA Network LLC, AXA Financial Groupâ€™s retail broker dealer and insurance general agency, respectively. Prior thereto, Mr. Lane served as a captain in the U.S. Marine Corps.

Age: 38

Education:

Harvard Business School, MBA
Princeton University, BA

Compensation/Salary:$431,734

Compensation Currency: USD

Andrew McMahon

President - Financial Protection & Wealth Management

President

Biography:

Mr. Andrew J. McMahon is the President, Director of Axa Equitable Life Insurance Co. Mr. McMahon has been a Director of AXA Equitable since May 2011 and has served as President since January 2011. Prior thereto, Mr. McMahon served as Senior Executive Vice President and President, Financial Protection and Wealth Management of AXA Equitable. Mr. McMahon also serves as Senior Executive Vice President and President, Financial Protection and Wealth Management of AXA Financial. Mr. McMahon also served as President of AXA Financial on an interim basis for the period January 2011 through February 2011. Mr. McMahon has overall responsibility for life insurance manufacturing, marketing, distribution, business management operations, and in-force management. He is also Chairman of AXA Advisors, LLC, the companyâ€™s broker/dealer and retail distribution channel since 2007. Prior to McKinsey & Co., Mr. McMahon spent several years in management positions with various business divisions of General Electric Company. Mr. McMahon is also a director of AXA Financial, MONY Life and MLOA since May 2011.

Age: 44

Education:

Columbia University, MBA
Fairfield University, BS

Compensation/Salary:$586,881

Compensation Currency: USD

Social:

Jamie Shepherdson

President - Retirement Savings

President

Biography:

Jamie Shepherdson is president of AXA Equitables Retirement Savings business and a senior executive vice president for the company. He is also a member of the companys Executive Operating Committee. Mr. Shepherdson has overall responsibility for AXA Equitables annuity business including product manufacturing service delivery marketing in-force management and wholesale distribution through AXA Distributors LLC. He is also head of AXA Global Distributors which distributes proprietary annuity products through financial intermediaries globally.

Education:

University of Southern California, BS (Business Administration)
University of Southern California, MBA (Finance)
University of Southern California., BS (Business Administration)

Social:

Adrienne Johnson-Guider

Senior Vice President, Head - Strategic Initiatives Group

Division Head Executive

Biography:

Ms. Adrienne Johnson-Guider is Senior Vice President, Head - Strategic Initiatives Group. Prior to running the Strategic Initiatives Group, Ms. Johnson-Guider served as Vice President and Chief of Staff in the Office of the CEO, driving strategic and tactical programs addressing a range of global and local issues. Her previous roles at AXA Equitable include serving as Vice President of Marketing and Product Development, where she led the brand transition from the Equitable Life Assurance Society to the AXA brand. Prior to joining AXA Equitable in 1999, Ms. Johnson-Guider served as a senior program director at Enterprise IG, responsible for all aspects of client account management, from business development to project scope, design, and execution. She has also worked at AIG Trading Group, Inc., Morgan Stanley, and Shearson Lehman Brothers. Ms. Johnson-Guider earned a BS in Marketing from Fairfield University and a MBA from The Stern School of Business at New York University.

Education:

New York University, MBA
Fairfield University, BS (Marketing)

Rino Piazzolla

Head of Human Resources

Division Head Executive

Michael Falconcino

Compliance, Operational Risk

Operations Executive

Claude Methot

Senior Vice President & Chief Product Officer

Operations Executive

Education:

Laval University, Actuarial Diploma

Social:

Pierre Rullier

Chief Commercial Officer-AXA Equitable

Operations Executive

Robert Bucky Wright

Executive Vice President, Sales & Operations, AXA Advisors, LLC

Operations Executive

Terrence Anderson

Fund Administrator

Administration Executive

Renea Dumas

Plan Administrator

Administration Executive

Tony Melfi

Senior Database Administrator

Administration Executive

Lisa Perrelli

Manager - Fund Administration

Administration Executive

Richard Silver

Senior Executive Vice President, Chief Legal Officer and Chief Administrative Officer

Administration Executive

Education:

St. John's University, BA (Government)
St. John's University, BA (Government And Politics)
St. John's University Law School, JD

Social:

Manish Takyar

Senior Database Administrator

Administration Executive

Dinesh Lalwani

Security Architect

Security

Phil Brady

Vice President Finance

Finance Executive

Kevin R Byrne

Executive Vice President, Chief Investment Officer & Treasurer

Finance Executive

Education:

Fordham University, BS
Fordham University., BS
New York University, MBA

Daniel Dales

Financial Consultant

Finance Executive

Richard S. Dziadzio

Senior Executive Vice President & Chief Financial Officer

Finance Executive

Education:

Wharton School of Business at the University of Pennsylvania, BS (Economics)
INSEAD, MBA

Carol Macaluso

Senior Vice President, Business Unit Chief Financial Officer

Finance Executive

Stephen Maikisch

Vice President Financial Reporting Systems

Finance Executive

Anders Malmstrom

Chief Financial Officer, Senior Executive Vice President

Finance Executive

Biography:

Mr. Anders Malmstrom has been appointed as Chief Financial Officer and Senior Executive Vice President of AXA Equitable Life Insurance Co., effective June 1, 2012. He is also a member of the companyâ€™s Executive Committee. Malmstrom is responsible for all actuarial, investment, and risk management functions, with oversight of the controller, tax, expense management and corporate real estate, corporate sourcing and procurement, and distribution finance areas. Malmstrom joined AXA Financial in 2012 from AXA Winterthur in Switzerland, where he was a member of the Executive Board and head of the Life Department. Before joining AXA Winterthur in 2009, Malmstrom was head of product management, Group Life Insurance, at The Swiss Life Group in Zurich. He spent over eleven years in management position with various business divisions at The Swiss Life Group, where he began his insurance career as a developer of actuarial software in 1997. Malmstrom holds a Masterâ€™s degree in Mathematics, Physics and Astronomy from the University of Basel in Switzerland. He also completed a dissertation in Mathematics at the University of Aachen in Germany.

Education:

University of Basel, M (Mathematics and Physics)

Charles Marino

Executive Vice President & Chief Actuary

Finance Executive

Education:

New York University, BA (Mathematics)
New York University, BA magna cum laude (Mathematics)

Andrea Nitzan

Executive Vice President, Financial Planning & Analysis

Finance Executive

Biography:

Ms. Andrea Nitzan has been appointed as Chief Accounting Officer of Axa Equitble Life Insurance Co., effective May 16, 2012. Ms. Nitzan joined the Company in 1996 and most recently served as Executive Vice President in charge of the Companyâ€™s financial planning and analysis area. Prior to joining the Company, Ms. Nitzan was a Business Assurance Manager at Pricewaterhouse Coopers LLP.

Education:

Hofstra University, BS (Business Administration)

Bertrand Poupart-Lafarg

Finance, Executive Vice President

Finance Executive

Samantha Schwam

Vice President of Finance

Finance Executive

Victor Wurtzel

Io, Financial Systems

Finance Executive

Jennie Hoye

Director, Internal Audit

Accounting Executive

Milla Lerner

Audit Manager

Accounting Executive

Nicholas Liolis

Chief Credit Officer

Accounting Executive

Thomas Long

Vice President - Audit

Accounting Executive

Andrew Raftis

Senior Vice President Internal Audit

Accounting Executive

Bertrand Poupart-Lafarge

Chief Investment Officer of AXA Equitable

Investment Executive

Education:

HEC Paris, MBA

Alvin H Fenichel

Senior Vice President & Chief Accounting Officer

Controller

Bill Winters

Compensation Associate

Benefits & Compensation Executive

Jennifer L. Blevins

Executive Vice President-Human Resources

Human Resources Executive

Education:

Michigan State University, bachelor's (Psychology)
Michigan State University, BS (Psychology)

Amalia Durazzo-Carroll

Human Resources

Human Resources Executive

Salvatore Piazzolla

Senior Executive Vice President, Head - Human Resources

Human Resources Executive

Biography:

Mr. Salvatore Piazzolla is the Senior Executive Vice President, Head - Human Resources of AXA Equitable Life Insurance Co. Mr. Piazzolla is responsible for developing and executing a business-aligned human capital management strategy focused on leadership development, talent management and total rewards. Prior to joining AXA Equitable, Mr. Piazzolla was Senior Executive Vice President, Head of Human Resources at UniCredit Group, where he was responsible for all aspects of human resources management, including leadership development, learning and industrial relations. Before joining UniCredit Group in 2005, he held various human resources senior management positions in the United States and abroad at General Electric Company, Pepsi Cola International and S.C. Johnson Wax.

