485BPOS 1 e11139.txt POST-EFFECTIVE AMENDMENT Registration No. 333-141292 Registration No. 811-01705 ------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ----------------------------------- FORM N-4 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | | Pre-Effective Amendment No. | | ---- | | Post-Effective Amendment No. 2 |X| ---- AND/OR REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | | Amendment No. 205 |X| --- (Check appropriate box or boxes) -------------------------------- SEPARATE ACCOUNT A of AXA EQUITABLE LIFE INSURANCE COMPANY (Exact Name of Registrant) -------------------------- AXA EQUITABLE LIFE INSURANCE COMPANY (Name of Depositor) 1290 Avenue of the Americas, New York, New York 10104 (Address of Depositor's Principal Executive Offices) Depositor's Telephone Number, including Area Code: (212) 554-1234 ---------------------------- DODIE KENT VICE PRESIDENT AND ASSOCIATE GENERAL COUNSEL AXA Equitable Life Insurance Company 1290 Avenue of the Americas, New York, New York 10104 (Names and Addresses of Agents for Service) -------------------------------- Please send copies of all communications to: CHRISTOPHER E. PALMER, ESQ. Goodwin Procter LLP 901 New York Avenue, Northwest Washington, D.C. 20001 --------------------------------- Approximate Date of Proposed Public Offering: Continuous. It is proposed that this filing will become effective (check appropriate box): | | Immediately upon filing pursuant to paragraph (b) of Rule 485. |X| On May 1, 2009 pursuant to paragraph (b) of Rule 485. | | 60 days after filing pursuant to paragraph (a)(1) of Rule 485. | | On (date) pursuant to paragraph (a)(1) of Rule 485. | | 75 days after filing pursuant to paragraph (a)(2) of Rule 485. | | On ___________ pursuant to paragraph (a)(3) of Rule 485. If appropriate, check the following box: | | This post-effective amendment designates a new effective date for previously filed post-effective amendment. --------------------------------- Title of Securities Being Registered: Units of interest in Separate Account under group variable annuity contracts. To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green At Retirement(SM) Variable Annuity A variable deferred annuity contract PROSPECTUS DATED MAY 1, 2009 Please read and keep this prospectus for future reference. It contains important information that you should know before purchasing or taking any other action under your contract. This prospectus supersedes all prior prospectuses and supplements. You should read the prospectuses for each Trust, which contain important information about the portfolios. -------------------------------------------------------------------------------- WHAT IS AT RETIREMENT(SM)? At Retirement(SM) is a deferred annuity contract with an income feature issued by AXA Equitable Life Insurance Company. It provides for the accumulation of retirement savings and for guaranteed payments from those savings and a guaranteed death benefit. It also offers a number of annuitization options. You invest to accumulate value on a tax-deferred basis in one or more of our variable investment options. Also, there is no withdrawal charge under the contract. This prospectus is not your contract. Your contract and any endorsements, riders and data pages as identified in your contract are the entire contract between you and AXA Equitable and governs with respect to all features, benefits, rights and obligations. The description of the contract's provisions in this prospectus is current as of the date of this prospectus; however, because certain provisions may be changed after the date of this prospectus in accordance with the contract, the description of the contract's provisions in this prospectus is qualified in its entirety by the terms of the actual contract. The contract should be read carefully. You have the right to cancel the contract within a certain number of days after receipt of the contract. You should read this prospectus in conjunction with any applicable supplements. All optional features and benefits described in this prospectus may not be available at the time you purchase the contract. We have the right to restrict availability of any optional feature or benefit. In addition, not all optional features and benefits may be available in combination with other optional features and benefits. We can refuse to accept any contribution from you after you purchase the contract. At Retirement(SM) is available for purchase only in New York. -------------------------------------------------------------------------------- Variable investment options o AXA Moderate-Plus Allocation -------------------------------------------------------------------------------- o AXA Aggressive Allocation o EQ/AXA Franklin Templeton Founding o AXA Conservative Allocation Strategy Core+ o AXA Conservative-Plus Allocation o AXA Moderate Allocation -------------------------------------------------------------------------------- + This is the variable investment option's new name, effective on or about May 1, 2009, subject to regulatory approval. The variable investment option's former name is EQ/Franklin Templeton Founding Strategy. You may allocate amounts to any of the variable investment options. At any time, we have the right to terminate any future contributions. Each variable investment option is a subaccount of Separate Account A. Each variable investment option, in turn, invests in a corresponding securities portfolio ("portfolio") of either the AXA Premier VIP Trust or the EQ Advisors Trust (the "Trusts"). Your investment results in a variable investment option will depend on the investment performance of the related portfolio. TYPES OF CONTRACTS. For existing EQUI-VEST(R) contract owners, we offer the At Retirement(SM) contract for use as: o A nonqualified annuity ("NQ") for after-tax contributions only. o An individual retirement annuity ("IRA"), either traditional IRA or Roth IRA. o An Internal Revenue Code Section 403(b) Tax-Sheltered Annuity ("TSA") (contracts must continue to be part of a 403(b) plan). In order to purchase an At Retirement(SM) contract, your initial contribution must be at least $50,000 and must come from the transfer of the cash value of an EQUI-VEST(R) series variable annuity contract that you currently own under which withdrawal charges no longer apply. The eligible EQUI-VEST(R) contract types are traditional IRA (including our product designated QP IRA), Roth IRA, NQ, TSA (contracts must continue to be part of a 403(b) plan) and the same type of IRA and NQ offered in EQUI-VEST(R) Express(SM). The transfer of cash value will constitute a termination of that particular EQUI-VEST(R) contract. You cannot purchase an At Retirement(SM) contract if a rollover or direct transfer contribution into your eligible EQUI-VEST(R) contract has occurred within two EQUI-VEST(R) contract years before your purchase of an At Retirement(SM) contract. Additionally, you must be age 55 or older (subject to maximum issue age limitations) and, for TSA contracts, no longer employed by the employer who provided the funds for the purchase of your EQUI-VEST(R) contract. However, the contract must continue to be part of a 403(b) plan. We also offer direct rollovers to IRAs for TSA contracts. Subject to certain conditions and contribution limitations as described in the above paragraphs, additional EQUI-VEST(R) traditional IRA contract types may be eligible for replacement with this contract. The additional eligible EQUI-VEST(R) contract types are: Employer-funded traditional individual retirement annuities ("IRAs"): o A simplified employee pension plan ("SEP") sponsored by an employer. o SEPs funded by salary reduction arrangements ("SARSEPs") for plans established by employers before January 1, 1997. o SIMPLE IRAs funded by employee salary reduction and employer contributions. The SEC has not approved or disapproved these securities or determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense. The contracts are not insured by the FDIC or any other agency. They are not deposits or other obligations of any bank and are not bank guaranteed. They are subject to investment risks and possible loss of principal. X02526 At Retirement (CWC free) To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green -------------------------------------------------------------------------------- The "contract date" is the effective date of a contract. This is the business day we receive the properly completed and signed application, along with any other required documents, and your initial contribution is transferred from your EQUI-VEST(R) or EQUI-VEST(R) Express(SM) contract. Your contract date will be shown in your contract. The 12-month period beginning on your contract date and each 12-month period after that date is a "contract year." The end of each 12-month period is your "contract date anniversary." For example, if your contract date is May 1, your contract date anniversary is April 30. -------------------------------------------------------------------------------- A registration statement relating to this offering has been filed with the Securities and Exchange Commission ("SEC"). The statement of additional information ("SAI") dated May 1, 2009, is part of the registration statement. The SAI is available free of charge. You may request one by writing to our processing office at P.O. Box 4956, Syracuse, NY, 13221-4956 or calling (800) 628-6673. The SAI has been incorporated by this reference into this prospectus. This prospectus and the SAI can also be obtained from the SEC's website at www.sec.gov. The table of contents for the SAI appears at the back of this prospectus. To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Contents of this prospectus -------------------------------------------------------------------------------- AT RETIREMENT(SM) -------------------------------------------------------------------------------- Index of key words and phrases 5 Who is AXA Equitable? 6 How to reach us 7 At Retirement(SM) at a glance -- key features 9 -------------------------------------------------------------------------------- FEE TABLE 12 -------------------------------------------------------------------------------- Example 14 Condensed financial information 14 -------------------------------------------------------------------------------- 1. CONTRACT FEATURES AND BENEFITS 15 -------------------------------------------------------------------------------- How you can purchase and contribute to your contract 15 Owner and annuitant requirements 16 How you can make your contributions 16 What are your variable investment options under the contract? 16 Portfolios of the Trusts 17 Allocating your contributions 18 Guaranteed Withdrawal Benefit for Life 18 Guaranteed minimum death benefit 20 Your right to cancel within a certain number of days 21 -------------------------------------------------------------------------------- 2. DETERMINING YOUR CONTRACT'S VALUE 22 -------------------------------------------------------------------------------- Your account value and cash value 22 Your contract's value in the variable investment options 22 Insufficient account value 22 -------------------------------------------------------------------------------- 3. TRANSFERRING YOUR MONEY AMONG VARIABLE INVESTMENT OPTIONS 23 -------------------------------------------------------------------------------- Transferring your account value 23 Disruptive transfer activity 23 Rebalancing your account value 24 Contents of this prospectus 3 ---------------------- "We," "our," and "us" refer to AXA Equitable. When we address the reader of this prospectus with words such as "you" and "your," we mean the person who has the right or responsibility that the prospectus is discussing at that point. This is usually the contract owner. To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green -------------------------------------------------------------------------------- 4. ACCESSING YOUR MONEY 25 -------------------------------------------------------------------------------- Withdrawing your account value 25 How withdrawals are taken from your account value 26 How withdrawals affect your Guaranteed minimum death benefit 26 How withdrawals affect the Guaranteed Withdrawal Benefit for Life 26 Surrendering your contract to receive its cash value 26 When to expect payments 26 Your annuitization options 27 -------------------------------------------------------------------------------- 5. CHARGES AND EXPENSES 29 -------------------------------------------------------------------------------- Charges that AXA Equitable deducts 29 Charges that the Trust deducts 30 Group or sponsored arrangements 30 Other distribution arrangements 30 -------------------------------------------------------------------------------- 6. EFFECT OF DEATH 31 -------------------------------------------------------------------------------- Your beneficiary and payment of death benefit 34 Spousal continuation 34 Beneficiary continuation option 34 -------------------------------------------------------------------------------- 7. TAX INFORMATION 37 -------------------------------------------------------------------------------- Overview 37 Buying a contract to fund a retirement arrangement 37 Transfers among variable investment options 37 Taxation of payments from NQ contracts 37 Individual retirement arrangements (IRAs) 39 Roth individual retirement annuities (Roth IRAs) 42 Tax-sheltered annuity contracts (TSAs) 44 Federal and state income tax withholding and information reporting 47 Impact of taxes to AXA Equitable 48 -------------------------------------------------------------------------------- 8. MORE INFORMATION 49 -------------------------------------------------------------------------------- About our Separate Account A 49 About the Trusts 49 About the general account 49 Dates and prices at which contract events occur 50 About your voting rights 50 Statuary Compliance 50 About legal proceedings 50 Financial statements 51 Transfers of ownership, collateral assignments, loans and borrowing 51 Distribution of the contracts 51 -------------------------------------------------------------------------------- APPENDICES -------------------------------------------------------------------------------- I -- Condensed financial information A-1 II -- Hypothetical illustrations B-1 -------------------------------------------------------------------------------- STATEMENT OF ADDITIONAL INFORMATION TABLE OF CONTENTS -------------------------------------------------------------------------------- 4 Contents of this prospectus To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Index of key words and phrases -------------------------------------------------------------------------------- This index should help you locate more information on the terms used in this prospectus. Page account value 22 administrative charge 29 Annual Ratchet to age 85 death benefit 21 annuitant 15 annuitization options 27 annuity purchase factors 27 Applicable percentage 18 Automatic RMD service 25 beneficiary 34 Beneficiary continuation option 34 business day 50 cash value 22 charges for state premium and other applicable taxes 30 contract date cover contract date anniversary cover contract maturity date 28 contract year cover contributions to Roth IRAs 43 contributions to traditional IRAs 39 disruptive transfer activity 23 distribution charge 29 ERISA 30 Excess withdrawal 18 free look 21 general account 49 Guaranteed annual payment 9 Guaranteed minimum death benefit 20 Guaranteed Withdrawal Benefit for Life 9 Guaranteed Withdrawal Benefit for Life charge 29 IRA cover IRS 37 Income base 18 Joint life 9 lifetime required minimum distribution withdrawals 25 market timing 23 Mortality and expense risks charge 29 NQ cover Online Account Access 7 owner 15 partial withdrawals 25 portfolio cover processing office 7 Rebalancing 24 Rollover IRA cover Rollover TSA cover Roth IRA cover SAI cover SEC cover Separate Account A 49 Single life 9 TOPS 7 TSA cover traditional IRA cover Trusts 49 unit 22 variable investment options cover To make this prospectus easier to read, we sometimes use different words than in the contract or supplemental materials. This is illustrated below. Although we use different words, they have the same meaning in this prospectus as in the contract or supplemental materials. Your financial professional can provide further explanation about your contract. ------------------------------------------------------------------------ Prospectus Contract or Supplemental Materials ------------------------------------------------------------------------ contract certificate variable investment options Investment Funds account value Annuity Account Value unit Accumulation Unit Guaranteed minimum death benefit Guaranteed death benefit ------------------------------------------------------------------------ Index of key words and phrases 5 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Who is AXA Equitable? -------------------------------------------------------------------------------- We are AXA Equitable Life Insurance Company ("AXA Equitable") (until 2004, The Equitable Life Assurance Society of the United States), a New York stock life insurance corporation. We have been doing business since 1859. AXA Equitable is an indirect, wholly-owned subsidiary of AXA Financial, Inc., a holding company, which is itself an indirect, wholly-owned subsidiary of AXA SA ("AXA"). AXA is a French holding company for an international group of insurance and related financial services companies. As the ultimate sole shareholder of AXA Equitable, and under its other arrangements with AXA Equitable and AXA Equitable's parent, AXA exercises significant influence over the operations and capital structure of AXA Equitable and its parent. AXA holds its interest in AXA Equitable through a number of other intermediate holding companies, including Oudinot Participations, AXA America Holdings, Inc. and AXA Equitable Financial Services, LLC. AXA Equitable is obligated to pay all amounts that are promised to be paid under the contracts. No company other than AXA Equitable, however, has any legal responsibility to pay amounts that AXA Equitable owes under the contracts. AXA Financial, Inc. and its consolidated subsidiaries managed approximately $543.2 billion in assets as of December 31, 2008. For more than 100 years AXA Equitable has been among the largest insurance companies in the United States. We are licensed to sell life insurance and annuities in all fifty states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Our home office is located at 1290 Avenue of the Americas, New York, NY 10104. 6 Who is AXA Equitable? To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green HOW TO REACH US You may communicate with our processing office as listed below for the purposes described. Certain methods of contacting us, such as by telephone or electronically, may be unavailable or delayed (for example our facsimile service may not be available at all times and/or we may be unavailable due to emergency closing). In addition, the level and type of service available may be restricted based on criteria established by us. -------------------------------------------------------------------------------- FOR ALL COMMUNICATIONS (E.G., REQUESTS FOR TRANSFERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT BY REGULAR MAIL: -------------------------------------------------------------------------------- AXA Equitable EQUI-VEST(R) Processing Office P.O. Box 4956 Syracuse, NY 13221-4956 -------------------------------------------------------------------------------- FOR ALL COMMUNICATIONS (E.G., REQUESTS FOR TRANSFERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT BY EXPRESS DELIVERY: -------------------------------------------------------------------------------- AXA Equitable EQUI-VEST(R) Processing Office 100 Madison Street Suite 1000 Syracuse, NY 13202 -------------------------------------------------------------------------------- REPORTS WE PROVIDE: -------------------------------------------------------------------------------- o written confirmation of financial transactions; and o quarterly statements of your contract values at the close of each calendar quarter. -------------------------------------------------------------------------------- TELEPHONE OPERATED PROGRAM SUPPORT ("TOPS") AND ONLINE ACCOUNT ACCESS SYSTEMS: -------------------------------------------------------------------------------- TOPS is designed to provide you with up-to-date information via touch-tone telephone. Online Account Access is designed to provide this information through the Internet. You can obtain information on: o your current account value; o your current allocation percentages; o the number of units you have in the variable investment options; o the daily unit values for the variable investment options; and o performance information regarding the variable investment options (not available through TOPS). You can also: o change your allocation percentages and/or transfer among the variable investment options; o change your TOPS personal identification number ("PIN") (through TOPS only) and your Online Account Access password (through Online Account Access only). Under Online Account Access only you can: o elect to receive certain contract statements electronically; o change your address; and o access Frequently Asked Questions and Service Forms. TOPS and Online Account Access are normally available seven days a week, 24 hours a day. You may use TOPS by calling toll free (800) 755-7777. You may use Online Account Access by visiting our website at www.axa-equitable.com and logging in to access your account. Of course, for reasons beyond our control, these services may sometimes be unavailable. We have established procedures to reasonably confirm that the instructions communicated by telephone or Internet are genuine. For example, we will require certain personal identification information before we will act on telephone or Internet instructions and we will provide written confirmation of your transfers. If we do not employ reasonable procedures to confirm the genuineness of telephone or Internet instructions, we may be liable for any losses arising out of any act or omission that constitutes negligence, lack of good faith, or willful misconduct. In light of our procedures, we will not be liable for following telephone or Internet instructions we reasonably believe to be genuine. We reserve the right to limit access to these services if we determine that you engaged in a disruptive transfer activity, such as "market timing" (see "Disruptive transfer activity" in "Transferring your money among variable investment options" later in this prospectus). -------------------------------------------------------------------------------- CUSTOMER SERVICE REPRESENTATIVE: -------------------------------------------------------------------------------- You may also use our toll-free number (800) 628-6673 to speak with one of our customer service representatives. Our customer service representatives are available on each business day Monday through Thursday from 8:00 a.m. until 7:00 p.m., and on Friday until 5:00 p.m., Eastern time. Hearing or speech-impaired clients may call the AT&T National Relay Number at (800) 855-2880 for information about your account. If you have a Telecommunications Device for the Deaf (TDD), you may relay messages or questions to our Customer Service Department at (800) 628-6673, Monday through Thursday from 8:00 a.m. to 7:00 p.m., and on Friday until 5:00 p.m. Eastern Time. AT&T personnel will communicate our reply back to you via the TDD. WE REQUIRE THAT THE FOLLOWING TYPES OF COMMUNICATIONS BE ON SPECIFIC FORMS WE PROVIDE FOR THAT PURPOSE: (1) election of the rebalancing program; (2) election of required minimum distribution automatic withdrawal option; (3) tax withholding elections; (4) election of the beneficiary continuation option; (5) direct transfers; (6) death claims; Who is AXA Equitable? 7 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green (7) change in ownership (NQ only); (8) enrollment in either our Maximum payment plan or Customized payment plan withdrawal options; (9) contract surrender and withdrawal requests; (10) tax withholding; (11) removing or changing successor owner; and (12) requests to opt out of or back into the Annual step-up of the Guaranteed Withdrawal Benefit for Life. WE ALSO HAVE SPECIFIC FORMS THAT WE RECOMMEND YOU USE FOR THE FOLLOWING TYPES OF REQUESTS: (1) address changes; (2) beneficiary changes; and (3) transfers between variable investment options. TO CANCEL OR CHANGE ANY OF THE FOLLOWING WE REQUIRE WRITTEN NOTIFICATION GENERALLY AT LEAST SEVEN CALENDAR DAYS BEFORE THE NEXT SCHEDULED TRANSACTION: (1) rebalancing; (2) the date annuity payments are to begin. You must sign and date all these requests. Any written request that is not on one of our forms must include your name and your contract number along with adequate details about the notice you wish to give or the action you wish us to take. SIGNATURES: The proper person to sign forms, notices and requests would normally be the owner. 8 Who is AXA Equitable? To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green At Retirement(SM) at a glance -- key features --------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- Guaranteed Withdrawal At Retirement(SM)'s "Guaranteed Withdrawal Benefit for Life" guarantees Benefit for Life that you can take lifetime payments of up to a maximum amount each contract year (your "Guaranteed annual payment"). Your Guaranteed annual payment amount is equal to a percentage of your "Income base." See "Your Income base" in "Contract features and benefits" later in this prospectus. As shown in the chart immediately below, the applicable percentage is determined based on your age at the time of the first withdrawal. Your initial Guaranteed annual payment amount is equal to a percentage of the Income base. The initial applicable percentage ("Applicable percentage") is based on the owner's age at the time of the first withdrawal. If your contract is based on joint lives (you named your spouse as successor owner at contract issue) ("Joint life"), the initial Applicable percentage is based on the age of the owner or successor owner, whoever is younger at the time of the first withdrawal. For contracts held by non-natural owners, the initial Applicable percentage is based on the annuitant's age at the time of the first withdrawal. If your Income base steps-up (also referred to as a ratchet or ratchets), as described later in this prospectus, on any contract date anniversary after you begin taking withdrawals, your Applicable percentage may increase based on your attained age at the time of the step-up. The Applicable percentages are as follows: Age Applicable percentage --------------------------------------------------------------------------- 55-64 4.0% 65-74 5.0% 75-84 6.0% 85 and older 7.0% --------------------------------------------------------------------------- Payments are taken from your account value and continue during your lifetime even if your account value falls to zero (unless it is caused by a withdrawal that exceeds your Guaranteed annual payment amount). If your contract is based on your life only (you did not name a successor owner) ("Single life"), payments will continue for your life. For Joint life contracts, payments will continue for the lives of both you and your spouse. TSA Joint life contracts are not permitted. Please see "Guaranteed Withdrawal Benefit for Life" in "Contract features and benefits" later in this prospectus. ---------------------------------------------------------------------------------------------------- Contribution amounts o Your initial contribution must be from the transfer of the cash value of an EQUI-VEST(R) traditional IRA (including QP IRA, SEP, SARSEP and SIMPLE IRA), Roth IRA, NQ, TSA or the same type of IRA and NQ contract offered under EQUI-VEST(R) Express(SM) that you currently own under which withdrawal charges no longer apply. --------------------------------------------------------------------------- Initial minimum: $50,000 --------------------------------------------------------------------------- o There is no minimum dollar amount on additional contributions but additional contributions must also be a transfer of the total cash value of an EQUI-VEST(R) traditional IRA (including QP IRA, SEP, SARSEP and SIMPLE IRA), Roth IRA, NQ, TSA, or EQUI-VEST(R) Express(SM) contract that you own, under which withdrawal charges no longer apply. --------------------------------------------------------------------------- o Upon advance notice to you, we may exercise certain rights we have under the contract regarding contributions, including our rights to (i) change minimum and maximum contribution requirements and limitations, and (ii) discontinue acceptance of additional contributions. For more information, see "How you can purchase and contribute to your contract" in "Contract features and benefits" later in this prospectus. ---------------------------------------------------------------------------------------------------- Professional investment At Retirement(SM)'s variable investment options invest in different management portfolios sub-advised by professional investment advisers. ----------------------------------------------------------------------------------------------------
At Retirement(SM) at a glance -- key features 9 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
---------------------------------------------------------------------------------------------------- Tax considerations o No tax on earnings inside the contract until you make withdrawals from your contract or receive annuity payments. --------------------------------------------------------------------------- o No tax on transfers among variable investment options inside the contract. --------------------------------------------------------------------------- If you are purchasing or contributing to an annuity contract which is an Individual Retirement Annuity (IRA) or Tax Sheltered Annuity (TSA), you should be aware that such contracts do not provide tax deferral benefits beyond those already provided by the Internal Revenue Code for tax-qualified arrangements. Before purchasing one of these annuities, you should consider whether its features and benefits beyond tax deferral meet your needs and goals. You may also want to consider the relative features, benefits and costs of these contracts compared with any other investment that you may use in connection with your retirement plan or arrangement. Depending on your personal situation, the contract's guaranteed benefits may have limited usefulness because of required minimum distributions ("RMDs"). ---------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------- Access to your money o Partial withdrawals o Maximum payment plan o Customized payment plan o Contract surrender You may incur income tax and a tax penalty for certain withdrawals or if you surrender your contract. ---------------------------------------------------------------------------------------------------- Additional features o Guaranteed minimum death benefit options o Account value rebalancing (quarterly, semiannually, and annually) o Free transfers o Spousal continuation (except for TSA contracts) o Beneficiary continuation option o Annuitization options (after 13 months) ---------------------------------------------------------------------------------------------------- Fees and charges o Daily charges on amounts invested in variable investment options for mortality and expense risks, administrative charges and distribution charges at an annual rate of 1.30%. o No charge for the standard death benefit. o An annual charge of 0.30% of the Annual Ratchet to age 85 death benefit base, if elected. The benefit base is described under "Guaranteed minimum death benefit" under "Annual Ratchet to age 85 death benefit" in "Contract features and benefits." o An annual charge of 0.60% of the Income base for the Guaranteed Withdrawal Benefit for Life based on a Single life or 0.75% of the Income base for a Joint life (not available for TSA contracts). This charge will be deducted on each contract date anniversary from your account value. See " Guaranteed Withdrawal Benefit for Life charge" in "Charges and expenses" later in this prospectus. o No sales charge deducted at the time you make contributions. See "Your Guaranteed annual payment" under "Guaranteed Withdrawal Benefit for Life" in "Contract features and benefits" later in this prospectus for information about how your Guaranteed annual payment amount is calculated. o We deduct a charge designed to approximate certain taxes that may be imposed on us, such as premium taxes in your state. This charge is generally deducted from the amount applied to an annuitization option. o Annual expenses of the Trust portfolios are calculated as a percentage of the average daily net assets invested in each portfolio. Please see "Fee table" later in this prospectus for details. ---------------------------------------------------------------------------------------------------- Owner and Annuitant o 55-85 issue ages ----------------------------------------------------------------------------------------------------
THE TABLE ABOVE SUMMARIZES ONLY CERTAIN CURRENT KEY FEATURES AND BENEFITS OF THE CONTRACT. THE TABLE ALSO SUMMARIZES CERTAIN CURRENT LIMITATIONS, RESTRICTIONS AND EXCEPTIONS TO THOSE FEATURES AND BENEFITS THAT WE HAVE THE RIGHT TO IMPOSE UNDER THE CONTRACT AND THAT ARE SUBJECT TO CHANGE IN THE FUTURE. IN SOME CASES, OTHER LIMITATIONS, RESTRICTIONS AND EXCEPTIONS MAY APPLY. For more detailed information, we urge you to read the contents of this prospectus, as well as your contract. This prospectus is not your contract. Your contract and any endorsements, riders and data pages are the entire contract between you and AXA Equitable and governs with respect to all features, benefits, rights and obligations. The contract should be read carefully before investing. Please feel free to speak with your financial profes- 10 At Retirement(SM) at a glance -- key features To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green sional or call us, if you have any questions. If for any reason you are not satisfied with your contract, you may return it to us for a refund within a certain number of days. Please see "Your right to cancel within a certain number of days" in "Contract features and benefits" later in this prospectus for additional information. OTHER CONTRACTS We offer a variety of fixed and variable annuity contracts. While you may not be able to make a direct exchange of your EQUI-VEST(R) contract value into these other contracts, they may offer features, including variable investment options, credits, fees and/or charges that are different from those in the contracts offered by this prospectus. Not every contract is offered through the same selling broker-dealer. Some selling broker-dealers may not offer and/or limit the offering of certain features or options, as well as limit the availability of the contracts, based on issue age or other criteria established by the selling broker-dealer. Upon request, your financial professional can show you information regarding other AXA Equitable annuity contracts that he or she distributes. You can also contact us to find out more about the availability of any of the AXA Equitable annuity contracts. You should work with your financial professional to decide whether an optional benefit is appropriate for you based on a thorough analysis of your particular insurance needs, financial objectives, investment goals, time horizons and risk tolerance. Some selling broker-dealers may limit their clients from purchasing optional benefits based upon the client's age. At Retirement(SM) at a glance -- key features 11 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Fee table -------------------------------------------------------------------------------- The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering the contract. Each of the charges and expenses is more fully described in "Charges and expenses" later in this prospectus. No sales charges are imposed at time of purchase, withdrawal or surrender of the contract. Charges designed to approximate certain taxes that may be imposed on us, such as premium taxes in your state, may apply. The first table describes the fees and expenses that you will pay periodically during the time that you own the contract, not including the portfolio fees and expenses.
------------------------------------------------------------------------------------------------------------------------------------ Charges we deduct from your variable investment options expressed as an annual percentage of daily net assets ------------------------------------------------------------------------------------------------------------------------------------ SEPARATE ACCOUNT ANNUAL EXPENSES: Mortality and expense risks 0.80% Administrative 0.30% Distribution 0.20% ---- Total Separate account annual expenses 1.30% ------------------------------------------------------------------------------------------------------------------------------------ Charges we deduct from your account value on each contract date anniversary(1) ------------------------------------------------------------------------------------------------------------------------------------ Guaranteed Withdrawal Benefit for Life charge 0.60% for Single life contracts (calculated as a percentage of the Income base): 0.75% for Joint life contracts (Not available for TSA contracts.) If your Income Base steps-up, we reserve the right to increase your 0.75% for Single life contracts charge up to: 0.90% for Joint life contracts Please see "Guaranteed Withdrawal Benefit for Life" in "Contract features and benefits" for more information about this feature, including its Income base and the Annual step-up provision and "Guaranteed Withdrawal Benefit for Life charge" in "Charges and expenses," both later in this prospectus. ------------------------------------------------------------------------------------------------------------------------------------ Charges we deduct from your account value on each contract date anniversary(1) if you elect the optional benefit ------------------------------------------------------------------------------------------------------------------------------------ Guaranteed minimum death benefit charge (calculated as a percent- age of the applicable benefit base): Annual Ratchet to age 85 0.30% Standard death benefit 0.00% ------------------------------------------------------------------------------------------------------------------------------------ You also bear your proportionate share of all fees and expenses paid by a "portfolio" that corresponds to any variable investment option you are using. This table shows the lowest and highest total operating expenses charged by any of the portfolios that you will pay periodically during the time that you own the contract. These fees and expenses are reflected in the portfolio's net asset value each day. Therefore, they reduce the invest- ment return of the portfolio and the related variable investment option. Actual fees and expenses are likely to fluctuate from year to year. More detail concerning each portfolio's fees and expenses is contained in the Trust prospectus for the portfolio.
