REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS (Tables)

6 Months Ended

Jun. 30, 2019

Accounting Changes and Error Corrections [Abstract]

Financial Information Affected by Revisions and Change in Accounting Principle

	As of June 30, 2018
	As Previously Reported		Gross DAC Adjustment		Discontinued Operations Adjustment		As Adjusted		Impact of Revisions			As Revised
	(in millions)
Consolidated Balance Sheet:
Assets:
DAC	$	4,786	$	—	$	—	$	4,786	$	(76	)	$	4,710
Amounts due from reinsurers	3,088		—		—		3,088		(9		)	3,079
Current and deferred income taxes	159		—		422		581		3			584
Total Assets	$	219,306	$	—	$	—	$	219,306	$	(82	)	$	219,224
Liabilities:
Future policyholders’ benefits and other policyholders’ liabilities	$	28,122	$	—	$	—	$	28,122	(64		)	$	28,058
Total Liabilities	$	202,196	$	—	$	—	$	202,196	$	(64	)	$	202,132
Equity:
Retained earnings	$	6,617	$	—	$	—	$	6,617	$	(18	)	$	6,599
Total equity attributable to AXA Equitable	13,925		—		—		13,925		(18		)	13,907
Total Equity	16,964		—		—		16,964		(18		)	16,946
Total Liabilities, Redeemable Noncontrolling Interest and Equity	$	219,306	$	—	$	—	$	219,306	$	(82	)	$	219,224

	Three Months Ended June 30, 2018
	As Previously Reported			Gross DAC Adjustment		Discontinued Operations Adjustment			As Adjusted			Impact of Revisions			As Revised
	(in millions)
Consolidated Statement of Income (Loss):
Revenues:
Policy charges and fee income	$	904		$	—	$	—		$	904		$	(21	)	$	883
Net derivative gains (losses)	(312		)	—		—			(312		)	27			(285		)
Total revenues	2,439			—		(824		)	1,615			6			1,621
Benefits and other deductions:
Policyholders’ benefits	$	1,339		$	—	$	—		$	1,339		$	(38	)	$	1,301
Amortization of DAC	31			146		—			177			5			182
Total benefits and other deductions	4,950			—		(639		)	4,311			(33		)	4,278
Income (loss) from continuing operations, before income taxes	(2,511		)	—		(185		)	(2,696		)	39			(2,657		)
Income tax (expense) benefit from continuing operations	553			—		8			561			(9		)	552
Net income (loss) from continuing operations	(1,958		)	—		(177		)	(2,135		)	30			(2,105		)
Net income (loss)	(1,958		)	—		(156		)	(2,114		)	30			(2,084		)
Net income (loss) attributable to AXA Equitable	$	(2,114	)	$	—	$	—		$	(2,114	)	$	30		$	(2,084	)

	Six Months Ended June 30, 2018
	As Previously Reported			Gross DAC Adjustment		Discontinued Operations Adjustment			As Adjusted			Impact of Revisions			As Revised
	(in millions)
Consolidated Statement of Income (Loss):
Revenues:
Policy charges and fee income	$	1,773		$	—	$	—		$	1,773		$	(29	)	$	1,744
Net derivative gains (losses)	(1,172		)	—		(2		)	(1,174		)	72			(1,102		)
Total revenues	4,387			—		(1,670		)	2,717			43			2,760
Benefits and other deductions:
Policyholders’ benefits	$	1,828		$	—	$	—		$	1,828		$	(47	)	$	1,781
Amortization of DAC	89			281		—			370			21			391
Total benefits and other deductions	7,100			—		(1,284		)	5,816			(26		)	5,790
Income (loss) from continuing operations, before income taxes	(2,713		)	—		(386		)	(3,099		)	69			(3,030		)
Income tax (expense) benefit from continuing operations	622			—		25			647			(15		)	632
Net income (loss) from continuing operations	(2,091		)	—		(361		)	(2,452		)	54			(2,398		)
Net income (loss)	(2,091		)	—		(311		)	(2,402		)	54			(2,348		)
Net income (loss) attributable to AXA Equitable	$	(2,401	)	$	—	$	—		$	(2,401	)	$	54		$	(2,347	)

