SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2017

Accounting Policies [Abstract]

Significant Accounting Policies

SIGNIFICANT ACCOUNTING POLICIES AND SIGNIFICANT OTHER CHANGES

Accounting Change

In third quarter 2017, the Company voluntarily changed to fair value accounting for variable annuity products with the Guaranteed Minimum Income Benefits feature with a no-lapse guarantee ("GMIBNLG") as a retrospective change in accounting principle.  Changes in the estimated fair value of the embedded derivative is reported in Net derivative gains (losses). The Company believes that the new method of accounting for the GMIBNLG as an embedded derivative at fair value more accurately reflects the economics of the NLG feature and is more meaningful to users of our financial statements.

The comparative periods of the prior year have been adjusted to apply the new method retrospectively. The impact of the change in accounting principle to net income (loss) during the third quarter 2016 and first nine months of 2016 was an increase of $104 million and a decrease of $1,030 million, respectively. The Company’s opening retained earnings decreased $1,933 million as of January 1, 2016 for the effect of retroactive application of the accounting change.

Adoption of New Accounting Pronouncements

In January 2017, the Financial Accounting Standards Board (the “FASB”) issued updated guidance to simplify the accounting for goodwill impairment. The revised guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The Company elected to early adopt the new guidance effective January 1, 2017. Adoption of this guidance did not have an impact on the Company's consolidated financial statements.

In January 2017, the FASB issued new guidance that amends the definition of a business to provide a more robust framework for determining when a set of assets and activities is a business. The definition primarily adds clarity for evaluating whether certain transactions should be accounted for as acquisitions/dispositions of assets or businesses, the latter of which is subject to guidance on business combinations, but also may interact with other areas of accounting where the defined term is used, such as in the application of guidance on consolidation and goodwill impairment. The new guidance is effective for fiscal years ending December 31, 2018 and thereafter. The Company elected to early adopt the new guidance for the year ending December 31, 2016. Adoption of this guidance did not have an impact on the Company's consolidated financial statements.

In October 2016, the FASB issued updated guidance on consolidation of interests held through related parties that are under common control, which alters how a decision maker needs to consider indirect interests in a VIE held through an entity under common control. The new guidance amends the recently adopted consolidation guidance analysis. Under the new guidance, if a decision maker is required to evaluate whether it is the primary beneficiary of a VIE, it will need to consider only its proportionate indirect interest in the VIE held through a common control party. The Company adopted the revised guidance effective January 1, 2017. Adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

In March 2016, the FASB issued new guidance simplifying the transition to the equity method of accounting. The amendment eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investments had been held. The Company adopted the revised guidance effective January 1, 2017. Adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

In March 2016, the FASB issued new guidance on improvements to employee share-based payment accounting. The amendment includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements including: income tax effects of share-based payments, minimum statutory tax withholding requirements and forfeitures. The Company adopted the revised guidance effective January 1, 2017. Adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

Future Adoption of New Accounting Pronouncements

In August 2017, the FASB issued Accounting Standards Codification (“ASC”) 815 Derivatives and Hedging, “Targeted Improvements to Accounting for Hedging Activities”. The FASB’s objective is to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. In addition to that main objective, the amendments in this update make certain targeted improvements to simplify the application of the hedge accounting guidance in current U.S. GAAP. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application is permitted in any interim period after issuance of the update. All transition requirements and elections should be applied to hedging relationships existing (that is, hedging relationships in which the hedging instrument has not expired, been sold, terminated, or exercised or the entity has not removed the designation of the hedging relationship) on the date of adoption. The effect of adoption should be reflected as of the beginning of the fiscal year of adoption (that is, the initial application date).

In May 2017, the FASB issued guidance on stock compensation. The new guidance provides clarity and reduces both diversity in practice and cost and complexity when applying the guidance to a change to the terms or conditions of a share based payment award. The new guidance is effective for interim and annual periods beginning after December 15, 2017 with early adoption permitted. The new guidance will be applied prospectively to an award modified on or after the adoption of this guidance. Management is currently evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements.

In March 2017, the FASB issued guidance that requires certain premiums on callable debt securities to be amortized to the earliest call date. The new guidance willbetter align interest income recognition with the manner in which market participants price these instruments.  The new guidance is effective for interim and annual periods beginning after December 15, 2018 with early adoption permitted and is to be applied on a modified retrospective basis. Management is currently evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements.

In March 2017, the FASB issued new guidance on the presentation of net periodic pension and post-retirement benefit costs that required bifurcation of net benefit cost. The service cost component will be presented with other employee compensation costs in operating income (or capitalized in assets). The other components will be reported separately outside of operations and will not be eligible for capitalization. The new guidance is effective for interim and annual periods beginning after December 15, 2017 with early adoption permitted and is to be applied retrospectively for changes in the income statement presentation of net benefit cost and prospectively for changes in capitalization eligibility. Management is currently evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements.

In February 2016, the FASB issued revised guidance to lease accounting. The revised guidance will require lessees to recognize a right-of-use asset and a lease liability for virtually all of their leases. Lessor accounting will continue to be similar to the current model, but updated to align with certain changes to the lessee model. Extensive quantitative and qualitative disclosures, including significant judgments made by management, will be required to provide greater insight into the extent of revenue and expense recognized and expected to be recognized from existing contracts. The revised guidance is effective for interim and annual periods, beginning after December 15, 2018, with early adoption permitted.  Management is currently evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements.

In May 2014, the FASB issued new revenue recognition guidance that is intended to improve and converge the financial reporting requirements for revenue from contracts with customers with International Financial Reporting Standards (“IFRS”). The new guidance applies to contracts that deliver goods or services to a customer, except when those contracts are for: insurance, leases, rights and obligations that are in the scope of certain financial instruments (i.e., derivative contracts) and guarantees other than product or service warranties. The new guidance is effective for interim and annual periods, beginning after December 15, 2017, with early adoption permitted for interim and annual periods beginning after December 15, 2016. The Company has not yet completed this analysis, but based on the analysis completed to date, management does not expect the standard to have a material impact on our financial condition or results of operations.

Consolidation of VIEs

A VIE must be consolidated by its primary beneficiary, which generally is defined as the party who has a controlling financial interest in the VIE. The Company is deemed to have a controlling financial interest in a VIE if it has (i) the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive income from the VIE that potentially could be significant to the VIE. For purposes of evaluating (ii) above, fees paid to the Company as a decision maker or service provider are excluded if the fees are compensation for services provided commensurate with the level of effort required to be performed and the arrangement includes only customary terms, conditions or amounts present in arrangements for similar services negotiated at arm’s length.

If the Company has a variable interest in an entity that is determined not to be a VIE, the entity then is evaluated for consolidation under the voting interest entity (“VOE”) model. For limited partnerships and similar entities, the Company is deemed to have a controlling financial interest in a VOE, and would be required to consolidate the entity, if the Company owns a majority of the entity’s kick-out rights through voting limited partnership interests and other limited partners do not hold substantive participating rights (or other rights that would indicate that the Company does not control the entity). For entities other than limited partnerships, the Company is deemed to have a controlling financial interest in a VOE if it owns a majority voting interest in the entity.

The analysis performed to identify variable interests held, determine whether entities are VIEs or VOEs, and evaluate whether the Company has a controlling financial interest in such entities requires the exercise of judgment and is updated on a continuous basis as circumstances change or new entities are developed. The primary beneficiary evaluation generally is performed qualitatively based on all facts and circumstances, including consideration of economic interests in the VIE held directly and indirectly through related parties and entities under common control, as well as quantitatively, as appropriate.

At September 30, 2017, the Insurance segment’s General Account held approximately $1,169 million of investment assets in the form of equity interests issued by non-corporate legal entities determined under the new guidance to be VIEs, such as limited partnerships and limited liability companies, including hedge funds, private equity funds, and real estate-related funds. As an equity investor, the Insurance segment is considered to have a “variable interest” in each of these VIEs as a result of its participation in the risks and/or rewards these funds were designed to create by their defined portfolio objectives and strategies. Primarily through qualitative assessment, including consideration of related party interests and/or other financial arrangements, if any, the Insurance segment was not identified as primary beneficiary of any of these VIEs, largely due to its inability to direct the activities that most significantly impact their economic performance. Consequently, the Company continues to reflect these equity interests in the consolidated balance sheet as “Other equity investments” and to apply the equity method of accounting for these positions. The net assets of these non-consolidated VIEs are approximately $168,625 million, and the Company’s maximum exposure to loss from its direct involvement with these VIEs is the carrying value of its investment of $1,169 million at September 30, 2017. Except for approximately $719 million of unfunded commitments at September 30, 2017, the Company has no further economic interest in these VIEs in the form of guarantees, derivatives, credit enhancements or similar instruments and obligations.