Age: 59

Compensation/Salary:$743,907

Compensation Currency: USD

Steven Rosenthal

Senior Vice President, Human Resources

Human Resources Executive

Nansa Sheriff

Recruiting Analyst

Human Resources Executive

Melisa Waters

Chief Talent Officer, Senior Vice President of Learning & Development, Recruiting & Mobility, Talent Management and HR Innovation

Human Resources Executive

Karen Mele

Training Manager

Training Executive

Sarah Avant

Customer Service Representative

Customer Service Executive

Jeff Stern

Director of Customer Support

Customer Service Executive

Richard Frink

National Sales Manager

Sales Executive

Mark Scalercio

Senior Vice President-Marketing & Sales Support

Sales Executive

Education:

Northern Arizona University, bachelor's

Michael Dipiazza

Vice President Marketing

Marketing Executive

Craig Feinson

Marketing 2nd Level

Marketing Executive

Deborah Garcia

Marketing Associate

Marketing Executive

Jenna Langel

Assistant Vice President-Creative Marketing Services

Marketing Executive

William Mcdermott

Executive Vice President-Corporate Markets

Marketing Executive

Education:

Villanova University, BS (Finance)

Social:

Page Pennell

Director of Marketing

Marketing Executive

Vicente Pina

Hq-Marketing Director

Marketing Executive

Amy J. Radin

Senior Executive Vice President, Chief Marketing Officer

Marketing Executive

Biography:

Ms. Amy J. Radin has been appointed as Senior Executive Vice President, Chief Marketing Officer of AXA Equitable Life Insurance Co. Ms. Radin is responsible for building the Companyâ€™s brand around the customer experience â€“ both internally and externally. She partners with the Financial Protection & Wealth Management and Retirement Savings marketing teams to develop and implement marketing strategies aimed at growing the business and building brand awareness in targeted customer segments using a variety of media. Prior to joining AXA Equitable, Ms. Radin was Executive Vice President and Chief Innovation Officer at E*TRADE. Before joining E*TRADE in 2010, Ms. Radin served in several senior management positions at Readerâ€™s Digest Association, Citigroup, Dime Bancorp and American Express.

Age: 53

Education:

The Wharton School of the University of Pennsylvania, MBA
Wesleyan University, BA

Jed Steinberg

Vice President of Marketing-Creative Services

Marketing Executive

Suzanne Van Staveren

Senior Vice President-Corporate Markets

Marketing Executive

Education:

Northeastern Graduate School of Business, MBA (Finance)
Johnson & Wales University, BS

Jane Weber

Marketing Director

Marketing Executive

Rick Fraser

Io Legal, Compliance Procurement and Corporate Communication

Corporate Communications Executive

Marcia Tierney

Senior Vice President, Corporate Communications

Corporate Communications Executive

Mary Bradach

Vice President Information Systems

Information Executive

Lisa Capelonga

Data Analyst

Information Executive

David Chan

Information Technology Director

Information Executive

Vincent Cohan

Senior Vice President & Chief Technology Officer

Information Executive

Ed Currie

Database Administrator

Information Executive

Permjit Ghotra

Manager Information Technology

Information Executive

Herve Glaize

Senior Vice President Axa Technology Services

Information Executive

Michael Healy

Executive Vice President & Chief Information Officer

Information Executive

Jay Mason

Information Systems, S-Messaging

Information Executive

Alvin Tada

Database Administrator

Information Executive

Eileen Wolinsky

Senior Business Systems Analyst

Information Executive

Christine Yan-Beeber

Data Analyst

Information Executive

Kathleen Gosson

Senior Software Engineer

Engineering/Technical Executive

Mark Mcmahill

Io, Internet Strategies & Technologies

Engineering/Technical Executive

Ismail Becer

Director Product Management

Product Management Executive

Timothy Feeley

Io, Product Support

Product Management Executive

Kristin Gang

Product Manager

Product Management Executive

Stacy Braun

Business Development, Senior Vice President

Business Development Executive

Eve Halberg

Senior Business Analyst

Business Development Executive

Kevin Kennedy

Senior Vice President & Head of Business Development

Business Development Executive

Kenneth Selig

Lead Business Analyst

Business Development Executive

Joyce Spires

Business Analyst

Business Development Executive

Lina Too

Business Analyst

Business Development Executive

Willliam Accordino

Vice President Learning Strategy

Planning Executive

Kermitt Brooks

Senior Vice President & Associate General Counsel

Legal Executive

Education:

James Madison College at Michigan State University, BA
University of Michigan Law School, JD

Benedict Carmicino

Vice President and Counsel

Legal Executive

Marlene Cleary

Sox Compliance

Legal Executive

Andrea Cohen

Vice President & Assoc. General Counsel

Legal Executive

Richard Ferrone

Vice President, Compliance

Legal Executive

Darryl Gibbs

Vice President and Counsel

Legal Executive

Dave S Hattem

Executive Vice President & General Counsel

Legal Executive

Maurya Keating

Vice President and Associate General Counsel

Legal Executive

Windy Lawrence

Vice President & Counsel

Legal Executive

Patricia Louie

Senior Vice President & Associate General Counsel

Legal Executive

William Macgregor

Vice President & Counsel

Legal Executive

Anthony Recine

Senior Vice President, Chief Compliance Officer and Deputy General Counsel

Legal Executive

Education:

Fordham University, bachelor's (Economics)
Fordham University, JD (Economics)

Ed Velazquez

Vice President and Counsel

Legal Executive

Paul Yacyshyn

Vice President and Counsel

Legal Executive

Ken Gowen

Manager-Buyer Corporate Procurement

Merchandise Management Executive

Michelle Guilfoil

Manager Buyer - Csp

Merchandise Management Executive

Dave Mazur

Director of Facilities Management

Facilities Executive

Michael Vitale

Senior Vice President, Real Estate & Mortgages

Facilities Executive

Timothy Welch

Senior Vice President-Real Estate Investment Management

Facilities Executive

Carolyn Mergner

Procurement

Purchasing Executive

Flor Saltiel

Assistant Vice President Sourcing, Corporate Sourcing and Procurement

Purchasing Executive

Geoffrey Greene

Director, Quality Assurance

Quality Executive

Bill Patrick

Quality Assurance Manager

Quality Executive

David Anenberg

Assistant Vice President and Actuary

Insurance Executive

Larry Atkins

Director Actuary

Insurance Executive

Roman Brewka

Assistant Vice President and Actuary

Insurance Executive

John Carlson

Senior Vice President, Life Distribution

Insurance Executive

William Casill

Senior Vice President and Actuary

Insurance Executive

Frank Chechel

Assistant Vice President and Actuary

Insurance Executive

Yolanda Chow

Assistant Vice President and Actuary

Insurance Executive

Linda Costa

Insurance Agent

Insurance Executive

Joseph Dudajek

Assistant Vice President and Actuary

Insurance Executive

Richard Gorski

Vice President and Actuary

Insurance Executive

Stephen Gruber

Assistant Vice President and Actuary

Insurance Executive

Brian Klimek

Assistant Vice President and Actuary

Insurance Executive

Diane Lloyd

Assistant Vice President and Actuary

Insurance Executive

David O'Leary

Executive Vice President & Head of Financial Protection

Insurance Executive

Education:

U of T's Rotman School of Management, MBA
University of Toronto, BA

David Rogers

Vice President Risk and Insurance

Insurance Executive

Curtis Sylvester

Vice President and Actuary

Insurance Executive

Rosemarie Albrizio

Vice President

Other

Kathy Bastoni

Release Management Analyst

Other

Mary Bates

Senior Vice President

Other

Education:

University of California at Berkeley, Masters (Library And Information Science)
University of California at Santa Barbara, BA (Philosophy)

