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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2018
Subsequent Events [Abstract]  
Subsequent Events
SUBSEQUENT EVENTS
On April 11, 2018, the Company restated its 2016 financial statements, which caused defaults under certain of its derivative agreements. The Company sought waivers for these defaults from the relevant counterparties as appropriate and obtained all such waivers on April 11, 2018. The Company does not consider this to have a material impact on its business, results of operations or financial condition.
On April 12, 2018, we completed an unwind of the reinsurance provided to AXA Equitable by AXA RE Arizona for certain variable annuities with GMxB features (the “GMxB Unwind”). Accordingly, all business previously reinsured to AXA RE Arizona, with the exception of the GMxB Business, was novated to EQ AZ Life Re Company, a newly formed captive insurance company organized under the laws of Arizona, which is an indirect wholly owned subsidiary of Holdings. As of March 31, 2018, $7.9 billion of the $9.7 billion of the GMIB reinsurance contract asset is with AXA Re Arizona. Following the novation of this business to EQ AZ Life Re Company, AXA RE Arizona was merged with and into AXA Equitable. Following AXA RE Arizona's merger with and into AXA Equitable, the GMxB Business is not subject to any internal reinsurance arrangements.
On April 20, 2018, AXA pre-paid the remaining $650 million of a $700 million note and $50 million of a $500 million term loan and related accrued interest from the Company.
On April 20, 2018, the Company purchased an $800 million note from Holdings maturing on April 20, 2021.
On April 25, 2018, Holdings adopted the AXA Equitable Holdings, Inc. Short-Term Incentive Compensation Plan (the “STIC Plan”).  Although the STIC Plan is not a share-based compensation plan, awards payable under the STIC Plan may be paid in cash or in awards granted under the Omnibus Plan. On May 8, 2018, Holdings adopted the AXA Equitable Holdings, Inc. 2018 Omnibus Incentive Plan (the “Omnibus Plan”), a share-based compensation plan.  Holdings is the sponsor of these plans and qualifying employees of AXA Equitable will be eligible for participation in the plans.
On May 2, 2018, AB announced that it will establish its corporate headquarters in, and relocate approximately 1,050 jobs currently located in the New York metro area to, Nashville, TN. AB’s Nashville headquarters will house Finance, IT, Operations, Legal, Compliance, Internal Audit, Human Capital, and Sales and Marketing. AB will begin relocating jobs during 2018 and expects this transition to take several years. AB will continue to maintain a principal location in New York City, which will house its Portfolio Management, Sell-Side Research and Trading, and New York-based Private Wealth Management businesses.
On May 14, 2018, Holdings completed an initial public offering in which AXA sold a minority stake to the public.