AB regularly provides seed capital to new company-sponsored investment funds. As such, it may consolidate or de-consolidate a variety of company-sponsored investment funds each quarter. Due to the similarity of risks related to its involvement with each company-sponsored investment fund, disclosures required under the VIE model are aggregated, such as those disclosures regarding the carrying amount and classification of assets.

AB is not required to provide financial support to company-sponsored investment funds and only the assets of such funds are available to settle its own liabilities. AB’s exposure to loss with respect to consolidated company-sponsored investment funds is limited to its investment in, and its management fee earned from, such funds. Equity and debt holders of such funds have no recourse to AB’s assets or to the general credit of AB. The balances of consolidated VIEs and VOEs included in the Company’s balance sheet at September 30, 2017 were assets of $1,252 million, liabilities of $594 million, Redeemable noncontrolling interest of $416 million, Equity attributable to the Company of $71 million and $1 million attributable to non-redeemable noncontrolling interest. The balances of consolidated VIEs and VOEs included in the Company’s balance sheet at December 31, 2016 were assets of $956 million, liabilities of $293 million, Redeemable noncontrolling interest of $384 million, Equity attributable to the Company of $71 million and $35 million attributable to non-redeemable noncontrolling interest.

As of September 30, 2017, the net assets of company-sponsored investment products that are non-consolidated VIEs are approximately $52,100 million, and AB’s maximum risk of loss is its investment of $7 million in these VIEs and advisory fee receivables from these VIEs, which are not material.

Revision of Prior Period Financial Statements

During the first nine months of 2017 management identified errors in its previous financial statements. These errors primarily related to errors in the calculation of policyholders’ benefit reserves for one of the Company’s variable annuity products with indexed-linked features and the calculation of DAC amortization for certain variable and interest sensitive life products. Management evaluated the impact of these errors both individually and in the aggregate and concluded they were not material to any previously reported annual and quarterly financial statements. In order to improve the consistency and comparability of the financial statements, management has voluntarily revised the consolidated balance sheet as of and for the year ended December 31, 2016 and 2015; March 31, 2017 and 2016; June 30, 2017 and 2016 and September 30, 2016 and the related consolidated statements of income (loss), comprehensive income (loss), shareholders’ equity and of cash flows for the years ended December 31, 2016, 2015 and 2014 and for the discrete and year to date interim periods of 2017 an 2016, to include the revisions discussed above and all previously recorded out of period adjustments in each of the applicable periods for comparability purposes. The impacts of these revisions to each of the previously reported consolidated statements are disclosed below.

The following tables present line items for prior period financial statements that have been affected by the revision. For these items, the tables detail the amounts as previously reported, the impact upon those line items due to the revision, and the amounts as currently revised within the financial statements.

	September 30, 2016
	As Previously Reported		Impact of Revisions			As Revised
	(In millions)
Assets:
Other equity investments	$	1,454	$	(93	)	$	1,361
Trading securities, at fair value	8,702		65			8,767
Other invested assets	2,192		39			2,231
Total investments	60,968		11			60,979
DAC	4,516		(123		)	4,393
Amounts due from reinsurers	4,550		27			4,577
Total Assets	$	209,034	$	(85	)	$	208,949
	—		—			—
Liabilities:
Policyholders' account balance	$	36,920	$	(76	)	$	36,844
Future policyholders' benefits and other policyholders' liabilities	26,191		109			26,300
Current and deferred taxes	6,160		(46		)	6,114
Total Liabilities	188,005		(13		)	187,992
	—		—			—
Equity:
Retained Earnings	10,954		(83		)	10,871
AXA Equitable Equity	17,882		(83		)	17,799
Noncontrolling interest	3,001		11			3,012
Equity	20,883		(72		)	20,811
Total Liabilities and Equity	$	209,034	$	(85	)	$	208,949

	Three Months Ended September 30, 2016									Nine Months Ended September 30, 2016
	As Previously Reported			Impact of Revisions			As Revised			As Previously Reported			Impact of Revisions			As Revised
	(In millions)
Statements of Income (Loss):
Revenues:
Policy charges and fee income	$	978		$	(53	)	$	925		$	2,794		$	(123	)	$	2,671
Premiums	141			85			226			388			250			638
Net derivative gains (losses)	(656		)	(21		)	(677		)	3,184			65			3,249
Total revenues	2,006			11			2,017			11,090			192			11,282
Benefits and other deductions:
Policyholders' benefits	640			(16		)	624			2,920			143			3,063
Interest credited to Policyholders' Account Balances	272			31			303			797			(18		)	779
Amortization of deferred policy acquisition costs, net	4			43			47			(80		)	118			38
Total benefits and other deductions	2,036			58			2,094			7,090			243			7,333
Income (loss) from operations, before income taxes	(30		)	(47		)	(77		)	4,000			(51		)	3,949
Income tax (expense) benefit	52			58			110			(1,197		)	57			(1,140		)
Net income (loss)	22			11			33			2,803			6			2,809
Less: net (income) loss attributable to the noncontrolling interest	(98		)	(28		)	(126		)	(307		)	(27		)	(334		)
Net income (loss) attributable to AXA Equitable	$	(76	)	$	(17	)	$	(93	)	$	2,496		$	(21	)	$	2,475
Statements of Comprehensive Income (Loss):
Net income (loss)	$	22		$	11		$	33		$	2,803		$	6		$	2,809
Change in unrealized gains (losses), net of reclassification adjustment	(22		)	30			8			1,383			20			1,403
Other comprehensive income	(23		)	30			7			1,386			20			1,406
Comprehensive income (loss)	(1		)	41			40			4,189			26			4,215
Less: Comprehensive (income) loss attributable to noncontrolling interest	$	(99	)	$	(28	)	$	(127	)	$	(308	)	$	(27	)	$	(335	)
Comprehensive income (loss) attributable to AXA Equitable	$	(100	)	$	13		$	(87	)	$	3,881		$	(1	)	$	3,880

Nine Months Ended September 30, 2016	As Previously Reported		Impact of Revisions			As Revised
	(in millions)
Statements of Equity:
Retained earnings, beginning of year	$	8,958	$	(62	)	$	8,896
Net income (loss)	2,496		(21		)	2,475
Retained earnings, end of period	10,954		(83		)	10,871
Accumulated other comprehensive income, beginning of year earnings, beginning of year	228		(20		)	208
Other comprehensive income (loss)	1,385		20			1,405
Total AXA Equitable’s equity, end of period	17,882		(83		)	17,799
Noncontrolling interest, beginning of year	3,086		(27		)	3,059
Net income (loss) attributable to noncontrolling interest	299		27			326
Noncontrolling interest, end of period	3,001		11			3,012
Total Equity, End of Period	$	20,883	$	(72	)	$	20,811

Nine Months Ended September 30, 2016	As Previously Reported			Impact of Revisions			As Revised
	(In millions)
Statements of Cash flows:
Cash flow from operating activities:
Net income (loss)	$	2,803		$	6		$	2,809
Policy charges and fee income	(2,794		)	123			(2,671		)
Interest credited to policyholders’ account balances	797			(18		)	779
Net derivative (gains) loss	(3,184		)	(65		)	(3,249		)
Deferred Policy Acquisition costs	(80		)	118			38
Changes in:
Future policy benefits	1,253			(45		)	1,208
Reinsurance recoverable	(120		)	(62		)	(182		)
Current and deferred income taxes	704			(57		)	647
Net cash provided by (used in) operating activities	$	(165	)	$	—		$	(165	)