Craig Beattie

Strategic Relationship Manager

Other

Maria Belton

Director Defined Contribution

Other

Huron Benson

Business Continuity Analyst

Other

Karen Betts

Assistant Vice President, Markets Positions, Annuity

Other

Leann Bohner

Senior Vice President

Other

Zofia Bolewicz

Employee Relations

Other

Paul Boucher

Vice President

Other

Josh Braverman

Senior Vice President

Other

Axa Brian

Walsh

Other

Andrew Bromberg

Manager, Change Management

Other

Charles Buda

Strategic Relationship Manager

Other

Mary Cantwell

Assistant Vice President

Other

Eugene Capobianco

Vice President, Tax Office

Other

Debra Clawar

Assistant Vice President

Other

Peter Crawford

Assistant Vice President, Life Marketing, Axa Equitable Life Insurance Company

Other

Deborah Culliton

Senior Solutions Delivery Manager

Other

Jennifer D'Anna

Conference Manager

Other

George Decker

Director, Advanced Sales Case Design

Other

Elaine Dixon

Assistant Vice President

Other

Harry Doyle

Assistant Vice President

Other

Mary Beth Farrell

Executive Vice President

Other

Education:

University of Scranton, BS (Accounting)
University of Scranton. She, BS (Accounting)

Social:

Julio Feliciano

Analyst, Life Products

Other

Sebrina Fine-Midgette

Pension Operations and Project Management

Other

Mary Ford

Vice President At Axa Equitable

Other

Arnold Greenspoon

Assistant Vice President, Reporting & Analysis, Actuary

Other

Jennifer Heaning

Headquarters - Customer Service Representative I

Other

Brad Hoffman

Solution Architect

Other

Matthew Holly

Manager, Investigations

Other

Sandra Huffstetler

Reinstatement Department

Other

Mary Hyland

Assistant Vice President, Product Manager, Employer Sponsored

Other

Bonnie Isaacson

Process Controls

Other

Barbara Janosko

Assistant Vice President

Other

Sean Johnson

Infrastructure Analyst

Other

James Kelly

Vice President

Other

Kenneth Kozlowski

Senior Vice President

Other

Gregory Lashinsky

Director

Other

Eric Lhomond

Senior Vice President

Other

H. Scott Long

senior vice president

Other

Caroline Lynch

Manager - Vendor Relations

Other

Michael Mcnenny

Reporting Analyst

Other

Raghib Muhammad

Vice President

Other

Christine Nigro

President, Axa Advisors

Other

Alena Orlova

Manager

Other

Dhiru Patel

Assistant Vice President

Other

Omar Perine

Senoir Analyst

Other

James Pezzella

Development Project Management

Other

Susan Picarel

Headquarters - Team Leader-Customer Service

Other

Edgar Pineda

Senior Analyst, Customer Service, Axa Advisors

Other

Anna Pintsov

Assistant Vice President

Other

John Rivett

Senior Vice President

Other

Phillip Sausto

Infrastructure Program Manager

Other

Gregory Schroeder

Internet Center of Excellence

Other

Ashish Shah

Senior, Developer

Other

Rosemarie Shomstein

Senior Vice President

Other

Michael Simcox

Senior Vice President

Other

Todd Solash

Senior VP & Head-Retirement Savings Product Life Cycle Mgmt

Other

Education:

University of Pennsylvania, BAS (Chemical Engineering)

Doris Stokes

Supervisor, Law & Customer Relations

Other

Axa Stuart

Benson

Other

Marichelle Tanag

Lead Developer

Other

Evelyn Tirado

Project Manager

Other

Jeffrey Turcotte

Senior Vice President

Other

Joseph Vetack

Director

Other

Melisa Waters

Senior Vice President

Other

Thomas Wenzl

Senior Manager

Other

Kathy Zacharek

Division Manager, Claims, Money

Other

News

Separate Account No. 70 of Axa Equitable Life Insurance Co Files SEC Form 497, Definitive Materials (Sept. 25, 2012) Insurance Weekly News (164 Words)	03-Oct-2012
Treasurer sues insurance companies over unclaimed property By Kate White, The Charleston Gazette, W.Va., The Charleston Gazette, W.Va. (401 Words)	29-Sep-2012
Record Number of Contracts Signed Between Corporate Supporters and Certified Women-Owned Businesses PR Newswire US (453 Words)	26-Sep-2012
Fitch Affirms AXA Entities' IFS at 'AA-'; Revises Outlook to Negative Business Wire (1417 Words)	24-Sep-2012
AXA Foundation Provides $670,000 in Annual Scholarships In Association with U.S. News & World Report PR Newswire US (587 Words)	18-Sep-2012
AXA Equitable Introduces Fiduciary Educator(SM) PR Newswire US (498 Words)	12-Sep-2012
InsideCounsel Recognizes Innovative Legal Departments with Annual IC10 List PR Newswire US (382 Words)	04-Sep-2012
FORM 8-K: AXA EQUITABLE LIFE INSURANCE FILES CURRENT REPORT U.S. Fed News (573 Words)	30-Aug-2012
Crump Life Insurance Expands Relationship with AXA Network Business Wire (737 Words)	10-Aug-2012
AXA Equitable Introduces Next Generation in Indexed Universal Life Insurance PR Newswire (1204 Words)	30-Jul-2012

Articles

UNITED STATES : Amy Radin becomes Chief Marketing Officer of AXA Equitable Life Insurance Company
TendersInfo News (241 Words) (1 Page)

15-Feb-2012

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Restated Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation

Net Premiums Earned	3,845.0	3,597.0	3,349.0	3,711.0	3,546.6
Other Insurance Revenue	9,540.0	5,770.0	656.0	5,830.0	5,102.8
Total Premiums Earned	13,385.0	9,367.0	4,005.0	9,541.0	8,649.4
Net Investment Income	4,502.0	1,976.0	-980.0	9,054.0	2,653.7
Realized Gains (Losses)	-15.0	98.0	217.0	-53.0	70.6
Total Revenue	17,872.0	11,441.0	3,242.0	18,542.0	11,373.7

Losses, Benefits, and Adjustments	4,360.0	3,082.0	1,298.0	4,702.0	1,998.5
Underwriting & Commissions	1,195.0	1,044.0	1,033.0	1,437.0	1,744.2
Losses, Benefits, and Adjustments, Total	5,555.0	4,126.0	2,331.0	6,139.0	3,742.7
Amortization of Policy Acquisition Costs	3,650.0	-748.0	-860.0	2,091.0	-620.1
Selling/General/Administrative Expense	250.0	244.0	258.0	247.0	224.3
Labor & Related Expense	2,547.0	2,287.0	2,148.0	2,377.0	2,883.8
Total Selling/General/Administrative Expenses	2,797.0	2,531.0	2,406.0	2,624.0	3,108.1
Amortization of Intangibles	24.0	23.0	24.0	24.0	23.2
Depreciation/Amortization	24.0	23.0	24.0	24.0	23.2
Interest Expense - Operating	106.0	106.0	107.0	52.0	58.2
Interest Expense - Net Operating	106.0	106.0	107.0	52.0	58.2
Interest Expense (Income) - Net Operating Total	106.0	106.0	107.0	52.0	58.2
Other Operating Expense	2,405.0	2,388.0	2,313.0	2,226.0	2,383.1
Other Operating Expenses, Total	2,405.0	2,388.0	2,313.0	2,226.0	2,383.1
Total Operating Expense	14,537.0	8,426.0	6,321.0	13,156.0	8,695.2

Operating Income	3,335.0	3,015.0	-3,079.0	5,386.0	2,678.5

Income Before Tax	3,335.0	3,015.0	-3,079.0	5,386.0	2,678.5

Total Income Tax	1,022.0	707.0	-1,272.0	1,691.0	752.5
Income After Tax	2,313.0	2,308.0	-1,807.0	3,695.0	1,926.0

Minority Interest	101.0	-235.0	-359.0	-470.0	-702.9
Net Income Before Extraord Items	2,414.0	2,073.0	-2,166.0	3,225.0	1,223.1
Discontinued Operations	0.0	0.0	3.0	1.0	10.5
Total Extraord Items	0.0	0.0	3.0	1.0	10.5
Net Income	2,414.0	2,073.0	-2,163.0	3,226.0	1,233.6

Income Available to Common Excl Extraord Items	2,414.0	2,073.0	-2,166.0	3,225.0	1,223.1

Income Available to Common Incl Extraord Items	2,414.0	2,073.0	-2,163.0	3,226.0	1,233.6

Diluted Net Income	2,414.0	2,073.0	-2,163.0	3,226.0	1,233.6
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	300.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	600.0
Interest Expense, Supplemental	106.0	106.0	107.0	52.0	58.2
Depreciation, Supplemental	146.0	161.0	156.0	140.0	133.8
Total Special Items	55.0	-	-	-	-
Normalized Income Before Tax	3,390.0	3,015.0	-3,079.0	5,386.0	2,678.5