12 Fee table To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
------------------------------------------------------------------------------------------------------------------------------------ Portfolio operating expenses expressed as an annual percentage of daily net assets ------------------------------------------------------------------------------------------------------------------------------------ Total Annual Portfolio Operating Expenses for 2008 (expenses that are deducted Lowest Highest from Portfolio assets including management fees, 12b-1 fees, service fees, and/or ---- ---- other expenses)(2) 1.23% 1.55%
This table shows the fees and expenses for 2008 as an annual percentage of each Portfolio's daily average net assets. --------------------------------------------------------------------------------------------------------------------------------- Acquired Total Fund Annual Fee Waiv- Net Annual Fees and Expenses ers and/or Expenses Manage- Expenses (Before Expense (After ment 12b-1 Other (Underlying Expense Reimburse- Expense Portfolio Name Fees(3) Fees(4) Expenses (5) Portfolios)(6) Limitation) ments(7) Limitations) --------------------------------------------------------------------------------------------------------------------------------- AXA PREMIER VIP TRUST: --------------------------------------------------------------------------------------------------------------------------------- AXA Aggressive Allocation 0.10% 0.25% 0.18% 0.94% 1.47% (0.22)% 1.25% AXA Conservative Allocation 0.10% 0.25% 0.20% 0.68% 1.23% (0.23)% 1.00% AXA Conservative-Plus Allocation 0.10% 0.25% 0.20% 0.76% 1.31% (0.21)% 1.10% AXA Moderate Allocation 0.10% 0.25% 0.17% 0.82% 1.34% (0.19)% 1.15% AXA Moderate-Plus Allocation 0.10% 0.25% 0.17% 0.87% 1.39% (0.19)% 1.20% --------------------------------------------------------------------------------------------------------------------------------- EQ Advisors Trust: --------------------------------------------------------------------------------------------------------------------------------- EQ/AXA Franklin Templeton Founding 0.05% 0.25% 0.19% 0.91% 1.40% (0.09)% 1.31% ---------------------------------------------------------------------------------------------------------------------------------
Notes: (1) If the contract is surrendered or annuitized or a death benefit is paid on any date other than the contract date anniversary, we will deduct a pro rata portion of the charge for that year. (2) "Total Annual Portfolio Operating Expenses" are based, in part, on estimated amounts for the underlying portfolios. See footnote (6) for details. (3) The management fees for each portfolio cannot be increased without a vote of that Portfolio's shareholders. See footnote (7) for any expense limitation agreement information. (4) Portfolio shares are subject to fees imposed under the distribution plans (the "Rule 12b-1 Plan") adopted by the Trusts pursuant to Rule 12b-1 under the Investment Company Act of 1940. The maximum annual distribution and/or service (12b-1) fee for Class B and IB shares is 0.50% of the average daily net assets attributable to those shares. Under arrangements approved by each Trust's Board of Trustees, the distribution and/or service (12b-1) fee currently is limited to 0.25% of the average daily net assets attributable to Class B and Class IB shares of the portfolios. These arrangements will be in effect at least until April 30, 2010. (5) Other expenses shown are those incurred in 2008. The amounts shown as "Other Expenses" will fluctuate from year to year depending on actual expenses. See footnote (7) for any expense limitation agreement. (6) Each of these variable investment options invests in a corresponding portfolio of one of the Trusts or other unaffiliated investment companies. Each portfolio, in turn, invests in shares of other portfolios of the Trusts and/or shares of unaffiliated portfolios ("the underlying portfolios"). Amounts shown reflect each portfolio's pro rata share of the fees and expenses of the underlying portfolios in which it invests. (7) The amounts shown reflect any fee waivers and/or expense reimbursements that applied to each Portfolio. AXA Equitable, the investment manager of AXA Premier VIP Trust and EQ Advisors Trust, has entered into expense limitation agreements with respect to certain portfolios, which are effective through April 30, 2010 (unless the Board of Trustees of AXA Premier VIP Trust or EQ Advisors Trust, as applicable, consents to an earlier revision or termination of this arrangement). Under these agreements, AXA Equitable has agreed to waive or limit its fees and assume other expenses of certain portfolios, if necessary, in an amount that limits each affected Portfolio's Total Annual Expenses (exclusive of interest, taxes, brokerage commissions, capitalized expenditures expenses of the underlying portfolios in which the portfolio invests and extraordinary expenses) to not more than the amounts specified in the agreements. Therefore, each portfolio may at a later date make a reimbursement to AXA Equitable for any of the management fees waived or limited and other expenses assumed and paid by AXA Equitable pursuant to the expense limitation agreements, provided that the Portfolio's current annual operating expenses do not exceed the operating expense limit determined for such portfolio. See the prospectus for each applicable underlying Trust for more information about the arrangements. Fee table 13 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green EXAMPLE This example is intended to help you compare the cost of investing in the contract with the cost of investing in other variable annuity contracts. These costs include contract owner transaction expenses, contract fees, separate account annual expenses, and underlying trust fees and expenses (including the underlying portfolio fees and expenses). The example below shows the expenses that a hypothetical contract owner (whose Income base has been stepped-up and who has elected the Annual Ratchet to age 85 death benefit) would pay in the situations illustrated. See contract features and benefits later in this prospectus for information about these features. The example assumes that you invest $10,000 in the contract for the time periods indicated, and that your investment has a 5% return each year. The example also assumes maximum contract charges and total annual expenses of the portfolios (before expense limitations) set forth in the previous charts. This example should not be considered a representation of past or future expenses for each option. Actual expenses may be greater or less than those shown. Similarly, the annual rate of return assumed in the example is not an estimate or guarantee of future investment performance. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
--------------------------------------------------------------------------------------------------------------------------- If you annuitize at the end of the applicable time period and select a If you surrender your contract at the non-life contingent period certain end of the applicable time period annuity option with less than five years --------------------------------------------------------------------------------------------------------------------------- 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years --------------------------------------------------------------------------------------------------------------------------- AXA PREMIER VIP TRUST: --------------------------------------------------------------------------------------------------------------------------- AXA Aggressive Allocation $417 $1,276 $2,167 $4,532 N/A $1,276 $2,167 $4,532 AXA Conservative Allocation $392 $1,201 $2,046 $4,305 N/A $1,201 $2,046 $4,305 AXA Conservative-Plus Allocation $400 $1,226 $2,087 $4,381 N/A $1,226 $2,087 $4,381 AXA Moderate Allocation $403 $1,236 $2,102 $4,409 N/A $1,236 $2,102 $4,409 AXA Moderate-Plus Allocation $408 $1,251 $2,127 $4,457 N/A $1,251 $2,127 $4,457 --------------------------------------------------------------------------------------------------------------------------- EQ ADVISORS TRUST: --------------------------------------------------------------------------------------------------------------------------- EQ/AXA Franklin Templeton Founding Strategy Core $410 $1,254 $2,132 $4,466 N/A $1,254 $2,132 $4,466 --------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------ If you do not surrender your contract at the end of the applicable time period ------------------------------------------------------------------------------ 1 year 3 years 5 years 10 years ------------------------------------------------------------------------------ AXA PREMIER VIP TRUST: ------------------------------------------------------------------------------ AXA Aggressive Allocation $417 $1,276 $2,167 $4,532 AXA Conservative Allocation $392 $1,201 $2,046 $4,305 AXA Conservative-Plus Allocation $400 $1,226 $2,087 $4,381 AXA Moderate Allocation $403 $1,236 $2,102 $4,409 AXA Moderate-Plus Allocation $408 $1,251 $2,127 $4,457 ------------------------------------------------------------------------------ EQ ADVISORS TRUST: ------------------------------------------------------------------------------ EQ/AXA Franklin Templeton Founding Strategy Core $410 $1,254 $2,132 $4,466 ------------------------------------------------------------------------------
For information on how your contract works under certain hypothetical circumstances, please see Appendix II at the end of this prospectus. CONDENSED FINANCIAL INFORMATION Please see Appendix I at the end of this prospectus for the unit values and the number of units outstanding as of the end of the periods shown for each of the variable investment options available as of December 31, 2008. 14 Fee table To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 1. Contract features and benefits -------------------------------------------------------------------------------- HOW YOU CAN PURCHASE AND CONTRIBUTE TO YOUR CONTRACT You may purchase a contract by making payments to us that we call "contributions." Your initial contribution must be from the transfer of the cash value of an EQUI-VEST(R) traditional IRA, Roth IRA, NQ, TSA or the same IRA and NQ contract types in an EQUI-VEST(R) Express(SM) contract that you currently own under which withdrawal charges no longer apply. The contract that you purchase must be the same type of contract (for example, an NQ contract to an NQ contract; or a Roth IRA contract to a Roth IRA contract) except for a SEP, SARSEP or SIMPLE IRA, for which a traditional IRA will be purchased. We also offer direct rollovers to IRAs for TSA contracts. We require a minimum initial contribution of $50,000 for you to purchase a contract. Any additional contributions must also be a transfer of the total cash value of an EQUI-VEST(R) traditional IRA, Roth IRA, NQ, TSA or the same IRA and NQ contract types in an EQUI-VEST(R) Express(SM) contract that you own to a contract of the same type (under which withdrawal charges no longer apply). Additional contributions may be made up to the later of: (i) the end of the first contract year, and (ii) the date you make the first withdrawal from the contract but not later than the older of the annuitant and owner attaining age 86. No other contributions are permitted. The following table summarizes our rules regarding contributions to your contract. o Upon advance notice to you, we may exercise certain rights we have under the contract regarding contributions, including our rights to (i) change minimum and maximum contribution requirements and limitations, and (ii) discontinue acceptance of additional contributions. -------------------------------------------------------------------------------- The "owner" is the person who is the named owner in the contract and, if an individual, is the measuring life for determining contract benefits. The "annuitant" is the person who is the measuring life for determining the contract's maturity date. The annuitant is not necessarily the contract owner. Where the owner of a contract is non-natural, the annuitant is the measuring life for determining contract benefits and the contract's maturity date. --------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------ Available for Contract owner and type annuitant ages Source of contributions ------------------------------------------------------------------------------------------------ NQ* 55 through 85 Transfer from an existing EQUI-VEST(R) or EQUI-VEST(R) Express(SM) NQ contract ------------------------------------------------------------------------------------------------ IRA 55 through 85 Transfer from an existing EQUI-VEST(R) or EQUI-VEST(R) Express(SM) IRA (including QP IRA), SEP, SARSEP or SIMPLE IRA contract ------------------------------------------------------------------------------------------------ Roth IRA 55 through 85 Transfer from an existing EQUI-VEST(R) or EQUI-VEST(R) Express(SM) Roth IRA contract ------------------------------------------------------------------------------------------------ TSA** 55 through 85 Transfer from an existing EQUI-VEST(R) TSA contract (employer or plan approval required; contract must continue to be part of a 403(b) plan) ------------------------------------------------------------------------------------------------
* If there are more than 2 owners on the existing EQUI-VEST(R) contract, a change of owner form must be completed so that there are only 2 owners before the transfer to an At Retire ment(SM) contract is requested. Successor owners are available for NQ contracts only. ** The following applies only to TSA contracts: At Retirement(SM) is not available if you have made designated Roth contributions to your original EQUI-VEST(R) TSA contract. Also, due to federal tax law changes, we permit funds from an EQUI-VEST(R) TSA contract which would qualify to be transferred to an At Retirement(SM) TSA (or which were transferred to At Retirement(SM) TSA), to be directly rolled over to an At Retirement(SM) IRA instead. This would apply in situations where the At Retirement(SM) TSA would not continue to be part of a 403(b) plan. See the discussion under "Tax information" later in this prospectus. See "Tax information" later in this prospectus for a more detailed discussion of sources of contributions and certain contribution limitations. For information on when contributions are credited under your contract, see "Dates and prices at which contract events occur" in "More information" later in this prospectus. Please review your contract for information on contribution limitations. Contract features and benefits 15 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green OWNER AND ANNUITANT REQUIREMENTS Under all IRA and TSA contracts, the owner and annuitant must be the same individual. Under NQ contracts only, the annuitant can be different from the owner. Joint owners are not permitted. However, joint life contracts are permitted. Under IRA contracts, a successor owner may be named at contract issue only. The successor owner must be the owner's spouse. If you and the successor owner are no longer married, you may either: (i) drop the original successor owner or (ii) replace the original successor owner with your new spouse. This can only be done before the first withdrawal is made from the contract. After the first withdrawal, the successor owner can be dropped but cannot be replaced. If there are spousal joint owners named under your EQUI-VEST(R) or EQUI-VEST(R) Express(SM) NQ contract, upon transfer of your account value to the At Retirement(SM) contract, the spousal joint owner will automatically be named successor owner under the At Retirement(SM) contract. The determination of spousal status is made under applicable state law; however, in the event of a conflict between federal and state law, we follow federal rules. The successor owner feature is not available for TSA contracts. The owner, annuitant and successor owner, if any, must be at least age 55 and younger than age 86. HOW YOU CAN MAKE YOUR CONTRIBUTIONS Contributions to your At Retirement(SM) contract can only be made through a direct transfer from an EQUI-VEST(R) traditional IRA, Roth IRA, NQ, TSA contract or an EQUI-VEST(R) Express contract of the same type of IRA and NQ that is also owned by you to a contract of the same type. In the case of a SEP, SARSEP or SIMPLE IRA, a traditional IRA will be purchased. The following applies only to TSA contracts. At Retirement(SM) is not available if you have made designated Roth contributions to your original EQUI-VEST(R) TSA contract. A direct TSA to TSA contract transfer (whether a contract exchange under the same 403(b) plan or a 403(b) plan to another 403(b) plan direct transfer) may still be made from an EQUI-VEST(R) TSA contract, but only with employer or plan approval and only if the contract continues to be part of a 403(b) plan. Also, due to federal tax law changes, we permit funds from an EQUI-VEST(R) TSA contract which would qualify to be transferred to an At Retirement(SM) TSA (or which were transferred to At Retirement(SM) TSA), to be directly rolled over to an At Retirement(SM) IRA instead. This would apply in situations where the At Retirement(SM) TSA would not continue to be part of a 403(b) plan. See the discussion under "Tax information" later in this prospectus. WHAT ARE YOUR VARIABLE INVESTMENT OPTIONS UNDER THE CONTRACT? Your variable investment options are the AXA Allocation portfolios and the EQ/AXA Franklin Templeton Founding Strategy Core variable investment option. Your investment results in any one of the variable investment options will depend on the investment performance of the underlying portfolios. You can lose your principal when investing in the variable investment options. In periods of poor market performance, the net return, after charges and expenses, may result in negative yields. Listed below are the currently available portfolios and their investment objectives. We may, at any time, exercise our rights to limit or terminate your contributions and to limit the number of variable investment options you may elect. 16 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green PORTFOLIOS OF THE TRUSTS The AXA Allocation Portfolios and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio offer contract owners a convenient opportunity to invest in other portfolios that are managed and have been selected for inclusion in the AXA Allocation Portfolios and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio by AXA Equitable. AXA Advisors, LLC, an affiliated broker-dealer of AXA Equitable, may promote the benefits of such portfolios to contract owners and/or suggest, incidental to the sale of this contract, that contract owners consider whether allocating some or all of their account value to such portfolios is consistent with their desired investment objectives. In doing so, AXA Equitable, and/or its affiliates, may be subject to conflicts of interest insofar as AXA Equitable may derive greater revenues from the AXA Allocation Portfolios and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio than certain other portfolios available to you under your contract. In addition, due to the relative diversification of the underlying portfolios covering various asset classes and categories, the AXA Allocation Portfolios and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio may enable AXA Equitable to more efficiently manage AXA Equitable's financial risks associated with certain guaranteed features. Please see "Allocating your contributions" later in this section for more information about your role in managing your allocations. AXA Equitable serves as the investment manager of the portfolios of AXA Premier VIP Trust and EQ Advisors Trust. Each portfolio of the AXA Premier VIP Trust invests in portfolios of both AXA Premier VIP Trust and EQ Advisors Trust. The EQ/AXA Franklin Templeton Founding Strategy Core Portfolio invests in portfolios of the EQ Advisors Trust. The chart below indicates the objective for each portfolio.
------------------------------------------------------------------------------------------------------------------------ AXA Premier VIP Trust Portfolio Name Objective ------------------------------------------------------------------------------------------------------------------------ AXA CONSERVATIVE ALLOCATION Seeks a high level of current income. ------------------------------------------------------------------------------------------------------------------------ AXA CONSERVATIVE-PLUS Seeks current income and growth of capital, with a greater emphasis on current income. ALLOCATION ------------------------------------------------------------------------------------------------------------------------ AXA MODERATE ALLOCATION Seeks long-term capital appreciation and current income. ------------------------------------------------------------------------------------------------------------------------ AXA MODERATE-PLUS Seeks long-term capital appreciation and current income, with a greater emphasis on capital ALLOCATION appreciation. ------------------------------------------------------------------------------------------------------------------------ AXA AGGRESSIVE ALLOCATION Seeks long-term capital appreciation. ------------------------------------------------------------------------------------------------------------------------ EQ Advisors Trust Portfolio Name Objective ------------------------------------------------------------------------------------------------------------------------ EQ/AXA FRANKLIN TEMPLETON Primarily seeks capital appreciation and secondarily seeks income. FOUNDING STRATEGY CORE(*) ------------------------------------------------------------------------------------------------------------------------
* Effective on or about May 1, 2009, this is the portfolio's new name. Its former name is the EQ/Franklin Templeton Founding Strategy portfolio. You should consider the investment objective, risks, and charges and expenses of the portfolios carefully before investing. The prospectuses for the portfolios contain this and other important information about the portfolios. The prospectuses, which are attached to this prospectus, should be read carefully before investing. In order to obtain copies of the Trust prospectuses that do not accompany this prospectus, you may call one of our customer service representatives at (800) 628-6673. Contract features and benefits 17 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green ALLOCATING YOUR CONTRIBUTIONS You may allocate your contributions to one or more, or all, of the variable investment options. Allocations must be in whole percentages and you may change your allocations at any time. The total of your allocations into all available variable investment options must equal 100%. Subsequent contributions are allocated according to instructions on file unless you provide new instructions. The contract is between you and AXA Equitable. The contract is not an investment advisory account, and AXA Equitable is not providing any investment advice or managing the allocations under your contract. In the absence of a specific written arrangement to the contrary, you, as the owner of the contract, have the sole authority to make investment allocations and other decisions under the contract. Your AXA Advisors' financial professional is acting as a broker-dealer registered representative, and is not authorized to act as an investment advisor or to manage the allocations under your contract. If your financial professional is a registered representative with a broker-dealer other than AXA Advisors, you should speak with him/her regarding any different arrangements that may apply. GUARANTEED WITHDRAWAL BENEFIT FOR LIFE The Guaranteed Withdrawal Benefit for Life guarantees that you can take lifetime withdrawals up to a maximum amount per year (your "Guaranteed annual payment"). You may elect one of our automated payment plans or you may take partial withdrawals. All withdrawals reduce your account value and Guaranteed minimum death benefit. See "Accessing your money" later in this prospectus. You may buy this contract on a single life ("Single life") or a joint life ("Joint life") basis. You may not designate a successor owner for a Single life contract. The following applies to joint life contracts: For IRA Joint life contracts, you must designate your spouse as the successor owner at the time of contract issue. Under NQ contracts your EQUI-VEST(R) or EQUI-VEST(R) Express(SM) contract must be owned by spousal joint owners. Upon transfer to the At Retirement(SM) contract, the spousal joint owner will automatically be named the successor owner. Under a Joint life contract, lifetime withdrawals are guaranteed for the life of both the owner and successor owner. Joint life TSA contracts are not permitted. The cost of the Guaranteed Withdrawal Benefit for Life will be deducted from your account value on each contract date anniversary. Please see "Guaranteed Withdrawal Benefit for Life charge" in "Charges and expenses" later in this prospectus for a description of the charge. You should not purchase this contract if: o You plan to take withdrawals in excess of your Guaranteed annual payment amount because those withdrawals may significantly reduce or eliminate the value of the benefit (see "Effect of Excess withdrawals" below in this section); o You are interested in long term accumulation rather than taking withdrawals; o You plan to use it for withdrawals prior to age 59-1/2, as the taxable amount of the withdrawal will be subject to an additional 10% federal income tax penalty, as discussed later in this prospectus. The Federal Defense of Marriage Act precludes same-sex married couples, domestic partners, and civil union partners from being considered married under federal law. Such individuals, therefore, are not entitled to the favorable tax treatment accorded spouses under federal tax law. As a result, mandatory distributions from the contract must be made after the death of the first individual. Accordingly, the GWBL will have little or no value to the surviving same-gender spouse or partner. You should consult with your tax advisor for more information on this subject. For traditional IRA and TSA contracts, the At Retirement(SM) contract makes provisions for you to take lifetime required minimum distributions ("RMDs") without losing the value of the Guaranteed Withdrawal Benefit for Life, provided you comply with the conditions described under "Lifetime required minimum distribution withdrawals" in "Accessing your money" later in this prospectus, including utilizing our RMD automatic withdrawal option. If you do not expect to comply with these conditions, this benefit may have limited usefulness for you and you should consider whether it is appropriate. Please consult your tax adviser. For information on how your contract works under certain hypothetical circumstances, please see Appendix II at the end of this prospectus. YOUR INCOME BASE At issue, your Income base is equal to your initial contribution and will increase or decrease, as follows: o Your Income base increases by the dollar amount of any additional contributions. o Your Income base may be increased on each contract date anniversary, as described below under "Annual step-up" and "5% deferral bonus." o Your Income base is not reduced by withdrawals except those withdrawals that exceed your Guaranteed annual payment amount ("Excess withdrawal"). See "Effect of Excess withdrawals" below in this section. YOUR GUARANTEED ANNUAL PAYMENT AMOUNT Your initial Guaranteed annual payment amount is equal to a percentage of the Income base. The applicable percentage ("Applicable percentage") is based on the owner's age at the time of the first withdrawal. For Joint life contracts, the Applicable percentage is based on the age of the owner or successor owner, whoever is younger at the time of the first withdrawal. For Single life contracts held by non-natural owners, the Applicable percentage is based on the annuitant's age. For IRA or TSA contracts, if you have to take a required minimum distribution ("RMD") and it is your first withdrawal under the contract, the RMD will be considered your "first withdrawal" for the purposes of establishing your Applicable percentage. If your Income base steps-up, as described below in this section under "Annual step-up," on any contract date anniversary after you begin taking withdrawals, your Applicable percentage may increase based on your attained age at the time of the step-up. The Applicable percentages are as follows: 18 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green --------------------------------------------------- Age Applicable percentage --------------------------------------------------- 55-64 4.0% 65-74 5.0% 75-84 6.0% 85 and older 7.0% --------------------------------------------------- We will recalculate the Guaranteed annual payment amount on each contract date anniversary and as of the date of any subsequent contribution or Excess with- drawal, as described below under "Effect of Excess withdrawals" and "Subsequent contributions." The payment amount is guaranteed never to decrease as long as there are no Excess withdrawals. Your Guaranteed annual payments are not cumulative. If you withdraw less than the Guaranteed annual payment amount in any contract year, you may not add the remainder to your Guaranteed annual payment amount in any subsequent year. EFFECT OF EXCESS WITHDRAWALS An Excess withdrawal is caused when you withdraw more than your Guaranteed annual payment amount in any contract year. Once a withdrawal causes cumulative withdrawals in a contract year to exceed your Guaranteed annual payment amount, the entire amount of that withdrawal and each subsequent withdrawal in that contract year are considered Excess withdrawals. An Excess withdrawal can cause a significant reduction in both your Income base and your Guaranteed annual payment amount. If you make an Excess withdrawal, we will recalculate your Income base and the Guaranteed annual payment amount, as follows: o The Income base is reset as of the date of the Excess with drawal to equal the lesser of: (i) the Income base immediately prior to the Excess withdrawal and (ii) the account value immediately following the Excess withdrawal. o The Guaranteed annual payment amount is recalculated to equal the Applicable percentage (currently in effect) multiplied by the reset Income base. You should not purchase this contract if you plan to take withdrawals in excess of your Guaranteed annual payment amount as such withdrawals significantly reduce or eliminate the value of the Guaranteed Withdrawal Benefit for Life. If your account value is less than your Income base (due, for example, to negative market performance), an Excess withdrawal, even one that is only slightly more than your Guaranteed annual payment amount, can significantly reduce your Income base and the Guaranteed annual payment amount. For example, assume your Income base is $100,000 and your account value is $80,000 when you decide to begin taking withdrawals at age 65. Your Guaranteed annual payment amount is equal to $5,000 (5.0% of $100,000). You take an initial withdrawal of $8,000. Since your Income base is immediately reset to equal the lesser of your Income base prior to the Excess withdrawal ($100,000) and your account value immediately following the Excess withdrawal ($80,000 minus $8,000), your Income base is now $72,000. In addition, your Guaranteed annual payment amount is reduced to $3,600 (5.0% of $72,000), instead of the original $5,000. You should note that an Excess withdrawal that reduces your account value to zero terminates the contract, including all benefits, without value. See "Insufficient account value" in "Determining your contract value" later in this prospectus. In general, if you purchase this contract as a traditional IRA or TSA and participate in our RMD automatic withdrawal option, an automatic withdrawal under that program will not cause an Excess withdrawal, even if it exceeds your Guaranteed annual payment amount. For more information, see "Lifetime required minimum distribution withdrawals" in "Accessing your money" later in this prospectus. ANNUAL STEP-UP Your Income base is recalculated on each contract date anniversary to equal the greater of: (i) the account value and (ii) the most recent Income base. If your account value is greater, we will step-up up your Income base to equal your account value. If your Income base steps-up on any contract date anniversary after you begin taking withdrawals, your Applicable percentage may increase based on your attained age at the time of the step-up. Your Guaranteed annual payment will also be increased to equal your Applicable percentage times your new Income base. If your Income base steps-up, we may increase the charge for the benefit. Once we increase the charge, it is increased for the life of the contract. We will permit you to opt out of the step-up if the charge increases. If you choose to opt out, your charge will stay the same but your Income base will no longer step-up. Upon request, we will permit you to accept an Income base step-up with the charge increase on a subsequent contract date anniversary. For a description of the charge increase, see "Guaranteed Withdrawal Benefit for Life charge" in "Charges and expenses" later in this prospectus. 5% DEFERRAL BONUS At no additional charge, during the first ten contract years, in each year you have not taken a withdrawal, we will increase your Income base by an amount equal to 5% of your total contributions. If the Annual step- up (as discussed immediately above) occurs on any contract date anniversary, for the next and subsequent contract years, the bonus will be 5% of the most recent stepped-up Income base plus any additional contributions. If the Income base is reduced due to an Excess withdrawal, the 5% deferral bonus will be calculated using the reset Income base plus any applicable contributions. The deferral bonus generally excludes contributions made in the prior 12 months. In the first contract year, the deferral bonus is determined using all contributions received in the first 90 days of the contract year. On any contract date anniversary on which you are eligible for a bonus, we will calculate the applicable bonus amount. If, when added to the current Income base, the amount is greater than your account value, that amount will become your new Income base. If that amount is less than or equal to your account value, your Income base will be stepped-up to equal your account value, and the 5% deferral bonus will not apply. If you opt out of the Annual step-up (as discussed immediately above), the 5% deferral bonus will still apply. Contract features and benefits 19 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green ADDITIONAL CONTRIBUTIONS Additional contributions are not permitted after the later of: (i) the end of the first contract year and (ii) the date the first withdrawal is taken. Anytime you make an additional contribution, your Income base will be increased by the amount of the contribution. Your Guaranteed annual payment amount will be equal to the Applicable percentage of the increased Income base. EFFECT OF YOUR ACCOUNT VALUE FALLING TO ZERO If your account value falls to zero due to an Excess withdrawal, we will terminate your contract and you will receive no further payments or benefits, as discussed below. If an Excess withdrawal results in a withdrawal that equals more than 90% of your cash value or reduces your cash value to less than $500, we will treat your request as a surrender of your contract even if your Guaranteed Withdrawal Benefit for Life Income base is greater than zero. However, if your account value falls to zero, either due to a withdrawal or surrender that is not an Excess withdrawal or due to a deduction of charges, please note the following: o The At Retirement(SM) contract terminates and you will receive a supplementary life annuity contract setting forth your continuing benefits. The owner of the At Retirement(SM) contract will be the owner and annuitant under the supplementary life contract. The successor owner, if applicable, will be the joint annuitant. For contracts with a non-natural owner, the annuitant will be the same under the supplementary contract. o No subsequent contributions will be permitted. o If you were taking withdrawals through the "Maximum payment plan," we will continue the scheduled withdrawal payments on the same basis. o If you were taking withdrawals through the "Customized payment plan" or in unscheduled partial withdrawals, we will pay the balance of the Guaranteed annual payment for that contract year in a lump sum. Payment of the Guaranteed annual payment will begin on the next contract date anniversary. o Payments will continue at the same frequency for Single or Joint life contracts, as applicable, or annually if automatic payments were not being made. o Any guaranteed minimum death benefit remaining under the original contract will be carried over to the supplementary life annuity contract. The death benefit will no longer grow and will be reduced on a dollar for dollar basis as payments are made. If there is any remaining death benefit upon the death of the owner and successor owner, if applicable, we will pay it to the beneficiary. o The charge for the Guaranteed Withdrawal Benefit for Life and the Annual Ratchet to age 85 death benefit will no longer apply. o If at the time of your death your Guaranteed annual payment amount was being paid to you as a supplementary life annuity contract, your beneficiary may not elect the Beneficiary continuation option. OTHER IMPORTANT CONSIDERATIONS o You should not purchase this contract if you are interested in long term accumulation rather than current payments or payments in the near future. o Withdrawals made under the At Retirement(SM) contract are not taxed as annuity payments, and may be subject to an additional 10% Federal income tax penalty before age 59-1/2. See "Tax information" later in this prospectus. o All payments under the At Retirement(SM) benefit reduce your account value and Guaranteed minimum death benefit. See "How withdrawals are taken from your account value" and "How withdrawals affect your Guaranteed minimum death benefit" in "Accessing your money" later in this prospectus. o If you withdraw less than the Guaranteed annual payment amount in any contract year, you may not add the remainder to your Guaranteed annual payment amount in any subsequent year. o The Guaranteed Withdrawal Benefit for Life terminates if the contract is continued under the beneficiary continuation option or the successor owner annuitant feature. o If you surrender your contract to receive its cash value and your cash value is greater than your Guaranteed annual payment amount, all benefits under the contract will terminate, including the Guaranteed Withdrawal Benefit for Life. o Generally, if you transfer ownership of this contract, you terminate the Guaranteed Withdrawal Benefit for Life. o Withdrawals are available under other annuity contracts we offer without purchasing a withdrawal benefit. o For IRA or TSA contracts, if you have to take a required minimum distribution ("RMD") and it is your first withdrawal under the contract, the RMD will be considered your "first withdrawal" for the purposes of establishing your Applicable percentage. o If you purchase this contract on a Joint life basis and subsequently get divorced, your divorce will not automatically terminate the contract. For both Joint life and Single life contracts, it is possible that the terms of your divorce decree could significantly reduce or completely eliminate the value of this benefit. GUARANTEED MINIMUM DEATH BENEFIT STANDARD DEATH BENEFIT. Your contract provides a standard death benefit. If you do not elect the Annual Ratchet to age 85 death benefit (available for owner ages 55-75) described below, the death benefit is equal to your account value as of the date we receive satisfactory proof of death, any required instructions for the method of payment, information and forms necessary to effect payment, OR the standard death benefit, whichever provides the higher amount. The standard death benefit is equal to your total contributions, adjusted for withdrawals and any taxes that apply. The standard death benefit is the only death benefit available for (i) owners (or older Joint life, if applicable) ages 76 through 85 at issue, and (ii) annuitants under contracts with non-natural owners. 