	As Previously Reported				Impact of Revisions						As Revised
	December 31,				December 31,						December 31,
	2016		2015		2016			2015			2016		2015
	(In millions)
Assets:
Other equity investments	$	1,408	$	1,477	$	(29	)	$	(81	)	$	1,379	$	1,396
Trading securities, at fair value	9,134		6,805		—			81			9,134		6,886
Other invested assets	2,186		1,788		40			—			2,226		1,788
Total investments	58,416		52,527		11			—			58,427		52,527
DAC	4,301		4,469		(175		)	(36		)	4,126		4,433
Amounts due from reinsurers	4,635		4,466		29			46			4,664		4,512
Guaranteed minimum income benefit reinsurance asset, at fair value	10,309		10,570		—			8			10,309		10,578
Other assets	4,260		4,634		—			13			4,260		4,647
Total Assets	$	203,764	$	194,626	$	(135	)	$	31		$	203,629	$	194,657
Liabilities:
Policyholders' account balance	$	38,782	$	33,033	$	43		$	(138	)	$	38,825	$	32,895
Future policyholders' benefits and other policyholders' liabilities	25,358		24,531		123			332			25,481		24,863
Current and deferred taxes	3,816		4,647		(109		)	(2		)	3,707		4,645
Other liabilities	2,108		2,586		—			(52		)	2,108		2,534
Total Liabilities	186,945		177,018		57			140			187,002		177,158
Equity:
Retained Earnings	7,983		8,958		(203		)	(62		)	7,780		8,896
Accumulated other comprehensive income (loss)	7		228		—			(20		)	7		208
AXA Equitable Equity	13,331		14,509		(203		)	(82		)	13,128		14,427
Noncontrolling interest	3,085		3,086		11			(27		)	3,096		3,059
Equity	16,416		17,595		(192		)	(109		)	16,224		17,486
Total Liabilities and Equity	$	203,764	$	194,626	$	(135	)	$	31		$	203,629	$	194,657

	As Previously Reported									Impact of Revisions									As Revised
	Year Ended December 31,									Year Ended December 31,									Year Ended December 31,
	2016			2015			2014			2016			2015			2014			2016			2015			2014
	(In millions)
Statements of Income (Loss):
Revenues:
Policy charges and fee income	$	3,423		$	3,208		$	3,115		$	192		$	316		$	248		$	3,615		$	3,524		$	3,363
Premiums	880			854			874			(26		)	(26		)	(27		)	854			828			847
Net derivative gains (losses)	(1,277		)	(208		)	5,409			43			(131		)	(168		)	(1,234		)	(339		)	5,241
Total revenues	9,151			9,833			15,480			209			159			53			9,360			9,992			15,533
Benefits and other deductions:
Policyholders' benefits	2,913			2,743			3,579			172			123			375			3,085			2,866			3,954
Interest credited to Policyholder's Account Balances	981			1,048			1,155			101			(72		)	(118		)	1,082			976			1,037
Amortization of deferred policy acquisition costs	162			(331		)	(413		)	171			13			34			333			(318		)	(379		)
Other operating costs and expenses	1,458			1,415			1,692			—			82			(24		)	1,458			1,497			1,668
Total benefits and other deductions	8,720			8,183			9,365			444			146			267			9,164			8,329			9,632
Income (loss) from operations, before income taxes	431			1,650			6,115			(235		)	13			(214		)	196			1,663			5,901
Income tax (expense) benefit	113			(186		)	(1,695		)	121			(2		)	75			234			(188		)	(1,620		)
Net income (loss)	544			1,464			4,420			(114		)	11			(139		)	430			1,475			4,281
Less: net (income) loss attributable to the noncontrolling interest	(469		)	(403		)	(387		)	(27		)	—			—			(496		)	(403		)	(387		)
Net income (loss) attributable to AXA Equitable	$	75		$	1,061		$	4,033		$	(141	)	$	11		$	(139	)	$	(66	)	$	1,072		$	3,894
Statements of Comprehensive Income (Loss):
Net income (loss)	$	544		$	1,464		$	4,420		$	(114	)	$	11		$	(139	)	$	430		$	1,475		$	4,281
Change in unrealized gains (losses), net of reclassification adjustment	(217		)	(881		)	969			20			(20		)	—			(197		)	(901		)	969
Total other comprehensive income (loss), net of income taxes	(238		)	(910		)	925			20			(20		)	—			(218		)	(930		)	925
Comprehensive income (loss)	306			554			5,345			(94		)	(9		)	(139		)	212			545			5,206
Less: Comprehensive (income) loss attributable to noncontrolling interest	(452		)	(388		)	(358		)	(27		)	—			—			(479		)	(388		)	(358		)
Comprehensive income (loss) attributable to AXA Equitable	$	(146	)	$	166		$	4,987		$	(121	)	$	(9	)	$	(139	)	$	(267	)	$	157		$	4,848

	As Previously Reported									Impact of Revisions									As Revised
	Year Ended December 31,									Year Ended December 31,									Year Ended December 31,
	2016			2015			2014			2016			2015			2014			2016			2015			2014
	(In millions)
Statements of Equity:
Capital in excess of par value, beginning of year	$	5,321		$	5,957		$	5,934		$	—		$	—		$	(26	)	$	5,321		$	5,957		$	5,908
Deferred tax on dividend of AB Units	—			(35		)	(26		)	—			—			26			—			(35		)	—
Capital in excess of par value, end of year	5,339			5,321			5,957			—			—			—			5,339			5,321			5,957
Retained earnings, beginning of year	$	8,958		$	8,809		$	5,205		$	(62	)	$	(73	)	$	18		$	8,896		$	8,736		$	5,223
Stockholder dividends	(1,050		)	(912		)	(429		)	—			—			48			$	(1,050	)	$	(912	)	$	(381	)
Net income (loss)	75			1,061			4,033			(141		)	11			(139		)	(66		)	1,072			3,894
Retained earnings, end of period	7,983			8,958			8,809			(203		)	(62		)	(73		)	7,780			8,896			8,736
Accumulated other comprehensive income (loss), beginning of year	228			351			(603		)	(20		)	—			—			208			351			(603		)
Other comprehensive income (loss)	(221		)	(895		)	954			20			(20		)	—			(201		)	(915		)	954
Accumulated other comprehensive income (loss), end of year	7			228			351			—			(20		)	—			7			208			351
Total AXA Equitable’s equity, end of period	13,331			14,509			15,119			(203		)	(82		)	(73		)	13,128			14,427			15,046
Noncontrolling interest, beginning of year	3,086			2,989			2,903			(27		)	(27		)	21			3,059			2,962			2,924
Net income (loss) attributable to noncontrolling interest	464			403			387			27			—			—			491			403			387
Dividend of AB Units by AXA Equitable to AXA Financial	—			145			48			—			—			(48		)	—			145			—
Other changes in noncontrolling interest	104			132			143			11			—			—			115			132			143
Noncontrolling interest, end of year	3,085			3,086			2,989			11			(27		)	(27		)	3,096			3,059			2,962
Total Equity, End of Period	$	16,416		$	17,595		$	18,108		$	(192	)	$	(109	)	$	(100	)	$	16,224		$	17,486		$	18,008
Statements of Cash flows:
Cash flow from operating activities:
Net income (loss)	$	544		$	1,464		$	4,420		$	(114	)	$	11		$	(139	)	$	430		$	1,475		$	4,281
Policy charges and fee income	(3,423		)	(3,208		)	(3,115		)	(192		)	(316		)	(248		)	(3,615		)	(3,524		)	(3,363		)
Interest credited to policyholders’ account balances	981			1,048			1,155			101			(72		)	(118		)	1,082			976			1,037
Net derivative (gains) loss	462			208			(5,409		)	(43		)	131			168			419			339			(5,241		)
Amortization of deferred cost of reinsurance asset	159			39			302			—			82			(10		)	159			121			292
Changes in:
Future policy benefits	803			878			1,518			(32		)	162			214			771			1,040			1,732
Deferred Policy Acquisition costs	162			(331		)	(413		)	171			13			34			333			(318		)	(379		)
Reinsurance recoverable	(534		)	(916		)	(488		)	230			(13		)	174			(304		)	(929		)	(314		)
Current and deferred income taxes	(771		)	258			1,448			(121		)	2			(75		)	(892		)	260			1,373
Other	31			111			(98		)	—			(80		)	39			31			31			(59		)
Net cash provided by (used in) operating activities	$	(461	)	$	(244	)	$	(639	)	$	—		$	(80	)	$	39		$	(461	)	$	(324	)	$	(600	)

	As Previously Reported							Impact of Revisions								As Revised
	Year Ended December 31,							Year Ended December 31,								Year Ended December 31,
	2016			2015		2014		2016			2015		2014			2016			2015		2014
	(In millions)
Cash flows from financing activities:
Policyholders' accounts balance deposits	$	9,342		$	5,757	$	6,011	$	404		$	—	$	—		$	9,746		$	5,757	$	6,011
Policyholders' accounts balance transfer (to) from Separate Accounts	1,606			1,045		815		(404		)	—		—			1,202			1,045		815
(Decrease) increase in overdrafts payable	(85		)	—		—		—			80		(39		)	(85		)	80		(39		)
Net cash provided by (used in) financing activities	$	5,751		$	3,034	$	3,843	$	—		$	80	$	(39	)	$	5,751		$	3,114	$	3,804

The following table presents the effects of the revision to the Company's previously reported Consolidated Balance Sheets as of June 30, 2017 and 2016:

	As Previously Reported				Impact of Revisions						As Revised
	June 30				June 30						June 30
	2017		2016		2017			2016			2017		2016
	(In millions)
Assets:
Other equity investments	$	1,477	$	1,447	$	(21	)	$	(100	)	$	1,456	$	1,347
Trading securities, at fair value	—		7,843		—			73			—		7,916
Other invested assets	2,622		2,811		32			38			2,654		2,849
Total investments	62,111		60,979		11			11			62,122		60,990
DAC	4,141		4,496		(135		)	(126		)	4,006		4,370
Amounts due from reinsurers	4,870		4,523		31			49			4,901		4,572
Other assets	—		4,501		—			2			—		4,503
Total Assets	$	214,941	$	207,042	$	(93	)	$	(64	)	$	214,848	$	206,978
	—		—		—			—			—		—
Liabilities:
Policyholders' account balance	$	41,531	$	35,661	$	(15	)	$	(108	)	$	41,516	$	35,553
Future policyholders' benefits and other policyholders' liabilities	26,799		26,131		56			160			26,855		26,291
Current and deferred taxes	4,000		6,421		(50		)	(6		)	3,950		6,415
Total Liabilities	196,972		185,800		(9		)	46			196,963		185,846
Equity:
Retained Earnings	8,779		11,030		(95		)	(66		)	8,684		10,964
Accumulated other comprehensive income (loss)	493		1,637		—			(29		)	493		1,608
AXA Equitable Equity	14,635		17,987		(95		)	(95		)	14,540		17,892
Noncontrolling interest	2,973		3,026		11			(15		)	2,984		3,011
Equity	12,608		21,013		(84		)	(110		)	12,524		20,903
Total Liabilities and Equity	$	214,941	$	207,042	$	(93	)	$	(64	)	$	214,848	$	206,978

The following table presents the effects of the revision to the Company’s previously reported Consolidated Statements of Income (Loss), Statements of Comprehensive Income (Loss), Statements of Equity and Cash Flows for the three and six months ended June 30, 2017 and 2016:

	Three Months Ended June 30, 2017									Six Months Ended June 30, 2017
	As Previously Reported			Impact of Revisions			As Revised			As Previously Reported			Impact of Revisions			As Revised
	(In millions)
Statements of Income (Loss):
Revenues:
Policy charges and fee income	$	865		$	59		$	924		$	1,761		$	86		$	1,847
Net derivative gains (losses)	1,693			(38		)	1,655			969			(30		)	939
Total revenues	4,488			21			4,509			6,477			56			6,533
Benefits and other deductions:
Policyholders' benefits	1,452			30			1,482			2,343			67			2,410
Amortization of deferred policy acquisition costs, net	(82		)	4			(78		)	43			3			46
Total benefits and other deductions	2,691			34			2,725			5,253			70			5,323
Income (loss) from operations, before income taxes	1,797			(13		)	1,784			1,224			(14		)	1,210
Income tax (expense) benefit	(338		)	4			(334		)	(78		)	5			(73		)
Net income (loss)	1,459			(9		)	1,450			1,146			(9		)	1,137
	—
Less: net (income) loss attributable to the noncontrolling interest	(113		)	—			(113		)	(231		)	—			(231		)
Net income (loss) attributable to AXA Equitable	$	1,346		$	(9	)	$	1,337		$	915		$	(9	)	$	906
Statements of Comprehensive Income (Loss):
Net income (loss)	$	1,459		$	(9	)	$	1,450		$	1,146		$	(9	)	$	1,137
Comprehensive income (loss)	1,753			(9		)	1,744			1,619			(9		)	1,610
Comprehensive income (loss) attributable to AXA Equitable	$	1,660		$	(9	)	$	1,651		$	1,619		$	(9	)	$	1,610

	Three Months Ended June 30, 2016									Six Months Ended June 30, 2016
	As Previously Reported			Impact of Revisions			As Revised			As Previously Reported			Impact of Revisions			As Revised
	(In millions)
Statements of Income (Loss):
Revenues:
Policy charges and fee income	$	915		$	(29	)	$	886		$	1,816		$	(70	)	$	1,746
Premiums	121			82			203			247			165			412
Net derivative gains (losses)	1,562			(22		)	1,540			3,840			86			3,926
Total revenues	4,297			31			4,328			9,084			181			9,265
Benefits and other deductions:
Policyholders' benefits	1,211			35			1,246			2,280			159			2,439
Interest credited to Policyholders' Account Balances	274			(19		)	255			525			(49		)	476
Amortization of deferred policy acquisition costs, net	(74		)	43			(31		)	(84		)	75			(9		)
Total benefits and other deductions	2,581			59			2,640			5,054			185			5,239
Income (loss) from operations, before income taxes	1,576			(28		)	1,548			4,030			(4		)	4,026
Income tax (expense) benefit	(515		)	7			(508		)	(1,249		)	(1		)	(1,250		)
Net income (loss)	1,061			(21		)	1,040			2,781			(5		)	2,776
	—
Less: net (income) loss attributable to the noncontrolling interest	(92		)	1			(91		)	(209		)	1			(208		)
Net income (loss) attributable to AXA Equitable	$	969		$	(20	)	$	949		$	2,572		$	(4	)	$	2,568
Statements of Comprehensive Income (Loss):
Net income (loss)	$	1,061		$	(21	)	$	1,040		$	2,781		$	(5	)	$	2,776
Change in unrealized gains (losses), net of reclassification adjustment	625			(15		)	610			1,405			(9		)	1,396
Other comprehensive income	620			(15		)	605			1,409			(9		)	1,400
Comprehensive income (loss)	1,681			(36		)	1,645			4,190			(14		)	4,176
Less: Comprehensive (income) loss attributable to noncontrolling interest	$	(89	)	$	1		$	(88	)	$	(209	)	$	1		$	(208	)
Comprehensive income (loss) attributable to AXA Equitable	$	1,592		$	(35	)	$	1,557		$	3,981		$	(13	)	$	3,968

	Six Months Ended June 30,
	As Previously Reported				Impact of Revisions						As Revised
	2017		2016		2017			2016			2017		2016
	(In millions)
Statements of Equity:
Retained earnings, beginning of year	$	7,983	$	8,958	$	(86	)	$	(62	)	$	7,897	$	8,896
Net income (loss)	915		2,572		(9		)	(4		)	906		2,568
Retained earnings, end of period	8,779		11,030		(95		)	(66		)	8,684		10,964
Accumulated other comprehensive income, beginning of year earnings, beginning of year	7		228		—			(20		)	7		208
Other comprehensive income (loss)	486		1,409		—			(9		)	486		1,400
Accumulated other comprehensive income, end of period	493		1,637		—			(29		)	493		1,608
Total AXA Equitable’s equity, end of period	14,635		17,987		(95		)	(95		)	14,540		17,892
Noncontrolling interest, beginning of year	3,085		3,086		11			(27		)	3,096		3,059
Net income (loss) attributable to noncontrolling interest	118		203		—			1			118		204
Noncontrolling interest, end of period	—		3,026		11			(15		)	11		3,011
Total Equity, End of Period	$	17,617	$	21,013	$	(84	)	$	(110	)	$	17,533	$	20,903

	Six Months Ended June 30,
	As Previously Reported						Impact of Revisions						As Revised
	2017			2016			2017			2016			2017			2016
	(In millions)
Statements of Cash flows:
Cash flow from operating activities:
Net income (loss)	$	1,146		$	2,781		$	(9	)	$	(5	)	$	1,137		$	2,776
Policy charges and fee income	(1,761		)	(1,816		)	(86		)	70			(1,847		)	(1,746		)
Interest credited to policyholders’ account balances	658			525			—			(49		)	658			476
Net derivative (gains) loss	(969		)	(3,840		)	30			(86		)	(939		)	(3,926		)
Deferred Policy Acquisition costs	43			(84		)	3			75			46			(9		)
Changes in:
Future policy benefits	1,381			1,168			10			172			1,391			1,340
Reinsurance recoverable	(251		)	(92		)	57			(178		)	(194		)	(270		)
Current and deferred income taxes	(16		)	985			(5		)	1			(21		)	986
Other	—			119			—			(48		)	—			71
Net cash provided by (used in) operating activities	$	(75	)	$	(337	)	$	—		$	(48	)	$	(75	)	$	(385	)
(Decrease) increase in overdraft payables	$	—		$	—		$	—		$	48		$	—		$	48
Net cash provided by (used in) financing activities	$	—		$	4,016		$	—		$	48		$	—		$	4,064

The following table presents the effects of the revision to the Company's previously reported consolidated balance sheets as of March 31, 2017 and 2016:

	As Previously Reported				Impact of Revisions						As Revised
	March 31				March 31						March 31
	2017		2016		2017			2016			2017		2016
	(In millions)
Assets:
Other equity investments	$	1,463	$	1,398	$	(23	)	$	(120	)	$	1,440	$	1,278
Trading securities, at fair value	—		7,124		—			81			—		7,205
Other invested assets	2,050		2,462		34			39			2,084		2,501
Total investments	60,406		56,581		11			—			60,417		56,581
DAC	4,068		4,505		(88		)	(59		)	3,980		4,446
Amounts due from reinsurers	4,639		4,605		19			48			4,658		4,653
Other assets	—		4,516		—			13			—		4,529
Total Assets	$	209,098	$	199,983	$	(58	)	$	2		$	209,040	$	199,985
	—		—		—			—			—		—
Liabilities:
Policyholders' account balance	$	40,308	$	33,710	$	(16	)	$	(89	)	$	40,292	$	33,621
Future policyholders' benefits and other policyholders' liabilities	25,496		25,272		45			213			25,541		25,485
Current and deferred taxes	3,523		5,833		(34		)	14			3,489		5,847
Other liabilities	—		2,841		—			(50		)	—		2,791
Total Liabilities	192,712		179,802		(5		)	88			192,707		179,890
			—		—						—		—
			—		—						—		—
Retained Earnings	7,411		10,561		(64		)	(45		)	7,347		10,516
Accumulated other comprehensive income (loss)	179		1,014		—			(14		)	179		1,000
AXA Equitable Equity	12,934		16,894		(64		)	(59		)	12,870		16,835
Noncontrolling interest	3,035		69		11			(27		)	3,046		42
Equity	15,969		19,963		(53		)	(86		)	15,916		19,877
			—		—			—			—		—
Total Liabilities and Equity	$	209,098	$	199,983	$	(58	)	$	2		$	209,040	$	199,985

	Three Months Ended March 31, 2017									Three Months Ended March 31, 2016
	As Previously Reported			Impact of Revisions			As Revised			As Previously Reported			Impact of Revisions			As Revised
	(In millions)
Statements of Income (Loss):
Revenues:
Policy charges and fee income	$	896		$	29		$	925		$	901		$	(41	)	$	860
Premiums	—			—			—			126			83			209
Net derivative gains (losses)	(724		)	(9		)	(733		)	2,278			108			2,386
Increase (decrease in the fair value of the GMIB reinsurance contract asset	—			—			—			—			—			—
Total revenues	1,989			20			2,009			4,927			150			5,077
Benefits and other deductions:
Policyholders' benefits	891			21			912			1,069			124			1,193
Interest credited to Policyholders' Account Balances	337			(1		)	336			251			(30		)	221
Amortization of deferred policy acquisition costs, net	125			(1		)	124			131			32			163
Total benefits and other deductions	2,562			19			2,581			2,473			126			2,599
Income (loss) from operations, before income taxes	(573		)	1			(572		)	2,454			24			2,478
Income tax (expense) benefit	260			—			260			(734		)	(8		)	(742		)
Net income (loss)	(313		)	1			(312		)	1,720			16			1,736
	—
Less: net (income) loss attributable to the noncontrolling interest	(118		)	—			(118		)	(117		)	—			(117		)
Net income (loss) attributable to AXA Equitable	$	(431	)	$	1		$	(430	)	$	1,603		$	16		$	1,619
Statements of Comprehensive Income (Loss):
Net income (loss)	$	(313	)	$	1		$	(312	)	$	1,720		$	16		$	1,736
Change in unrealized gains (losses), net of reclassification adjustment	144			—			144			780			6			786
Other comprehensive income	179			—			179			789			6			795
Comprehensive income (loss)	(134		)	1			(133		)	2,509			22			2,531
Less: Comprehensive (income) loss attributable to noncontrolling interest	$	(125	)	$	—		$	(125	)	$	(120	)	$	—		$	(120	)
Comprehensive income (loss) attributable to AXA Equitable	$	(259	)	$	1		$	(258	)	$	2,389		$	22		$	2,411

	Three Months Ended March 31,
	As Previously Reported					Impact of Revisions						As Revised
	2017			2016		2017			2016			2017			2016
	(In millions)
Statements of Equity:
Retained earnings, beginning of year	$	7,842		$	8,958	$	(65	)	$	(62	)	$	7,777		$	8,896
Net income (loss)	(431		)	1,603		1			16			(430		)	1,619
Retained earnings, end of period	7,411			10,561		(64		)	(46		)	7,347			10,515
Accumulated other comprehensive income, beginning of year earnings, beginning of year	7			228		—			(20		)	7			208
Other comprehensive income (loss)	172			786		—			6			172			792
Total AXA Equitable’s equity, end of period	12,934			16,894		(64		)	(60		)	12,870			16,834
Noncontrolling interest, beginning of year	3,085			3,086		11			(27		)	3,096			3,059
Net income (loss) attributable to noncontrolling interest	118			117		—			—			118			117
Noncontrolling interest, end of period	3,035			3,069		11			(27		)	3,046			3,042
Total Equity, End of Period	$	15,969		$	19,963	$	(53	)	$	(87	)	$	15,916		$	19,876

	Three Months Ended March 31,
	As Previously Reported						Impact of Revisions						As Revised
	2017			2016			2017			2016			2017			2016
	(In millions)
Statements of Cash flows:
Cash flow from operating activities:
Net income (loss)	$	(313	)	$	1,720		$	1		$	16		$	(312	)	$	1,736
Policy charges and fee income	(896		)	(901		)	(29		)	41			(925		)	(860		)
Interest credited to policyholders’ account balances	337			251			(1		)	(30		)	336			221
(Increase) decrease in the fair value of the reinsurance contract asset	—			—			—			—			—			—
Net derivative (gains) loss	724			(2,278		)	9			(108		)	733			(2,386		)
Deferred Policy Acquisition costs	125			(10		)	—			32			125			22
Changes in:
Variable interest entities	—			—			—			—			—			—
Future policy benefits	185			491			20			130			205			621
Reinsurance recoverable	(44		)	(145		)	—			(89		)	(44		)	(234		)
Current and deferred income taxes	(327		)	733			—			8			(327		)	741
Accounts payable and accrued expenses	—			—			—			—			—			—
Other	—			50			—			91			—			141
Net cash provided by (used in) operating activities	$	18		$	99		$	—		$	91		$	18		$	190
(Decrease) increase in overdraft payables	$	50		$	—		$	—		$	(91	)	$	50		$	(91	)
Net cash provided by (used in) financing activities	$	2,306		$	1,468		$	—		$	(91	)	$	2,306		$	1,377

The following table presents the effects of the accounting change to the Company’s previously reported consolidated statement of balance sheets as of September 30, 2016:

	As Previously Reported and Adjusted Herein		Impact of Accounting Change			As Revised
	September 30,		September 30,			September 30,
	2016		2016			2016
	(In millions)
Assets:
DAC	4,393		483			4,876
Total Assets	$	208,949	$	483		$	209,432
Liabilities:
Future policyholders' benefits and other policyholders' liabilities	26,300		5,169			31,469
Current and deferred taxes	6,114		(1,641		)	4,473
Total Liabilities	187,992		3,528			191,520
Equity:
Retained Earnings	10,871		(2,961		)	7,910
Accumulated other comprehensive income (loss)	1,613		(84		)	1,529
AXA Equitable Equity	17,799		(3,045		)	14,754
Equity	20,811		(3,045		)	17,766
Total Liabilities and Equity	$	208,949	$	483		$	209,432

The following tables present line items for prior periods that have been affected by the accounting change. For these items, the tables detail the amounts as previously reported and adjusted herein, the impact upon those line items due to the accounting change, and the amounts as currently revised within the financial statements.