Effect of Special Items on Income Taxes	16.9	-	-	-	-
Inc Tax Ex Impact of Sp Items	1,038.9	707.0	-1,272.0	1,691.0	752.5
Normalized Income After Tax	2,351.1	2,308.0	-1,807.0	3,695.0	1,926.0

Normalized Inc. Avail to Com.	2,452.1	2,073.0	-2,166.0	3,225.0	1,223.1

Amort of Intangibles, Supplemental	24.0	23.0	24.0	24.0	23.2
Rental Expenses	250.0	244.0	258.0	247.0	224.3
Current Tax - Total	-40.0	34.0	-81.0	-320.0	464.0
Current Tax - Total	-40.0	34.0	-81.0	-320.0	464.0
Deferred Tax - Total	1,062.0	673.0	-1,191.0	2,011.0	288.5
Deferred Tax - Total	1,062.0	673.0	-1,191.0	2,011.0	288.5
Income Tax - Total	1,022.0	707.0	-1,272.0	1,691.0	752.5
Interest Cost - Domestic	122.0	129.0	136.0	134.0	128.8
Service Cost - Domestic	41.0	37.0	38.0	42.0	39.0
Expected Return on Assets - Domestic	-120.0	-115.0	-126.0	-194.0	-191.0
Curtailments & Settlements - Domestic	-	0.0	0.0	-4.0	0.0
Other Pension, Net - Domestic	145.0	138.0	97.0	43.0	57.5
Domestic Pension Plan Expense	188.0	189.0	145.0	21.0	34.3
Total Pension Expense	188.0	189.0	145.0	21.0	34.3
Expected Rate of Return - Domestic	6.75%	6.75%	6.75%	8.50%	8.50%
Compensation Rate - Domestic	6.00%	6.00%	6.00%	6.00%	6.00%
Total Plan Interest Cost	122.0	129.0	136.0	134.0	128.8
Total Plan Service Cost	41.0	37.0	38.0	42.0	39.0
Total Plan Expected Return	-120.0	-115.0	-126.0	-194.0	-191.0
Total Plan Other Expense	145.0	138.0	97.0	43.0	57.5

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation

Cash & Equivalents	3,227.0	2,155.0	1,791.7	2,403.2	1,173.2
Total Receivables, Net	1,327.0	1,389.0	1,087.6	1,020.4	1,623.5
Goodwill, Net	3,697.0	3,702.0	3,676.5	3,702.9	3,724.6
LT Investments - Other	44,943.0	39,886.0	38,269.8	34,731.9	38,605.1
Long Term Investments	44,943.0	39,886.0	38,269.8	34,731.9	38,605.1
Restricted Cash - Long Term	1,280.0	1,110.0	985.7	2,572.6	2,370.0
Other Long Term Assets, Total	1,280.0	1,110.0	985.7	2,572.6	2,370.0
Deferred Policy Acquisition Costs	4,653.0	8,383.0	7,745.2	7,482.0	9,019.3
Securities/Indebtedness of Related Parties	1,041.0	1,045.0	1,048.3	588.3	638.3
Reinsurance - Asset	3,542.0	3,252.0	3,028.2	2,897.2	2,890.6
Separate Accounts - Assets	86,419.0	92,014.0	84,016.5	67,627.0	96,539.6
Other Assets	15,887.0	10,220.0	8,254.9	13,240.8	3,341.8
Other Assets, Total	106,889.0	106,531.0	96,347.9	84,353.3	103,410.3
Total Assets	166,016.0	163,156.0	149,904.4	136,266.3	159,926.0

Accounts Payable	2,355.0	2,139.0	1,710.1	3,238.6	3,317.3
Policy Liabilities	21,595.0	18,965.0	17,726.7	17,733.1	14,304.7
Separate Accounts - Liability	86,419.0	92,014.0	84,016.5	67,627.0	96,539.6
Other Policyholdersâ€™ Funds	26,033.0	24,654.0	24,107.3	24,742.5	25,168.2
Reinsurance - Liability	74.0	75.0	81.2	64.2	1,119.5
Policy Liabilities	134,121.0	135,708.0	125,931.7	110,166.8	137,132.0
Notes Payable/Short Term Debt	445.0	225.0	249.1	284.8	782.2
Income Taxes Payable	5,491.0	4,315.0	3,356.0	3,794.4	3,398.9
Other Current liabilities, Total	5,491.0	4,315.0	3,356.0	3,794.4	3,398.9
Long Term Debt	1,525.0	1,525.0	1,524.9	1,524.8	524.8
Total Long Term Debt	1,525.0	1,525.0	1,524.9	1,524.8	524.8
Total Debt	1,970.0	1,750.0	1,774.0	1,809.6	1,307.0

Minority Interest	2,703.0	3,118.0	3,269.5	3,031.9	2,621.6
Other Liabilities	3,815.0	3,075.0	3,002.2	2,861.4	1,963.2
Other Liabilities, Total	3,815.0	3,075.0	3,002.2	2,861.4	1,963.2
Total Liabilities	150,455.0	150,105.0	139,043.5	124,902.7	149,740.0

Common Stock	2.0	2.0	2.5	2.5	2.5
Common Stock	2.0	2.0	2.5	2.5	2.5
Additional Paid-In Capital	5,743.0	5,593.0	5,582.3	5,184.1	5,265.4
Retained Earnings (Accumulated Deficit)	10,120.0	8,085.0	6,311.8	8,412.6	5,186.0
Other Comprehensive Income	-304.0	-629.0	-1,035.7	-2,235.6	-267.9
Other Equity, Total	-304.0	-629.0	-1,035.7	-2,235.6	-267.9
Total Equity	15,561.0	13,051.0	10,860.9	11,363.6	10,186.0

Total Liabilities & Shareholdersâ€™ Equity	166,016.0	163,156.0	149,904.4	136,266.3	159,926.0

Shares Outstanding - Common Stock Primary Issue	2.0	2.0	2.0	2.0	2.0
Total Common Shares Outstanding	2.0	2.0	2.0	2.0	2.0
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	4,603	5,253	5,139	5,430	11,350
Total Long Term Debt, Supplemental	200.0	200.0	200.0	200.0	448.3
Long Term Debt Maturing within 1 Year	0.0	0.0	0.0	0.0	248.3
Long Term Debt Maturing in Year 2	0.0	0.0	0.0	0.0	0.0
Long Term Debt Maturing in Year 3	0.0	0.0	0.0	0.0	0.0
Long Term Debt Maturing in Year 4	100.0	100.0	0.0	0.0	0.0
Long Term Debt Maturing in Year 5	100.0	100.0	0.0	0.0	0.0
Long Term Debt Maturing in 2-3 Years	0.0	0.0	0.0	0.0	0.0
Long Term Debt Maturing in 4-5 Years	200.0	200.0	0.0	0.0	0.0
Long Term Debt Matur. in Year 6 & Beyond	0.0	0.0	200.0	200.0	200.0
Total Capital Leases, Supplemental	-	-	-	-	0.5
Capital Lease Payments Due in Year 1	-	-	-	-	0.3
Capital Lease Payments Due in Year 2	-	-	-	-	0.2
Capital Lease Payments Due in 2-3 Years	-	-	-	-	0.2
Total Operating Leases, Supplemental	2,835.0	2,983.0	3,296.2	3,356.9	2,878.9
Operating Lease Payments Due in Year 1	217.0	225.0	204.5	203.7	196.6
Operating Lease Payments Due in Year 2	226.0	234.5	209.3	197.0	196.4
Operating Lease Payments Due in Year 3	221.0	234.5	209.3	197.0	190.8
Operating Lease Payments Due in Year 4	218.0	228.0	214.9	201.6	185.3
Operating Lease Payments Due in Year 5	215.0	228.0	214.9	201.6	152.0
Operating Lease Pymts. Due in 2-3 Years	447.0	469.0	418.6	394.0	387.2
Operating Lease Pymts. Due in 4-5 Years	433.0	456.0	429.8	403.1	337.3
Oper. Lse. Pymts. Due in Year 6 & Beyond	1,738.0	1,833.0	2,243.3	2,356.1	1,957.8
Pension Obligation - Domestic	2,626.0	2,424.0	2,241.2	2,181.1	-
Plan Assets - Domestic	2,093.0	1,529.0	1,406.0	1,460.4	-
Funded Status - Domestic	-533.0	-895.0	-835.2	-720.7	-
Total Funded Status	-533.0	-895.0	-835.2	-720.7	-
Expected Rate of Return - Domestic	6.75%	6.75%	6.75%	8.50%	8.50%
Compensation Rate - Domestic	6.00%	6.00%	6.00%	6.00%	6.00%
Total Plan Obligations	2,626.0	2,424.0	2,241.2	2,181.1	-
Total Plan Assets	2,093.0	1,529.0	1,406.0	1,460.4	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation

Net Income/Starting Line	2,313.0	2,308.0	-1,803.9	3,696.6	1,936.5
Depreciation	146.0	161.0	156.0	140.4	133.8
Depreciation/Depletion	146.0	161.0	156.0	140.4	133.8
Amortization of Intangibles	24.0	23.0	24.1	23.7	23.2
Amortization	24.0	23.0	24.1	23.7	23.2
Discontinued Operations	-	0.0	0.0	-6.3	-2.8
Unusual Items	5.0	26.0	-	-	-
Other Non-Cash Items	-10,373.0	-4,041.0	7,176.9	-17,219.3	-2,034.8
Non-Cash Items	-10,368.0	-4,015.0	7,176.9	-17,225.6	-2,037.6
Taxes Payable	950.0	720.0	-1,223.2	1,135.0	532.9
Other Liabilities	-	-202.0	-	-	-
Other Assets & Liabilities, Net	266.0	125.0	-1,353.0	618.9	98.5
Other Operating Cash Flow	-76.0	313.0	109.5	-123.4	167.6
Investment Securities, Gains/Losses	47.0	184.0	-53.7	338.5	7.2
Policy Benefits/Liabilities	2,110.0	1,136.0	-755.2	2,398.0	95.4
Deferred Policy Acquisition Costs	3,650.0	-747.0	-860.3	2,090.6	-620.1
Changes in Working Capital	6,947.0	1,529.0	-4,135.9	6,457.6	281.5
Cash from Operating Activities	-938.0	6.0	1,417.2	-6,907.3	337.4

Sale of Business	-	0.0	0.0	60.8	0.0
Sale/Maturity of Investment	4,576.0	6,151.0	8,795.5	2,523.7	4,499.6
Investment, Net	16.0	-53.0	140.3	29.3	107.0
Purchase of Investments	-7,970.0	-7,068.0	-8,994.8	-2,106.8	-3,525.3
Intangible, Net	-104.0	-62.0	-120.7	-163.1	-205.0
Other Investing Cash Flow	1,454.0	-673.0	-2,804.1	5,492.2	-439.5
Other Investing Cash Flow Items, Total	-2,028.0	-1,705.0	-2,983.8	5,836.1	436.8
Cash from Investing Activities	-2,028.0	-1,705.0	-2,983.8	5,836.1	436.8

Other Financing Cash Flow	3,330.0	2,358.0	1,497.1	1,230.3	-322.2
Financing Cash Flow Items	3,330.0	2,358.0	1,497.1	1,230.3	-322.2
Cash Dividends Paid - Common	-379.0	-300.0	0.0	0.0	-600.0
Total Cash Dividends Paid	-379.0	-300.0	0.0	0.0	-600.0
Short Term Debt, Net	220.0	-24.0	-35.8	-497.8	199.0
Long Term Debt Issued	99.0	533.0	0.0	1,000.0	0.0
Long Term Debt Reduction	-221.0	-235.0	-632.3	-	-
Long Term Debt, Net	867.0	28.0	-506.2	1,568.7	0.0
Issuance (Retirement) of Debt, Net	1,087.0	4.0	-542.0	1,070.9	199.0
Cash from Financing Activities	4,038.0	2,062.0	955.1	2,301.2	-723.2

Net Change in Cash	1,072.0	363.0	-611.5	1,230.0	51.0

Net Cash - Beginning Balance	2,155.0	1,792.0	2,403.2	1,173.2	1,122.2
Net Cash - Ending Balance	3,227.0	2,155.0	1,791.7	2,403.2	1,173.2
Cash Interest Paid	16.0	19.0	16.6	34.4	52.6
Cash Taxes Paid	36.0	-27.0	43.8	257.3	178.1

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Restated Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation

Policy fee income	3,312.0	3,067.0	2,918.0	2,952.0	2,741.7
Premiums	533.0	530.0	431.0	759.0	804.9
Investment income (loss) from derivative	2,374.0	-284.0	-3,079.0	7,302.0	86.6
Other investment income	2,128.0	2,260.0	2,099.0	1,752.0	2,567.1
Total other-than-temporary impairment lo	-36.0	-300.0	-169.0	-286.0	-77.8
Portion of loss recognized in other comp	4.0	18.0	6.0	0.0	0.0
Other investment gains (losses), net	-15.0	98.0	217.0	-53.0	70.6
Commissions, fees and other income	3,631.0	3,702.0	3,385.0	4,549.0	5,173.7
Increase (decrease) in fair value of re	5,941.0	2,350.0	-2,566.0	1,567.0	6.9
Total Revenue	17,872.0	11,441.0	3,242.0	18,542.0	11,373.7

Policyholders' Benefits	4,360.0	3,082.0	1,298.0	4,702.0	1,998.5
Interest Credited to Policyholders	999.0	950.0	1,004.0	1,065.0	1,065.2
Compensation and Benefits	2,206.0	1,953.0	1,859.0	1,990.0	2,453.2
Commissions	1,195.0	1,044.0	1,033.0	1,437.0	1,744.2
Distribution related payments	303.0	287.0	234.0	308.0	335.1
Amort. of Deferred Sales Commissions	38.0	47.0	55.0	79.0	95.5
Interest expense	106.0	106.0	107.0	52.0	58.2
Amort. of Deferred Policy Acq. Costs	4,680.0	168.0	115.0	3,485.0	1,099.2
Cap. of Deferred Policy Acq. Costs	-1,030.0	-916.0	-975.0	-1,394.0	-1,719.3
Rent expense	250.0	244.0	258.0	247.0	224.3
Amortization of other intangible assets	24.0	23.0	24.0	24.0	23.2
Other Operating Costs and Expenses	1,406.0	1,438.0	1,309.0	1,161.0	1,317.9
Total Operating Expense	14,537.0	8,426.0	6,321.0	13,156.0	8,695.2

Net Income Before Taxes	3,335.0	3,015.0	-3,079.0	5,386.0	2,678.5

Provision for Income Taxes	1,022.0	707.0	-1,272.0	1,691.0	752.5
Net Income After Taxes	2,313.0	2,308.0	-1,807.0	3,695.0	1,926.0

Minority Interest	101.0	-235.0	-359.0	-470.0	-702.9
Net Income Before Extra. Items	2,414.0	2,073.0	-2,166.0	3,225.0	1,223.1
Earnings (loss) from discontinued operat	0.0	0.0	3.0	-5.0	7.7
Gains on disposal of discontinued operat	-	0.0	0.0	6.0	2.8
Net Income	2,414.0	2,073.0	-2,163.0	3,226.0	1,233.6

Income Available to Com Excl ExtraOrd	2,414.0	2,073.0	-2,166.0	3,225.0	1,223.1

Income Available to Com Incl ExtraOrd	2,414.0	2,073.0	-2,163.0	3,226.0	1,233.6

Diluted Net Income	2,414.0	2,073.0	-2,163.0	3,226.0	1,233.6
DPS-Common Stock	0.00	0.00	0.00	0.00	300.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	600.0
Normalized Income Before Taxes	3,390.0	3,015.0	-3,079.0	5,386.0	2,678.5

Inc Tax Ex Impact of Sp Items	1,038.9	707.0	-1,272.0	1,691.0	752.5
Normalized Income After Taxes	2,351.1	2,308.0	-1,807.0	3,695.0	1,926.0

