RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2018

Related Party Transactions [Abstract]

Related Party Transactions

RELATED PARTY TRANSACTIONS

The Company provides personnel services, employee benefits, facilities, supplies and equipment under service agreements with AXA Financial subsidiaries and affiliates to conduct their business. In addition, the Company participates in certain cost sharing and service agreements with AXA and other nonconsolidated affiliates (collectively, "AXA Affiliates"), including technology and professional development arrangements. The costs related to the cost sharing and service agreements are allocated based on methods that management believes are reasonable, including a review of the nature of such costs and activities performed to support each company. There have been no material changes in these service agreements from those disclosed in the 2017 Form 10-K.

At March 31, 2018 and December 31, 2017, AXA Equitable’s GMIB reinsurance asset with AXA RE Arizona had carrying values of $7,939 million and $8,594 million, respectively, and is reported in GMIB contract asset, at fair value in the consolidated balance sheets. Ceded premiums and policy fee income in the first quarters of 2018 and 2017 totaled approximately $110 million and $109 million, respectively. Ceded claims paid in the first quarters of 2018 and 2017 were $66 million and $49 million, respectively.

In 2016, AXA Equitable and Saum Sing LLC (“Saum Sing”), an affiliate, formed Broad Vista Partners LLC (“Broad Vista”), of which AXA Equitable owns 70% and Saum Sing owns 30%. On June 30, 2016, Broad Vista entered into a real estate joint venture with a third party and AXA Equitable invested approximately $25 million. On a consolidated basis, the balance as of March 31, 2018 is $36 million reported in Real estate held for the production of income in the consolidated balance sheets.

In March 2018, AXA Equitable Life sold its interest in two consolidated real estate joint ventures to AXA France for a total purchase price of approximately $143 million, which resulted in a pre-tax loss of $0.2 million and the reduction of $203 million of long-term debt on the Company's balance sheet for the first quarter of 2018.