	Three Months Ended September 30, 2016									Nine Months Ended September 30, 2016
	As Previously Reported and Adjusted Herein			Impact of Accounting Change			As Revised			As Previously Reported and Adjusted Herein			Impact of Accounting Change			As Revised
	(In millions)
Statements of Income (Loss):
Revenues:
Policy charges and fee income	$	925		$	(71	)	$	854		$	2,671		$	(203	)	$	2,468
Net derivative gains (losses)	(677		)	231			(446		)	3,249			454			1,621
Total revenues	2,017			160			2,177			11,282			(1,831		)	9,451
Benefits and other deductions:
Policyholders' benefits	624			(8		)	616			3,063			(390		)	2,790
Amortization of deferred policy acquisition costs, net	47			8			55			38			26			64
Total benefits and other deductions	2,094			—			2,094			7,333			(247		)	7,086
Income (loss) from operations, before income taxes	(77		)	160			83			3,949			(1,584		)	2,365
Income tax (expense) benefit	110			(56		)	54			(1,140		)	554			(586		)
Net income (loss)	33			104			137			2,809			(1,030		)	1,779
Net income (loss) attributable to AXA Equitable	$	(93	)	$	104		$	11		$	2,475		$	(1,030	)	$	1,445
Statements of Comprehensive Income (Loss):
Net income (loss)	$	33		$	104		$	137		$	2,809		$	(1,030	)	$	1,779
Change in unrealized gains (losses), net of reclassification adjustment	8			8			16			1,403			(61		)	1,342
Other comprehensive income	7			8			15			1,406			(61		)	1,345
Comprehensive income (loss)	40			112			152			4,215			(1,091		)	3,124
Comprehensive income (loss) attributable to AXA Equitable	$	(87	)	$	—		$	25		$	3,880		$	—		$	2,789

Nine Months Ended September 30, 2016	As Previously Reported and Adjusted Herein		Impact of Accounting Change			As Revised
	(In millions)
Statements of Equity:
Retained earnings, beginning of year	$	8,896	$	(1,933	)	$	6,963
Net income (loss)	2,475		(1,030		)	1,445
Retained earnings, end of period	10,871		(2,963		)	7,908
Accumulated other comprehensive income, beginning of year earnings, beginning of year	208		(23		)	185
Other comprehensive income (loss)	1,405		(61		)	1,344
Accumulated other comprehensive income, end of period	1,613		(84		)	1,529
Total AXA Equitable’s equity, end of period	17,799		(5,926		)	14,752
						—
Total Equity, End of Period	$	20,811	$	—		$	17,764

Nine Months Ended September 30, 2016	As Previously Reported and Adjusted Herein			Impact of Accounting Change			As Revised
	(In millions)
Statements of Cash flows:
Cash flow from operating activities:
Net income (loss)	$	2,809		$	(1,030	)	$	1,779
Policy charges and fee income	(2,671		)	203			(2,468		)
Net derivative (gains) loss	(3,249		)	1,628			(1,621		)
Changes in:
Future policy benefits	1,208			(273		)	935
Deferred Policy Acquisition costs	38			26			64
Current and deferred income taxes	647			(554		)	93
Net cash provided by (used in) operating activities	$	(165	)	$	—		$	(165	)

The following table presents the effects of the accounting change to the Company's previously reported consolidated balance sheets as of December 31, 2016 and 2015:

	As Previously Reported and Adjusted Herein				Impact of Accounting Change						As Revised
	December 31,				December 31,						December 31,
	2016		2015		2016			2015			2016		2015
	(In millions)
Assets:
DAC	4,126		4,433		540			563			4,666		4,996
Total Assets	$	203,629	$	194,657	$	540		$	563		$	204,169	$	195,220
Liabilities:
Future policyholders' benefits and other policyholders' liabilities	25,481		24,863		3,378			3,572			28,859		28,435
Current and deferred taxes	3,707		4,645		(993		)	(1,053		)	2,714		3,592
Total Liabilities	187,002		177,158		2,385			2,519			189,387		179,677
Equity:
Retained Earnings	7,780		8,896		(1,845		)	(1,933		)	5,941		6,963
Accumulated other comprehensive income (loss)	7		208		(6		)	(23		)	1		185
AXA Equitable Equity	13,128		14,427		(1,845		)	(1,956		)	11,283		12,471
Equity	16,224		17,486		(1,845		)	(1,956		)	14,379		15,530
Total Liabilities and Equity	$	203,629	$	194,657	$	(3,150	)	$	563		$	204,169	$	195,220

	As Previously Reported and Adjusted Herein									Impact of Accounting Change									As Revised
	Year Ended December 31,									Year Ended December 31,									Year Ended December 31,
	2016			2015			2014			2016			2015			2014			2016			2015			2014
	(In millions)
Statements of Income (Loss):
Revenues:
Policy charges and fee income	$	3,615		$	3,524		$	3,363		$	(273	)	$	(240	)	$	(207	)	$	3,342		$	3,284		$	3,156
Net derivative gains (losses)	(1,234		)	(339		)	5,241			114			(733		)	(1,823		)	(1,120		)	(1,072		)	3,418
Total revenues	9,360			9,992			15,533			(159		)	(973		)	(2,030		)	9,201			9,019			13,503
Benefits and other deductions:
Policyholders' benefits	3,085			2,866			3,954			(339		)	(411		)	(247		)	2,746			2,455			3,707
Amortization of deferred policy acquisition costs	333			(318		)	(379		)	35			61			34			368			(257		)	(345		)
Total benefits and other deductions	9,164			8,329			9,632			(304		)	(350		)	(213		)	8,860			7,979			9,419
Income (loss) from operations, before income taxes	196			1,663			5,901			145			(623		)	(1,817		)	341			1,040			4,084
Income tax (expense) benefit	234			(188		)	(1,620		)	(51		)	218			636			183			30			(984		)
Net income (loss)	430			1,475			4,281			94			(405		)	(1,181		)	524			1,070			3,100
Net income (loss) attributable to AXA Equitable	$	(66	)	$	1,072		$	3,894		$	94		$	(405	)	$	(1,181	)	$	28		$	667		$	2,713
Statements of Comprehensive Income (Loss):
Net income (loss)	$	430		$	1,475		$	4,281		$	94		$	(405	)	$	(1,181	)	$	524		$	1,070		$	3,100
Change in unrealized gains (losses), net of reclassification adjustment	(197		)	(901		)	969			17			70			(78		)	(180		)	(831		)	891
Total other comprehensive income (loss), net of income taxes	(218		)	(930		)	925			17			70			(78		)	(201		)	(860		)	847
Comprehensive income (loss)	212			545			5,206			111			(335		)	(1,259		)	323			210			3,947
Comprehensive income (loss) attributable to AXA Equitable	$	(267	)	$	157		$	4,848		$	111		$	(335	)	$	(1,259	)	$	(156	)	$	(178	)	$	3,589

	As Previously Reported and Adjusted Herein									Impact of Accounting Change									As Revised
	Year Ended December 31,									Year Ended December 31,									Year Ended December 31,
	2016			2015			2014			2016			2015			2014			2016			2015			2014
	(In millions)
Statements of Equity:
Retained earnings, beginning of year	$	8,896		$	8,736		$	5,223		$	(1,933	)	$	(1,528	)	$	(347	)	$	6,963		$	7,208		$	4,876
Stockholder dividends	(1,050		)	(912		)	(381		)	—			—			—			(1,050		)	(912		)	(381		)
Net income (loss)	(66		)	1,072			3,894			94			(405		)	(1,181		)	28			667			2,713
Retained earnings, end of period	7,780			8,896			8,736			(1,839		)	(1,933		)	(1,528		)	5,941			6,963			7,208
Accumulated other comprehensive income (loss), beginning of year	208			351			(603		)	(23		)	(93		)	(15		)	185			258			(618		)
Other comprehensive income (loss)	(201		)	(915		)	954			17			70			(78		)	(184		)	(845		)	876
Accumulated other comprehensive income (loss), end of year	7			208			351			(6		)	(23		)	(93		)	1			185			258
Total AXA Equitable’s equity, end of period	13,128			14,427			15,046			(1,845		)	(1,956		)	(1,621		)	11,283			12,471			13,425
Total Equity, End of Period	$	16,224		$	17,486		$	18,008		$	(1,845	)	$	(1,956	)	$	(1,621	)	$	14,379		$	15,530		$	16,387
Statements of Cash flows:
Cash flow from operating activities:
Net income (loss)	$	430		$	1,475		$	4,281		$	94		$	(405	)	$	(1,181	)	$	524		$	1,070		$	3,100
Policy charges and fee income	(3,615		)	(3,524		)	(3,363		)	273			240			207			(3,342		)	(3,284		)	(3,156		)
Net derivative (gains) loss	419			339			(5,241		)	(114		)	733			1,823			305			1,072			(3,418		)
Changes in:
Future policy benefits	771			1,040			1,732			(339		)	(411		)	(247		)	432			629			1,485
Deferred Policy Acquisition costs	333			(318		)	(379		)	35			61			34			368			(257		)	(345		)
Current and deferred income taxes	(892		)	260			1,373			51			(218		)	(636		)	(841		)	42			737
Net cash provided by (used in) operating activities	$	(461	)	$	(324	)	$	(600	)	$	—		$	—		$	—		$	(461	)	$	(324	)	$	(600	)