	Three Months Ended June 30, 2018
	As Previously Reported			Discontinued Operations Adjustment			As Adjusted			Impact of Revisions		As Revised
	(in millions)
Consolidated Statement of Comprehensive Income (Loss):
Net income (loss)	$	(1,958	)	$	(156	)	$	(2,114	)	$	30	$	(2,084	)
Comprehensive income (loss)	(2,278		)	(142		)	(2,420		)	30		(2,390		)
Comprehensive income (loss) attributable to AXA Equitable	$	(2,420	)	$	—		$	(2,420	)	$	30	$	(2,390	)

	Six Months Ended June 30, 2018
	As Previously Reported			Discontinued Operations Adjustment			As Adjusted			Impact of Revisions		As Revised
	(in millions)
Consolidated Statement of Comprehensive Income (Loss):
Net income (loss)	$	(2,091	)	$	(311	)	$	(2,402	)	$	54	$	(2,348	)
Comprehensive income (loss)	(3,160		)	(304		)	(3,464		)	54		(3,410		)
Comprehensive income (loss) attributable to AXA Equitable	$	(3,463	)	$	(1	)	$	(3,464	)	$	54	$	(3,410	)

	Three Months Ended June 30, 2018
	As Previously Reported			Discontinued Operations Adjustment		As Adjusted			Impact of Revisions		As Revised
	(in millions)
Consolidated Statement of Equity:
Net income (loss) attributable to AXA Equitable	(2,114		)	—		(2,114		)	30		(2,084		)
Retained earnings, end of period	6,569			—		6,569			30		6,599
Total AXA Equitable’s equity, end of period	13,877			—		13,877			30		13,907
Total Equity, End of Period	$	16,916		$	—	$	16,916		$	30	$	16,946

	Six Months Ended June 30, 2018
	As Previously Reported			Discontinued Operations Adjustment		As Adjusted			Impact of Revisions			As Revised
	(in millions)
Consolidated Statement of Equity:
Retained earnings, beginning of year	$	9,010		$	—	$	9,010		$	(72	)	$	8,938
Net income (loss) attributable to AXA Equitable	(2,401		)	—		(2,401		)	54			(2,347		)
Retained earnings, end of period	6,617			—		6,617			(18		)	6,599
Total AXA Equitable equity, end of period	13,925			—		13,925			(18		)	13,907
Total Equity, End of Period	$	16,964		$	—	$	16,964		$	(18	)	$	16,946

	Six Months Ended June 30, 2018
	As Previously Reported			Presentation Reclassifi-cations			Revisions			As Revised
	(in millions)
Consolidated Statement of Cash Flows:
Cash flows from operating activities:
Net income (loss) (1)	$	(2,091	)	$	—		$	54		$	(2,037	)
Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities:
Policy charges and fee income	(1,773		)	—			29			(1,744		)
Net derivative (gains) losses	1,172			—			(72		)	1,100
Amortization and depreciation	—			336			21			357
Cash received on the recapture of captive reinsurance	1,099			—			174			1,273
Changes in:
Reinsurance recoverable	15			—			166			181
Future policy benefits	396			—			(554		)	(158		)
Current and deferred income taxes	(645		)	—			167			(478		)
Other, net	416			104			(304		)	216
Net cash provided by (used in) operating activities	$	1,190		$	(2	)	$	(319	)	$	869
Cash flows from investing activities:
Proceeds from the sale/maturity/prepayment of:
Trading account securities	$	4,843		$	—		$	24		$	4,867
Short-term investments	—			1,331			(24		)	1,307
Payment for the purchase/origination of:
Short-term investments	—			(1,081		)	205			(876		)
Cash settlements related to derivative instruments	(267		)	—			(489		)	(756		)
Other, net	379			—			11			390
Net cash provided by (used in) investing activities	$	(1,605	)	$	2		$	(273	)	$	(1,876	)
Cash flows from financing activities:
Policyholders’ account balances:
Deposits	$	5,227		$	—		$	(1,107	)	$	4,120
Withdrawals	(2,611		)	—			480			(2,131		)
Transfer (to) from Separate Accounts	(305		)	—			1,219			914
Net cash provided by (used in) financing activities	$	1,986		$	—		$	592		$	2,578

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(1)Net income (loss) includes $311 million in the six months ended June 30, 2018 of the discontinued operations that are not included in net income (loss) in the Consolidated Statements of Income (Loss).