Normalized Inc. Avail to Com.	2,452.1	2,073.0	-2,166.0	3,225.0	1,223.1

Rent Expense	250.0	244.0	258.0	247.0	224.3
Interest Expense	106.0	106.0	107.0	52.0	58.2
Amortization of Intangibles	24.0	23.0	24.0	24.0	23.2
Depreciation	146.0	161.0	156.0	140.0	133.8
Current Tax - Total	-40.0	34.0	-81.0	-320.0	464.0
Current Tax - Total	-40.0	34.0	-81.0	-320.0	464.0
Deferred Tax - Total	1,062.0	673.0	-1,191.0	2,011.0	288.5
Deferred Tax - Total	1,062.0	673.0	-1,191.0	2,011.0	288.5
Income Tax - Total	1,022.0	707.0	-1,272.0	1,691.0	752.5
Service cost	41.0	37.0	38.0	42.0	39.0
Interest cost on projected benefit	122.0	129.0	136.0	134.0	128.8
Expected return on assets	-120.0	-115.0	-126.0	-194.0	-191.0
Curtailments Gain Recognised	-	0.0	0.0	-4.0	0.0
Net amortization and deferrals	145.0	125.0	95.0	43.0	57.5
Plan amendments	0.0	13.0	2.0	0.0	0.0
Domestic Pension Plan Expense	188.0	189.0	145.0	21.0	34.3
Total Pension Expense	188.0	189.0	145.0	21.0	34.3
Benefit obligation	4.25%	5.25%	6.00%	6.50%	6.25%
Periodic cost	5.25%	6.00%	6.50%	6.25%	5.75%
Rate of compensation increase	6.00%	6.00%	6.00%	6.00%	6.00%
Expected long-term rate of return on pla	6.75%	6.75%	6.75%	8.50%	8.50%

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation

Investments - Fixed Maturities AFS	31,992.0	29,057.0	27,470.2	23,831.0	27,159.5
Investments - Mortgage Loans on R.E.	4,281.0	3,571.0	3,554.8	3,673.9	3,730.6
Equity real estate, held for the product	99.0	140.0	98.5	56.3	381.7
Investments - Policy Loans	3,542.0	3,581.0	3,616.8	3,700.3	3,938.8
Trading Securities	982.0	506.0	484.6	322.7	573.3
Other equity investments	1,707.0	1,618.0	1,562.3	1,646.8	1,820.3
Other invested assets	2,340.0	1,413.0	1,482.6	1,500.9	1,000.9
Cash and Cash Equivalents	3,227.0	2,155.0	1,791.7	2,403.2	1,173.2
Cash and Securities Segregated	1,280.0	1,110.0	985.7	2,572.6	2,370.0
Broker-Dealer Related Receivables	1,327.0	1,389.0	1,087.6	1,020.4	1,623.5
Deferred Policy Acquisition Costs	4,653.0	8,383.0	7,745.2	7,482.0	9,019.3
Goodwill and Other Intangibles	3,697.0	3,702.0	3,676.5	3,702.9	3,724.6
Amounts Due from Reinsurers	3,542.0	3,252.0	3,028.2	2,897.2	2,890.6
Guaranteed minimum income benefit reinsu	10,547.0	4,606.0	-	-	-
Loans to Affiliates	1,041.0	1,045.0	1,048.3	588.3	638.3
Other Assets	5,340.0	5,614.0	8,254.9	13,240.8	3,341.8
Separate Accounts assets	86,419.0	92,014.0	84,016.5	67,627.0	96,539.6
Total Assets	166,016.0	163,156.0	149,904.4	136,266.3	159,926.0

Policyholders' Account Balances	26,033.0	24,654.0	24,107.3	24,742.5	25,168.2
Future Policy Benefits and Other Liabs.	21,595.0	18,965.0	17,726.7	17,733.1	14,304.7
Broker-Dealer Related Payables	466.0	369.0	279.4	485.5	595.1
Customers Related Payables	1,889.0	1,770.0	1,430.7	2,753.1	2,722.2
Amounts Due to Reinsurers	74.0	75.0	81.2	64.2	1,119.5
Income Taxes Payable	5,491.0	4,315.0	3,356.0	3,794.4	3,398.9
Other Liabilities	3,815.0	3,075.0	3,002.2	2,861.4	1,963.2
Separate Accounts liabilities	86,419.0	92,014.0	84,016.5	67,627.0	96,539.6
Short-term and long-term debt	445.0	225.0	249.1	284.8	782.2
LT Debt	200.0	200.0	199.9	199.8	199.8
Loans from Affiliates	1,325.0	1,325.0	1,325.0	1,325.0	325.0
Total Long Term Debt	1,525.0	1,525.0	1,524.9	1,524.8	524.8

Minority Interest - Equity of Cons. Subs	2,703.0	3,118.0	3,269.5	2,896.9	2,478.9
Minority Interest - Subj. to Redemption	-	-	0.0	135.0	142.7
Total Liabilities	150,455.0	150,105.0	139,043.5	124,902.7	149,740.0

Common stock	2.0	2.0	2.5	2.5	2.5
Capital in Excess of Par Value	5,743.0	5,593.0	5,582.3	5,184.1	5,265.4
Retained Earnings	10,120.0	8,085.0	6,311.8	8,412.6	5,186.0
Accumulated other comprehensive income (	-304.0	-629.0	-1,035.7	-2,235.6	-267.9
Total Equity	15,561.0	13,051.0	10,860.9	11,363.6	10,186.0

Total Liabilities & Shareholders' Equity	166,016.0	163,156.0	149,904.4	136,266.3	159,926.0

S/O-Common Stock	2.0	2.0	2.0	2.0	2.0
Total Common Shares Outstanding	2.0	2.0	2.0	2.0	2.0
T/S-Common Stock	0.0	0.0	0.0	0.0	0.0
Full-Time Employees	4,603	5,253	5,139	5,430	11,350
Long Term Debt Due within 1 Year	0.0	0.0	0.0	0.0	248.3
Long Term Debt Due within 2-3 Years	0.0	0.0	0.0	0.0	0.0
Long Term Debt Due within 4-5 Years	200.0	200.0	0.0	0.0	0.0
Long Term Debt Remaining Maturities	0.0	0.0	200.0	200.0	200.0
Total Long Term Debt, Supplemental	200.0	200.0	200.0	200.0	448.3
Capital Leases Due within 1 Year	-	-	-	-	0.3
Capital Leases Due within 2 Years	-	-	-	-	0.2
Total Capital Leases	-	-	-	-	0.5
Operating Leases Due within 1 Year	217.0	225.0	204.5	203.7	196.6
Operating Leases Due within 2 Years	226.0	-	-	-	196.4
Operating Leases Due within 3 Years	221.0	469.0	418.6	394.0	190.8
Operating Leases Due within 4 Years	218.0	-	-	-	185.3
Operating Leases Due within 5 Years	215.0	456.0	429.8	403.1	152.0
Operating Leases Due after 5 Years	1,738.0	1,833.0	2,243.3	2,356.1	1,957.8
Total Operating Leases	2,835.0	2,983.0	3,296.2	3,356.9	2,878.9
Benefit Obligation	2,626.0	2,424.0	2,241.2	2,181.1	-
Plan Assets	2,093.0	1,529.0	1,406.0	1,460.4	-
Funded Status	-533.0	-895.0	-835.2	-720.7	-
Total Funded Status	-533.0	-895.0	-835.2	-720.7	-
Benefit obligation	4.25%	5.25%	6.00%	6.50%	6.25%
Periodic cost	5.25%	6.00%	6.50%	6.25%	5.75%
Rate of compensation increase	6.00%	6.00%	6.00%	6.00%	6.00%
Expected long-term rate of return on pla	6.75%	6.75%	6.75%	8.50%	8.50%
Corporate and government debt securities	52.40%	48.50%	45.30%	27.90%	17.10%
Equity securities	36.30%	37.00%	37.00%	54.10%	71.40%
Equity real estate	9.30%	11.80%	11.60%	16.70%	11.50%
Short-term investments	2.00%	2.70%	6.10%	1.30%	0.00%