The following table presents the effects of the accounting change to the Company's previously reported consolidated balance sheets as of June 30, 2017 and 2016:

	As Previously Reported and Adjusted Herein				Impact of Accounting Change						As Revised
	June 30,				June 30,						June 30,
	2017		2016		2017			2016			2017		2016
	(in millions)
Assets:
DAC	4,006		4,370		510			482			4,516		4,852
Total Assets	$	214,848	$	206,978	$	510		$	482		$	215,358	$	207,460
Liabilities:
Future policyholders' benefits and other policyholders' liabilities	26,855		26,291		2,701			5,341			29,556		31,632
Current and deferred taxes	3,950		6,415		(767		)	(1,700		)	3,183		4,715
Total Liabilities	196,963		185,846		1,934			3,641			198,897		189,487
Equity:
Retained Earnings	8,684		10,964		(1,383		)	(3,067		)	7,301		7,897
Accumulated other comprehensive income (loss)	493		1,608		(41		)	(92		)	452		1,516
AXA Equitable Equity	14,540		17,892		(1,424		)	(3,159		)	13,116		14,733
Equity	12,524		20,903		(1,424		)	(3,159		)	11,100		17,744
Total Liabilities and Equity	$	214,848	$	206,978	$	510		$	482		$	215,358	$	207,460

The following table presents the effects of the accounting change to the Company’s previously reported consolidated statements of income (loss), statements of comprehensive income (loss), statements of equity and cash flows for the three and nine months ended June 30, 2017 and 2016:

	Three Months Ended June 30, 2017									Six Months Ended June 30, 2017
	As Previously Reported and Adjusted Herein			Impact of Accounting Change			As Revised			As Previously Reported and Adjusted Herein			Impact of Accounting Change			As Revised
	(in millions)
Statements of Income (Loss):
Revenues:
Policy charges and fee income	$	924		$	(68	)	$	856		$	1,847		$	(135	)	$	1,712
Net derivative gains (losses)	1,655			342			1,997			939			775			1,714
Total revenues	4,509			274			4,783			6,533			640			7,173
Benefits and other deductions:
Policyholders' benefits	1,482			(134		)	1,348			2,410			(65		)	2,345
Amortization of deferred policy acquisition costs, net	(78		)	2			(76		)	46			4			50
Total benefits and other deductions	2,725			(132		)	2,593			5,323			(61		)	5,262
													—
Income (loss) from operations, before income taxes	1,784			406			2,190			1,210			701			1,911
Income tax (expense) benefit	(334		)	(142		)	(476		)	(73		)	(245		)	(318		)
				—									—
Net income (loss)	1,450			264			1,714			1,137			456			1,593
Net income (loss) attributable to AXA Equitable	$	1,337		$	264		$	1,601		$	906		$	456		$	1,362
Statements of Comprehensive Income (Loss):
Net income (loss)	$	1,450		$	264		$	1,714		$	1,137		$	456		$	1,593
Change in unrealized gains (losses), net of reclassification adjustment	314			1			315			458			(35		)	423
Other comprehensive income	294			1			295			473			(35		)	438
Comprehensive income (loss)	1,744			265			2,009			1,610			421			2,031
Comprehensive income (loss) attributable to AXA Equitable	$	1,651		$	265		$	1,916		$	1,610		$	421		$	2,031

	Three Months Ended June 30, 2016									Six Months Ended June 30, 2016
	As Previously Reported and Adjusted Herein			Impact of Accounting Change			As Revised			As Previously Reported and Adjusted Herein			Impact of Accounting Change			As Revised
	(in millions)
Statements of Income (Loss):
Revenues:
Policy charges and fee income	$	886		$	(67	)	$	819		$	1,746		$	(132	)	$	1,614
Net derivative gains (losses)	1,540			(797		)	743			3,926			(1,859		)	2,067
Total revenues	4,328			(864		)	3,464			9,265			(1,991		)	7,274
Benefits and other deductions:
Policyholders' benefits	1,246			(159		)	1,087			2,439			(265		)	2,174
Amortization of deferred policy acquisition costs, net	(31		)	9			(22		)	(9		)	18			9
Total benefits and other deductions	2,640			(150		)	2,490			5,239			(247		)	4,992
				—									—
Income (loss) from operations, before income taxes	1,548			(714		)	834			4,026			(1,744		)	2,282
Income tax (expense) benefit	(508		)	250			(258		)	(1,250		)	610			(640		)
Net income (loss)	1,040			(464		)	576			2,776			(1,134		)	1,642
	—			—									—
Net income (loss) attributable to AXA Equitable	$	949		$	(464	)	$	485		$	2,568		$	(1,134	)	$	1,434
Statements of Comprehensive Income (Loss):
Net income (loss)	$	1,040		$	(464	)	$	576		$	2,776		$	(1,134	)	$	1,642
Change in unrealized gains (losses), net of reclassification adjustment	610			—			610			1,396			(69		)	1,327
Other comprehensive income	605			—			605			1,400			(69		)	1,331
Comprehensive income (loss)	1,645			(464		)	1,181			4,176			(1,203		)	2,973
Comprehensive income (loss) attributable to AXA Equitable	$	1,557		$	(464	)	$	1,093		$	3,968		$	(1,203	)	$	2,765

	Six Months Ended June 30,
	As Previously Reported and Adjusted Herein				Impact of Accounting Change						As Revised
	2017		2016		2017			2016			2017		2016
	(in millions)
Statements of Equity:
Retained earnings, beginning of year	$	7,897	$	8,896	$	(1,839	)	$	(1,933	)	$	6,058	$	6,963
Net income (loss)	906		2,568		456			(1,134		)	1,362		1,434
Retained earnings, end of period	8,684		10,964		(1,383		)	(3,067		)	7,301		7,897
Accumulated other comprehensive income, beginning of year earnings, beginning of year	7		208		(6		)	(23		)	1		185
Other comprehensive income (loss)	486		1,400		(35		)	(69		)	451		1,331
Accumulated other comprehensive income, end of period	493		1,608		(41		)	(92		)	452		1,516
Total AXA Equitable’s equity, end of period	14,540		17,892		(1,424		)	(3,159		)	13,116		14,733
Total Equity, End of Period	$	17,533	$	20,903	$	(1,424	)	$	(3,159	)	$	16,109	$	17,744

	Six Months Ended June 30,
	As Previously Reported and Adjusted Herein						Impact of Accounting Change						As Revised
	2017			2016			2017			2016			2017			2016
	(in millions)
Statements of Cash flows:
Cash flow from operating activities:
Net income (loss)	$	1,137		$	2,776		$	456		$	(1,134	)	$	1,593		$	1,642
Policy charges and fee income	(1,847		)	(1,746		)	135			132			(1,712		)	(1,614		)
Net derivative (gains) loss	(939		)	(3,926		)	(775		)	1,859			(1,714		)	(2,067		)
Changes in:
Future policy benefits	1,391			1,340			(65		)	(265		)	1,326			1,075
Deferred Policy Acquisition costs	46			(9		)	4			18			50			9
Current and deferred income taxes	(21		)	986			245			(610		)	224			376
Net cash provided by (used in) operating activities	$	(75	)	$	(385	)	$	—		$	—		$	(75	)	$	(385	)

The following table presents the effects of the accounting change to the Company's previously reported consolidated balance sheets as of March 31, 2017 and 2016:

	As Previously Reported and Adjusted Herein				Impact of Accounting Change						As Revised
	March 31,				March 31,						March 31,
	2017		2016		2017			2016			2017		2016
	(in millions)
Assets:
DAC	3,980		4,446		511			490			4,491		4,936
Total Assets	$	209,040	$	199,985	$	511		$	490		$	209,551	$	200,475
Liabilities:
Future policyholders' benefits and other policyholders' liabilities	25,541		25,485		3,108			4,635			28,649		30,120
Current and deferred taxes	3,489		5,847		(908		)	(1,451		)	2,581		4,396
Total Liabilities	192,707		179,890		2,200			3,184			194,907		183,074
Equity:
Retained Earnings	7,347		10,516		(1,647		)	(2,602		)	5,700		7,914
Accumulated other comprehensive income (loss)	179		1,000		(42		)	(92		)	137		908
AXA Equitable Equity	12,870		16,835		(1,689		)	(2,694		)	11,181		14,141
Equity	15,916		19,877		(1,689		)	(2,694		)	14,227		17,183
Total Liabilities and Equity	$	209,040	$	199,985	$	511		$	490		$	209,551	$	200,475

The following table presents the effects of the accounting change to the Company’s previously reported consolidated statements of income (loss), statements of comprehensive income (loss), statements of equity and cash flows for the three and nine months ended March 31, 2017 and 2016:

	Three Months Ended March 31, 2017									Three Months Ended March 31, 2016
	As Previously Reported and Adjusted Herein			Impact of Accounting Change			As Revised			As Previously Reported and Adjusted Herein			Impact of Accounting Change			As Revised
	(in millions)
Statements of Income (Loss):
Revenues:
Policy charges and fee income	$	925		$	(67	)	$	858		$	860		$	(65	)	$	795
Net derivative gains (losses)	(733		)	433			(300		)	2,386			(1,062		)	1,324
Total revenues	2,009			366			2,375			5,077			(1,127		)	3,950
Benefits and other deductions:							—									—
Policyholders' benefits	912			69			981			1,193			(106		)	1,087
Amortization of deferred policy acquisition costs, net	124			2			126			163			9			172
Total benefits and other deductions	2,581			71			2,652			2,599			(97		)	2,502
Income (loss) from operations, before income taxes	(572		)	295			(277		)	2,478			(1,030		)	1,448
Income tax (expense) benefit	260			(103		)	157			(742		)	361			(381		)
Net income (loss)	(312		)	192			(120		)	1,736			(669		)	1,067
Net income (loss) attributable to AXA Equitable	$	(430	)	$	192		$	(238	)	$	1,619		$	(669	)	$	950
Statements of Comprehensive Income (Loss):
Net income (loss)	$	(312	)	$	192		$	(120	)	$	1,736		$	(669	)	$	1,067
Change in unrealized gains (losses), net of reclassification adjustment	144			(36		)	108			786			(69		)	717
Other comprehensive income	179			(36		)	143			795			(69		)	726
Comprehensive income (loss)	(133		)	156			23			2,531			(738		)	1,793
Comprehensive income (loss) attributable to AXA Equitable	$	(258	)	$	156		$	(102	)	$	2,411		$	(738	)	$	1,673

	Three Months Ended March 31,
	As Previously Reported and Adjusted Herein					Impact of Accounting Change						As Revised
	2017			2016		2017			2016			2017			2016
	(in millions)
Statements of Equity:
Retained earnings, beginning of year	$	7,777		$	8,896	$	(1,839	)	$	(1,933	)	$	5,938		$	6,963
Net income (loss)	(430		)	1,619		192			(669		)	(238		)	950
Retained earnings, end of period	7,347			10,515		(1,647		)	(2,602		)	5,700			7,913
Accumulated other comprehensive income, beginning of year earnings, beginning of year	7			208		(6		)	(23		)	1			185
Other comprehensive income (loss)	172			792		(36		)	(69		)	136			723
Accumulated other comprehensive income, end of period	179			1,000		(42		)	(92		)	137			908
Total AXA Equitable’s equity, end of period	12,870			16,834		(1,689		)	(2,694		)	11,181			14,140
Total Equity, End of Period	$	15,916		$	19,876	$	(1,689	)	$	(2,694	)	$	14,227		$	17,182

	Three Months Ended March 31,
	As Previously Reported and Adjusted Herein						Impact of Accounting Change						As Revised
	2017			2016			2017			2016			2017			2016
	(in millions)
Statements of Cash flows:
Cash flow from operating activities:
Net income (loss)	$	(312	)	$	1,736		$	192		$	(669	)	$	(120	)	$	1,067
Policy charges and fee income	(925		)	(860		)	67			65			(858		)	(795		)
Net derivative (gains) loss	733			(2,386		)	(433		)	1,062			300			(1,324		)
Changes in:
Future policy benefits	205			621			69			(106		)	274			515
Deferred Policy Acquisition costs	125			22			2			9			127			31
Current and deferred income taxes	(327		)	741			103			(361		)	(224		)	380
Net cash provided by (used in) operating activities	$	18		$	190		$	—		$	—		$	18		$	190

Embedded Derivatives

Reserves for products that have a GMIB feature with a no-lapse guarantee rider GMIBNLG, GIB, GWBL, GMWB or GMAB features are considered embedded derivatives and measured at estimated fair value separately from the host variable annuity product, with changes in estimated fair value reported in net derivative gains (losses). The estimated fair values of these embedded derivatives are determined based on the present value of projected future benefits minus the present value of projected future fees attributable to the guarantee. The projections of future benefits and future fees require capital markets and actuarial assumptions, including expectations concerning policyholder behavior. A risk neutral valuation methodology is used under which the cash flows from the guarantees are projected under multiple capital market scenarios using observable risk-free rates.

Additionally, the Company cedes reinsurance for products with GMIB features where both the GMIB reinsurance contract asset and liability is considered an embedded derivative. The GMIB reinsurance contract assets fair value reflects the present value of reinsurance premiums and recoveries and risk margins over a range of market consistent economic scenarios.

Changes in the fair value of embedded derivatives are reported on the statement of income in Derivative gains (losses). Reserves for Guarantee embedded derivatives liabilities and assumed reinsurance contracts are reported in Future policyholders' benefits and other policyholders’ liabilities and the GMIB reinsurance contract asset is reported in a stand alone line in the consolidated balance sheets.

Assumption Updates

2017 Assumption Changes. In third quarter 2017, Company updated its expectation of long-term Separate Accounts volatility used in estimating policyholders’ benefits for variable annuities with GMDB and GMIB guarantees and variable universal life contracts with secondary guarantees. This update decreased policyholders’ benefits by $359 million. In addition, the Company updated the accrual period used to calculate policyholders’ benefits for variable annuities with GMDB and GMIB guarantees and the period over which DAC is amortized. This update increased policyholders’ benefits by $413million and reduced the Amortization of deferred policy acquisition costs by $14 million. In both the third quarter and nine months ending September 30, 2017, these updates decreased Income (loss) from continuing operations before income taxes and Net income by $40 million and $26 million, respectively.

In the second quarter 2017, the Company updated its expectations of long-term lapse and partial withdrawal behavior for variable annuities with GMDB and GMIB guarantees based on emerging experience. This update increased Policyholders’ benefits by $610 million, increased the GMIB reinsurance contract asset by $1,532 million, decreased Future policyholder benefits and other policyholders’ liabilities by $447 million, decreased the amortization of the deferred cost of reinsurance reported in Other operating costs and expenses by $226 million and decreased the Amortization of deferred policy acquisition costs, net by $32 million. In the nine months ending September 30, 2017, these updates increased Income (loss) from continuing operations before income taxes and Net income by $1,627 million, and $1,058 million, respectively.

2016 Assumption Changes. In third quarter 2016, as part of a planned model conversion, the Company updated the model used to calculate the variable life policyholder benefit reserves. The update aligned the renewal premium modeling used in the variable life benefit reserve calculation with the premium funding assumption used in the DAC and the initial fee liability calculations. In addition, as part of the planned model conversion, the calculation of premium loads resulting from the dynamic premium funding assumption was updated in the model used to calculate the interest sensitive life policyholder benefit reserve. The net impact of these model updates and assumption updates in the third quarter and first nine months of 2016 decreased Policyholders’ benefits by $144 million, increased the Amortization of deferred policy acquisition costs, net by $129 million and increased Policy charges and fee income by $14 million. In the nine months ending September 30, 2016, these model and assumption updates increased Income from continuing operations before income taxes and Net income by approximately $29 million and $19 million, respectively. 

In second quarter 2016, the Company updated its mortality assumption for certain VISL products due to favorable mortality experience, which decreased the Amortization of deferred policy acquisition costs, net and decreased the amortization of the initial fee liability reported in Policy charges and fee income by $105 million and $16 million respectively. Additionally, in the second quarter 2016 the Company updated the General Account spread assumption for certain VISL products to reflect lower expected investment yields which increased the Amortization of deferred policy acquisition costs, net and increased the amortization of the initial fee liability reported in Policy charges and fee income by $114 million and $4 million, respectively. In the nine months ending September 30, 2016, these assumption updates decreased Income from continuing operations before income taxes and Net income by approximately $21 million and $14 million, respectively.

In first quarter 2016, the Company raised cost of insurance (“COI”) rates for certain UL policies issued between 2004 and 2007, which have both issue ages 70 and above and a current face value amount of $1 million and above. The Company raised the COI rates for these policies as management expects future mortality and investment experience to be less favorable than what was anticipated when the original schedule of COI rates was established.  This COI rate increase was larger than the increase that previously had been anticipated in management’s reserve assumptions.  As a result, management updated the assumption to reflect the actual COI rate increase, which increased Policy charges and fee income by $71 million. In the nine months ending September 30, 2016, this assumption update increased Income from continuing operations before income taxes and Net income by $71 million and $46 million, respectively.