20 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Once your contract is issued, you may not change or voluntarily terminate your death benefit. ANNUAL RATCHET TO AGE 85 DEATH BENEFIT. If you elect the Annual Ratchet to age 85 death benefit, the death benefit is equal to your account value as of the date we receive satisfactory proof of the owner's (or the second to die for Joint life contracts, if applicable) death, any required instructions for the method of payment, information and forms necessary to effect payment, or the Annual Ratchet to age 85 death benefit on the date of the owner's (or the second to die for Joint life contracts, if applicable) death, adjusted for subsequent withdrawals, whichever provides the higher amount. See "Payment of death benefit" later in this prospectus for more information. Your benefit base is equal to the greater of either: o your initial contribution to the contract (plus any additional contributions), -or- o your highest account value on any contract date anniversary up to the contract date anniversary following the owner's (or older Joint life's, if applicable) 85th birthday, plus any additional contributions made since the most recent annual ratchet, less o a deduction that reflects any withdrawals you make. The amount of the deduction is described under "How withdrawals affect your Guaranteed minimum death benefit" in "Accessing your money" later in this prospectus. For contracts with non-natural owners, the last contract date anniversary a ratchet could occur is based on the annuitant's age. The Annual Ratchet to age 85 death benefit is equal to its corresponding benefit base. Once you have elected the Annual Ratchet to age 85 death benefit, you may not change it. Please see both "Insufficient account value" in "Determining your contract value" and "How withdrawals affect your Guaranteed minimum death benefit in "Accessing your money" and "Charges and expenses" later in this prospectus for more information on these guaranteed benefits. If you elect the Annual Ratchet to age 85 death benefit option described below and change ownership of the contract, generally the benefit will automatically terminate, except under certain circumstances. If this occurs, the Annual ratchet to age 85 death benefit will be replaced with the Standard death benefit. For contracts with non-natural owners, the death benefit will be payable upon the death of the annuitant. See "Transfers of ownership, collateral assignments, loans and borrowing" in "More information" later in this prospectus for more information. Please see "Insufficient account value" in "Determining your contract's value" for more information on this guaranteed benefit. YOUR RIGHT TO CANCEL WITHIN A CERTAIN NUMBER OF DAYS If for any reason you are not satisfied with your contract, you may return it to us for a refund or reinstate your original EQUI-VEST(R) contract. To exercise this cancellation right, you must mail the contract, with a signed letter of instruction electing this right, to our processing office within 10 days (the "free look" period) after you receive it. Your refund will equal your contribution plus or minus any investment gain or loss that also reflects the daily charges we deduct. For any IRA contract returned to us within seven days after you receive it, we are required to refund the full amount of your contribution. We may require that you wait six months before you may apply for a contract with us again if: o you cancel your contract during the free look period; or o you change your mind before you receive your contract whether we have received your contribution or not. If you cancel your At Retirement(SM) contract during the free look period and choose to reinstate your EQUI-VEST(R) or EQUI-VEST(R) Express(SM) contract, the death benefit under your EQUI-VEST(R) contract will be restored to its value before the transfer to the At Retirement(SM) contract occurred. Please see "Tax information" later in this prospectus for possible consequences of cancelling your contract. In addition to the cancellation right described above, you have the right to surrender your contract, rather than cancel it. Please see "Surrender of your contract to receive its cash value," later in this prospectus. Surrendering your contract may yield results different than canceling your contract, including a greater potential for taxable income. In some cases, your cash value upon surrender may be greater than your contributions to the contract. Please see "Tax information," later in this prospectus for possible consequences of cancelling your contract. Our processing office, or your financial professional, can provide you with the cancellation instructions. Contract features and benefits 21 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 2. Determining your contract's value -------------------------------------------------------------------------------- YOUR ACCOUNT VALUE AND CASH VALUE Your "account value" is the total of the values you have in the variable investment options. Your contract also has a "cash value." At any time before annuity payments begin, your contract's cash value is equal to the account value, less the pro rata portion of the Guaranteed Withdrawal Benefit for Life charge and the Annual ratchet to age 85 death benefit charge, if applicable. Please see "Surrendering your contract to receive its cash value" in "Accessing your money" later in this prospectus. YOUR CONTRACT'S VALUE IN THE VARIABLE INVESTMENT OPTIONS Each variable investment option invests in shares of a corresponding portfolio. Your value in each variable investment option is measured by "units." The value of your units will increase or decrease as though you had invested it in the corresponding portfolio's shares directly. Your value, however, will be reduced by the amount of the fees and charges that we deduct under the contract. The unit value for each variable investment option depends on the investment performance of that option less daily charges for: (i) mortality and expense risks; (ii) administrative expenses; and (iii) distribution charges. On any day, your value in any variable investment option equals the number of units credited to that option, adjusted for any units purchased for or deducted from your contract under that option, multiplied by that day's value for one unit. The number of your contract units in any variable investment option does not change unless they are: (i) increased to reflect additional contributions; (ii) decreased to reflect a withdrawal; or (iii) increased to reflect a transfer into, or decreased to reflect a transfer out of, a variable investment option. In addition, when we deduct the Guaranteed Withdrawal Benefit for Life charge and the charge for the optional Annual Ratchet to age 85 death benefit, the number of units credited to your contract will be reduced. A description of how unit values are calculated is found in the SAI. INSUFFICIENT ACCOUNT VALUE Your contract will terminate if your account value is insufficient to pay any applicable charges when due. Your account value could become insufficient due to withdrawals and/or poor market performance. Upon such termination, you will lose all your rights under your contract and any guaranteed benefits, except as discussed earlier in this prospectus in "Contract features and benefits" under "Effect of your account value falling to zero." 22 Determining your contract's value To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 3. Transferring your money among variable investment options -------------------------------------------------------------------------------- TRANSFERRING YOUR ACCOUNT VALUE You can transfer some or all of your account value among the variable investment options. In addition, we reserve the right to restrict transfers into and among variable investment options, including limitations on the number, frequency, or dollar amount of transfers. Our current transfer restrictions are set forth in the "Disruptive transfer activity" section below. You may request a transfer in writing, by telephone using TOPS or through Online Account Access. You must send in all written transfer requests directly to our processing office. Transfer requests should specify: (1) the contract number, (2) the dollar amounts or percentages of your current account value to be transferred, and (3) the variable investment options to and from which you are transferring. We will confirm all transfers in writing. Please see "Allocating your contributions" in "Contract features and benefits" for more information about your role in managing your allocations. DISRUPTIVE TRANSFER ACTIVITY You should note that the contract is not designed for professional "market timing " organizations, or other organizations or individuals engaging in a market timing strategy. The contract is not designed to accommodate programmed transfers, frequent transfers or transfers that are large in relation to the total assets of the underlying portfolio. Frequent transfers, including market timing and other program trading or short-term trading strategies, may be disruptive to the underlying portfolios in which the variable investment options invest. Disruptive transfer activity may adversely affect performance and the interests of long-term investors by requiring a portfolio to maintain larger amounts of cash or to liquidate portfolio holdings at a disadvantageous time or price. For example, when market timing occurs, a portfolio may have to sell its holdings to have the cash necessary to redeem the market timer's investment. This can happen when it is not advantageous to sell any securities, so the portfolio's performance may be hurt. When large dollar amounts are involved, market timing can also make it difficult to use long-term investment strategies because a portfolio cannot predict how much cash it will have to invest. In addition, disruptive transfers or purchases and redemptions of portfolio investments may impede efficient portfolio management and impose increased transaction costs, such as brokerage costs, by requiring the portfolio manager to effect more frequent purchases and sales of portfolio securities. Similarly, a portfolio may bear increased administrative costs as a result of the asset level and investment volatility that accompanies patterns of excessive or short-term trading. Portfolios that invest a significant portion of their assets in foreign securities or the securities of small- and mid-capitalization companies tend to be subject to the risks associated with market timing and short-term trading strategies to a greater extent than portfolios that do not. Securities trading in overseas markets present time zone arbitrage opportunities when events affecting portfolio securities values occur after the close of the overseas market but prior to the close of the U.S. markets. Securities of small- and mid-capitalization companies present arbitrage opportunities because the market for such securities may be less liquid than the market for securities of larger companies, which could result in pricing inefficiencies. Please see the prospectuses for the underlying portfolios for more information on how portfolio shares are priced. We currently use the procedures described below to discourage disruptive transfer activity. You should understand, however, that these procedures are subject to the following limitations: (1) they primarily rely on the policies and procedures implemented by the underlying portfolios; (2) they do not eliminate the possibility that disruptive transfer activity, including market timing, will occur or that portfolio performance will be affected by such activity; and (3) the design of market timing procedures involves inherently subjective judgments, which we seek to make in a fair and reasonable manner consistent with the interests of all contract owners. We offer variable investment options with underlying portfolios that are part of AXA Premier VIP Trust and EQ Advisors Trust (together, the "trusts"). The trusts have adopted policies and procedures regarding disruptive transfer activity. They discourage frequent purchases and redemptions of portfolio shares and will not make special arrangements to accommodate such transactions. They aggregate inflows and outflows for each portfolio on a daily basis. On any day when a portfolio's net inflows or outflows exceed an established monitoring threshold, the trust obtains from us contract owner trading activity. The trusts currently consider transfers into and out of (or vice versa) the same variable investment option within a five business day period as potentially disruptive transfer activity. Each trust reserves the right to reject a transfer that it believes, in its sole discretion, is disruptive (or potentially disruptive) to the management of one of its portfolios. Please see the prospectuses for the trusts for more information. When a contract is identified in connection with potentially disruptive transfer activity for the first time, a letter is sent to the contract owner explaining that there is a policy against disruptive transfer activity and that if such activity continues, certain transfer privileges may be eliminated. If and when the contract owner is identified a second time as engaged in potentially disruptive transfer activity under the contract, we currently prohibit the use of voice, fax and automated transaction services. We currently apply such action for the remaining life of each affected contract. We or a trust may change the definition of potentially disruptive transfer activity, the monitoring procedures and thresholds, any notification procedures, and the procedures to restrict Transferring your money among variable investment options 23 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green this activity. Any new or revised policies and procedures will apply to all contract owners uniformly. We do not permit exceptions to our policies restricting disruptive transfer activity. It is possible that a trust may impose a redemption fee designed to discourage frequent or disruptive trading by contract owners. As of the date of this prospectus, the trusts had not implemented such a fee. If a redemption fee is implemented by a trust, that fee, like any other trust fee, will be borne by the contract owner. Contract owners should note that it is not always possible for us and the underlying trusts to identify and prevent disruptive transfer activity. In addition, because we do not monitor for all frequent trading at the separate account level, contract owners may engage in frequent trading which may not be detected, for example, due to low net inflows or outflows on the particular day(s). Therefore, no assurance can be given that we or the trusts will successfully impose restrictions on all potentially disruptive transfers. Because there is no guarantee that disruptive trading will be stopped, some contract owners may be treated differently than others, resulting in the risk that some contract owners may be able to engage in frequent transfer activity while others will bear the effect of that frequent transfer activity. The potential effects of frequent transfer activity are discussed above. REBALANCING YOUR ACCOUNT VALUE We currently offer a rebalancing program that you can use to automatically reallocate your account value among the variable investment options. To enroll in the asset rebalancing program, you must notify us in writing by completing our asset rebalancing form, instructing us: (a) the percentage you want invested in each variable investment option (whole percentages only), and (b) how often you want the rebalancing to occur (quarterly, semiannually, or annually on a contract year basis). Rebalancing will occur on the same day of the month as the contract date. If a contract is established after the 28th, rebalancing will occur on the first business day of the month following the contract issue date. While your rebalancing program is in effect, we will transfer amounts among the variable investment options so that the percentage of your account value that you specify is invested in each option at the end of each rebalancing date. Your entire account value in the variable investment options must be included in the rebalancing program. -------------------------------------------------------------------------------- Rebalancing does not assure a profit or protect against loss. You should periodically review your allocation percentages as your needs change. You may want to discuss the rebalancing program with your financial professional before electing the program. -------------------------------------------------------------------------------- To be eligible, you must have at least $5,000 of account value when you enroll. You may elect or terminate the rebalancing program at any time. You may also change your allocations under the program at any time. Once enrolled in the rebalancing program, it will remain in effect until you instruct us in writing to terminate the program. Requesting an investment option transfer while enrolled in our rebalancing program will not automatically change your allocation instructions for rebalancing your account value. This means that upon the next scheduled rebalancing, we will transfer amounts among your investment options pursuant to the allocation instructions previously on file for your program. Changes to your allocation instructions for the rebalancing program (or termination of your enrollment in the program) must be in writing and sent to our Processing Office. 24 Transferring your money among variable investment options To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 4. Accessing your money -------------------------------------------------------------------------------- WITHDRAWING YOUR ACCOUNT VALUE You have several ways to withdraw your account value as described below. Loans are not permitted under this contract. When selecting a withdrawal method, it is important to remember that Excess withdrawals may significantly reduce the value of the Guaranteed Withdrawal Benefit for Life and contract. See "Effect of Excess withdrawals" in "Contract features and benefits" earlier in this prospectus. You should choose a withdrawal method that is most appropriate for your needs AND does not cause payment amounts in excess of your Guaranteed annual payment amount. Please see "Insufficient account value" in "Determining your contract value" earlier in this prospectus and "How withdrawals affect your Guaranteed minimum death benefit," below for more information on how withdrawals affect your guaranteed benefits and could potentially cause your contract to terminate. AUTOMATIC PAYMENT PLANS You may take automatic withdrawals under either the Maximum payment plan or the Customized payment plan, as described below. Under either plan, you may take withdrawals on a monthly, quarterly or annual basis. You may change the payment frequency of your withdrawals at any time, and the change will become effective on the next contract date anniversary. You may elect either the Maximum payment plan or the Customized payment plan at any time. You must wait at least 28 days from contract issue before automatic payments begin. We will make the withdrawals on any day of the month that you select as long as it is not later than the 28th day of the month. MAXIMUM PAYMENT PLAN. Our Maximum payment plan provides for the withdrawal of the full Guaranteed annual payment amount in scheduled payments. The amount of the withdrawal will increase on contract date anniversaries with any Annual step-up or 5% deferral bonus. If you elect the Maximum payment plan and start monthly or quarterly payments after the beginning of a contract year, the payments you take that year will be less than your Guaranteed annual payment amount. If you take a partial withdrawal while the Maximum payment plan is in effect, we will terminate the plan. You may enroll in the plan again at any time, but the scheduled payments will not resume until the next contract date anniversary. CUSTOMIZED PAYMENT PLAN. Our Customized payment plan provides for the withdrawal of a fixed amount less than or equal to the Guaranteed annual payment amount in scheduled payments. The amount of the withdrawal will not be increased on contract date anniversaries with any Annual step-up or 5% deferral bonus. You must elect to change the scheduled payment amount. It is important to note that if you elect the Customized payment plan and start monthly or quarterly withdrawals after the beginning of a contract year, you could select scheduled payment amounts that would cause an Excess withdrawal. We will notify you if the payment amount you elect would cause an Excess withdrawal. As discussed earlier in the prospectus, Excess withdrawals may significantly reduce the value of the Guaranteed Withdrawal Benefit for Life. See "Effect of Excess withdrawals" in "Contract features and benefits" earlier in this prospectus. If you take a partial withdrawal while the Customized payment plan is in effect, we will terminate the plan. You may enroll in the plan again at any time, but the scheduled payments will not resume until the next contract date anniversary. PARTIAL WITHDRAWALS You may also take partial withdrawals from your account value at any time. The minimum amount you may withdraw is $300. If you elect to take partial withdrawals, you should monitor your withdrawals to ensure that you do not exceed your Guaranteed annual payment amount in any contract year and cause an Excess withdrawal. As discussed earlier in the prospectus, Excess withdrawals may significantly reduce the value of the At Retirement(SM) contract. See "Effect of Excess withdrawals" in "Contract features and benefits" earlier in this prospectus. LIFETIME REQUIRED MINIMUM DISTRIBUTION WITHDRAWALS (IRA and TSA contracts only -- See "Tax information" later in this prospectus) -------------------------------------------------------------------------------- Congress has enacted a limited suspension of account-based required minimum distribution withdrawals only for calendar year 2009. Please note that for contract design administrative purposes, we will make distributions for calendar year 2009 unless you request in writing before we make the distribution that you do not want any required minimum distribution for calendar year 2009. -------------------------------------------------------------------------------- We offer our "Required Minimum Distribution (RMD) automatic withdrawal option" to help you meet lifetime required minimum distributions under federal income tax rules. This is not the exclusive way for you to meet these rules, however, it may be advisable for you to elect our RMD automatic withdrawal option as discussed below. After consultation with your tax adviser, you may decide to compute required minimum distributions yourself and request partial withdrawals. Before electing this account based withdrawal option, you should consider whether annuitization might be better in your situation. Also, the actuarial present value of additional contract benefits must be added to the account value in calculating required minimum distribution withdrawals from annuity contracts funding TSAs and IRAs, which Accessing your money 25 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green could increase the amount required to be withdrawn. Please refer to "Tax information" later in this prospectus. You may elect this option in the year in which you reach age 70-1/2 or in any later year. The minimum amount we will pay out is $300. Currently, minimum distribution withdrawal payments will be made annually. See "Required minimum distributions" in "Tax information" later in this prospectus for your specific type of retirement arrangement. Generally, if you elect our RMD automatic withdrawal option, any lifetime required minimum distribution payment we make to you under our RMD automatic withdrawal option will not be treated as an Excess withdrawal. If you elect either the Maximum payment plan or the Customized payment plan and our RMD automatic withdrawal option, we will make an extra payment, if necessary, in December that will equal your lifetime required minimum distribution less all payments made through November 30th and any scheduled December payment. The combined automatic plan payments and lifetime required minimum distribution payment will not be treated as Excess withdrawals, if applicable. However, if you take any partial withdrawals in addition to your lifetime required minimum distribution and automatic payment plan payments, your applicable automatic payment plan will be terminated. The partial withdrawal may cause an Excess withdrawal. You may enroll in the plan again at any time, but the scheduled payments will not resume until the next contract date anniversary. Further, your Income base and Guaranteed annual payment amount may be reduced. See "Effect of Excess Withdrawals" in "Contract features and benefits" earlier in this prospectus. If you elect our RMD automatic withdrawal option and elect to take your Guaranteed annual payments in partial withdrawals, we will make a payment, if necessary, in December that will equal your required minimum distribution less all payments made through November 30th. Any RMD payment we make to you under our RMD automatic withdrawal option will not be treated as an Excess withdrawal; however, any other withdrawals in the same contract year may be treated as Excess withdrawals. -------------------------------------------------------------------------------- For IRA and TSA contracts, we will send a form outlining the distribution options available in the year you reach age 70-1/2 (if you have not begun your annuity payments before that time). -------------------------------------------------------------------------------- HOW WITHDRAWALS ARE TAKEN FROM YOUR ACCOUNT VALUE Unless you specify otherwise, we will subtract your withdrawals on a pro rata basis from your value in the variable investment options. HOW WITHDRAWALS AFFECT YOUR GUARANTEED MINIMUM DEATH BENEFIT Withdrawals will reduce both the Standard death benefit and the Annual Ratchet to age 85 death benefit base on a dollar-for-dollar basis, as long as the sum of withdrawals in a contract year is equal to or less than your Guaranteed annual payment amount. Once a withdrawal is taken that causes the sum of withdrawals in a contract year to exceed your Guaranteed annual payment amount, that entire withdrawal (including RMDs that are not taken through our RMD automatic withdrawal option) and any subsequent withdrawals in that same contract year will reduce the Standard death benefit and the Annual Ratchet to age 85 death benefit base pro rata. Reduction on a dollar-for-dollar basis means that the Standard death benefit or the Annual Ratchet to age 85 death benefit base will be reduced by the dollar amount of the withdrawal. Reduction on a pro rata basis means that we calculate the percentage of your current account value that is being withdrawn and we reduce the Standard death benefit or the Annual Ratchet to age 85 death benefit by the same percentage. For example, if your account value is $30,000 and you withdraw $12,000, you have withdrawn 40% of your account value. If the Standard death benefit or the Annual Ratchet to age 85 death benefit was $40,000 before the withdrawal, it would be reduced by $16,000 ($40,000 x .40) and your new benefit after the withdrawal would be $24,000 ($40,000 - $16,000). HOW WITHDRAWALS AFFECT THE GUARANTEED WITHDRAWAL BENEFIT FOR LIFE Your Income base is not reduced by withdrawals up to the Guaranteed annual payment amount. Withdrawals that exceed the Guaranteed annual payment amount, however, can significantly reduce your Income base and Guaranteed annual payment. For more information, see "Effect of Excess withdrawals" and "Other important considerations" under "Guaranteed Withdrawal Benefit for Life" in "Contract features and benefits" earlier in this prospectus. SURRENDERING YOUR CONTRACT TO RECEIVE ITS CASH VALUE You may surrender your contract to receive its cash value at any time while the owner is living and before you annuitize. For a surrender to be effective, we must receive your written request and your contract at our processing office. We will determine your cash value on the date we receive the required information. All benefits under the contract will terminate as of the date we receive the required information, including the Guaranteed Withdrawal Benefit for Life, if your cash value is greater than your Guaranteed annual payment amount remaining for the contract year. For more information, please see "Effect of your account value falling to zero" in "Contract features and benefits" earlier in this prospectus. You may receive your cash value in a single sum payment or apply it to one or more of the annuitization options. See "Your annuitization options" below. For the tax consequences of surrenders, see "Tax information" later in this prospectus. WHEN TO EXPECT PAYMENTS Generally, we will fulfill requests for payments out of the variable investment options within seven calendar days after the date of the transaction to which the request relates. These transactions may include payment of a death benefit, payment of any amount you withdraw, payment of the cash value (upon surrender), and applying proceeds upon annuitization. We may postpone such payments or applying proceeds for any period during which: 26 Accessing your money To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green (1) the New York Stock Exchange is closed or restricts trading, (2) the SEC determines that an emergency exists as a result of which sales of securities or determination of fair value of a variable investment option's assets is not reasonably practicable, or (3) the SEC, by order, permits us to defer payment to protect people remaining in the variable investment options. We may defer payments for a reasonable amount of time (not to exceed 10 days) while we are waiting for a contribution check to clear. All payments are made by check and are mailed to you (or the payee named in a tax-free exchange) by U.S. mail, unless you request that we use an express delivery service at your expense. Express delivery service is not available for automatic payment plan payments. YOUR ANNUITIZATION OPTIONS You may elect to annuitize your contract after one year. If you choose to annuitize your contract, the Guaranteed Withdrawal Benefit for Life will terminate without value. Payments you receive under the annuitization option you select may be more or less than your Guaranteed annual payment amount. You should consider the relative payment amounts carefully before annuitizing. The At Retirement(SM) contract guarantees that you can apply your account value to receive fixed lifetime annuity payments. You may also elect to receive payments under any other annuitization option that we offer at the time. We currently offer the annuitization options listed below. Restrictions may apply, depending on the type of contract you own or the annuitant's age at contract issue. -------------------------------------------------------------------------------- Fixed annuitization options Life annuity Life annuity with period certain Life annuity with refund certain Period certain annuity -------------------------------------------------------------------------------- o Life annuity: An annuity that guarantees payments for the rest of the annuitant's life. Payments end with the last monthly payment before the annuitant's death. Because there is no continuation of benefits following the annuitant's death with this annuitization option, it provides the highest monthly payment of any of the life annuity options, so long as the annuitant is living. o Life annuity with period certain: An annuity that guarantees payments for the rest of the annuitant's life. If the annuitant dies before the end of a selected period of time ("period certain"), payments continue to the beneficiary for the balance of the period certain. The period certain cannot extend beyond the annuitant's life expectancy. A life annuity with a period certain is the form of annuity under the contract that you will receive if you do not elect a different annuitization option. In this case, the period certain will be based on the annuitant's age and will not exceed 10 years. o Life annuity with refund certain: An annuity that guarantees payments for the rest of the annuitant's life. If the annuitant dies before the amount applied to purchase the annuity option has been recovered, payments to the beneficiary will continue until that amount has been recovered. This annuitization option is available only as a fixed annuity. o Period certain annuity: An annuity that guarantees payments for a specific period of time, usually 5, 10, 15, or 20 years. This guaranteed period may not exceed the annuitant's life expectancy. This option does not guarantee payments for the rest of the annuitant's life. It does not permit any repayment of the unpaid principal, so you cannot elect to receive part of the payments as a single sum payment with the rest paid in monthly annuity payments. This payout option is available only as a fixed annuity. The life annuity, life annuity with period certain, and life annuity with refund certain payout options are available on a single life or joint and survivor life basis. The joint and survivor life annuity guarantees payments for the rest of the annuitant's life, and after the annuitant's death, payments continue to the survivor. We may offer other payout options not outlined here. Your financial professional can provide details. ANNUITY PURCHASE FACTORS. Annuity purchase factors are the factors applied to determine your periodic payments under the annuitization options. The guaranteed annuity purchase factors are those factors specified in your contract. The current annuity purchase factors are those factors that are in effect at any given time. Annuity purchase factors are based on interest rates, mortality tables, frequency of payments, the form of annuity benefit, and the annuitant's (and any joint annuitant's) age and sex in certain instances. FIXED ANNUITIZATION OPTIONS With fixed annuities, we guarantee fixed annuity payments will be based either on the tables of guaranteed annuity purchase factors in your contract or on our then current annuity purchase factors, whichever is more favorable for you. SELECTING AN ANNUITIZATION OPTION When you select an annuitization option, we will issue you a separate written agreement confirming your right to receive annuity payments. We require you to return your contract before annuity payments begin. The contract owner and annuitant must meet the issue age and payment requirements. You can choose the date annuity payments begin but it may not be earlier than 13 months from the At Retirement(SM) contract date. You can change the date your annuity payments are to begin anytime before that date as long as you do not choose a date later than the 28th day of any month. Also, that date may not be later than the annuity maturity date described below. The amount of the annuity payments will depend on the amount applied to purchase the annuity and the applicable annuity purchase factors, discussed earlier. The amount of each annuity payment will be less with a greater frequency of payments or with a longer duration of a non-life contingent annuity or the certain period of a life contingent annuity. Once elected, the frequency with which you receive payments cannot be changed. Accessing your money 27 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green If, at the time you elect an annuitization option, the amount to be applied is less than $2,000 or the initial payment under the form elected is less than $20 monthly, we reserve the right to pay the account value in a single sum rather than as payments under the annuitization option chosen. YOUR CONTRACT'S MATURITY DATE Your contract has a maturity date by which you must either take a lump sum payment or select an annuitization option. The maturity date is based on the age of the original annuitant at contract issue and cannot be changed even if you name a new annuitant. For annuitants age 55-80 at issue, the maturity date is the contract date anniversary that follows the annuitant's 90th birthday. For annuitants age 81-85 at issue, the maturity date is the 10th contract date anniversary. We will send a notice with the annual statement one year prior to the maturity age. If your contract is annuitized at maturity, we will offer an annuity payout option that guarantees you will receive payments for life that are at least equal to what you would have received under the Guaranteed withdrawal benefit for life. As described in "Contract features and benefits" under "Guaranteed withdrawal benefit for life," these payments will have the potential to increase with favorable investment performance. Any remaining Guaranteed minimum death benefit value will be transferred to the annuity payout contract as your "minimum death benefit." If the enhanced death benefit had been elected, its value as of the date the annuity payout contract is issued will become your minimum death benefit, and it will no longer increase. The minimum death benefit will be reduced dollar for dollar by each payment. If you die while there is any minimum death benefit remaining, it will be paid to your beneficiary. 