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation

Net Income	2,313.0	2,308.0	-1,803.9	3,696.6	1,936.5
Depreciation	146.0	161.0	156.0	140.4	133.8
Interest Credited to Policyholders	999.0	950.0	1,004.3	1,065.3	1,065.2
UL and Investment-Type Product Policy	-3,312.0	-3,067.0	-2,918.4	-2,951.7	-2,741.7
Change in reinsurance recoverable with a	-242.0	-233.0	1,485.7	-6,351.5	0.0
(Income) loss related to derivative inst	-2,374.0	284.0	3,079.4	-7,302.1	-86.6
Broker-Dealer Receivables/Payables	266.0	125.0	-1,353.0	618.9	98.5
Investment Losses, Net	47.0	184.0	-53.7	338.5	7.2
Deferred Policy Acquisition Costs	3,650.0	-747.0	-860.3	2,090.6	-620.1
Future Policy Benefits	2,110.0	1,136.0	-755.2	2,398.0	95.4
Amortization of deferred compensation	418.0	178.0	-	-	-
Real Estate asset write-off charge	5.0	26.0	-	-	-
Contribution to pension plans	-	-202.0	-	-	-
Federal Income Tax Payable	950.0	720.0	-1,223.2	1,135.0	532.9
Purch. Segregated Cash and Securities	-170.0	-124.0	1,586.8	-202.6	-360.3
Change in fair value of contracts	-5,941.0	-2,350.0	2,565.9	-1,566.8	-6.9
Amortization of reinsurance cost	211.0	274.0	318.3	11.0	0.0
Amortization of Deferred Sales Comm.	38.0	47.0	54.9	79.1	95.5
Amortization of other intangible	24.0	23.0	24.1	23.7	23.2
Other, net	-76.0	313.0	109.5	-123.4	167.6
(Gains) losses on disposal of discontinu	-	0.0	0.0	-6.3	-2.8
Cash from Operating Activities	-938.0	6.0	1,417.2	-6,907.3	337.4

Maturities and Repayments	3,435.0	2,753.0	2,058.2	1,727.5	2,143.1
Sale of AXA Equitable Life and Annuity	-	0.0	0.0	60.8	0.0
Sales	1,141.0	3,398.0	6,737.3	796.2	2,356.5
Cash settlements related to derivative i	1,429.0	-651.0	-2,564.6	5,337.0	-98.3
Purchases	-7,970.0	-7,068.0	-8,994.8	-2,106.8	-3,525.3
Change in capitalized software, leasehol	-104.0	-62.0	-120.7	-163.1	-205.0
Increase in loans to affiliates	0.0	0.0	-250.0	0.0	-650.0
Decrease in loans to affiliates	0.0	3.0	1.1	0.0	400.0
ST Investments	16.0	-53.0	140.3	29.3	107.0
Other, net	25.0	-25.0	9.4	155.2	-91.2
Cash from Investing Activities	-2,028.0	-1,705.0	-2,983.8	5,836.1	436.8

Policyholders - Deposits	4,461.0	3,187.0	3,394.9	4,384.5	4,102.1
Net Change in Short Term Financings	220.0	-24.0	-35.8	-497.8	199.0
Withdrawals and transfers to Separate Ac	-821.0	-483.0	-2,160.9	-2,602.8	-3,831.7
Capital contribution	0.0	0.0	438.9	0.0	0.0
Proceeds from loans from affiliates	-	0.0	0.0	1,000.0	0.0
Change in collateralized pledged liabili	989.0	-270.0	126.1	568.7	0.0
Change in collateralized pledged assets	99.0	533.0	-	0.0	0.0
Increase in collateralized pledged asset	-	-	-632.3	-	-
Distribution to noncontrolling interest	-312.0	-357.0	-	-	-
Repurchase of AllianceBernstein Holding	-221.0	-235.0	0.0	-	-
Shareholders Dividends Paid	-379.0	-300.0	0.0	0.0	-600.0
Other, net	2.0	11.0	-175.8	-551.4	-592.6
Cash from Financing Activities	4,038.0	2,062.0	955.1	2,301.2	-723.2

Net Change in Cash	1,072.0	363.0	-611.5	1,230.0	51.0

Cash and Cash Equivalents - Beginning	2,155.0	1,792.0	2,403.2	1,173.2	1,122.2
Cash and Cash Equivalents - End	3,227.0	2,155.0	1,791.7	2,403.2	1,173.2
Cash Interest Paid	16.0	19.0	16.6	34.4	52.6
Cash Taxes Paid	36.0	-27.0	43.8	257.3	178.1

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key IndicatorsÂ USD (mil)
Â	Quarter Ending 30-Jun-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue	6,475.0	90.33%	17,872.0	56.21%	-1.22%	12.59%
Operating Income	3,826.0	218.57%	3,335.0	10.61%	-14.77%	9.90%
Income Available to Common Excl Extraord Items	2,421.0	226.72%	2,414.0	16.45%	-9.20%	18.17%
Capital Expenditures	32.0	-30.43%	-	-	-	-
Cash from Operating Activities	-515.0	-	-938.0	-	-	-
Free Cash Flow	-547.0	-	-938.0	-	-	-
Total Assets	172,063.0	3.32%	166,016.0	1.75%	6.80%	2.15%
Total Liabilities	156,237.0	1.73%	150,455.0	0.23%	6.40%	1.48%
Total Long Term Debt	1,325.0	0.00%	1,525.0	0.00%	0.00%	23.78%
Employees	-	-	4603	-12.37%	-5.36%	-15.26%
Total Common Shares Outstanding	2.0	0.00%	2.0	0.00%	0.00%	0.00%

Insurance Industry SpecificÂ USD (mil)
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Total Premiums Earned	13,385.0	9,367.0	4,005.0	9,541.0	8,649.4
Net Investment Income	4,502.0	1,976.0	-980.0	9,054.0	2,653.7
Losses, Benefits, and Adjustments, Total	5,555.0	4,126.0	2,331.0	6,139.0	3,742.7
Policy Liabilities	134,121.0	135,708.0	125,931.7	110,166.8	137,132.0

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Pretax Margin	18.66%	26.35%	-94.97%	29.05%	23.55%
Net Profit Margin	13.51%	18.12%	-66.81%	17.39%	10.75%
Financial Strength
Long Term Debt/Equity	0.10	0.12	0.14	0.13	0.05
Total Debt/Equity	0.13	0.13	0.16	0.16	0.13
Management Effectiveness
Return on Assets	1.41%	1.47%	-1.26%	2.50%	1.25%
Return on Equity	16.87%	17.34%	-19.49%	29.93%	12.44%
Efficiency
Receivables Turnover	13.16	9.24	3.08	14.03	4.46
Asset Turnover	0.11	0.07	0.02	0.13	0.07

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Financial Strength
Long Term Debt/Equity	0.10	0.12	0.14	0.13	0.05
Total Debt/Equity	0.13	0.13	0.16	0.16	0.13
Long Term Debt/Total Capital	0.09	0.10	0.12	0.12	0.05
Total Debt/Total Capital	0.11	0.12	0.14	0.14	0.11
Effective Tax Rate	30.64%	23.45%	-	31.40%	28.09%
Total Capital	17,531.0	14,801.0	12,634.9	13,173.2	11,493.0

Efficiency
Asset Turnover	0.11	0.07	0.02	0.13	0.07
Receivables Turnover	13.16	9.24	3.08	14.03	4.46
Days Receivables Outstanding	27.73	39.51	118.66	26.02	81.91
Revenue/Employee	3,882,685	2,177,994	630,862	3,414,733	1,002,088
Operating Income/Employee	724,527	573,958	-599,144	991,897	235,991
EBITDA/Employee	761,460	608,985	-564,118	1,022,099	249,824

Profitability
EBITDA Margin	19.61%	27.96%	-89.42%	29.93%	24.93%
EBIT Margin	18.66%	26.35%	-94.97%	29.05%	23.55%
Pretax Margin	18.66%	26.35%	-94.97%	29.05%	23.55%
Net Profit Margin	13.51%	18.12%	-66.81%	17.39%	10.75%
SG&A Expense/Revenue	15.65%	22.12%	74.21%	14.15%	27.33%

Management Effectiveness
Return on Assets	1.41%	1.47%	-1.26%	2.50%	1.25%
Return on Equity	16.87%	17.34%	-19.49%	29.93%	12.44%

Valuation
Free Cash Flow/Share	-469.00	3.00	708.60	-3,453.65	168.70
Operating Cash Flow/Share	-469.00	3.00	708.60	-3,453.65	168.70

Standard & Poor’s

United States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks, Rising Debt Burden; Outlook Negative

Publication date: 05-Aug-2011 20:13:14 EST

We have lowered our long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA' and affirmed the 'A-1+' short-term rating.

· We have also removed both the short- and long-term ratings from CreditWatch negative.

· The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics.

· More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011.

· Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics any time soon.

