CLOSED BLOCK (Tables)

12 Months Ended

Dec. 31, 2015

Summarized financial information for the AXA Equitable Closed Block is as follows:



	December 31,
	2015		2014
	(In Millions)
CLOSED BLOCK LIABILITIES:
Future policy benefits, policyholders’ account balances and other	$	7,363	$	7,537
Policyholder dividend obligation	81		201
Other liabilities	100		117
Total Closed Block liabilities	7,544		7,855
ASSETS DESIGNATED TO THE CLOSED BLOCK:
Fixed maturities, available for sale, at fair value (amortized cost of $4,426 and $4,829)	4,599		5,143
Mortgage loans on real estate	1,575		1,407
Policy loans	881		912
Cash and other invested assets	49		14
Other assets	258		176
Total assets designated to the Closed Block	7,362		7,652
Excess of Closed Block liabilities over assets designated to the Closed Block	182		203
Amounts included in accumulated other comprehensive income (loss):
Net unrealized investment gains (losses), net of deferred income tax (expense) benefit of $(36) and $(43) and policyholder dividend obligation of $(81) and $(201)	67		80
Maximum Future Earnings To Be Recognized From Closed Block Assets and Liabilities	$	249	$	283

AXA Equitable’s Closed Block revenues and expenses follow:



	2015			2014			2013
	(In Millions)
REVENUES:
Premiums and other income	$	262		$	273		$	286
Investment income (loss)	368			378			402
Net investment gains (losses)	2			(4		)	(11		)
Total revenues	632			647			677
BENEFITS AND OTHER DEDUCTIONS:
Policyholders’ benefits and dividends	576			597			637
Other operating costs and expenses	4			4			1
Total benefits and other deductions	580			601			638
Net revenues, before income taxes	52			46			39
Income tax (expense) benefit	(18		)	(16		)	(14		)
Net Revenues (Losses)	$	34		$	30		$	25

A reconciliation of AXA Equitable’s policyholder dividend obligation follows:



	December 31,
	2015			2014
	(In Millions)
Balances, beginning of year	$	201		$	128
Unrealized investment gains (losses)	(120		)	73
Balances, End of year	$	81		$	201