28 Accessing your money To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 5. Charges and expenses -------------------------------------------------------------------------------- CHARGES THAT AXA EQUITABLE DEDUCTS We deduct the following charges each day from the net assets of each variable investment option. These charges are reflected in the unit values of each variable investment option: o A mortality and expense risks charge o An administrative charge o A distribution charge We deduct the following charges from your account value. When we deduct these charges from your variable investment options, we reduce the number of units credited to your contract: o On each contract date anniversary -- a charge for the Guaranteed Withdrawal Benefit for Life and the Annual Ratchet to age 85 death benefit (if elected). We will deduct a pro rata portion of this charge upon contract surrender, annuitization or death benefit payment. o At the time annuity payments are to begin -- charges designed to approximate certain taxes that may be imposed on us, such as premium taxes in your state. An annuity administrative fee may also apply. More information about these charges appears below. We will not increase these charges for the life of your contract, except as noted. We may reduce certain charges under group or sponsored arrangements. See "Group or sponsored arrangements" later in this section. The charges under the contracts are designed to cover, in the aggregate, our direct and indirect costs of selling, administering and providing benefits under the contracts. They are also designed, in the aggregate, to compensate us for the risks of loss we assume pursuant to the contracts. If, as we expect, the charges that we collect from the contracts exceed our total costs in connection with the contracts, we will earn a profit. Otherwise, we will incur a loss. The rates of certain of our charges have been set with reference to estimates of the amount of specific types of expenses or risks that we will incur. In most cases, this prospectus identifies such expenses or risks in the name of the charge; however, the fact that any charge bears the name of, or is designed primarily to defray, a particular expense or risk does not mean that the amount we collect from that charge will never be more than the amount of such expense or risk. Nor does it mean that we may not also be compensated for such expense or risk out of any other charges we are permitted to deduct by the terms of the contracts. To help with your retirement planning, we may offer other annuities with different charges, benefits, and features. Please contact your financial professional for more information. SEPARATE ACCOUNT ANNUAL EXPENSES Mortality and expense risks charge. We deduct a daily charge from the net assets in each variable investment option to compensate us for mortality and expense risks, including the Guaranteed minimum death benefit. The daily charge is equivalent to an annual rate of 0.80% of the net assets in each variable investment option. The mortality risk we assume is the risk that annuitants as a group will live for a longer time than our actuarial tables predict. If that happens, we would be paying more in annuity income than we planned. We also assume a risk that the mortality assumptions reflected in our guaranteed annuity payment tables, shown in each contract, will differ from actual mortality experience. Lastly, we assume a mortality risk to the extent that at the time of death, the Guaranteed minimum death benefit exceeds the cash value of the contract. The expense risk we assume is the risk that our expenses in providing the benefits and administering the contracts will be greater than we expect. Administrative charge. We deduct a daily charge from the net assets in each variable investment option. The charge is to compensate us for administrative expenses under the contracts. The daily charge is equivalent to an annual rate of 0.30% of the net assets in each variable investment option. Distribution charge. We deduct a daily charge from the net assets in each variable investment option to compensate us for a portion of our sales expenses under the contracts. The daily charge is equivalent to an annual rate of 0.20% of the net assets in each variable investment option. GUARANTEED MINIMUM DEATH BENEFIT CHARGE STANDARD DEATH BENEFIT. There is no additional charge for this Guaranteed minimum death benefit. ANNUAL RATCHET TO AGE 85 DEATH BENEFIT. If you elect the Annual Ratchet to age 85 death benefit, we deduct a charge annually from your account value on each contract date anniversary for which it is in effect. The charge is equal to 0.30% of the Annual Ratchet to age 85 benefit base. We will deduct a pro rata portion of the charge upon contract surrender, annuitization or death benefit payment. GUARANTEED WITHDRAWAL BENEFIT FOR LIFE CHARGE If the contract is based on a Single life, the charge is equal to 0.60% of your Income base. If the contract is based on a Joint life (not available for TSA contracts), the charge is equal to 0.75%. We will deduct this charge annually on each contract date anniversary from your value in each variable investment option on a pro rata basis. We will deduct a pro rata portion of the charge upon contract surrender, annuitization or death benefit payment. INCOME BASE ANNUAL STEP-UP CHARGE. If your Income base steps-up, we reserve the right to raise the charge at the time of an annual step-up. The maximum charge for the Single Life option is 0.75%. The maximum charge for the Joint Life option is 0.90%. The current charge for the Single Life option is 0.60%. The current charge for the Joint Life Charges and expenses 29 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green option is 0.75%. The increased charge, if any, will apply as of the contract date anniversary on which your Income base steps-up and on all contract date anniversaries thereafter. We will permit you to opt out of the step-up if the charge increases. For Joint life contracts, if the successor owner is dropped before you take your first withdrawal, we will adjust the charge at that time to reflect a Single life. If the Joint life is dropped after withdrawals begin, the charge will continue based on Joint lives even if you drop the successor owner from your contract. If you change ownership of the contract, both the charge and the benefit are terminated. CHARGES FOR STATE PREMIUM AND OTHER APPLICABLE TAXES We deduct a charge designed to approximate certain taxes that may be imposed on us, such as premium taxes in your state. Generally, we deduct the charge from the amount applied to provide an annuitization option. The current tax charge that might be imposed varies by jurisdiction and ranges from 0% to 3.5%. CHARGES THAT THE TRUSTS DEDUCT The Trusts deduct charges for the following types of fees and expenses: o Management fees of either 0.05% or 0.10%. o 12b-1 fees of 0.25%. o Operating expenses, such as trustees' fees, independent public accounting firms' fees, legal counsel fees, administrative service fees, custodian fees and liability insurance. These charges are reflected in the daily share price of each portfolio. Since shares of each Trust are purchased at their net asset value, these fees and expenses are, in effect, passed on to the variable investment options and are reflected in their unit values. The portfolios available under the contract in turn invest in shares of other portfolios of AXA Premier VIP Trust and EQ Advisors Trust (collectively, the "underlying portfolios"). The underlying portfolios each have their own fees and expenses, including management fees, operating expenses, and investment related expenses such as brokerage commissions. For more information about these charges, please refer to the prospectuses for the Trusts. GROUP OR SPONSORED ARRANGEMENTS For certain group or sponsored arrangements, we may reduce the mortality and expense risks charge, or change the minimum initial contribution requirements. We also may change the Guaranteed minimum death benefit or offer variable investment options that invest in shares of the Trust that are not subject to the 12b-1 fee. Group arrangements include those in which a trustee or an employer, for example, purchases contracts covering a group of individuals on a group basis. Group arrangements are not available for IRA contracts. Sponsored arrangements include those in which an employer allows us to sell contracts to its employees or retirees on an individual basis. Our costs for sales, administration and mortality generally vary with the size and stability of the group or sponsoring organization, among other factors. We take all these factors into account when reducing charges. To qualify for reduced charges, a group or sponsored arrangement must meet certain requirements, such as requirements for size and number of years in existence. Group or sponsored arrangements that have been set up solely to buy contracts or that have been in existence less than six months will not qualify for reduced charges. We will make these and any similar reductions according to our rules in effect when we approve a contract for issue. We may change these rules from time to time. Any variation will reflect differences in costs or services and will not be unfairly discriminatory. Group or sponsored arrangements may be governed by federal income tax rules, the Employee Retirement Income Security Act of 1974 ("ERISA"), or both. We make no representations with regard to the impact of these and other applicable laws on such programs. We recommend that employers, trustees, and others purchasing or making contracts available for purchase under such programs seek the advice of their own legal and benefits advisers. OTHER DISTRIBUTION ARRANGEMENTS We may reduce or eliminate charges when sales are made in a manner that results in savings of sales and administrative expenses, such as sales through persons who are compensated by clients for recommending investments and who receive no commission or reduced commissions in connection with the sale of the contracts. We will not permit a reduction or elimination of charges where it would be unfairly discriminatory. 30 Charges and expenses To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 6. Effect of death -------------------------------------------------------------------------------- In general, if you die while the contract is in force, the contract terminates and the applicable death benefit is paid. There are various circumstances, however, in which the contract continues in force under either Spousal continuation or a Beneficiary continuation option. In some of the circumstances, the Guaranteed Withdrawal Benefit for Life terminates even though the contract continues. The Spousal continuation feature is not available for TSA contracts The effect of death on your At Retirement(SM) contract and benefit varies depending on the circumstances. This chart summarizes the effect of death on contract continuation, Guaranteed Withdrawal Benefit for Life continuation, and payment of a death benefit in various situations. For more information about our spousal continuation and beneficiary continuation options, including how each impacts the Annual Ratchet to age 85 death benefit, please see "Spousal continuation" and "Beneficiary continuation option" later in this section. A. IF DEATH OCCURS BEFORE THE ACCOUNT VALUE FALLS TO ZERO OR BEFORE YOU ELECT AN ANNUITIZATION OPTION:
------------------------------------------------------------------------------------------------------------------------------------ Single life contracts: ------------------------------------------------------------------------------------------------------------------------------------ IF THE DECEASED IS THE AND AND THEN ------------------------------------------------------------------------------------------------------------------------------------ Contract Owner Is also the annuitant The beneficiary is the surviving The Guaranteed Withdrawal Benefit for Life spouse terminates, and the death benefit is payable. Your spouse can continue the contract, without the Guaranteed Withdrawal Benefit for Life, under either the Spousal continuation or Beneficiary continuation options. ------------------------------------------------------------------------------------------------------------------------------------ Contract Owner Is also the annuitant The beneficiary is not the sur- The Guaranteed Withdrawal Benefit for Life viving spouse terminates, and the death benefit is payable. Your beneficiary can continue the contract, without the Guaranteed Withdrawal Benefit for Life, under the Beneficiary continuation option. ------------------------------------------------------------------------------------------------------------------------------------ Contract Owner Annuitant is living Beneficiary is spouse The Guaranteed Withdrawal Benefit for Life terminates, and the death benefit is payable. The contract, without the Guaranteed Withdrawal Benefit for Life, can be continued under either Spousal continuation or the Beneficiary continuation options. ------------------------------------------------------------------------------------------------------------------------------------ Contract Owner Annuitant is living Beneficiary is non-spouse The Guaranteed Withdrawal Benefit for Life terminates, and the death benefit is payable. The contract, without the Guaranteed Withdrawal Benefit for Life, can be continued under the Beneficiary continuation option. ------------------------------------------------------------------------------------------------------------------------------------ Annuitant The owner is living You become the annuitant, the contract and the Guaranteed Withdrawal Benefit for Life continue, and no death benefit is payable. ------------------------------------------------------------------------------------------------------------------------------------ Annuitant Owner is non-natural Beneficiary is the spouse of the The Guaranteed Withdrawal Benefit for Life annuitant terminates, and the death benefit is payable. Your spouse can continue the contract, without the Guaranteed Withdrawal Benefit for Life , under either the Spousal continuation or Beneficiary continuation options. ------------------------------------------------------------------------------------------------------------------------------------ Annuitant Owner is non-natural Beneficiary is not the spouse of The Guaranteed Withdrawal Benefit for Life the annuitant terminates, and the death benefit is payable. Your beneficiary can continue the contract, without the Guaranteed Withdrawal Benefit for Life, under the Beneficiary continuation option. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ Joint life contracts:* ------------------------------------------------------------------------------------------------------------------------------------ IF THE DECEASED IS THE AND AND THEN ----------------------------------------------------------------------------------------------------------------------------------- Contract Owner Is also the annuitant The successor owner is living The successor owner becomes the sole owner and the annuitant, and the contract and Guaranteed Withdrawal Benefit for Life continues as follows: o If withdrawals have been taken, the contract continues with the Joint life charge and with payments over the successor owner's life only. o If no withdrawals have been taken, the Applicable percentage will be based on the age of the successor owner at the time of the first withdrawal (even if he/she had been the older spouse). Charges will be reduced to the Single life charge prospectively. ------------------------------------------------------------------------------------------------------------------------------------ Contract Owner The annuitant is living The successor owner is also The successor owner becomes the sole owner and the living contract and Guaranteed Withdrawal Benefit for Life continues as follows: o If withdrawals have been taken, the contract continues with the Joint life charge and with payments over the successor owner's life only. o If no withdrawals have been taken, the Applicable percentage will be based on the age of the successor owner at the time of the first withdrawal (even if he/she had been the older spouse). Charges will be reduced to the Single life charge prospectively. ------------------------------------------------------------------------------------------------------------------------------------ Contract Owner The successor owner is The annuitant is living The Guaranteed Withdrawal Benefit for Life also dead terminates, and the death benefit is payable. The contract can be continued under the Beneficiary continuation option. ------------------------------------------------------------------------------------------------------------------------------------ Successor Owner The owner is living The annuitant is living o The Guaranteed Withdrawal Benefit for Life continues. o If withdrawals have been taken, the contract continues with the Joint life charge and with payments over the owner's life only. o If no withdrawals have been taken: -- The owner may name a new spouse as successor owner; the Applicable percentage will be based on the age of the younger spouse at the time of the first withdrawal. -- The owner may also choose to continue the contract as a Single life; the Single life charge will apply prospectively. The Applicable percentage will be based on the age of the owner at the time of the first withdrawal (even if the owner had been the older spouse). ------------------------------------------------------------------------------------------------------------------------------------ Annuitant Owner is living Successor owner is also living The Guaranteed Withdrawal Benefit for Life continues, you become the annuitant and the contract continues. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ Joint life contracts:* ------------------------------------------------------------------------------------------------------------------------------------ IF THE DECEASED IS THE AND AND THEN ----------------------------------------------------------------------------------------------------------------------------------- Annuitant Owner is also dead Successor owner is living The successor owner becomes the sole owner and the annu itant, and the contract and Guaranteed Withdrawal Benefit for Life continue. o If withdrawals have been taken, the contract continues with the Joint life charge and with payments over the successor owner's life only. o If no withdrawals have been taken, the Applicable percentage will be based on the age of the successor owner at the time of the first withdrawal (even if he/she had been the older spouse). Charges will be reduced to the Single life charge prospectively. -----------------------------------------------------------------------------------------------------------------------------------
* If the successor owner is no longer the spouse at the time of death, other rules may apply. See "Your beneficiary and payment of death benefit" later in this section. B. IF DEATH OCCURS AFTER ISSUANCE OF THE SUPPLEMENTARY LIFE ANNUITY CONTRACT As discussed under "Effect of your account value falling to zero" in "Contract features and benefits" earlier in this prospectus, we will issue a supplementary life annuity contract if your account value falls to zero either due to a withdrawal or surrender that is not an Excess withdrawal or due to a deduction of charges. We will continue guaranteed payments; the owner of the At Retirement(SM) contract becomes the owner and annuitant; and any successor owner becomes a joint annuitant. When the owner/annuitant (or if there are joint annuitants, the surviving annuitant) dies, all payments stop, and any remaining death benefit will be paid.
------------------------------------------------------------------------------------------------------------------------------------ At Retirement(SM) Life Annuity -- Single life: ------------------------------------------------------------------------------------------------------------------------------------ IF THE DECEASED IS THE AND AND THEN ----------------------------------------------------------------------------------------------------------------------------------- Contract Owner/ Owner is non-natural The remaining death benefit, if any, will be paid to Annuitant the beneficiary in a lump sum and the contract ends. ------------------------------------------------------------------------------------------------------------------------------------ Annuitant The remaining death benefit, if any, will be paid to the beneficiary in a lump sum and the contract ends. ------------------------------------------------------------------------------------------------------------------------------------ At Retirement(SM) Life Annuity -- Joint life: ------------------------------------------------------------------------------------------------------------------------------------ IF THE DECEASED IS THE AND AND THEN ----------------------------------------------------------------------------------------------------------------------------------- Contract Owner/ The joint annuitant is o The joint annuitant becomes the sole owner. Annuitant living Payments continue to the joint annuitant until his/her death. o If the joint annuitant dies, the remaining death benefit, if any, will be paid to the beneficiary in a lump sum and the contract ends. ----------------------------------------------------------------------------------------------------------------------------------- Joint Annuitant The owner/annuitant is o The contract continues with payments made to the living owner/annuitant. o If the owner/annuitant dies, the remaining death benefit, if any, will be paid to the beneficiary in a lump sum and the contract ends. ------------------------------------------------------------------------------------------------------------------------------------
C. IF YOU HAVE ELECTED AN ANNUITIZATION OPTION AND DEATH OCCURS ON OR AFTER THE ANNUITY COMMENCEMENT DATE: The terms of the elected annuitization option supplementary contract will be followed. Effect of death 33 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green YOUR BENEFICIARY AND PAYMENT OF DEATH BENEFIT You designate your beneficiary when you apply for your contract. You may change your beneficiary at any time. The change will be effective on the date the written request for the change is received in our processing office. We are not responsible for any beneficiary change request that we do not receive. We will send you a written confirmation when we receive your request. For Joint life contracts, the death benefit is payable upon the second owner's death. The death benefit is equal to your account value or, if greater, the Guaranteed minimum death benefit. We determine the amount of the applicable death benefit as of the date we receive satisfactory proof of the owner's, successor owner's, or annuitant's death (as applicable), any required instructions for the method of payment, information and forms necessary to effect payment. See the chart above in this section for more information. The beneficiary will receive the death benefit in a single sum. Payment of the death benefit in a single sum terminates all rights and any applicable guarantees under the contract, including the Guaranteed Withdrawal Benefit for Life. Subject to any exceptions in the contract, our rules and any applicable requirements under federal income tax rules, the beneficiary may elect to apply the death benefit to one or more annuitization options we offer at the time. See "Your annuitization options" in "Accessing your money" earlier in this prospectus. Please note that any annuitization option chosen may not extend beyond the life expectancy of the beneficiary. The Beneficiary continuation option may also be available. Federal income tax rules generally require payment of amounts under a non-qualified (NQ) annuity contract upon the death of the owner. If the owner's surviving spouse is the individual designated to receive any such payments, no payments are required to be made until after the surviving spouse's death. See discussion of "Successor owner and annuitant" below. If the person designated to receive payments under the contract upon the owner's death is not the surviving spouse, then the federal income tax rules generally require payments of amounts under the contract to be made within five years of the owner's death. A five year delay is unavailable unless the beneficiary elects the Beneficiary continuation option. In certain cases, an individual beneficiary may opt to receive payments over his/her life (or over a period not in excess of his/her life expectancy) if payments commence within one year of the owner's death. See discussion of the "Beneficiary continuation option" below. SPOUSAL CONTINUATION If you are the contract owner under a Single life contract and your spouse is the sole primary beneficiary, your spouse may elect to continue the contract as successor owner upon your death. The determination of spousal status is made under applicable state law; however, in the event of a conflict between federal and state law, we follow federal rules. Spousal beneficiaries who are not also the Joint life must be age 85 or younger as of the date of the deceased spouse's death in order to continue the contract under Spousal continuation. If you and your spouse jointly own the contract (Joint life contract) and your spouse survives you, the contract will automatically continue upon your death. For Single life contracts, the spouse beneficiary may elect to receive the death benefit or continue the contract, as follows: o As of the date we receive satisfactory proof of your death, any required instructions, information and forms necessary, we will increase the account value to equal your Guaranteed minimum death benefit as of the date of your death if such death benefit is greater than such account value. The increase in the account value will be allocated to the variable investment options according to the allocation percentages we have on file for your contract. The Guaranteed minimum death benefit will continue, as follows: o if you elected the Standard death benefit it will continue o if you elected the Annual Ratchet to age 85 death benefit, and your spouse is age 75 or younger, the death benefit and charge will continue based on your spouse's age. If your spouse is 76 or older, we will discontinue the death benefit and charge; however, we will freeze the benefit base as of the date of your death (less the dollar amount of any subsequent withdrawals), and pay it upon your spouse's death. The Guaranteed Withdrawal Benefit for Life and its charge will terminate. For Joint life contracts: o No death benefit is payable until the death of the surviving spouse. Your guaranteed minimum death benefit (and charge, if applicable) continues. o If you elected the Annual Ratchet to age 85 death benefit, the benefit base will continue to ratchet based on the surviving spouse's age 85. o The Guaranteed Withdrawal Benefit for Life and its charge will remain in effect. For both Single life and Joint life contracts, if the deceased spouse was the annuitant, the surviving spouse becomes the annuitant. Where an NQ contract is owned by a Living Trust, as defined in the contract, and at the time of the annuitant's death the annuitant's spouse is the sole beneficiary of the Living Trust, the Trustee, as owner of the contract, may request that the spouse be substituted as annuitant as of the date of the annuitant's death. No further change of annuitant will be permitted. For NQ contracts, if there is a change in owner or primary beneficiary, the Spousal continuation option will be terminated. However, if ownership is changed from a non-natural Owner to an individual, the Guaranteed Withdrawal Benefit for Life will not terminate and the benefit will continue to be determined by the annuitant. If you divorce, Spousal continuation does not apply. BENEFICIARY CONTINUATION OPTION This feature permits a designated individual, on the contract owner's death, to maintain a contract with the deceased contract owner's 34 Effect of death To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green name on it and receive distributions under the contract, instead of receiving the death benefit in a single sum. If the designated individual exercises this option, the Guaranteed Withdrawal Benefit for Life terminates, and the charge is discontinued. This feature is not available after a supplementary contract has been issued. Under a Joint life contract, this feature is only available after the death of both the owner and the successor owner. We make this option available to beneficiaries under traditional IRA, Roth IRA, TSA and NQ contracts. BENEFICIARY CONTINUATION OPTION FOR TRADITIONAL IRA, ROTH IRA AND TSA CONTRACTS ONLY. -------------------------------------------------------------------------------- Congress has enacted a limited suspension of account-based required minimum distribution withdrawals only for calendar year 2009. No post-death required minimum distributions need to be made during 2009. For deaths occurring in 2008, the deadline for an eligible beneficiary to elect the beneficiary continuation option is September 30, 2010. Please note that for contract design administrative purposes, if the beneficiary continuation option is in effect, we will make distributions for calendar year 2009 unless the beneficiary requests in writing before we make the distribution that the beneficiary wants no required minimum distribution for calendar year 2009. -------------------------------------------------------------------------------- The beneficiary continuation option must be elected by September 30th of the year following the calendar year of your death and before any other inconsistent election is made. Beneficiaries who do not make a timely election will not be eligible for this option. Generally, payments will be made once a year to the beneficiary over the beneficiary's life expectancy (determined in the calendar year after your death and determined on a term certain basis). These payments must begin no later than December 31st of the calendar year after the year of your death. For sole spousal beneficiaries, payments may begin by December 31st of the calendar year in which you would have reached age 70-1/2, if such time is later. For traditional IRA and TSA contracts only, if you die before your Required Beginning Date for Required Minimum Distributions, as discussed later in this prospectus in "Tax information" under "Individual retirement arrangements (IRAs)," the beneficiary may choose the "5-year rule" option instead of annual payments over life expectancy. The 5-year rule is always available to beneficiaries under Roth IRA contracts. If the beneficiary chooses this option, the beneficiary may take withdrawals as desired, but the entire account value must be fully withdrawn by December 31st of the calendar year which contains the fifth anniversary of your death. Under the beneficiary continuation option for traditional IRA, Roth IRA and TSA contracts: o The contract continues with your name on it for the benefit of your beneficiary. o This feature is only available if the beneficiary is an individual. Certain trusts with only individual beneficiaries will be treated as individuals for this purpose. o As of the date we receive satisfactory proof of death, any required instructions, information and forms necessary to effect the Beneficiary continuation option feature, we will increase the account value to equal the applicable death benefit if such death benefit is greater than such account value. o If there is more than one beneficiary, each beneficiary's share will be separately accounted for. It will be distributed over the beneficiary's own life expectancy, if payments over life expectancy are chosen. o The minimum amount that is required in order to elect the beneficiary continuation option is $5,000 for each beneficiary. o The beneficiary may make transfers among the variable investment options but no additional contributions will be permitted. o The Guaranteed Withdrawal Benefit for Life will no longer be in effect and charges for the benefit will stop. Also, the Guaranteed minimum death benefit feature will no longer be in effect. o The beneficiary may choose at any time to withdraw all or a portion of the account value. o Any partial withdrawal must be at least $300. o Your beneficiary will have the right to name a beneficiary to receive any remaining interest in the contract. o Upon the death of your beneficiary, the beneficiary he or she has named has the option to either continue taking required minimum distributions based on the remaining life expectancy of the deceased beneficiary or to receive any remaining interest in the contract in a lump sum. The option elected will be processed when we receive satisfactory proof of death, any required instructions for the method of payment and any required information and forms necessary to effect payment. BENEFICIARY CONTINUATION OPTION FOR NQ CONTRACTS ONLY. This feature, also known as Inherited annuity, must be elected within nine months following the date of your death and before any other inconsistent election is made. Beneficiaries who do not make a timely election will not be eligible for this option. Generally, payments will be made once a year to the beneficiary over the beneficiary's life expectancy, determined on a term certain basis and in the year payments start. These payments must begin no later than one year after the date of your death and are referred to as "scheduled payments." The beneficiary may choose the "5-year rule" instead of scheduled payments over life expectancy. If the beneficiary chooses the 5-year rule, there will be no scheduled payments. Under the 5-year rule, the beneficiary may take withdrawals as desired, but the entire account value must be fully withdrawn by the fifth anniversary of your death. Under the beneficiary continuation option for NQ contracts (regardless of whether the owner and annuitant are the same person): o This feature is only available if the beneficiary is an individual. It is not available for any entity such as a trust, even if all of the beneficiaries of the trust are individuals. o The contract continues with your name on it for the benefit of your beneficiary. Effect of death 35 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green o As of the date we receive satisfactory proof of death, any required instructions, information and forms necessary to effect the Beneficiary continuation option feature, we will increase the annuity account value to equal the applicable death benefit if such death benefit is greater than such account value. o If there is more than one beneficiary, each beneficiary's share will be separately accounted for. It will be distributed over the respective beneficiary's own life expectancy, if scheduled payments are chosen. o The minimum amount that is required in order to elect the beneficiary continuation option is $5,000 for each beneficiary. o The beneficiary may make transfers among the variable investment options but no additional contributions will be permitted. o The Guaranteed Withdrawal Benefit for Life will no longer be in effect and the charge for the benefit will stop. Also, the Guaranteed minimum death benefit feature will no longer be in effect. o The beneficiary may choose at any time to withdraw all or a portion of the account value. o Any partial withdrawals must be at least $300. o If the beneficiary chooses the "5-year rule," withdrawals may be made at any time. If the beneficiary instead chooses scheduled payments, the beneficiary must also choose between two potential withdrawal options at the time of election. If the beneficiary chooses "Withdrawal Option 1", the beneficiary cannot later withdraw funds in addition to the scheduled payments the beneficiary is receiving; "Withdrawal Option 1" permits total surrender only. "Withdrawal Option 2" permits the beneficiary to take withdrawals, in addition to scheduled payments, at any time. However, the scheduled payments under "Withdrawal Option 1" are afforded favorable tax treatment as "annuity payments." See "Taxation of nonqualified annuities" in "Tax Information" later in this prospectus. o Your beneficiary will have the right to name a beneficiary to receive any remaining interest in the contract on the beneficiary's death. o Upon the death of your beneficiary, the beneficiary he or she has named has the option to either continue taking scheduled payments based on the remaining life expectancy of the deceased beneficiary (if scheduled payments were chosen) or to receive any remaining interest in the contract in a lump sum. We will pay any remaining interest in the contract in a lump sum if your beneficiary elects the 5-year rule. The option elected will be processed when we receive satisfactory proof of death, any required instructions for the method of payment and any required information and forms necessary to effect payment. If the owner and annuitant are not the same person: o The beneficiary automatically becomes the new annuitant of the contract, replacing the existing annuitant. 