· The outlook on the long-term rating is negative. We could lower the long-term rating to 'AA' within the next two years if we see that less reduction in spending than agreed to, higher interest rates, or new fiscal pressures during the period result in a higher general government debt trajectory than we currently assume in our base case.

TORONTO (Standard & Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it lowered its long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the long-term rating is negative. At the same time, Standard & Poor's affirmed its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's removed both ratings from CreditWatch, where they were placed on July 14, 2011, with negative implications.

The transfer and convertibility (T&C) assessment of the U.S.--our assessment of the likelihood of official interference in the ability of U.S.-based public- and private-sector issuers to secure foreign exchange for

debt service--remains 'AAA'.

We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process. We also believe that the fiscal consolidation plan that Congress and the Administration agreed to this week falls short of the amount that we believe is necessary to stabilize the general government debt burden by the middle of the decade.

Our lowering of the rating was prompted by our view on the rising public debt burden and our perception of greater policymaking uncertainty, consistent with our criteria (see "Sovereign Government Rating Methodology and Assumptions ," June 30, 2011, especially Paragraphs 36-41). Nevertheless, we view the U.S. federal government's other economic, external, and monetary credit attributes, which form the basis for the sovereign rating, as broadly unchanged.

We have taken the ratings off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment of 2011 has removed any perceived immediate threat of payment default posed by delays to raising the government's debt ceiling. In addition, we believe that the act provides sufficient clarity to allow us to evaluate the likely course of U.S. fiscal policy for the next few years.

The political brinksmanship of recent months highlights what we see as America's governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy. Despite this year's wide-ranging debate, in our view, the differences between political parties have proven to be extraordinarily difficult to bridge, and, as we see it, the resulting agreement fell well short of the comprehensive fiscal consolidation program that some proponents had envisaged until quite recently. Republicans and Democrats have only been able to agree to relatively modest savings on discretionary spending while delegating to the Select Committee decisions on more comprehensive measures. It appears that for now, new revenues have dropped down on the menu of policy options. In addition, the plan envisions only minor policy changes on Medicare and little change in other entitlements,

the containment of which we and most other independent observers regard as key to long-term fiscal sustainability.

Our opinion is that elected officials remain wary of tackling the structural issues required to effectively address the rising U.S. public debt burden in a manner consistent with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and Assumptions," June 30, 2011, especially Paragraphs 36-41). In our view, the difficulty in framing a consensus on fiscal policy weakens the government's ability to manage public finances and diverts attention from the debate over how to achieve more balanced and dynamic economic growth in an era of fiscal stringency and private-sector deleveraging (ibid). A new political consensus might (or might not) emerge after the 2012 elections, but we believe that by then, the government debt burden will likely be higher, the needed medium-term fiscal adjustment potentially greater, and the inflection point on the U.S. population's demographics and other age-related spending drivers closer at hand (see "Global Aging 2011: In The U.S., Going Gray Will Likely Cost Even More Green, Now," June 21, 2011).

Standard & Poor's takes no position on the mix of spending and revenue measures that Congress and the Administration might conclude is appropriate for putting the U.S.'s finances on a sustainable footing.

The act calls for as much as $2.4 trillion of reductions in expenditure growth over the 10 years through 2021. These cuts will be implemented in two steps: the $917 billion agreed to initially, followed by an additional $1.5 trillion that the newly formed Congressional Joint Select Committee on Deficit Reduction is supposed to recommend by November 2011. The act contains no measures to raise taxes or otherwise enhance revenues, though the committee could recommend them.

The act further provides that if Congress does not enact the committee's recommendations, cuts of $1.2 trillion will be implemented over the same time period. The reductions would mainly affect outlays for civilian discretionary spending, defense, and Medicare. We understand that this fall-back mechanism is designed to encourage Congress to embrace a more balanced mix of expenditure savings, as the committee might recommend.

We note that in a letter to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated total budgetary savings under the act to be at least $2.1 trillion over the next 10 years relative to its baseline assumptions. In updating our own fiscal projections, with certain modifications outlined below, we have relied on the CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to include the CBO assumptions contained in its Aug. 1 letter to Congress. In general, the CBO's "Alternate Fiscal Scenario" assumes a continuation of recent Congressional action overriding existing law.

We view the act's measures as a step toward fiscal consolidation. However, this is within the framework of a legislative mechanism that leaves open the details of what is finally agreed to until the end of 2011, and Congress and the Administration could modify any agreement in the future. Even assuming that at least $2.1 trillion of the spending reductions the act envisages are implemented, we maintain our view that the U.S. net general government debt burden (all levels of government combined, excluding liquid financial assets) will likely continue to grow. Under our revised base case fiscal scenario--which we consider to be consistent with a 'AA+' long-term rating and a negative outlook--we now project that net general government debt would rise from an estimated 74% of GDP by the end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of sovereign indebtedness is high in relation to those of peer credits and, as noted, would continue to rise under the act's revised policy settings.

Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act. Key macroeconomic assumptions in the base case scenario include trend real GDP growth of 3% and consumer price inflation near 2% annually over the decade.

Our revised upside scenario--which, other things being equal, we view as consistent with the outlook on the 'AA+' long-term rating being revised to stable--retains these same macroeconomic assumptions. In addition, it incorporates $950 billion of new revenues on the assumption that the 2001 and 2003 tax cuts for high earners lapse from 2013 onwards, as the Administration is advocating. In this scenario, we project that the net general government debt would rise from an estimated 74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.

Our revised downside scenario--which, other things being equal, we view as being consistent with a possible further downgrade to a 'AA' long-term rating--features less-favorable macroeconomic assumptions, as outlined below and also assumes that the second round of spending cuts (at least $1.2 trillion) that the act calls for does not occur. This scenario also assumes somewhat higher nominal interest rates for U.S. Treasuries. We still believe that the role of the U.S. dollar as the key reserve currency confers a government funding advantage, one that could change only slowly over time, and that Fed policy might lean toward continued loose monetary policy at a time of fiscal tightening. Nonetheless, it is possible that interest rates could rise if investors re-price relative risks. As a result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in 10-year bond yields relative to the base and upside cases from 2013 onwards. In this scenario, we project the net public debt burden would rise from 74% of GDP in 2011 to 90% in 2015 and to 101% by 2021.

Our revised scenarios also take into account the significant negative revisions to historical GDP data that the Bureau of Economic Analysis announced on July 29. From our perspective, the effect of these revisions underscores two related points when evaluating the likely debt trajectory of the U.S. government. First, the revisions show that the recent recession was deeper than previously assumed, so the GDP this year is lower than previously thought in both nominal and real terms. Consequently, the debt burden is slightly higher. Second, the revised data highlight the sub-par path of the current economic recovery when compared with rebounds following previous post-war recessions. We believe the sluggish pace of the current economic recovery could be consistent with the experiences of countries that have had financial crises in which the slow process of debt deleveraging in the private sector leads to a persistent drag on demand. As a result, our downside case scenario assumes relatively modest real trend GDP growth of 2.5% and inflation of near 1.5% annually going forward.

When comparing the U.S. to sovereigns with 'AAA' long-term ratings that we view as relevant peers--Canada, France, Germany, and the U.K.--we also observe, based on our base case scenarios for each, that the trajectory of the U.S.'s net public debt is diverging from the others. Including the U.S., we estimate that these five sovereigns will have net general government debt to GDP ratios this year ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%. By 2015, we project that their net public debt to GDP ratios will range between 30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at 79%. However, in contrast with the U.S., we project that the net public debt burdens of these other sovereigns will begin to decline, either before or by 2015.

Standard & Poor's transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment reflects our view of the likelihood of the sovereign restricting other public and private issuers' access to foreign exchange needed to meet debt service. Although in our view the credit standing of the U.S. government has deteriorated modestly, we see little indication that official interference of this kind is entering onto the policy agenda of either Congress or the Administration. Consequently, we continue to view this risk as being highly remote.

The outlook on the long-term rating is negative. As our downside alternate fiscal scenario illustrates, a higher public debt trajectory than we currently assume could lead us to lower the long-term rating again. On the other hand, as our upside scenario highlights, if the recommendations of the Congressional Joint Select Committee on Deficit Reduction--independently or coupled with other initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high earners--lead to fiscal consolidation measures beyond the minimum mandated, and we believe they are likely to slow the deterioration of the government's debt dynamics, the long-term rating could stabilize at 'AA+'.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.38
UK Pound	1	Rs.83.99
Euro	1	Rs.67.99

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.