36 Effect of death To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 7. Tax information -------------------------------------------------------------------------------- OVERVIEW In this part of the prospectus, we discuss the current federal income tax rules that generally apply to At Retirement(SM) contracts owned by United States individual taxpayers. The tax rules can differ, depending on the type of contract, whether NQ, traditional IRA, Roth IRA or TSA. Therefore, we discuss the tax aspects of each type of contract separately. Federal income tax rules include the United States laws in the Internal Revenue Code, and Treasury Department Regulations and Internal Revenue Service ("IRS") interpretations of the Internal Revenue Code. These tax rules may change without notice. We cannot predict whether, when, or how these rules could change. Any change could affect contracts purchased before the change. Congress may also consider proposals in the future to comprehensively reform or overhaul the United States tax and retirement systems, which if enacted, could affect the tax benefits of a contract. We cannot predict what, if any, legislation will actually be proposed or enacted. We cannot provide detailed information on all tax aspects of the contracts. Moreover, the tax aspects that apply to a particular person's contract may vary depending on the facts applicable to that person. We do not discuss state income and other state taxes, federal income tax and withholding rules for non-U.S. taxpayers, or federal gift and estate taxes. Transfers of the contract, rights or values under the contract, or payments under the contract, for example, amounts due to beneficiaries, may be subject to federal or state gift, estate, or inheritance taxes. You should not rely only on this document, but should consult your tax adviser before your purchase. BUYING A CONTRACT TO FUND A RETIREMENT ARRANGEMENT Generally, there are two types of funding vehicles that are available for Individual Retirement Arrangements ("IRAs"): an individual retirement annuity contract such as the ones offered in this Prospectus, or a custodial or trusteed individual retirement account. Similarly, a 403(b) plan can be funded through a 403(b) annuity contract or a 403(b)(7) custodial account. How these arrangements work, including special rules applicable to each, are described in the specific sections for each type of arrangement, below. You should be aware that the funding vehicle for a tax-qualified arrangement does not provide any tax deferral benefit beyond that already provided by the Code for all permissible funding vehicles. Before choosing an annuity contract, therefore, you should consider the annuity's features and benefits, such as the death benefit, the Guaranteed Withdrawal Benefit for Life, its selection of variable investment options, and its choices of annuitization options, as well as the features and benefits of other permissible funding vehicles and the relative costs of annuities and other arrangements. You should be aware that cost may vary depending on the features and benefits made available and the charges and expenses of the variable investment options that you elect. Certain provisions of the Treasury Regulations on required minimum distributions concerning the actuarial present value of additional contract benefits could increase the amount required to be distributed from annuity contracts funding TSAs and IRAs. For this purpose additional annuity contract benefits may include, but are not limited to, guaranteed benefits and enhanced death benefits. You should consider the potential implication of these Regulations before you purchase this annuity contract. TRANSFERS AMONG VARIABLE INVESTMENT OPTIONS You can make transfers among variable investment options inside the contract without triggering taxable income. TAXATION OF PAYMENTS FROM NQ CONTRACTS CONTRIBUTIONS You may not deduct the amount of your contributions to a nonqualified annuity contract. CONTRACT EARNINGS Generally, you are not taxed on contract earnings until you receive a distribution from your contract. However, earnings are taxable, even without a distribution: o if a contract fails investment diversification requirements as specified in federal income tax rules (these rules are based on or are similar to those specified for mutual funds under the securities laws); o if you transfer a contract, for example, as a gift to someone other than your spouse (or former spouse); o if you use a contract as security for a loan (in this case, the amount pledged will be treated as a distribution); and o if the owner is other than an individual (such as a corporation, partnership, trust, or other non-natural person). This provision does not apply to a trust which is a mere agent or nominee for an individual, such as a grantor trust. All nonqualified deferred annuity contracts that AXA Equitable and its affiliates issue to you during the same calendar year are linked together and treated as one contract for calculating the taxable amount of any distribution from any of those contracts. TAXATION OF LIFETIME WITHDRAWALS We treat Guaranteed annual payments and other withdrawals as non-annuity payments for income tax purposes. These withdrawals are taxable to you as ordinary income if there are earnings in the contract. Generally, earnings are your account value less your investment in the contract. Generally, your investment in the contract equals the contributions you made, less any amounts you previously withdrew that Tax information 37 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green were not taxable. If you withdraw an amount which is more than the earnings in the contract as of the date of the withdrawal, the balance of the distribution is treated as a return of your investment in the contract and is not taxable. It reduces the investment in the contract. ANNUITY PAYMENTS Guaranteed annual payments that are continued after your account value goes to zero under a supplementary life annuity contract, as discussed under "Guaranteed Withdrawal Benefit for Life" in "Contract features and benefits" earlier in this prospectus, as well as annuitization payments that are based on the annuitant's life or life expectancy, are considered annuity payments for tax purposes. Once annuity payments begin, a portion of each payment is taxable as ordinary income. You get back the remaining portion without paying taxes on it. This is your unrecovered investment in the contract. Generally, your investment in the contract equals the contributions you made, less any amounts you previously withdrew that were not taxable. In order to get annuity payment tax treatment described here, all amounts under the contract must be applied to an annuity payout option; we do not "partially annuitize" nonqualified deferred annuity contracts. For fixed annuity payments, the tax-free portion of each payment is determined by (1) dividing your unrecovered investment in the contract by the total amount you are expected to receive out of the contract, and (2) multiplying the result by the amount of the payment. For variable annuity payments, your tax-free portion of each payment is your investment in the contract divided by the number of expected payments. Once you have received the amount of your investment in the contract, all payments after that are fully taxable. If payments under a life annuity stop because the annuitant dies, there is an income tax deduction for any unrecovered investment in the contract. PAYMENTS MADE BEFORE ANNUITY PAYMENTS BEGIN If you make withdrawals before annuity payments begin under your contract, they are taxable to you as ordinary income if there are earnings in the contract. Generally, earnings are your account value less your investment in the contract. If you withdraw an amount which is more than the earnings in the contract as of the date of the withdrawal, the balance of the distribution is treated as a return of your investment in the contract and is not taxable. CONTRACTS PURCHASED THROUGH EXCHANGES The sole way to purchase an At Retirement(SM) NQ contract is through a transfer of funds from the original EQUI-VEST(R) or EQUI-VEST(R) Express(SM) NQ contract which is the source contract. Normally, exchanges of contracts are taxable events. The transfer will be a tax deferred exchange under Section 1035 of the Internal Revenue Code if: o The contract that is the source of the funds you are using to purchase the NQ contract is another nonqualified deferred annuity contract. o The owner and the annuitant are the same under the original EQUI-VEST(R) or EQUI-VEST(R) Express(SM) NQ contract and the At Retirement(SM) NQ contract. The tax basis, also referred to as your investment in the contract, of the original EQUI-VEST(R) or EQUI-VEST(R) Express(SM) NQ contract carries over to the At Retirement(SM) NQ contract. Partial 1035 exchanges are not available to purchase an At Retirement(SM) contract. Section 1035 exchanges are generally not available after the death of the owner or annuitant, as applicable. SURRENDERS If you surrender or cancel the contract, the distribution is taxable as ordinary income (not capital gain) to the extent it exceeds your investment in the contract. A surrender will terminate or alter the Guaranteed Withdrawal Benefit for Life. DEATH BENEFIT PAYMENTS MADE TO A BENEFICIARY AFTER YOUR DEATH For the rules applicable to death benefits, see "Effect of death" earlier in this prospectus. The tax treatment of a death benefit taken as a single sum is generally the same as the tax treatment of a withdrawal from or surrender of your contract. The tax treatment of a death benefit taken as annuity payments is generally the same as the tax treatment of annuity payments under your contract. BENEFICIARY CONTINUATION OPTION We have received a private letter ruling from the IRS regarding certain tax consequences of scheduled payments under a different NQ contract for a beneficiary continuation option for NQ contracts. See the discussion "Beneficiary continuation option for NQ Contracts only" in "Effect of death" earlier in this prospectus. Among other things, the IRS rules that: o scheduled payments under a beneficiary continuation option for NQ contracts satisfy the death of owner rules of Section 72(s)(2) of the Code, regardless of whether the beneficiary elects "Withdrawal Option 1" or "Withdrawal Option 2"; o scheduled payments, any additional withdrawals under "Withdrawal Option 2", or contract surrenders under "Withdrawal Option 1" will only be taxable to the beneficiary when amounts are actually paid, regardless of the "Withdrawal Option" selected by the beneficiary; o a beneficiary who irrevocably elects scheduled payments with "Withdrawal Option 1" will receive "excludable amount" tax treatment on scheduled payments. See "Annuity payments" earlier in this section. If the beneficiary elects to surrender the contract before all scheduled payments are paid, the amount received upon surrender is a non-annuity payment taxable to the extent it exceeds any remaining investment in the contract. The ruling specifically does not address the taxation of any payments received by a beneficiary electing "Withdrawal Option 2" (whether scheduled payments or any withdrawal that might be taken). 38 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green The tax treatment of a withdrawal after the death of the owner taken as a single sum or taken as withdrawals under the 5-year rule is generally the same as the tax treatment of a withdrawal from or surrender of your contract. EARLY DISTRIBUTION PENALTY TAX If you take distributions before you are age 59-1/2, a penalty tax of 10% of the taxable portion of your distribution applies in addition to the income tax. Some of the available exceptions to the pre-age 59-1/2 penalty tax include distributions made: o on or after your death; or o because you are disabled (special federal income tax definition); or o in the form of substantially equal periodic annuity payments for your life (or life expectancy), or the joint lives (or joint life expectancy) of you and a beneficiary, in accordance with IRS formulas. We do not anticipate that Guaranteed annual payments made under the Guaranteed Withdrawal Benefit for Life's Maximum or Customized payment plan or taken as lump sums will qualify for this exception if made before age 59-1/2. INVESTOR CONTROL ISSUES Under certain circumstances, the IRS has stated that you could be treated as the owner (for tax purposes) of the assets of Separate Account A. If you were treated as the owner, you would be taxed on income and gains attributable to the shares of the underlying portfolios. The circumstances that would lead to this tax treatment would be that, in the opinion of the IRS, you could control the underlying investment of Separate Account A. The IRS has said that the owners of variable annuities will not be treated as owning the separate account assets provided the underlying portfolios are restricted to variable life and annuity assets. The variable annuity owners must have the right only to choose among the portfolios, and must have no right to direct the particular investment decisions within the portfolios. Although we believe that, under current IRS guidance, you would not be treated as the owner of the assets of Separate Account A, the IRS could reverse its current guidance at any time. We reserve the right to modify your contract as necessary to prevent you from being treated as the owner of the assets of Separate Account A. INDIVIDUAL RETIREMENT ARRANGEMENTS (IRAS) GENERAL "IRA" stands for individual retirement arrangement. There are two basic types of such arrangements, individual retirement accounts and individual retirement annuities. In an individual retirement account, a trustee or custodian holds the assets funding the account for the benefit of the IRA owner. The assets typically include mutual funds and/or individual stocks and securities in a custodial account, and bank certificates of deposit in a trusteed account. In an individual retirement annuity, an insurance company issues an annuity contract that serves as the IRA. There are two basic types of IRAs, as follows: o Traditional IRAs, typically funded on a pre-tax basis, including SEP-IRAs and SIMPLE IRAs issued and funded in connection with employer-sponsored retirement plans; and o Roth IRAs, funded on an after-tax basis. Regardless of the type of IRA, your ownership interest in the IRA cannot be forfeited. You or your beneficiaries who survive you are the only ones who can receive the IRA's benefits or payments. All types of IRAs qualify for tax deferral, regardless of the funding vehicle selected. You can hold your IRA assets in as many different accounts and annuities as you would like, as long as you meet the rules for setting up and making contributions to IRAs. However, if you own multiple IRAs, you may be required to combine IRA values or contributions for tax purposes. For further information about individual retirement arrangements, you can read Internal Revenue Service Publication 590 ("Individual Retirement Arrangements (IRAs)"). This publication is usually updated annually, and can be obtained from any IRS district office or the IRS website (www.irs.gov). AXA Equitable designs its IRA contracts to qualify as individual retirement annuities under Section 408(b) of the Internal Revenue Code. You may purchase the contract as a traditional IRA or Roth IRA. This prospectus contains the information that the IRS requires you to have before you purchase an IRA. The first section covers some of the special tax rules that apply to traditional IRAs. The next section covers Roth IRAs. We describe the amount and types of charges that may apply to your contributions under "Charges and expenses" earlier in this prospectus. We describe the method of calculating payments under "Accessing your money" earlier in this prospectus. We do not guarantee or project growth in your variable income annuitization option payments (as opposed to payments from the fixed income annuitization option). We have not applied for an opinion letter from the IRS approving the forms of the At Retirement(SM) contract as a traditional or Roth IRA, respectively. Such IRS approval is a determination only as to the form of the annuity and does not represent a determination of the merits of the annuity as an investment. Your right to cancel within a certain number of days You can cancel any version of the At Retirement(SM) IRA contract (traditional IRA or Roth IRA) by following the directions in "Your right to cancel within a certain number of days" under "Contract features and benefits" earlier in this prospectus. If you cancel a traditional IRA or Roth IRA contract, we may have to withhold tax, and we must report the transaction to the IRS. A contract cancellation could have an unfavorable tax impact. TRADITIONAL INDIVIDUAL RETIREMENT ANNUITIES (TRADITIONAL IRAS) Funding. Individuals may generally make three different types of contributions to purchase a traditional IRA or as additional contributions to an existing IRA: o "regular" contributions out of earned income or compensation; or Tax information 39 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green o tax-free "rollover" contributions; or o direct custodian-to-custodian transfers from other traditional IRAs ("direct transfers"). This IRA may be funded through direct transfer of funds only and not through regular or rollover contributions, Withdrawals, payments and transfers of funds out of traditional IRAs No federal income tax law restrictions on withdrawals. You can withdraw any or all of your funds from a traditional IRA at any time. You do not need to wait for a special event like retirement. Taxation of payments. Earnings in traditional IRAs are not subject to federal income tax until you or your beneficiary receive them. Taxable payments or distributions include withdrawals from your contract, surrender of your contract and annuity payments from your contract. Death benefits are also taxable. Except as discussed below, the total amount of any distribution from a traditional IRA must be included in your gross income as ordinary income. We report all payments from traditional IRA contracts on IRS Form 1099R as fully taxable. If you have ever made nondeductible IRA contributions to any traditional IRA (it does not have to be to this particular traditional IRA contract), those contributions are recovered tax free when you get distributions from any traditional IRA. It is your responsibility to keep permanent tax records of all your nondeductible contributions to traditional IRAs so that you can correctly report the taxable amount of any distribution on your own tax return. At the end of any year in which you have received a distribution from any traditional IRA, you calculate the ratio of your total nondeductible traditional IRA contributions (less any amounts previously withdrawn tax free) to the total account balances of all traditional IRAs you own at the end of the year plus all traditional IRA distributions made during the year. Multiply this by all distributions from the traditional IRA during the year to determine the nontaxable portion of each distribution. A distribution from a traditional IRA is not taxable if: o the amount received is a withdrawal of excess contributions, under technical income tax rules; or o the entire amount received is rolled over to another traditional IRA or other eligible retirement plan which agrees to accept the funds. ROLLOVERS FROM TRADITIONAL IRAS TO TRADITIONAL IRAS You may roll over amounts from one traditional IRA to one or more of your other traditional IRAs if you complete the transaction within 60 days after you receive the funds. You may make such a rollover only once in every 12-month period for the same funds. Trustee-to-trustee or custodian-to-custodian direct transfers are not rollover transactions. You can make these more frequently than once in every 12-month period. SPOUSAL ROLLOVER AND DIVORCE-RELATED DIRECT TRANSFERS The surviving spouse beneficiary of a deceased individual can roll over funds from, or directly transfer funds from, an inherited traditional IRA to one or more other traditional IRAs. Also, in some cases, traditional IRAs can be transferred on a tax-free basis between spouses or former spouses as a result of a court ordered divorce or separation decree. ROLLOVERS TO ELIGIBLE RETIREMENT PLANS The following are eligible to receive rollovers of distributions from a traditional IRA: a qualified plan, a 403(b) plan or a governmental employer 457(b) plan. After-tax contributions in a traditional IRA cannot be rolled from your traditional IRA into, or back into, a qualified plan, TSA or governmental employer 457(b) plan. Before you decide to roll over a distribution from a traditional IRA to another eligible retirement plan, you should check with the administrator of that plan about whether the plan accepts rollovers and, if so, the types it accepts. You should also check with the administrator of the receiving plan about any documents required to be completed before it will accept a rollover. Distributions from a traditional IRA are not eligible for favorable ten-year averaging and long-term capital gain treatment available under limited circumstances for certain distributions from qualified plans. If you might be eligible for such tax treatment from your qualified plan, you may be able to preserve such tax treatment even though an eligible rollover from a qualified plan is temporarily rolled into a "conduit IRA" before being rolled back into a qualified plan. See your tax adviser. Certain distributions from IRAs in 2009 directly transferred to charitable organizations may be tax-free to IRA owners age 70 -1/2 or older. Required minimum distributions Background on Regulations--Required Minimum Distributions. Distributions must be made from traditional IRAs according to rules contained in the Code and Treasury Regulations. Certain provisions of the Treasury Regulations require that the actuarial present value of additional annuity contract benefits must be added to the dollar amount credited for purposes of calculating certain types of required minimum distributions from individual retirement annuity contracts. For this purpose additional annuity contract benefits may include, but are not limited to, guaranteed withdrawal benefits. This 40 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green could increase the amount required to be distributed from these contracts if you take annual withdrawals instead of annuitizing. Please consult your tax adviser concerning applicability of these complex rules to your situation. -------------------------------------------------------------------------------- Congress has enacted a limited suspension of account-based required minimum distribution withdrawals only for calendar year 2009. The suspension does not apply to annuity payments. The suspension does not affect the determination of the Required Beginning Date. Neither lifetime nor post-death required minimum distributions need to be made during 2009. Please note that if you have previously elected to have amounts automatically withdrawn from a contract to meet required minimum distribution rules (for example, our "required minimum distribution (RMD) automatic withdrawal option" or our "beneficiary continuation option" under a deceased individual's IRA contract) we will make distributions for calendar year 2009 unless you request in writing before we make the distribution that you want no required minimum distribution for calendar year 2009. If you receive a distribution which would have been a lifetime required minimum distribution (but for the 2009 suspension), you may preserve the tax deferral on the distribution by rolling it over within 60 days after you receive it to an IRA or other eligible retirement plan. Please note that any distribution to a nonspousal beneficiary which would have been a post-death required minimum distribution (but for the 2009 suspension) are not eligible for the 60-day rollover. -------------------------------------------------------------------------------- Lifetime required minimum distributions. You must start taking annual distributions from your traditional IRAs for the year in which you turn age 70-1/2. When you have to take the first lifetime required minimum distribution. The first required minimum distribution is for the calendar year in which you turn age 70-1/2. You have the choice to take this first required minimum distribution during the calendar year you actually reach age 70-1/2, or to delay taking it until the first three-month period in the next calendar year (January 1-April 1). Distributions must start no later than your Required Beginning Date, which is April 1st of the calendar year after the calendar year in which you turn age 70-1/2. If you choose to delay taking the first annual minimum distribution, then you will have to take two minimum distributions in that year -- the delayed one for the first year and the one actually for that year. Once minimum distributions begin, they must be made each year. How you can calculate required minimum distributions. There are two approaches to taking required minimum distributions -- "account-based" or "annuity-based." ACCOUNT-BASED METHOD. If you choose an account-based method, you divide the value of your traditional IRA as of December 31st of the past calendar year by a number corresponding to your age from an IRS table. This gives you the required minimum distribution amount for that particular IRA for that year. If your spouse is your sole beneficiary and more than 10 years younger than you, the dividing number you use may be from another IRS table and may produce a smaller lifetime required minimum distribution amount. Regardless of the table used, the required minimum distribution amount will vary each year as the account value, the actuarial present value of additional annuity contract benefits, if applicable, and the divisor change. If you initially choose an account-based method, you may later apply your traditional IRA funds to a life annuity-based payout with any certain period not exceeding remaining life expectancy, determined in accordance with IRS tables. ANNUITY-BASED METHOD. If you choose an annuity-based method, you do not have to do annual calculations. You apply the account value to an annuity payout for your life or the joint lives of you and a designated beneficiary or for a period certain not extending beyond applicable life expectancies, determined in accordance with IRS tables. Do you have to pick the same method to calculate your required minimum distributions for all of your traditional IRAs and other retirement plans? No. If you want, you can choose a different method for each of your traditional IRAs and other retirement plans. For example, you can choose an annuity payout from one IRA, a different annuity payout from a qualified plan and an account-based annual withdrawal from another IRA. Will we pay you the annual amount every year from your traditional IRA based on the method you choose? We will only pay you automatically if you affirmatively select an annuitization option or an account-based withdrawal option such as our " required minimum distribution (RMD) automatic withdrawal option." If you elect our RMD automatic withdrawal option, any RMD payment we make to you in December will not be treated as an Excess withdrawal as described earlier in this prospectus under "Lifetime required minimum distribution withdrawals" in "Accessing your money." Even if you do not enroll under our withdrawal option program we will calculate the amount of the required minimum distribution withdrawal for you, if you so request in writing. However, in that case you will be responsible for asking us to pay the required minimum distribution withdrawal to you. Also, the IRS will let you calculate the required minimum distribution for each traditional IRA that you maintain, using the method that you picked for that particular IRA. You can add these required minimum distribution amount calculations together. As long as the total amount you take out every year satisfies your overall traditional IRA required minimum distribution amount, you may choose to take your annual required minimum distribution from any one or more traditional IRAs that you own. What if you take more than you need to for any year? The required minimum distribution amount for your traditional IRAs is calculated on a year-by-year basis. There are no carry-back or carry-forward provisions. Also, you cannot apply required minimum distribution amounts you take from your qualified plans to the amounts you have to take from your traditional IRAs and vice versa. What if you take less than you need to for any year? Your IRA could be disqualified, and you could have to pay tax on the entire value. Even if your IRA is not disqualified, you could have to pay a 50% penalty tax on the shortfall (required amount for traditional IRAs less amount actually taken). It is your responsibility to meet the required minimum distribution rules. We will remind you when our records show that -you are within the age group which must take lifetime required minimum distributions. If you do not select a method with us, we will assume you are taking your required minimum distribution from another traditional IRA that you own. Tax information 41 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green What are the required minimum distribution payments after you die? These could vary depending on whether you die before or after your Required Beginning Date for lifetime required minimum distribution payments, and the status of your beneficiary. The following assumes that you have not yet elected an annuity-based payout at the time of your death. If you elect an annuity-based payout, payments (if any) after your death must be made at least as rapidly as when you were alive. Individual beneficiary. Regardless of whether your death occurs before or after your Required Beginning Date, an individual death beneficiary calculates annual post-death required minimum distribution payments based on the beneficiary's life expectancy using the "term certain method." That is, he or she determines his or her life expectancy using the IRS-provided life expectancy tables as of the calendar year after the owner's death and reduces that number by one each subsequent year. If you die before your Required Beginning Date, the rules permit any individual beneficiary, including a spousal beneficiary, to elect instead to apply the "5-year rule." Under this rule, instead of annual payments having to be made beginning with the first in the year following the owner's death, the entire account must be distributed by the end of the calendar year which contains the fifth anniversary of the owner's death. No distribution is required before that fifth year. Spousal beneficiary. If you die after your Required Beginning Date, and your death beneficiary is your surviving spouse, your spouse has a number of choices. Post-death distributions may be made over your spouse's single life expectancy. Any amounts distributed after that surviving spouse's death are made over the spouse's life expectancy calculated in the year of his/her death, reduced by one for each subsequent year. In some circumstances, your surviving spouse may elect to become the owner of the traditional IRA and halt distributions until he or she reaches age 70-1/2, or roll over amounts from your traditional IRA into his/her own traditional IRA or other eligible retirement plan. If you die before your Required Beginning Date, and the death beneficiary is your surviving spouse, the rules permit the spouse to delay starting payments over his/her life expectancy until the year in which you would have attained age 70-1/2. Non-individual beneficiary. If you die after your Required Beginning Date, and your death beneficiary is a non-individual, such as the estate, the rules permit the beneficiary to calculate post-death required minimum distribution amounts based on the owner's life expectancy in the year of death. However, note that we need an individual annuitant to keep an annuity contract in force. If the beneficiary is not an individual, we must distribute amounts remaining in the annuity contract after the death of the annuitant. If you die before your Required Beginning Date for lifetime required minimum distribution payments, and the death beneficiary is a non-individual, such as the estate, the rules continue to apply the 5-year rule discussed earlier under "Individual beneficiary." Please note that we need an individual annuitant to keep an annuity contract in force. If the beneficiary is not an individual, we must distribute amounts remaining in the annuity contract after the death of the annuitant. SPOUSAL CONTINUATION If the contract is continued under spousal continuation then no death benefit is required to be paid until after your surviving spouse's death. The required minimum distribution rules are applied as if your surviving spouse is the contract owner. Payments to a beneficiary after your death IRA death benefits are taxed the same as IRA distributions. Borrowing and loans are prohibited transactions You cannot get loans from a traditional IRA. You cannot use a traditional IRA as collateral for a loan or other obligation. If you borrow against your IRA or use it as collateral, its tax-favored status will be lost as of the first day of the tax year in which this prohibited event occurs. If this happens, you must include the value of the traditional IRA in your federal gross income. Also, the early distribution penalty tax of 10% may apply if you have not reached age 59-1/2 before the first day of that tax year. Early distribution penalty tax A penalty tax of 10% of the taxable portion of a distribution applies to distributions from a traditional IRA made before you reach age 59-1/2. Some of the available exceptions to the pre-age 59-1/2 penalty tax include distributions: o on or after your death; or o because you are disabled (special federal income tax definition); or o used to pay certain extraordinary medical expenses (special fed eral income tax definition); or o used to pay medical insurance premiums for unemployed indi viduals (special federal income tax definition); or o used to pay certain first-time home buyer expenses (special fed eral income tax definition; $10,000 lifetime total limit for these distributions from all your traditional and Roth IRAs); or o used to pay certain higher education expenses (special federal income tax definition); or o in the form of substantially equal periodic payments made at least annually over your life (or your life expectancy) or over the joint lives of you and your beneficiary (or your joint life expectancies) using an IRS-approved distribution method. We do not anticipate that Guaranteed annual payments made under the Guaranteed Withdrawal Benefit for Life Maximum or Customized payment plan or taken as lump sums will qualify for this exception if made before age 59-1/2. ROTH INDIVIDUAL RETIREMENT ANNUITIES (ROTH IRAS) This section of the prospectus covers some of the special tax rules that apply to Roth IRAs. If the rules are the same as those that apply to the traditional IRA, we will refer you to the same topic under "traditional IRAs." The At Retirement(SM) Roth IRA contract is designed to qualify as a Roth individual retirement annuity under Sections 408A(b) and 408(b) of the Internal Revenue Code. 42 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Contributions to Roth IRAs Individuals may generally make four different types of contributions to a Roth IRA: o regular after-tax contributions out of earnings; or o taxable rollover contributions from traditional IRAs or other eli gible retirement plans ("conversion rollover" contributions); or o tax-free rollover contributions from other Roth arrangements; or o tax-free direct custodian-to-custodian transfers from other Roth IRAs ("direct transfers"). This Roth IRA may be funded only through direct transfer of funds and not through regular Roth IRA contributions or rollover contributions. Also, if the funds are originally in a traditional IRA, you must convert to Roth IRA in your original EQUI-VEST(R) or EQUI-VEST(R) Express(SM) contract before you apply the funds to an At Retirement(SM) contract. RECHARACTERIZATIONS Generally, you may be able to treat a contribution made to one type of IRA as having been made to a different type of IRA. This is called recharacterizing the contribution. Any recharacterization of a Roth IRA contribution to a traditional IRA contribution, if available, must be done in the original EQUI-VEST(R) or EQUI-VEST(R) Express(SM) Roth IRA contract and not in an At Retirement(SM) contract. Withdrawals, payments and transfers of funds out of Roth IRAs No federal income tax law restrictions on withdrawals. You can withdraw any or all of your funds from a Roth IRA at any time; you do not need to wait for a special event like retirement. Distributions from Roth IRAs Distributions include withdrawals from your contract, surrender of your contract and annuity payments from your contract. Death benefits are also distributions. You must keep your own records of regular and conversion contributions to all Roth IRAs to assure appropriate taxation. You may have to file information on your contributions to and distributions from any Roth IRA on your tax return. You may have to retain all income tax returns and records pertaining to such contributions and distributions until your interests in all Roth IRAs are distributed. Like traditional IRAs, taxable distributions from a Roth IRA are not entitled to the special favorable ten-year averaging and long-term capital gain treatment available in limited cases to certain distributions from qualified plans. The following distributions from Roth IRAs are free of income tax: o Rollovers from a Roth IRA to another Roth IRA; o Direct transfers from a Roth IRA to another Roth IRA; o Qualified distributions from a Roth IRA; and o Return of excess contributions or amounts recharacterized to a traditional IRA. You may roll over amounts from one Roth IRA to another Roth IRA if you complete the transaction within 60 days of when you receive the funds. This can be accomplished on a completely tax-free basis. However, you may make Roth IRA to Roth IRA rollover transactions only once in any 12-month period for the same funds. Trustee-to-trustee or custodian-to-custodian direct transfers can be made more frequently than once a year. The surviving spouse beneficiary of a deceased individual can roll over or directly transfer an inherited Roth IRA to one or more other Roth IRAs. In some cases, Roth IRAs can be transferred on a tax-free basis between spouses or former spouses as a result of a court-ordered divorce or separation decree. Qualified distributions from Roth IRAs. Qualified distributions from Roth IRAs made because of one of the following four qualifying events or reasons are not includable in income: o you are age 59-1/2 or older; or o you die; or o you become disabled (special federal income tax definition); or o your distribution is a "qualified first-time homebuyer distribution" (special federal income tax definition; $10,000 lifetime total limit for these distributions from all of your traditional and Roth IRAs). You also have to meet a five-year aging period. A qualified distribution is any distribution made after the five-taxable-year period beginning with the first taxable year for which you made any contribution to any Roth IRA (whether or not the one from which the distribution is being made). Nonqualified distributions from Roth IRAs. Nonqualified distributions from Roth IRAs are distributions that do not meet both the qualifying event and five-year aging period tests described above. If you receive such a distribution, part of it may be taxable. For purposes of determining the correct tax treatment of distributions (other than the withdrawal of excess contributions and the earnings on them), there is a set order in which contributions (including conversion contributions) and earnings are considered to be distributed from your Roth IRA. The order of distributions is as follows: (1) Regular contributions. (2) Conversion contributions, on a first-in-first-out basis (generally, total conversions from the earliest year first). These conversion contributions are taken into account as follows: (a) Taxable portion (the amount required to be included in gross income because of conversion) first, and then the (b) Nontaxable portion. (3) Earnings on contributions. Rollover contributions from other Roth IRAs are disregarded for this purpose. To determine the taxable amount distributed, distributions and contributions are aggregated or grouped and added together as follows: (1) All distributions made during the year from all Roth IRAs you maintain -- with any custodian or issuer -- are added together. Tax information 43 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green (2) All regular contributions made during and for the year (contribu tions made after the close of the year, but before the due date of your return) are added together. This total is added to the total undistributed regular contributions made in prior years. (3) All conversion contributions made during the year are added together. For purposes of the ordering rules, in the case of any conversion in which the conversion distribution is made in 2009 and the conversion contribution is made in 2010, the conversion contribution is treated as contributed prior to other conversion contributions made in 2010. Any recharacterized contributions that end up in a Roth IRA are added to the appropriate contribution group for the year that the original contribution would have been taken into account if it had been made directly to the Roth IRA. Any recharacterized contribution that ends up in an IRA other than a Roth IRA is disregarded for the purpose of grouping both contributions and distributions. Any amount withdrawn to correct an excess contribution (including the earnings withdrawn) is also disregarded for this purpose. Required minimum distributions during life Lifetime required minimum distributions do not apply. Required minimum distributions at death Same as traditional IRA under "What are the required minimum distribution payments after you die?", assuming death before the Required Beginning Date. The suspension of account-based required minimum distribution withdrawals for calendar year 2009 applies to post-death required minimum distribution withdrawals from Roth IRAs. Payments to a beneficiary after your death Distributions to a beneficiary generally receive the same tax treatment as if the distribution had been made to you. Borrowing and loans are prohibited transactions Same as traditional IRA. Early distribution penalty tax Same as traditional IRA. TAX-SHELTERED ANNUITY CONTRACTS (TSAS) General This section of the prospectus reflects our current understanding of some of the special federal income tax rules applicable to annuity contracts used to fund employer plans under Section 403(b) of the Internal Revenue Code. We refer to these contracts as "403(b) annuity contracts" or "Tax Sheltered Annuity contracts (TSAs)". If the rules are the same as those that apply to another kind of contract, for example, traditional IRAs, we will refer you to the same topic under "traditional IRAs." -------------------------------------------------------------------------------- The disclosure generally assumes that the TSA has 403(b) contract status or qualifies as a 403(b) contract. Due to Internal Revenue Service and Treasury regulatory changes in 2007 which became fully effective on January 1, 2009, contracts issued prior to 2009 which qualified as 403(b) contracts under the rules at the time of issue may lose their status as 403(b) contracts or have the availability of transactions under the contract restricted as of January 1, 2009 unless the individual's employer or the individual takes certain actions. Please consult your tax adviser regarding the effect of these rules (which may vary depending on the owner's employment status, plan participation status, and when and how the contract was acquired) on your personal situation. -------------------------------------------------------------------------------- Final Regulations under Section 403(b) In 2007, the IRS and the Treasury Department published final Treasury Regulations under Section 403(b) of the Code (2007 Regulations). As a result, there are significant revisions to the establishment and operation of plans and arrangements under Section 403(b) of the Code, and the contracts issued to fund such plans. These rules became fully effective on January 1, 2009, but various transition rules applied beginning in 2007. There are a number of uncertainties regarding the application of these rules. The 2007 Regulations raise a number of questions as to the effect of the 2007 Regulations on 403(b) TSA contracts issued prior to the effective date of the 2007 Regulations. The IRS has issued guidance intended to clarify some of these questions, and may issue further guidance in future years. Permissible investments. The 2007 Regulations retain the rule that there are generally two types of investments available to fund 403(b) plans -- an annuity contract under Section 403(b)(1) of the Internal Revenue Code or a custodial account that invests only in mutual funds and which is treated as an annuity contract under Section 403(b)(7) of the Code. Both types of 403(b) funding vehicles qualify for tax deferral. Employer plan requirement. The thrust of the 2007 Regulations is to require a written plan document for section 403(b) plans. The 2007 Regulations require employers sponsoring 403(b) plans as of January 1, 2009 to have a written plan designating administrative responsibilities for various functions under the plan, and the plan in operation must conform to the plan terms. The IRS has announced relief measures for failure to have a written plan finalized by the beginning of 2009, as long as the written plan is adopted by December 31, 2009, and the plan operates in accordance with the 2007 Regulations beginning by January 1, 2009. As part of this process, the sponsoring employer must also designate the insurance companies or mutual fund companies to which it will make contributions to purchase 403(b) annuity contracts or 403(b)(7) 44 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green custodial accounts under its 403(b) plan. These companies are typically referred to as "approved providers" or "approved vendors" under the employer's 403(b) plan, although such terms are not used in the 2007 Regulations. If AXA Equitable is not an approved provider under an employer's 403(b) plan, active participants in that employer's plan may have to transfer funds from their EQUI-VEST(R) TSA contracts to another 403(b) plan funding vehicle in a contract exchange under the same plan in order to retain 403(b) status for those funds. Although it is not clear under the 2007 Regulations, it appears that (i) annuity contracts issued to employees terminating employment or retiring from service with the employer which provided the funds may not be considered as 403(b) annuity contracts if no longer part of the employer's plan, or (ii) even if such contracts retain 403(b) status (so that amounts can be rolled over into another eligible retirement plan which agrees to accept the funds), transactions may be limited. For this reason you should discuss with your tax adviser whether you should purchase an EQUI-VEST(R) At Retirement(SM) TSA contract or retain a previously-purchased contract, or instead roll it over into another eligible retirement plan which will accept the funds, such as a traditional IRA. Limitations on individual initiated direct transfers. The 2007 Regulations revoke Revenue Ruling 90-24 (Rev. Rul. 90-24), effective January 1, 2009. Prior to the 2007 Regulations, Rev. Rul. 90-24 had permitted individual-initiated, tax-free direct transfers of funds from one 403(b) contract to another, without reportable taxable income to the individual. Under the 2007 Regulations and other IRS published guidance, direct transfers made after September 24, 2007 may still be permitted with plan or employer approval as described below. Effect of the 2007 Regulations on contributions to the At Retirement(SM) TSA contract Because the At Retirement(SM) TSA contract (i) was designed to be purchased through an individual-initiated, Rev. Rul. 90-24 tax-free direct transfer of funds from one 403(b) arrangement to another and (ii) does not accept employer-remitted contributions, contributions to an At Retirement(SM) TSA contract are extremely limited as described below. At Retirement(SM) TSA contracts issued pursuant to a Rev. Rul. 90-24 direct transfer where applications and all transfer paperwork were received by our processing office in good order prior to September 25, 2007 are generally "grandfathered" as to 403(b) status. However, future transactions such as loans and distributions under such "grandfathered" contracts may result in adverse tax consequences to the owner unless the contracts are or become part of the employer's 403(b) plan, or the employer enters into an information sharing agreement with us. Direct transfer contributions A tax-free direct transfer occurs when changing the 403(b) plan funding vehicle, even if there is no distributable event. Under a direct transfer a plan participant does not receive a distribution. The 2007 Regulations provide for two types of direct transfers between 403(b) funding vehicles: "plan-to-plan transfers" and "contract exchanges within the same 403(b) plan". 403(b) plans do not have to offer these options. A "plan-to-plan transfer" must meet the following conditions: (i) both the source 403(b) plan and the recipient 403(b) plan permit plan-to-plan transfers; (ii) the transfer from one 403(b) plan to another 403(b) plan is made for a participant (or beneficiary of a deceased participant) who is an employee or former employee of the employer sponsoring the recipient 403(b) plan; (iii) immediately after the transfer the accumulated benefit of the participant (or beneficiary) whose assets are being transferred is at least equal to the participant's (or beneficiary's) accumulated benefit immediately before the transfer; (iv) the recipient 403(b) plan imposes distribution restrictions on transferred amounts at least as stringent as those imposed under the source 403(b) plan; and (v) if the plan-to-plan transfer is not a complete transfer of the participant's (or beneficiary's) interest in the source 403(b) plan, the recipient 403(b) plan treats the amount transferred as a continuation of a pro rata portion of the participant's (or beneficiary's) interest in the source 403(b) plan (for example with respect to the participant's interest in any after-tax employee contributions). We currently do not offer a 403(b) contract for a beneficiary of a deceased participant as discussed above. A "contract exchange within the same 403(b) plan" must meet the following conditions: (i) the 403(b) plan under which the contract is issued must permit contract exchanges; (ii) immediately after the exchange the accumulated benefit of the participant (or beneficiary of a deceased participant) is at least equal to the participant's (or beneficiary's) accumulated benefit immediately before the exchange (taking into account the accumulated benefit of that participant (or beneficiary) under both section 403(b) contracts immediately before the exchange); (iii) the contract issued in the exchange is subject to distribution restrictions with respect to the participant that are not less stringent than those imposed on the contract being exchanged; and (iv) the employer sponsoring the 403(b) plan and the issuer of the contract issued in the exchange agree to provide each other with specified information from time to time in the future ("an information sharing agreement"). The shared information is designed to preserve the requirements of Section 403(b), primarily to comply with loan requirements, hardship withdrawal rules, and distribution restrictions. The amount of any direct transfer contributions made to a 403(b) annuity contract must be net of the required minimum distribution for the tax year in which the contract is issued if the owner is at least age 70 -1/2 in the calendar year the contribution is made, and has retired from service with the employer who sponsored the plan or provided the funds to purchase the 403(b) annuity contract which is the source of the contribution. Distributions from TSAs GENERAL. Certain amounts under a 403(b) TSA contract may be restricted from withdrawal but these restrictions do not apply after severance from employment with the employer who provided the funds to purchase the contract. The At Retirement(SM) TSA contract is available for purchase only to TSA participants who are no longer employed with the employer who provided the funds for the purchase of the original EQUI-VEST(R) TSA contract. Prior to the 2007 Regulations, restrictions on distributions which generally apply to certain Tax information 45 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green amounts in TSAs did not apply to withdrawals or other payments for such severed-from-employment individuals. Generally, after the 2007 Regulations, employer or plan administrator consent is required for withdrawal or distribution transactions under a 403(b) annuity contract. It is not clear how the 2007 Regulations affect post-separation from service contract withdrawals from the At Retirement(SM) TSA. Processing of a requested transaction will not be completed pending receipt of information required to process the transaction under an information sharing agreement between AXA Equitable and the employer sponsoring the plan. Tax treatment of distributions. Amounts held under TSAs are generally not subject to federal income tax until benefits are distributed. Distributions include withdrawals from your TSA contract and annuity payments from your TSA contract. Death benefits paid to a beneficiary are also taxable distributions. Unless an exception applies, amounts distributed from TSAs are includable in gross income as ordinary income. (For example, there is a limited exclusion from gross income for distributions used to pay qualified health insurance premiums of an eligible retired public safety officer from eligible governmental employer 403(b) plans.) Distributions from TSAs may be subject to 20% federal income tax withholding. See "Federal and state income tax withholding and information reporting" later in this section. In addition, TSA distributions may be subject to additional tax penalties. If you have made after-tax contributions, you will have a tax basis in your TSA contract, which will be recovered tax-free. Since we currently do not accept after-tax funds, we do not track your investment in the contract, if any. We will report all distributions from this Rollover TSA as fully taxable. It is your responsibility to determine how much of the distribution is taxable. At Retirement(SM) TSA is not available if you have made designated Roth contributions to your original EQUI-VEST(R) TSA contract. Distributions before annuity payments begin. On a total surrender, the amount received in excess of the investment in the contract is taxable. The amount of any partial distribution from a TSA prior to the annuity starting date is generally taxable, except to the extent that the distribution is treated as a withdrawal of after-tax contributions. Distributions are normally treated as pro rata withdrawals of any after-tax contributions and earnings on those contributions. ANNUITY PAYMENTS Guaranteed annual payments that are continued after your account value goes to zero under a supplementary life annuity contract, as discussed under "Guaranteed Withdrawal Benefit for Life" in "Contract features and benefits" earlier in this prospectus, as well as annuitization payments that are based on the annuitant's life or life expectancy, are considered annuity payments for tax purposes. If you elect an annuitization option, you will recover any investment in the contract as each payment is received by dividing the investment in the contract by an expected return determined under an IRS table prescribed for qualified annuities. The amount of each payment not excluded from income under this exclusion ratio is fully taxable. The full amount of the payments received after your investment in the contract is recovered is fully taxable. If you (and your beneficiary under a joint and survivor annuity) die before recovering the full investment in the contract, a deduction is allowed on your (or your beneficiary's) final tax return. Payments to a beneficiary after your death. Death benefit distributions from a TSA generally receive the same tax treatment as distributions during your lifetime. In some instances, distributions from a TSA made to your surviving spouse may be rolled over to a traditional IRA or other eligible retirement plan. A surviving spouse might also be eligible to roll over a TSA death benefit to a Roth IRA in a taxable conversion rollover. A non-spousal death beneficiary may be able to directly roll over death benefits to a new inherited IRA under certain circumstances. Loans from TSAs. Loans from your At Retirement(SM) TSA contract are not permitted. TAX-DEFERRED ROLLOVERS AND FUNDING VEHICLE TRANSFERS. You may roll over an "eligible rollover distribution" from a 403(b) annuity contract into another eligible retirement plan which agrees to accept the rollover. The rollover may be a direct rollover or one you do yourself within 60 days after you receive the distribution. To the extent rolled over, a distribution remains tax-deferred. You may roll over a distribution from a 403(b) annuity contract to any of the following: another 403(b) plan funding vehicle, a qualified plan, a governmental employer 457(b) plan (separate accounting required) or a traditional IRA. A spousal beneficiary may also roll over death benefits as above. A non-spousal death beneficiary may be able to directly roll over death benefits to a new traditional inherited IRA under certain circumstances. Distributions from a 403(b) annuity contract can be rolled over to a Roth IRA. Any taxable portion of the amount rolled over will be taxed at the time of the rollover. Rollovers are subject to the Roth IRA conversion rules, which, before 2010, restrict conversions of traditional IRAs to Roth IRAs to taxpayers with adjusted gross income of no more than $100,000, whether single or married filing jointly. The taxable portion of most distributions will be eligible for rollover, except as specifically excluded under federal income tax rules. Distributions that you cannot roll over generally include periodic payments for life or for a period of 10 years or more, hardship withdrawals and required minimum distributions under federal income tax rules. Direct transfers that are: (1) contract exchanges under the same 403(b) plan, (2) direct 403(b) plan-to-403(b) plan transfers, or (3) used to purchase permissive service credits under a retirement plan are not distributions. Required minimum distributions Generally the same as traditional IRA with these differences: WHEN YOU HAVE TO TAKE THE FIRST REQUIRED MINIMUM DISTRIBUTION. The minimum distribution rules force 403(b) plan participants to start calculating and taking annual distributions from their TSAs by a required date. Generally, you must take the first required minimum distribution for the calendar year in which you turn age 70-1/2. You may be able to delay the start of required minimum distributions for all or part of your account balance until after age 70-1/2, as follows: o For 403(b) plan participants who have not retired from service 46 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green with the employer who provided the funds for the TSA by the calendar year the participant turns age 70-1/2, the required beginning date for minimum distributions is extended to April 1 following the calendar year of retirement. (This exception is unlikely to apply as severance from employment from the employer who provided the funds to purchase the original EQUI-VEST(R) TSA contract is a condition for purchasing the At Retirement(SM) TSA contract.) o 403(b) plan participants may also delay the start of required mini mum distributions to age 75 of the portion of their account value attributable to their December 31, 1986 TSA account balance, even if retired at age 70-1/2. We will know whether or not you qualify for this exception because it applies only to people who purchase their EQUI-VEST(R) TSA contract by direct transfers. The information we have from your original EQUI-VEST(R) contract carries over. Spousal Consent rules If your original EQUI-VEST(R) TSA is subject to ERISA, your purchase of At Retirement(SM) is subject to prior spousal consent. Your spouse must sign the Exchange Acknowledgment Form. In addition, unless you elect otherwise with the written consent of your spouse, the retirement benefits payable under the plan must be paid in the form of a qualified joint and survivor annuity. A qualified joint and survivor annuity is payable for the life of the annuitant with a survivor annuity for the life of the spouse in an amount not less than one-half of the amount payable to the annuitant during his or her lifetime. In addition, if you are married, the beneficiary must be your spouse, unless your spouse consents in writing to the designation of another beneficiary. If you are married and you die before annuity payments have begun, payments will be made to your surviving spouse in the form of a life annuity unless at the time of your death a contrary election was in effect. However, your surviving spouse may elect, before payments begin, to receive payments in any form permitted under the terms of the TSA contract and the plan of the employer who provided the funds for the TSA. Early distribution penalty tax A penalty tax of 10% of the taxable portion of a distribution applies to distributions from a TSA before you reach age 59-1/2. This is in addition to any income tax. There are exceptions to the extra penalty tax. Some of the available exceptions to the pre-age 59-1/2 penalty tax include distributions made: o on or after your death; or o because you are disabled (special federal income tax definition); or o to pay for certain extraordinary medical expenses (special federal income tax definition); or o in any form of payout after you have separated from service (only if the separation occurs during or after the calendar year you reach age 55); or o in a payout in the form of substantially equal periodic payments made at least annually over your life (or your life expectancy), or over the joint lives of you and your beneficiary (or your joint life expectancies) using an IRS-approved distribution method (only after you have separated from service at any age). We do not anticipate that Guaranteed annual payments made under the Guaranteed Withdrawal Benefit for Life's Maximum or Customized payment plan or taken as partial withdrawals will qualify for this exception if made before age 59-1/2. FEDERAL AND STATE INCOME TAX WITHHOLDING AND INFORMATION REPORTING We must withhold federal income tax from distributions from annuity contracts. You may be able to elect out of this income tax withholding in some cases. Generally, we do not have to withhold if your distributions are not taxable. The rate of withholding will depend on the type of distribution and, in certain cases, the amount of your distribution. Any income tax withheld is a credit against your income tax liability. If you do not have sufficient income tax withheld or do not make sufficient estimated income tax payments, you may incur penalties under the estimated income tax rules. You must file your request not to withhold in writing before the payment or distribution is made. Our processing office will provide forms for this purpose. You cannot elect out of withholding unless you provide us with your correct Taxpayer Identification Number and a United States residence address. You cannot elect out of withholding if we are sending the payment out of the United States. You should note the following special situations: o We might have to withhold and/or report on amounts we pay under a free look or cancellation. o We are required to withhold on the gross amount of a distribu tion from a Roth IRA to the extent it is reasonable for us to believe that a distribution is includable in your gross income. This may result in tax being withheld even though the Roth IRA distribution is ultimately not taxable. You can elect out of withholding as described below. Special withholding rules apply to foreign recipients and United States citizens residing outside the United States. We do not discuss these rules here in detail. However, we may require additional documentation in the case of payments made to non-United States persons and United States persons living abroad prior to processing any requested transaction. Certain states have indicated that state income tax withholding will also apply to payments from the contracts made to residents. In some states, you may elect out of state withholding, even if federal withholding applies. Generally, an election out of federal withholding will also be considered an election out of state withholding. If you need more information concerning a particular state or any required forms, call our processing office at the toll-free number. Federal income tax withholding on periodic annuity payments We withhold differently on "periodic" and "non-periodic" payments. Periodic annuity payments are made under a supplementary contract. For example, unless you specify a different number of withholding exemptions, we withhold from a periodic annuity payment assuming Tax information 47 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green that you are married and claiming three withholding exemptions. If you do not give us your correct Taxpayer Identification Number, we withhold as if you are single with no exemptions. Based on the assumption that you are married and claiming three withholding exemptions, if you receive less than $19,200 in periodic annuity payments in 2009, your payments will generally be exempt from federal income tax withholding. You could specify a different choice of withholding exemption or request that tax be withheld. Your withholding election remains effective unless and until you revoke it. You may revoke or change your withholding election at any time. Federal income tax withholding on non-periodic annuity payments (withdrawals) For a non-periodic distribution (total surrender or partial withdrawal including Guaranteed annual payments), we generally withhold at a flat 10% rate. We apply that rate to the taxable amount in the case of nonqualified contracts, and to the payment amount in the case of traditional IRAs and Roth IRAs, where it is reasonable to assume an amount is includable in gross income. You cannot elect out of withholding if the payment is an eligible rollover distribution from a TSA contract. If a non-periodic distribution from a TSA contract is not an eligible rollover distribution then the 10% withholding rate applies. Mandatory withholding from TSA distributions Unless the distribution is directly rolled over to another eligible retirement plan, eligible rollover distributions from TSAs are subject to mandatory 20% withholding. An eligible rollover distribution from a TSA contract can be rolled over to another eligible retirement plan. All distributions from a TSA contract are eligible rollover distributions unless they are on the following list of exceptions: o any distributions which are required minimum distributions after age 70-1/2 or retirement from service with the employer; or o substantially equal periodic payments made at least annually for the life (or life expectancy) or the joint lives (or joint life expectancies) of the plan participant (and designated beneficiary); or o substantially equal periodic payments made for a specified period of 10 years or more; or o hardship withdrawals; or o corrective distributions that fit specified technical tax rules; or o a death benefit payment to a beneficiary who is not the plan participant's surviving spouse; or o a qualified domestic relations order distribution to a beneficiary who is not the plan participant's current spouse or former spouse. A death benefit payment to the plan participant's surviving spouse, or a qualified domestic relations order distribution to the plan participant's current or former spouse, may be a distribution subject to mandatory 20% withholding. IMPACT OF TAXES TO AXA EQUITABLE The contracts provide that we may charge Separate Account A for taxes. We do not now, but may in the future set up reserves for such taxes. 48 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 8. More information -------------------------------------------------------------------------------- ABOUT OUR SEPARATE ACCOUNT A Each variable investment option is a subaccount of our Separate Account A. We established Separate Account A in 1968 under special provisions of the New York Insurance Law. These provisions prevent creditors from any other business we conduct from reaching the assets we hold in our variable investment options for owners of our variable annuity contracts. We are the legal owner of all of the assets in Separate Account A and may withdraw any amounts that exceed our reserves and other liabilities with respect to variable investment options under our contracts. For example, we may withdraw amounts from Separate Account A that represent our investments in Separate Account A or that represent fees and changes under the contracts that we have earned. The results of Separate Account A's operations are accounted for without regard to AXA Equitable's other operations. The amount of some of our obligations under the contracts is based on the assets in Separate Account A. However, the obligations themselves are obligations of AXA Equitable. Separate Account A is registered under the Investment Company Act of 1940 and is registered and classified under that act as a "unit investment trust." The SEC, however, does not manage or supervise AXA Equitable or Separate Account A. Although Separate Account A is registered, the SEC does not monitor the activity of Separate Account A on a daily basis. AXA Equitable is not required to register, and is not registered, as an investment company under the Investment Company Act of 1940. Each subaccount (variable investment option) within Separate Account A that is available under the contract invests solely in Class IB/B or Class II shares issued by the corresponding portfolio of its Trust. We reserve the right subject to compliance with laws that apply: (1) to add variable investment options to, or to remove variable investment options from, Separate Account A, or to add other separate accounts; (2) to combine any two or more variable investment options; (3) to transfer the assets we determine to be the shares of the class of contracts to which the contracts belong from any variable investment option to another variable investment option; (4) to operate Separate Account A or any variable investment option as a management investment company under the Investment Company Act of 1940 (in which case, charges and expenses that otherwise would be assessed against an underlying mutual fund would be assessed against Separate Account A or a variable investment option directly); (5) to deregister Separate Account A under the Investment Company Act of 1940; (6) to restrict or eliminate any voting rights as to Separate Account A; and (7) to cause one or more variable investment options to invest some or all of their assets in one or more other trusts or investment companies. If the exercise of these rights results in a material change in the underlying investment of the Separate Account A, you will be notified of such exercise, as required by law. ABOUT THE TRUSTS The Trusts are registered under the Investment Company Act of 1940. It is classified as "open-end management investment companies," more commonly called mutual funds. It issues different shares relating to each portfolio. The Trusts do not impose sales charges or "loads" for buying and selling its shares. All dividends and other distributions on the Trusts' shares are reinvested in full. The Board of Trustees of the Trusts may establish additional portfolios or eliminate existing portfolios at any time. More detailed information about each Trust, its portfolio investment objectives, policies, restrictions, risks, expenses, its Rule 12b-1 Plan, and other aspects of its operations, appears in their prospectus, which accompanies this prospectus, or in the SAI, which is available upon request. ABOUT THE GENERAL ACCOUNT Our general obligations and any guaranteed benefits under the contract are supported by AXA Equitable's general account and are subject to AXA Equitable's claims paying ability. For more information about AXA Equitable's financial strength, you may review its financial statements and/or check its current rating with one or more of the independent sources that rate insurance companies for their financial strength and stability. Such ratings are subject to change and have no bearing on the performance of the variable investment options. You may also speak with your financial representative. The general account is subject to regulation and supervision by the Insurance Department of the State of New York and to the insurance laws and regulations of all jurisdictions where we are authorized to do business. Interests under the contracts in the general account have not been registered and are not required to be registered under the Securities Act of 1933 because of exemptions and exclusionary provisions that apply. The general account is not required to register as an investment company under the Investment Company Act of 1940 and it is not registered as an investment company under the Investment Company Act of 1940. The contract is a "covered security" under the federal securities laws. We have been advised that the staff of the SEC has not reviewed the portions of this prospectus that relate to the general account. The disclosure with regard to the general account, however, may be subject to certain provisions of the federal securities laws relating to the accuracy and completeness of statements made in prospectuses. More information 49 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green DATES AND PRICES AT WHICH CONTRACT EVENTS OCCUR We describe below the general rules for when, and at what prices, events under your contract will occur. Other portions of this prospectus describe circumstances that may cause exceptions. We generally do not repeat those exceptions below. BUSINESS DAY Our "business day" is generally any day the New York Stock Exchange ("NYSE") is open for regular trading and generally ends at 4:00 p.m. Eastern Time (or as of an earlier close of regular trading). A business day does not include a day on which we are not open due to emergency conditions determined by the Securities and Exchange Commission. We may also close early due to such emergency conditions. Contributions will be applied and any other transaction requests will be processed when they are received along with all the required information unless another date applies as indicated below. o If your contribution, transfer or any other transaction request containing all the required information reaches us on any of the following, we will use the next business day: - on a non-business day: - after 4:00 p.m. Eastern Time on a business day; or - after an early close of regular trading on the NYSE on a business day. o If your transaction is set to occur on the same day of the month as the contract date and that date is the 29th, 30th or 31st of the month, then the transaction will occur on the 1st day of the next month. o When a charge is to be deducted on a contract date anniversary that is a non-business day, we will deduct the charge on the next business day. CONTRIBUTIONS AND TRANSFERS o Contributions allocated to the variable investment options are invested at the unit value next determined after the receipt of the contribution. o Transfers to or from variable investment options will be made at the unit value next determined after the receipt of the transfer request. ABOUT YOUR VOTING RIGHTS As the owner of shares of each Trust, we have the right to vote on certain matters involving the portfolios, such as: o the election of trustees; o the formal approval of independent public accounting firms selected for the Trusts; or o any other matters described in the prospectus for the Trusts or requiring a shareholders' vote under the Investment Company Act of 1940. We will give contract owners the opportunity to instruct us how to vote the number of shares attributable to their contracts if a shareholder vote is taken. If we do not receive instructions in time from all contract owners, we will vote the shares of a portfolio for which no instructions have been received in the same proportion as we vote shares of that portfolio for which we have received instructions. We will also vote any shares that we are entitled to vote directly because of amounts we have in a portfolio in the same proportions that contract owners vote. The Trusts sell their shares to AXA Equitable separate accounts in connection with AXA Equitable's annuity and/or variable life insurance products, and to separate accounts of insurance companies, both affiliated and unaffiliated with AXA Equitable. AXA Premier VIP Trust and EQ Advisors Trust also sell their shares to the trustee of a qualified plan for AXA Equitable. We currently do not foresee any disadvantages to our contract owners arising out of these arrangements. However, the Board of Trustees or Directors of each Trust intend to monitor events to identify any material irreconcilable conflicts that may arise and to determine what action, if any, should be taken in response. If we believe that a Board's response insufficiently protects our contract owners, we will see to it that appropriate action is taken to do so. SEPARATE ACCOUNT A VOTING RIGHTS If actions relating to the separate account require contract owner approval, contract owners will be entitled to one vote for each unit they have in the variable investment options. Each contract owner who has elected a variable annuitization option may cast the number of votes equal to the dollar amount of reserves we are holding for that annuity in a variable investment option divided by the annuity unit value for that option. We will cast votes attributable to any amounts we have in the variable investment options in the same proportion as votes cast by contract owners. CHANGES IN APPLICABLE LAW The voting rights we describe in this prospectus are created under applicable federal securities laws. To the extent that those laws or the regulations published under those laws eliminate the necessity to submit matters for approval by persons having voting rights in separate accounts of insurance companies, we reserve the right to proceed in accordance with those laws or regulations. STATUTORY COMPLIANCE We have the right to change your contract without the consent of any other person in order to comply with any laws and regulations that apply, including but not limited to changes in the Internal Revenue Code, in Treasury Regulations or in published rulings of the Internal Revenue Service and in Department of Labor regulations. Any change in your contract must be in writing and made by an authorized officer of AXA Equitable. We will provide notice of any contract change. The benefits under your contract will not be less than the minimum benefits required by any state law that applies. ABOUT LEGAL PROCEEDINGS AXA Equitable and its affiliates are parties to various legal proceedings. In our view, none of these proceedings would be considered material with respect to a contract owner's interest in Separate 50 More information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Account A, nor would any of these proceedings be likely to have a material adverse effect upon the separate account, our ability to meet our obligations under the contracts, or the distribution of the contracts. FINANCIAL STATEMENTS The financial statements of Separate Account A, as well as the consolidated financial statements of AXA Equitable, are in the SAI. The financial statements of AXA Equitable have relevance to the contracts only to the extent that they bear upon the ability of AXA Equitable to meet its obligations under the contracts. The SAI is available free of charge. You may request one by writing to our processing office or calling (800) 628-6673. TRANSFERS OF OWNERSHIP, COLLATERAL ASSIGNMENTS, LOANS AND BORROWING Loans are not available under this contract. In some cases, an assignment or change of ownership may have adverse tax consequences. See "Tax information" earlier in this prospectus. You can transfer ownership of an NQ contract at any time before annuity payments begin. We will continue to treat you as the owner until we receive notification of any change at our processing office. You cannot assign your NQ contract as collateral or security for a loan. The Guaranteed Withdrawal Benefit for Life and the Annual Ratchet to age 85 death benefit will generally automatically terminate if you change ownership of the contract or if you assign the owner's right to change the beneficiary or person to whom annuity payments will be made. You cannot assign or transfer ownership of an IRA or TSA contract except by surrender to us. Loans are not available and you cannot assign IRA or TSA contracts as security for a loan or other obligation. You may direct the transfer of the values under your IRA or TSA contract to another similar arrangement under federal income tax rules. DISTRIBUTION OF THE CONTRACTS The contracts are distributed by AXA Advisors, LLC ("AXA Advisors"). AXA Advisors serves as a principal underwriter of Separate Account A. The offering of the contracts is intended to be continuous. AXA Advisors is an affiliate of AXA Equitable and under common control of AXA Financial, Inc. AXA Advisors is registered with the SEC as a broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). Its principal business address is 1290 Avenue of the Americas, New York, NY 10104. AXA Advisors also acts as a distributor for other AXA Equitable life and annuity products. The contracts are sold by financial professionals of AXA Advisors and its affiliates. The contracts are also sold by financial professionals of both affiliated and unaffiliated broker-dealers that have entered into selling agreements with AXA Advisors ("Selling broker-dealers"). AXA Equitable pays compensation to AXA Advisors based on contracts sold. Sales compensation paid to AXA Advisors will be asset-based and will generally not exceed 0.10% of the account value of the contract on an ongoing annual basis. AXA Advisors, in turn, may pay a portion of the asset-based compensation received from AXA Equitable to the AXA Advisors financial professional and/or Selling broker-dealer making the sale. The asset-based compensation paid by AXA Advisors varies among financial professionals and among Selling broker-dealers. AXA Advisors may pay certain affiliated and/or unaffiliated Selling broker-dealers and other financial intermediaries additional compensation in recognition of certain expenses that may be incurred by it or on its behalf. AXA Advisors may also pay certain broker-dealers or other financial intermediaries additional compensation in recognition of certain expenses that may be incurred by them or on their behalf. AXA Advisors may pay certain broker-dealers or other financial intermediaries additional compensation for enhanced marketing opportunities and other services (commonly referred to as "marketing allowances"). Services for which such payments are made may include, but are not limited to, the preferred placement of AXA Equitable and/or At Retirement(SM) on a company and/or product list; sales personnel training; product training; business reporting; technological support; due diligence and related costs; advertising, marketing and related services; conferences; and/or other support services, including some that may benefit the contract owner. Payments may be based on the amount of assets or purchase payments attributable to contracts sold through a Selling broker-dealer or, in the case of conference support, such payments may be a fixed amount. AXA Advisors may also make fixed payments to Selling broker-dealers in connection with the initiation of a new relationship or the introduction of a new product. These payments may serve as an incentive for Selling broker-dealers to promote the sale of particular products. Additionally, as an incentive for financial professionals of Selling broker-dealers to promote the sale of AXA Equitable products, AXA Advisors may increase the sales compensation paid to the Selling broker-dealer for a period of time (commonly referred to as "compensation enhancements"). Marketing allowances and sales incentives are made out of AXA Advisors' assets. Not all Selling broker-dealers receive these kinds of payments. For more information about any such arrangements, ask your financial professional. AXA Advisors will receive 12b-1 fees from certain portfolios for providing certain distribution and/or shareholder support services. AXA Advisors or its affiliates may also receive payments from the advisers of the portfolios or their affiliates to help defray expenses for sales meetings or seminar sponsorships that may relate to the contracts and/or the advisers' respective portfolios. In an effort to promote the sale of our products, AXA Advisors may provide its financial professionals and managerial personnel with a higher percentage of sales commissions and/or cash compensation for the sale of an affiliated variable product than it would the sale of an unaffiliated product. Such practice is known as providing "differential compensation." In addition, managerial personnel may receive expense reimbursements, marketing allowances and commission-based payments known as "overrides." Certain components of the compensation of financial professionals who are managers are based on the sale of affiliated variable products. Managers earn higher compensation (and credits toward awards and bonuses) if those they manage sell more affiliated variable products. AXA Advisors may pro- More information 51 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green vide other forms of compensation to its financial professionals, including health and retirement benefits. For tax reasons, AXA Advisors financial professionals qualify for health and retirement benefits based solely on their sales of our affiliated products. These payments and differential compensation (together, the "payments") can vary in amount based on the applicable product and/or entity or individual involved. As with any incentive, such payments may cause the financial professional to show preference in recommending the purchase or sale of AXA Equitable products. However, under applicable rules of FINRA, AXA Advisors may only recommend to you products that they reasonably believe are suitable for you based on facts that you have disclosed as to your other security holdings, financial situation and needs. In making any recommendation, financial professionals of AXA Advisors may nonetheless face conflicts of interest because of the differences in compensation from one product category to another, and because of differences in compensation between products in the same category. In addition, AXA Advisors may offer sales incentive programs to financial professionals who meet specified production levels for the sale of both affiliated and unaffiliated products which provide non-cash compensation such as stock options awards and/or stock appreciation rights, expense-paid trips, expense-paid educational seminars and merchandise. Although AXA Equitable takes all of its costs into account in establishing the level of fees and expenses in its products, any asset-based compensation paid by AXA Equitable to AXA Advisors will not result in any separate charge to you under your contract. All payments made will be in compliance with all applicable FINRA rules and other laws and regulations. 52 More information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix I: Condensed financial information -------------------------------------------------------------------------------- The unit values and number of units outstanding shown below are for contracts offered under Separate Account A with the same daily asset charges of 1.30%. UNIT VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE INVESTMENT OPTION -------------------------------------------------------------------------------- For the year ending December 31, ------------------------------------- 2006 2007 2008 -------------------------------------------------------------------------------- AXA Aggressive Allocation -------------------------------------------------------------------------------- Unit value $ 104.54 $ 109.55 $ 65.75 -------------------------------------------------------------------------------- Number of units outstanding (000's) -- 20 27 -------------------------------------------------------------------------------- AXA Conservative Allocation -------------------------------------------------------------------------------- Unit value $ 101.50 $ 106.00 $ 93.11 -------------------------------------------------------------------------------- Number of units outstanding (000's) -- 4 13 -------------------------------------------------------------------------------- AXA Conservative-Plus Allocation -------------------------------------------------------------------------------- Unit value $ 102.29 $ 106.51 $ 84.72 -------------------------------------------------------------------------------- Number of units outstanding (000's) -- 11 22 -------------------------------------------------------------------------------- AXA Moderate Allocation -------------------------------------------------------------------------------- Unit value $ 102.92 $ 107.96 $ 80.49 -------------------------------------------------------------------------------- Number of units outstanding (000's) -- 66 115 -------------------------------------------------------------------------------- AXA Moderate-Plus Allocation -------------------------------------------------------------------------------- Unit value $ 103.68 $ 108.88 $ 73.32 -------------------------------------------------------------------------------- Number of units outstanding (000's) -- 93 153 -------------------------------------------------------------------------------- EQ/Franklin Templeton Founding Strategy -------------------------------------------------------------------------------- Unit value -- $ 95.29 $ 59.37 -------------------------------------------------------------------------------- Number of units outstanding (000's) -- 12 17 -------------------------------------------------------------------------------- Appendix I: Condensed financial information A-1 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix II: Hypothetical illustrations -------------------------------------------------------------------------------- ILLUSTRATION OF ACCOUNT VALUES, CASH VALUES AND THE GUARANTEED WITHDRAWAL BENEFIT FOR LIFE The following tables illustrate the changes in account value, cash value and the Annual Ratchet to age 85 death benefit under certain hypothetical circumstances for an At Retirement(SM) contract. The table illustrates the operation of a contract based on a single $100,000 contribution for a Joint life contract, owner and successor owner both age 65 at issue, with payments under the Maximum payment plan. The amounts shown are for the beginning of each contract year and assume that all of the account value is invested in portfolios that achieve investment returns at constant gross annual rates of 0% and 6% (i.e., before any investment management fees, 12b-1 fees or other expenses are deducted from the underlying portfolio assets). After the deduction of the arithmetic average of the investment management fees, 12b-1 fees and other expenses of all of the underlying Portfolios (as described below), the corresponding net annual rates of return would be (2.68)% and 3.32% for the At Retirement(SM) contract, at the 0% and 6% gross annual rates, respectively. These net annual rates of return reflect the trust and separate account level charges, but they do not reflect the charge we deduct from your account value annually for the Guaranteed Withdrawal Benefit for Life and the optional Annual Ratchet to age 85 death benefit. If the net annual rates of return did reflect this charge, the net annual rates of return shown would be lower; however, the values shown in the following tables reflect the following contract charges: Annual Ratchet to age 85 death benefit charge. With respect to fees and expenses deducted from assets of the underlying portfolios, the amounts shown in all tables reflect (1) investment management fees equivalent to an effective annual rate of 0.09%, and (2) an assumed average asset charge for all other expenses of the underlying portfolios equivalent to an effective annual rate of 1.04% and (3) 12b-1 fees equivalent to an effective annual rate of 0.25%. These rates are the arithmetic average for all portfolios that are available as variable investment options. In other words, they are based on the hypothetical assumption that account values are allocated equally among the variable investment options. The actual rates associated with any contract will vary depending upon the actual allocation of contract values among the variable investment options. These rates do not reflect expense limitation arrangements in effect with respect to certain of the underlying portfolios as described in the footnotes to the fee table for the underlying portfolios in "Fee Table" earlier in this prospectus. With these arrangements, the charges shown above would be lower. This would result in higher values than those shown in the following tables. Because your circumstances will no doubt differ from those in the illustrations that follow, values under your contract will differ, in most cases substantially. Upon request, we will furnish you with a personalized illustration. B-1 Appendix II: Hypothetical illustrations To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Variable Deferred Annuity $100,000 Single Contribution and Maximum Payment Plan Joint Life, Owner/Successor Owner Both Issue Age 65 Benefits: Guaranteed Withdrawal Benefit for Life Annual Ratchet to age 85 death benefit
Guaranteed Minimum Payments* Account Value Cash Value Death Benefit Contract --------------------- ------------------------- ------------------------- ------------------------- Age Year 0% 6% 0% 6% 0% 6% 0% 6% ------ --------- ----- ------ ------- ------- ------- ------- ------- ------- 65 1 0 0 100,000 100,000 100,000 100,000 100,000 100,000 66 2 5,000 5,000 91,147 97,129 91,147 97,129 91,147 97,129 67 3 5,000 5,000 82,556 94,171 82,556 94,171 82,556 94,171 68 4 5,000 5,000 74,221 91,124 74,221 91,124 74,221 91,124 69 5 5,000 5,000 66,133 87,985 66,133 87,985 66,133 87,985 70 6 5,000 5,000 58,286 84,752 58,286 84,752 58,286 84,752 71 7 5,000 5,000 50,672 81,422 50,672 81,422 50,672 81,422 72 8 5,000 5,000 43,284 77,991 43,284 77,991 43,284 77,991 73 9 5,000 5,000 36,116 74,457 36,116 74,457 36,116 74,457 74 10 5,000 5,000 29,161 70,816 29,161 70,816 29,161 70,816 79 15 5,000 5,000 0 50,902 0 50,902 0 50,902 84 20 5,000 5,000 0 27,804 0 27,804 0 27,804 89 25 5,000 5,000 0 1,012 0 1,012 0 1,012 94 30 5,000 5,000 0 0 0 0 0 0 95 31 5,000 5,000 0 0 0 0 0 0
The hypothetical investment results are illustrative only and should not be deemed a representation of past or future investment results. Actual investment results may be more or less than those shown and will depend on a number of factors, including investment allocations made by the owner. The account value, cash value and guaranteed benefits for a contract would be different from the ones shown if the actual gross rate of investment return averaged 0% or 6% over a period of years, but also fluctuated above or below the average for individual contract years. We can make no representation that these hypothetical investment results can be achieved for any one year or continued over any period of time. In fact, for any given period of time, the investment results could be negative. * Payments are made while either the owner or the successor owner is living. Appendix II: Hypothetical illustrations B-2 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Statement of additional information -------------------------------------------------------------------------------- TABLE OF CONTENTS Page Who is AXA Equitable? 2 Calculating unit values 2 Custodian and independent registered public accounting firm 2 Distribution of the contracts 2 Financial statements 2 How to obtain an At Retirement(SM) Variable Annuity Statement of Additional Information for Separate Account A Call (800) 628-6673 or send this request form to: At Retirement(SM) Variable Annuity P.O. Box 4956 Syracuse, NY 13221-4956 ----------------------------------------------------------------------------- Please send me an At Retirement(SM) SAI for Separate Account A dated May 1, 2009. -------------------------------------------------------------------------------- Name -------------------------------------------------------------------------------- Address -------------------------------------------------------------------------------- City State Zip At Retirement(SM) x2509 At Retirement(SM) Variable Annuity A variable deferred annuity contract STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 2009 AXA Equitable Life Insurance Company 1290 Avenue of the Americas New York, New York 10104 -------------------------------------------------------------------------------- This Statement of Additional Information ("SAI") is not a prospectus. It should be read in conjunction with the related prospectus for At Retirement(SM) dated May 1, 2009. That prospectus provides detailed information concerning the contracts and the variable investment options, as well as the fixed maturity options that fund the contracts. Each variable investment option is a subaccount of AXA Equitable's Separate Account A. Definitions of special terms used in the SAI are found in the prospectus. On September 7, 2004, our name was changed from "The Equitable Life Assurance Society of the United States" to "AXA Equitable Life Insurance Company." A copy of the prospectus is available free of charge by writing the processing office (P.O. Box 4956, Syracuse, NY 13221-4956), by calling toll free, (800) 628-6673, or by contacting your financial professional. TABLE OF CONTENTS Who is AXA Equitable? 2 Calculating unit values 2 Custodian and independent registered public accounting firm 2 Distribution of the contracts 2 Financial statements 2 At Retirement(SM) is a service mark of AXA Equitable Life Insurance Company (AXA Equitable). Distributed by its affiliate, AXA Advisors, LLC, 1290 Avenue of the Americas, New York, NY 10104 Copyright 2009 AXA Equitable Life Insurance Company - All rights reserved AXA Equitable Life Insurance Company 1290 Avenue of the Americas New York, NY 10104 212-554-1234 x02509 WHO IS AXA EQUITABLE? AXA Equitable is a wholly owned subsidiary of AXA Equitable Financial Services, LLC, a holding company, which is itself a wholly owned subsidiary of AXA Financial, Inc. ("AXA Financial"). Interests in AXA Financial are held by the immediate holding company, AXA America Holdings, Inc., and the following affiliated companies: AXA Corporate Solutions Reinsurance Company ("AXA Corporate Solutions") and AXA Belgium SA. AXA holds its interest in AXA America Holdings, Inc. and AXA Corporate Solutions, directly and indirectly through its wholly owned subsidiary holding company, Ouidinot Participations. AXA holds its interest in AXA Belgium SA, through its wholly owned subsidiary holding company, AXA Holdings Belgium SA. CALCULATING UNIT VALUES Unit values are determined at the end of each "valuation period" for each of the variable investment options. A valuation period is each business day together with any consecutive preceding non-business day. The unit values for At Retirement(SM) may vary. The method of calculating unit values is set forth below. The unit value for a variable investment option for any valuation period is equal to the unit value for the preceding valuation period multiplied by the "net investment factor" for the variable investment option for that valuation period. The net investment factor is: a (-)- c b where: (a) is the value of the variable investment option's shares of the cor- responding portfolio at the end of the valuation period before giving effect to any amounts allocated to or withdrawn from the variable investment options for the valuation period. For this purpose, we use the share value reported to us by the applicable Trust. This share value is after deduction for investment advisory fees and direct expenses of such Trust. (b) is the value of the variable investment option's shares of the cor- responding portfolio at the end of the preceding valuation period (after any amounts allocated or withdrawn for that valuation period). (c) is the daily Separate Account A asset charge for the expenses of the contracts times the number of calendar days in the valuation period, plus any charge for taxes or amounts set aside as a reserve for taxes. CUSTODIAN AND INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AXA Equitable is the custodian for the shares of the Trusts owned by Separate Account A. The financial statements of the Separate Account at December 31, 2008 and for each of the two years in the period ended December 31, 2008, and the consolidated financial statements of AXA Equitable at December 31, 2008 and 2007 and for each of the three years in the period ended December 31, 2008 are included in this SAI in reliance on the reports of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. PricewaterhouseCoopers LLP provides independent audit services and certain other non-audit services to AXA Equitable as permitted by the applicable SEC independence rules, and as disclosed in AXA Equitable's Form 10-K. PricewaterhouseCoopers LLP's address is 300 Madison Avenue, New York, New York 10017. DISTRIBUTION OF THE CONTRACTS Pursuant to a Distribution and Servicing Agreement between AXA Advisors, AXA Equitable and certain of AXA Equitable's separate accounts, including Separate Account A, AXA Equitable paid AXA Advisors a fee of $325,380 for each of the years 2008, 2007 and 2006. AXA Equitable paid AXA Advisors, as distributor of certain contracts, including these contracts, and as the principal underwriter of several AXA Equitable separate accounts, including Separate Account A, $677,871,467 in 2008, $731,920,627 in 2007 and $672,531,658 in 2006. Of these amounts, for each of these three years, AXA Advisors retained $356,304,358, $386,036,299 and $339,484,801, respectively. FINANCIAL STATEMENTS The consolidated financial statements of AXA Equitable included herein should be considered only as bearing upon the ability of AXA Equitable to meet its obligations under the contracts. 2 AXA EQUITABLE LIFE INSURANCE AXA COMPANY SEPARATE ACCOUNT A INDEX TO FINANCIAL STATEMENTS Report of Independent Registered Public Accounting Firm................ FSA-2 Financial Statements: Statements of Assets and Liabilities, December 31, 2008............. FSA-3 Statements of Operations for the Year Ended December 31, 2008....... FSA-34 Statements of Changes in Net Assets for the Years Ended December 31, 2008 and 2007..................................... FSA-46 Notes to Financial Statements....................................... FSA-73 AXA EQUITABLE LIFE INSURANCE COMPANY INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Report of Independent Registered Public Accounting Firm................ F-1 Consolidated Financial Statements: Consolidated Balance Sheets, December 31, 2008 and 2007............. F-2 Consolidated Statements of Earnings, Years Ended December 31, 2008, 2007 and 2006............................................ F-3 Consolidated Statements of Shareholder's Equity and Comprehensive Income, Years Ended December 31, 2008, 2007 and 2006........... F-4 Consolidated Statements of Cash Flows, Years Ended December 31, 2008, 2007 and 2006............................................ F-5 Notes to Consolidated Financial Statements.......................... F-7 FSA-1 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors of AXA Equitable Life Insurance Company and Contractowners of Separate Account A of AXA Equitable Life Insurance Company: In our opinion, the accompanying statements of assets and liabilities and the related statements of operations and of changes in net assets present fairly, in all material respects, the financial position of each of the separate Variable Investment Options, as listed in Note 1 to such financial statements, of AXA Equitable Life Insurance Company ("AXA Equitable") Separate Account A at December 31, 2008, the results of each of their operations and the changes in each of their net assets for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of AXA Equitable's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of investments at December 31, 2008 by correspondence with the underlying funds' transfer agents, provide a reasonable basis for our opinion. PricewaterhouseCoopers LLP New York, New York April 9, 2009 FSA-2 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 2008
AXA Aggressive AXA Conservative AXA Conservative-Plus Allocation Allocation Allocation ---------------- ------------------ ----------------------- Assets: Investments in shares of The Trusts, at fair value...... $146,701,596 $55,830,216 $ 79,751,733 Receivable for The Trusts shares sold................... -- -- -- Receivable for policy-related transactions.............. 310,713 24,618 1,772 ------------ ----------- ------------ Total assets.......................................... 147,012,309 55,854,834 79,753,505 ------------ ----------- ------------ Liabilities: Payable for The Trusts shares purchased................. 310,713 21,618 772 Payable for policy-related transactions................. -- -- -- ------------ ----------- ------------ Total liabilities..................................... 310,713 21,618 772 ------------ ----------- ------------ Net Assets.............................................. $146,701,596 $55,833,216 $ 79,752,733 ============ =========== ============ Net Assets: Accumulation Units...................................... 146,691,378 55,833,097 79,752,064 Contracts in payout (annuitization) period.............. -- -- -- Retained by AXA Equitable in Separate Account A......... 10,218 119 669 ------------ ----------- ------------ Total net assets........................................ $146,701,596 $55,833,216 $ 79,752,733 ============ =========== ============ Investments in shares of The Trusts, at cost............ $233,742,003 $63,885,813 $100,788,616 The Trusts shares held Class A................................................ -- -- -- Class B................................................ 17,995,048 6,113,114 9,130,972 Crossings Crossings AXA Moderate AXA Moderate-Plus Aggressive Conservative Allocation Allocation Allocation Allocation ----------------- ------------------- ------------ ------------- Assets: Investments in shares of The Trusts, at fair value...... $1,285,544,280 $452,236,083 $638,285 $286,298 Receivable for The Trusts shares sold................... 132,086 -- 15 351,741 Receivable for policy-related transactions.............. 8,514 629,515 -- -- -------------- ------------ -------- -------- Total assets.......................................... 1,285,684,880 452,865,598 638,300 638,039 -------------- ------------ -------- -------- Liabilities: Payable for The Trusts shares purchased................. -- 687,837 -- -- Payable for policy-related transactions................. -- -- 15 351,741 -------------- ------------ -------- -------- Total liabilities..................................... -- 687,837 15 351,741 -------------- ------------ -------- -------- Net Assets.............................................. $1,285,684,880 $452,177,761 $638,285 $286,298 ============== ============ ======== ======== Net Assets: Accumulation Units...................................... 1,279,347,737 452,172,146 509,874 101,147 Contracts in payout (annuitization) period.............. 6,331,717 -- -- -- Retained by AXA Equitable in Separate Account A......... 5,426 5,615 128,411 185,151 -------------- ------------ -------- -------- Total net assets........................................ $1,285,684,880 $452,177,761 $638,285 $286,298 ============== ============ ======== ======== Investments in shares of The Trusts, at cost............ $1,669,570,176 $667,393,881 $931,297 $301,750 The Trusts shares held Class A................................................ 97,174,652 -- 10,275 10,260 Class B................................................ 11,633,636 51,606,352 91,817 21,453
------- The accompanying notes are an integral part of these financial statements. FSA-3 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Crossings Crossings Crossings Conservative-Plus Moderate Moderate-Plus Allocation Allocation Allocation ------------------- ------------ --------------- Assets: Investments in shares of The Trusts, at fair value........ $214,089 $221,565 $ 883,665 Receivable for The Trusts shares sold..................... 1 2 -- Receivable for policy-related transactions................ -- -- 351,713 -------- -------- ----------- Total assets............................................ 214,090 221,567 1,235,378 -------- -------- ----------- Liabilities: Payable for The Trusts shares purchased................... -- -- 351,713 Payable for policy-related transactions................... 1 2 -- -------- -------- ----------- Total liabilities....................................... 1 2 351,713 -------- -------- ----------- Net Assets................................................ $214,089 $221,565 $ 883,665 ======== ======== =========== Net Assets: Accumulation Units........................................ 47,285 63,980 739,879 Contracts in payout (annuitization) period................ -- -- -- Retained by AXA Equitable in Separate Account A........... 166,804 157,585 143,786 -------- -------- ----------- Total net assets.......................................... $214,089 $221,565 $ 883,665 ======== ======== =========== Investments in shares of The Trusts, at cost.............. $256,744 $272,079 $ 943,705 The Trusts shares held Class A.................................................. 10,549 10,504 10,314 Class B.................................................. 16,515 19,016 116,388 EQ/AllianceBernstein EQ/AllianceBernstein Intermediate EQ/AllianceBernstein Common Stock Government Securities International ---------------------- ----------------------- ---------------------- Assets: Investments in shares of The Trusts, at fair value........ $1,791,646,444 $120,635,478 $438,220,994 Receivable for The Trusts shares sold..................... 966,099 295,825 85,823 Receivable for policy-related transactions................ -- -- -- -------------- ------------ ------------ Total assets............................................ 1,792,612,543 120,931,303 438,306,817 -------------- ------------ ------------ Liabilities: Payable for The Trusts shares purchased................... -- -- -- Payable for policy-related transactions................... 544,383 310,289 37,638 -------------- ------------ ------------ Total liabilities....................................... 544,383 310,289 37,638 -------------- ------------ ------------ Net Assets................................................ $1,792,068,160 $120,621,014 $438,269,179 ============== ============ ============ Net Assets: Accumulation Units........................................ 1,779,301,826 120,133,431 436,828,878 Contracts in payout (annuitization) period................ 11,994,505 482,132 1,439,319 Retained by AXA Equitable in Separate Account A........... 771,829 5,451 982 -------------- ------------ ------------ Total net assets.......................................... $1,792,068,160 $120,621,014 $438,269,179 ============== ============ ============ Investments in shares of The Trusts, at cost.............. $3,001,035,549 $122,015,827 $743,241,678 The Trusts shares held Class A.................................................. 153,794,915 9,070,542 56,931,619 Class B.................................................. 7,485,948 3,106,254 8,413,182 EQ/AllianceBernstein Small Cap Growth --------------------- Assets: Investments in shares of The Trusts, at fair value........ $200,104,144 Receivable for The Trusts shares sold..................... -- Receivable for policy-related transactions................ 627,581 ------------ Total assets............................................ 200,731,725 ------------ Liabilities: Payable for The Trusts shares purchased................... 516,255 Payable for policy-related transactions................... -- ------------ Total liabilities....................................... 516,255 ------------ Net Assets................................................ $200,215,470 ============ Net Assets: Accumulation Units........................................ 198,982,893 Contracts in payout (annuitization) period................ 1,232,550 Retained by AXA Equitable in Separate Account A........... 27 ------------ Total net assets.......................................... $200,215,470 ============ Investments in shares of The Trusts, at cost.............. $327,888,693 The Trusts shares held Class A.................................................. 18,834,311 Class B.................................................. 3,322,598
------- The accompanying notes are an integral part of these financial statements. FSA-4 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/AXA Rosenberg EQ/BlackRock EQ/Ariel Value Long/ Basic Value Appreciation II Short Equity Equity ----------------- ----------------- -------------- Assets: Investments in shares of The Trusts, at fair value........ $1,898,423 $8,104,894 $235,319,219 Receivable for The Trusts shares sold..................... -- -- -- Receivable for policy-related transactions................ 4,582 50,051 58,628 ---------- ---------- ------------ Total assets............................................ 1,903,005 8,154,945 235,377,847 ---------- ---------- ------------ Liabilities: Payable for The Trusts shares purchased................... 4,582 50,051 65,582 Payable for policy-related transactions................... -- -- -- ---------- ---------- ------------ Total liabilities....................................... 4,582 50,051 65,582 ---------- ---------- ------------ Net Assets................................................ $1,898,423 $8,104,894 $235,312,265 ========== ========== ============ Net Assets: Accumulation Units........................................ 1,898,423 8,100,370 235,310,020 Contracts in payout (annuitization) period................ -- -- -- Retained by AXA Equitable in Separate Account A........... -- 4,524 2,245 ---------- ---------- ------------ Total net assets.......................................... $1,898,423 $8,104,894 $235,312,265 ========== ========== ============ Investments in shares of The Trusts, at cost.............. $2,978,604 $8,466,906 $372,899,808 The Trusts shares held Class A.................................................. -- -- -- Class B.................................................. 285,836 803,260 24,285,373 EQ/BlackRock EQ/Boston EQ/Calvert EQ/Capital International Advisors Equity Socially Guardian Value Income Responsible Growth --------------- ----------------- ------------- -------------- Assets: Investments in shares of The Trusts, at fair value........ $190,751,934 $42,541,031 $12,936,414 $12,178,949 Receivable for The Trusts shares sold..................... 94,822 -- -- -- Receivable for policy-related transactions................ -- 25,856 -- 5,316 ------------ ----------- ----------- ----------- Total assets............................................ 190,846,756 42,566,887 12,936,414 12,184,265 ------------ ----------- ----------- ----------- Liabilities: Payable for The Trusts shares purchased................... -- 24,656 15,426 5,316 Payable for policy-related transactions................... 94,822 -- 84,574 -- ------------ ----------- ----------- ----------- Total liabilities....................................... 94,822 24,656 100,000 5,316 ------------ ----------- ----------- ----------- Net Assets................................................ $190,751,934 $42,542,231 $12,836,414 $12,178,949 ============ =========== =========== =========== Net Assets: Accumulation Units........................................ 190,747,519 42,542,181 12,827,867 12,167,172 Contracts in payout (annuitization) period................ -- -- -- -- Retained by AXA Equitable in Separate Account A........... 4,415 50 8,547 11,777 ------------ ----------- ----------- ----------- Total net assets.......................................... $190,751,934 $42,542,231 $12,836,414 $12,178,949 ============ =========== =========== =========== Investments in shares of The Trusts, at cost.............. $337,307,378 $62,882,398 $21,643,018 $19,146,054 The Trusts shares held Class A.................................................. -- -- -- -- Class B.................................................. 21,941,827 9,951,208 2,641,495 1,386,331
------- The accompanying notes are an integral part of these financial statements. FSA-5 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Capital Guardian EQ/Caywood-Scholl EQ/Davis New Research High Yield Bond York Venture --------------- ------------------- -------------- Assets: Investments in shares of The Trusts, at fair value........ $134,419,929 $22,217,335 $10,887,874 Receivable for The Trusts shares sold..................... -- -- -- Receivable for policy-related transactions................ -- 30,544 45,038 ------------ ----------- ----------- Total assets............................................ 134,419,929 22,247,879 10,932,912 ------------ ----------- ----------- Liabilities: Payable for The Trusts shares purchased................... 8,523 30,544 45,038 Payable for policy-related transactions................... 11,477 -- -- ------------ ----------- ----------- Total liabilities....................................... 20,000 30,544 45,038 ------------ ----------- ----------- Net Assets................................................ $134,399,929 $22,217,335 $10,887,874 ============ =========== =========== Net Assets: Accumulation Units........................................ 134,398,463 22,217,200 10,885,508 Contracts in payout (annuitization) period................ -- -- -- Retained by AXA Equitable in Separate Account A........... 1,466 135 2,366 ------------ ----------- ----------- Total net assets.......................................... $134,399,929 $22,217,335 $10,887,874 ============ =========== =========== Investments in shares of The Trusts, at cost.............. $220,767,587 $30,014,391 $15,201,137 The Trusts shares held Class A.................................................. -- -- -- Class B.................................................. 16,542,280 6,863,947 1,621,447 EQ/Equity EQ/Evergreen EQ/Evergreen EQ/Franklin 500 Index International Bond Omega Income --------------- -------------------- -------------- -------------- Assets: Investments in shares of The Trusts, at fair value........ $599,771,333 $54,613,677 $21,140,490 $59,781,130 Receivable for The Trusts shares sold..................... 1,291,052 695 -- -- Receivable for policy-related transactions................ -- -- 17,836 9,245 ------------ ----------- ----------- ----------- Total assets............................................ 601,062,385 54,614,372 21,158,326 59,790,375 ------------ ----------- ----------- ----------- Liabilities: Payable for The Trusts shares purchased................... -- -- 17,836 9,245 Payable for policy-related transactions................... 1,291,431 695 -- -- ------------ ----------- ----------- ----------- Total liabilities....................................... 1,291,431 695 17,836 9,245 ------------ ----------- ----------- ----------- Net Assets................................................ $599,770,954 $54,613,677 $21,140,490 $59,781,130 ============ =========== =========== =========== Net Assets: Accumulation Units........................................ 596,861,397 54,606,924 21,122,701 59,775,562 Contracts in payout (annuitization) period................ 2,903,036 -- -- -- Retained by AXA Equitable in Separate Account A........... 6,521 6,753 17,789 5,568 ------------ ----------- ----------- ----------- Total net assets.......................................... $599,770,954 $54,613,677 $21,140,490 $59,781,130 ============ =========== =========== =========== Investments in shares of The Trusts, at cost.............. $876,421,747 $62,575,430 $28,498,917 $91,660,931 The Trusts shares held Class A.................................................. 34,130,226 -- -- -- Class B.................................................. 3,951,794 5,713,748 3,291,525 9,338,530
------- The accompanying notes are an integral part of these financial statements. FSA-6 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Franklin EQ/Franklin EQ/GAMCO Small Cap Templeton Founding Mergers and Value Strategy Acquisitions -------------- -------------------- -------------- Assets: Investments in shares of The Trusts, at fair value........ $ 7,589,880 $29,736,396 $11,617,872 Receivable for The Trusts shares sold..................... -- -- -- Receivable for policy-related transactions................ 11,094 55,816 8,553 ----------- ----------- ----------- Total assets............................................ 7,600,974 29,792,212 11,626,425 ----------- ----------- ----------- Liabilities: Payable for The Trusts shares purchased................... 11,094 55,816 8,553 Payable for policy-related transactions................... -- -- -- ----------- ----------- ----------- Total liabilities....................................... 11,094 55,816 8,553 ----------- ----------- ----------- Net Assets................................................ $ 7,589,880 $29,736,396 $11,617,872 =========== =========== =========== Net Assets: Accumulation Units........................................ 7,589,115 29,735,266 11,610,919 Contracts in payout (annuitization) period................ -- -- -- Retained by AXA Equitable in Separate Account A........... 765 1,130 6,953 ----------- ----------- ----------- Total net assets.......................................... $ 7,589,880 $29,736,396 $11,617,872 =========== =========== =========== Investments in shares of The Trusts, at cost.............. $10,259,007 $45,295,430 $14,113,234 The Trusts shares held Class A.................................................. -- -- -- Class B.................................................. 1,170,403 5,197,587 1,155,669 EQ/GAMCO Small Company EQ/International EQ/International EQ/JPMorgan Value Core PLUS Growth Core Bond --------------- ------------------ ------------------ --------------- Assets: Investments in shares of The Trusts, at fair value........ $111,579,854 $ 75,317,423 $25,879,388 $105,934,507 Receivable for The Trusts shares sold..................... 54,601 -- -- 485 Receivable for policy-related transactions................ -- 106,761 32,804 1,960 ------------ ------------ ----------- ------------ Total assets............................................ 111,634,455 75,424,184 25,912,192 105,936,952 ------------ ------------ ----------- ------------ Liabilities: Payable for The Trusts shares purchased................... -- 106,761 32,804 -- Payable for policy-related transactions................... 45,601 -- -- -- ------------ ------------ ----------- ------------ Total liabilities....................................... 45,601 106,761 32,804 -- ------------ ------------ ----------- ------------ Net Assets................................................ $111,588,854 $ 75,317,423 $25,879,388 $105,936,952 ============ ============ =========== ============ Net Assets: Accumulation Units........................................ 111,588,349 75,314,276 25,877,376 105,935,115 Contracts in payout (annuitization) period................ -- -- -- -- Retained by AXA Equitable in Separate Account A........... 505 3,147 2,012 1,837 ------------ ------------ ----------- ------------ Total net assets.......................................... $111,588,854 $ 75,317,423 $25,879,388 $105,936,952 ============ ============ =========== ============ Investments in shares of The Trusts, at cost.............. $158,859,295 $134,891,963 $40,307,816 $122,583,187 The Trusts shares held Class A.................................................. -- -- -- -- Class B.................................................. 5,320,084 11,077,768 6,168,504 11,303,084
------- The accompanying notes are an integral part of these financial statements. FSA-7 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/JPMorgan EQ/Large Cap EQ/Large Cap Value Opportunities Core PLUS Growth Index --------------------- -------------- -------------- Assets: Investments in shares of The Trusts, at fair value........ $34,216,365 $ 9,888,588 $ 85,381,729 Receivable for The Trusts shares sold..................... -- 9,317 -- Receivable for policy-related transactions................ -- -- 24,084 ----------- ----------- ------------ Total assets............................................ 34,216,365 9,897,905 85,405,813 ----------- ----------- ------------ Liabilities: Payable for The Trusts shares purchased................... 5,827 -- 24,084 Payable for policy-related transactions................... 9,173 32,687 -- ----------- ----------- ------------ Total liabilities....................................... 15,000 32,687 24,084 ----------- ----------- ------------ Net Assets................................................ $34,201,365 $ 9,865,218 $ 85,381,729 =========== =========== ============ Net Assets: Accumulation Units........................................ 34,198,273 9,851,688 85,377,248 Contracts in payout (annuitization) period................ -- -- -- Retained by AXA Equitable in Separate Account A........... 3,092 13,530 4,481 ----------- ----------- ------------ Total net assets.......................................... $34,201,365 $ 9,865,218 $ 85,381,729 =========== =========== ============ Investments in shares of The Trusts, at cost.............. $63,807,001 $16,169,285 $114,091,458 The Trusts shares held Class A.................................................. -- -- -- Class B.................................................. 5,061,879 1,746,090 15,328,856 EQ/Large Cap EQ/Large Cap EQ/Large Cap EQ/Long Growth PLUS Value Index Value PLUS Term Bond -------------- -------------- ----------------- -------------- Assets: Investments in shares of The Trusts, at fair value........ $181,521,917 $ 8,765,096 $ 735,686,959 $26,074,160 Receivable for The Trusts shares sold..................... 67,531 -- 367,360 -- Receivable for policy-related transactions................ -- 13,357 -- 26,583 ------------ ----------- -------------- ----------- Total assets............................................ 181,589,448 8,778,453 736,054,319 26,100,743 ------------ ----------- -------------- ----------- Liabilities: Payable for The Trusts shares purchased................... -- 12,857 -- 26,583 Payable for policy-related transactions................... 77,531 -- 375,575 -- ------------ ----------- -------------- ----------- Total liabilities....................................... 77,531 12,857 375,575 26,583 ------------ ----------- -------------- ----------- Net Assets................................................ $181,511,917 $ 8,765,596 $ 735,678,744 $26,074,160 ============ =========== ============== =========== Net Assets: Accumulation Units........................................ 181,508,065 8,765,180 732,083,968 26,070,894 Contracts in payout (annuitization) period................ -- -- 3,594,262 -- Retained by AXA Equitable in Separate Account A........... 3,852 416 514 3,266 ------------ ----------- -------------- ----------- Total net assets.......................................... $181,511,917 $ 8,765,596 $ 735,678,744 $26,074,160 ============ =========== ============== =========== Investments in shares of The Trusts, at cost.............. $220,904,381 $18,501,929 $1,357,871,931 $25,883,342 The Trusts shares held Class A.................................................. -- -- 81,190,337 -- Class B.................................................. 16,585,702 2,070,535 13,725,949 1,921,074
------- The accompanying notes are an integral part of these financial statements. FSA-8 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Lord Abbett EQ/Lord Abbett EQ/Lord Abbett Growth and Income Large Cap Core Mid Cap Value ------------------- ---------------- ---------------- Assets: Investments in shares of The Trusts, at fair value........ $10,627,674 $ 9,065,965 $19,866,420 Receivable for The Trusts shares sold..................... -- 150,085 -- Receivable for policy-related transactions................ 12,487 -- 9,626 ----------- ----------- ----------- Total assets............................................ 10,640,161 9,216,050 19,876,046 ----------- ----------- ----------- Liabilities: Payable for The Trusts shares purchased................... 12,487 -- 9,627 Payable for policy-related transactions................... -- 149,085 -- ----------- ----------- ----------- Total liabilities....................................... 12,487 149,085 9,627 ----------- ----------- ----------- Net Assets................................................ $10,627,674 $ 9,066,965 $19,866,419 =========== =========== =========== Net Assets: Accumulation Units........................................ 10,625,069 9,066,910 19,866,073 Contracts in payout (annuitization) period................ -- -- -- Retained by AXA Equitable in Separate Account A........... 2,605 55 346 ----------- ----------- ----------- Total net assets.......................................... $10,627,674 $ 9,066,965 $19,866,419 =========== =========== =========== Investments in shares of The Trusts, at cost.............. $16,148,646 $11,619,177 $33,335,176 The Trusts shares held Class A.................................................. -- -- -- Class B.................................................. 1,409,822 1,061,905 2,935,476 EQ/Marsico EQ/Mid Cap EQ/Mid Cap EQ/Money Focus Index Value PLUS Market --------------- --------------- --------------- --------------- Assets: Investments in shares of The Trusts, at fair value........ $271,550,009 $192,204,261 $244,407,864 $195,659,522 Receivable for The Trusts shares sold..................... -- -- 105,639 1,957,214 Receivable for policy-related transactions................ 169,865 100,734 -- -- ------------ ------------ ------------ ------------ Total assets............................................ 271,719,874 192,304,995 244,513,503 197,616,736 ------------ ------------ ------------ ------------ Liabilities: Payable for The Trusts shares purchased................... 141,986 97,234 -- -- Payable for policy-related transactions................... -- -- 105,639 1,953,645 ------------ ------------ ------------ ------------ Total liabilities....................................... 141,986 97,234 105,639 1,953,645 ------------ ------------ ------------ ------------ Net Assets................................................ $271,577,888 $192,207,761 $244,407,864 $195,663,091 ============ ============ ============ ============ Net Assets: Accumulation Units........................................ 271,575,864 192,207,303 244,403,617 194,778,359 Contracts in payout (annuitization) period................ -- -- -- 880,431 Retained by AXA Equitable in Separate Account A........... 2,024 458 4,247 4,301 ------------ ------------ ------------ ------------ Total net assets.......................................... $271,577,888 $192,207,761 $244,407,864 $195,663,091 ============ ============ ============ ============ Investments in shares of The Trusts, at cost.............. $420,908,649 $379,958,986 $488,836,320 $195,844,580 The Trusts shares held Class A.................................................. -- -- -- 140,309,009 Class B.................................................. 26,486,205 39,004,220 40,069,039 55,339,451
------- The accompanying notes are an integral part of these financial statements. FSA-9 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Montag & EQ/Mutual EQ/Oppenheimer Caldwell Growth Shares Global ----------------- -------------- ---------------- Assets: Investments in shares of The Trusts, at fair value........ $19,750,705 $23,076,976 $10,888,194 Receivable for The Trusts shares sold..................... -- -- -- Receivable for policy-related transactions................ 40,863 17,437 15,335 ----------- ----------- ----------- Total assets............................................ 19,791,568 23,094,413 10,903,529 ----------- ----------- ----------- Liabilities: Payable for The Trusts shares purchased................... 40,863 17,437 14,335 Payable for policy-related transactions................... -- -- -- ----------- ----------- ----------- Total liabilities....................................... 40,863 17,437 14,335 ----------- ----------- ----------- Net Assets................................................ $19,750,705 $23,076,976 $10,889,194 =========== =========== =========== Net Assets: Accumulation Units........................................ 19,750,057 23,076,681 10,889,177 Contracts in payout (annuitization) period................ -- -- -- Retained by AXA Equitable in Separate Account A........... 648 295 17 ----------- ----------- ----------- Total net assets.......................................... $19,750,705 $23,076,976 $10,889,194 =========== =========== =========== Investments in shares of The Trusts, at cost.............. $25,766,006 $36,921,523 $16,705,140 The Trusts shares held Class A.................................................. -- -- -- Class B.................................................. 4,489,038 3,598,253 1,629,675 EQ/Oppenheimer EQ/Oppenheimer Main Street Main Street EQ/PIMCO EQ/Quality Opportunity Small Cap Real Return Bond PLUS --------------- ---------------- --------------- --------------- Assets: Investments in shares of The Trusts, at fair value........ $1,554,218 $ 7,124,119 $100,326,821 $124,845,753 Receivable for The Trusts shares sold..................... 23,591 -- -- 160,889 Receivable for policy-related transactions................ -- 21,829 68,544 -- ---------- ----------- ------------ ------------ Total assets............................................ 1,577,809 7,145,948 100,395,365 125,006,642 ---------- ----------- ------------ ------------ Liabilities: Payable for The Trusts shares purchased................... -- 21,829 68,544 -- Payable for policy-related transactions................... 23,591 -- -- 210,139 ---------- ----------- ------------ ------------ Total liabilities....................................... 23,591 21,829 68,544 210,139 ---------- ----------- ------------ ------------ Net Assets................................................ $1,554,218 $ 7,124,119 $100,326,821 $124,796,503 ========== =========== ============ ============ Net Assets: Accumulation Units........................................ 1,553,947 7,123,819 100,323,792 124,001,150 Contracts in payout (annuitization) period................ -- -- -- 793,794 Retained by AXA Equitable in Separate Account A........... 271 300 3,029 1,559 ---------- ----------- ------------ ------------ Total net assets.......................................... $1,554,218 $ 7,124,119 $100,326,821 $124,796,503 ========== =========== ============ ============ Investments in shares of The Trusts, at cost.............. $2,146,504 $10,849,796 $114,677,651 $142,885,431 The Trusts shares held Class A.................................................. -- -- -- 11,374,234 Class B.................................................. 241,165 1,099,431 10,805,716 2,901,392
------- The accompanying notes are an integral part of these financial statements. FSA-10 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Short EQ/Small EQ/T. Rowe Price Duration Bond Company Index Growth Stock --------------- --------------- ------------------ Assets: Investments in shares of The Trusts, at fair value........ $12,528,996 $110,189,668 $52,446,816 Receivable for The Trusts shares sold..................... 4,344 -- -- Receivable for policy-related transactions................ -- 34,932 27,624 ----------- ------------ ----------- Total assets............................................ 12,533,340 110,224,600 52,474,440 ----------- ------------ ----------- Liabilities: Payable for The Trusts shares purchased................... -- 34,932 27,624 Payable for policy-related transactions................... 4,344 -- -- ----------- ------------ ----------- Total liabilities....................................... 4,344 34,932 27,624 ----------- ------------ ----------- Net Assets................................................ $12,528,996 $110,189,668 $52,446,816 =========== ============ =========== Net Assets: Accumulation Units........................................ 12,526,582 110,178,922 52,445,946 Contracts in payout (annuitization) period................ -- -- -- Retained by AXA Equitable in Separate Account A........... 2,414 10,746 870 ----------- ------------ ----------- Total net assets.......................................... $12,528,996 $110,189,668 $52,446,816 =========== ============ =========== Investments in shares of The Trusts, at cost.............. $13,566,742 $186,131,283 $84,286,541 The Trusts shares held Class A.................................................. -- -- -- Class B.................................................. 1,345,715 16,280,702 4,232,709 EQ/Van Kampen EQ/Templeton EQ/UBS Growth EQ/Van Kampen Emerging Markets Growth and Income Comstock Equity -------------- --------------- --------------- ----------------- Assets: Investments in shares of The Trusts, at fair value........ $18,452,933 $15,015,414 $14,149,918 $253,164,513 Receivable for The Trusts shares sold..................... -- 34,010 -- -- Receivable for policy-related transactions................ 26,791 -- 7,183 295,214 ----------- ----------- ----------- ------------ Total assets............................................ 18,479,724 15,049,424 14,157,101 253,459,727 ----------- ----------- ----------- ------------ Liabilities: Payable for The Trusts shares purchased................... 26,791 -- 4,283 236,892 Payable for policy-related transactions................... -- 33,010 -- -- ----------- ----------- ----------- ------------ Total liabilities....................................... 26,791 33,010 4,283 236,892 ----------- ----------- ----------- ------------ Net Assets................................................ $18,452,933 $15,016,414 $14,152,818 $253,222,835 =========== =========== =========== ============ Net Assets: Accumulation Units........................................ 18,449,996 15,016,314 14,152,730 253,220,333 Contracts in payout (annuitization) period................ -- -- -- -- Retained by AXA Equitable in Separate Account A........... 2,937 100 88 2,502 ----------- ----------- ----------- ------------ Total net assets.......................................... $18,452,933 $15,016,414 $14,152,818 $253,222,835 =========== =========== =========== ============ Investments in shares of The Trusts, at cost.............. $29,624,930 $23,990,956 $21,975,804 $550,263,459 The Trusts shares held Class A.................................................. -- -- -- -- Class B.................................................. 2,918,850 3,724,319 2,137,687 33,225,214
------- The accompanying notes are an integral part of these financial statements. FSA-11 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Van Kampen EQ/Van Kampen Multimanager Mid Cap Growth Real Estate Aggressive Equity ---------------- --------------- ------------------- Assets: Investments in shares of The Trusts, at fair value........ $32,051,020 $ 80,389,360 $413,808,504 Receivable for The Trusts shares sold..................... 822 103,232 559,794 Receivable for policy-related transactions................ -- -- -- ----------- ------------ ------------ Total assets............................................ 32,051,842 80,492,592 414,368,298 ----------- ------------ ------------ Liabilities: Payable for The Trusts shares purchased................... -- -- -- Payable for policy-related transactions................... 822 103,232 655,762 ----------- ------------ ------------ Total liabilities....................................... 822 103,232 655,762 ----------- ------------ ------------ Net Assets................................................ $32,051,020 $ 80,389,360 $413,712,536 =========== ============ ============ Net Assets: Accumulation Units........................................ 32,050,244 80,374,045 412,865,821 Contracts in payout (annuitization) period................ -- -- 839,717 Retained by AXA Equitable in Separate Account A........... 776 15,315 6,998 ----------- ------------ ------------ Total net assets.......................................... $32,051,020 $ 80,389,360 $413,712,536 =========== ============ ============ Investments in shares of The Trusts, at cost.............. $53,039,790 $143,985,949 $755,810,830 The Trusts shares held Class A.................................................. -- -- 23,941,634 Class B.................................................. 3,875,220 16,702,966 363,350 Multimanager Multimanager Multimanager Multimanager Core Bond Health Care High Yield International Equity -------------- -------------- -------------- --------------------- Assets: Investments in shares of The Trusts, at fair value........ $71,749,186 $38,082,483 $115,459,229 $ 60,756,575 Receivable for The Trusts shares sold..................... -- -- 188,476 -- Receivable for policy-related transactions................ 5,197 19,730 -- 14,920 ----------- ----------- ------------ ------------ Total assets............................................ 71,754,383 38,102,213 115,647,705 60,771,495 ----------- ----------- ------------ ------------ Liabilities: Payable for The Trusts shares purchased................... 5,197 19,730 -- 14,920 Payable for policy-related transactions................... -- -- 215,611 -- ----------- ----------- ------------ ------------ Total liabilities....................................... 5,197 19,730 215,611 14,920 ----------- ----------- ------------ ------------ Net Assets................................................ $71,749,186 $38,082,483 $115,432,094 $ 60,756,575 =========== =========== ============ ============ Net Assets: Accumulation Units........................................ 71,736,958 38,069,992 114,961,884 60,754,098 Contracts in payout (annuitization) period................ -- -- 468,577 -- Retained by AXA Equitable in Separate Account A........... 12,228 12,491 1,633 2,477 ----------- ----------- ------------ ------------ Total net assets.......................................... $71,749,186 $38,082,483 $115,432,094 $ 60,756,575 =========== =========== ============ ============ Investments in shares of The Trusts, at cost.............. $74,082,411 $50,628,163 $172,446,935 $108,553,139 The Trusts shares held Class A.................................................. 24,320 13,735 25,017,648 12,867 Class B.................................................. 7,240,257 4,792,540 7,391,694 7,323,745
------- The accompanying notes are an integral part of these financial statements. FSA-12 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Multimanager Multimanager Multimanager Large Cap Large Cap Large Cap Core Equity Growth Value ------------- -------------- -------------- Assets: Investments in shares of The Trusts, at fair value........ $12,198,543 $22,692,321 $47,933,654 Receivable for The Trusts shares sold..................... 7,217 26,695 28,852 Receivable for policy-related transactions................ -- -- -- ----------- ----------- ----------- Total assets............................................ 12,205,760 22,719,016 47,962,506 ----------- ----------- ----------- Liabilities: Payable for The Trusts shares purchased................... -- -- -- Payable for policy-related transactions................... 7,217 26,695 28,852 ----------- ----------- ----------- Total liabilities....................................... 7,217 26,695 28,852 ----------- ----------- ----------- Net Assets................................................ $12,198,543 $22,692,321 $47,933,654 =========== =========== =========== Net Assets: Accumulation Units........................................ 12,191,790 22,690,126 47,931,068 Contracts in payout (annuitization) period................ -- -- -- Retained by AXA Equitable in Separate Account A........... 6,753 2,195 2,586 ----------- ----------- ----------- Total net assets.......................................... $12,198,543 $22,692,321 $47,933,654 =========== =========== =========== Investments in shares of The Trusts, at cost.............. $19,816,956 $40,070,276 $77,490,732 The Trusts shares held Class A.................................................. 805 4,756 34,749 Class B.................................................. 1,745,418 4,292,767 6,607,757 Multimanager Multimanager Multimanager Multimanager Mid Cap Mid Cap Small Cap Small Cap Growth Value Growth Value -------------- -------------- -------------- -------------- Assets: Investments in shares of The Trusts, at fair value........ $46,116,330 $41,918,854 $32,366,098 $ 97,824,870 Receivable for The Trusts shares sold..................... -- -- -- -- Receivable for policy-related transactions................ 3,479 19,616 291,293 10,507 ----------- ----------- ----------- ------------ Total assets............................................ 46,119,809 41,938,470 32,657,391 97,835,377 ----------- ----------- ----------- ------------ Liabilities: Payable for The Trusts shares purchased................... 3,479 19,616 434,971 10,507 Payable for policy-related transactions................... -- -- -- -- ----------- ----------- ----------- ------------ Total liabilities....................................... 3,479 19,616 434,971 10,507 ----------- ----------- ----------- ------------ Net Assets................................................ $46,116,330 $41,918,854 $32,222,420 $ 97,824,870 =========== =========== =========== ============ Net Assets: Accumulation Units........................................ 46,111,598 41,914,688 32,214,822 97,813,916 Contracts in payout (annuitization) period................ -- -- -- -- Retained by AXA Equitable in Separate Account A........... 4,732 4,166 7,598 10,954 ----------- ----------- ----------- ------------ Total net assets.......................................... $46,116,330 $41,918,854 $32,222,420 $ 97,824,870 =========== =========== =========== ============ Investments in shares of The Trusts, at cost.............. $81,500,008 $69,279,668 $56,098,277 $180,341,568 The Trusts shares held Class A.................................................. -- 13,819 -- -- Class B.................................................. 9,229,274 7,389,479 6,296,681 14,114,680
------- The accompanying notes are an integral part of these financial statements. FSA-13 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Multimanager Target 2015 Technology Allocation --------------- ------------- Assets: Investments in shares of The Trusts, at fair value........ $ 64,726,599 $10,141,774 Receivable for The Trusts shares sold..................... -- -- Receivable for policy-related transactions................ 12,828 106,966 ------------ ----------- Total assets............................................ 64,739,427 10,248,740 ------------ ----------- Liabilities: Payable for The Trusts shares purchased................... 12,828 106,966 Payable for policy-related transactions................... -- -- ------------ ----------- Total liabilities....................................... 12,828 106,966 ------------ ----------- Net Assets................................................ $ 64,726,599 $10,141,774 ============ =========== Net Assets: Accumulation Units........................................ 64,710,400 10,137,456 Contracts in payout (annuitization) period................ -- -- Retained by AXA Equitable in Separate Account A........... 16,199 4,318 ------------ ----------- Total net assets.......................................... $ 64,726,599 $10,141,774 ============ =========== Investments in shares of The Trusts, at cost.............. $105,460,456 $13,676,733 The Trusts shares held Class A.................................................. 20,231 -- Class B.................................................. 9,403,390 1,414,136 Target 2025 Target 2035 Target 2045 Allocation Allocation Allocation ------------- ------------- ------------- Assets: Investments in shares of The Trusts, at fair value........ $10,693,987 $ 6,994,816 $4,692,005 Receivable for The Trusts shares sold..................... -- -- -- Receivable for policy-related transactions................ 41,324 24,484 13,315 ----------- ----------- ---------- Total assets............................................ 10,735,311 7,019,300 4,705,320 ----------- ----------- ---------- Liabilities: Payable for The Trusts shares purchased................... 41,024 24,484 13,315 Payable for policy-related transactions................... -- -- -- ----------- ----------- ---------- Total liabilities....................................... 41,024 24,484 13,315 ----------- ----------- ---------- Net Assets................................................ $10,694,287 $ 6,994,816 $4,692,005 =========== =========== ========== Net Assets: Accumulation Units........................................ 10,694,253 6,991,940 4,691,894 Contracts in payout (annuitization) period................ -- -- -- Retained by AXA Equitable in Separate Account A........... 34 2,876 111 ----------- ----------- ---------- Total net assets.......................................... $10,694,287 $ 6,994,816 $4,692,005 =========== =========== ========== Investments in shares of The Trusts, at cost.............. $15,325,255 $10,311,955 $7,078,213 The Trusts shares held Class A.................................................. -- -- -- Class B.................................................. 1,569,891 1,060,565 756,688
------- The accompanying notes are an integral part of these financial statements. FSA-14 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 2008 (Continued)
Contract charges Share Class Unit Value Units Outstanding (000s) --------- ------------- ------------ ------------------------- AXA Aggressive Allocation............... 0.50% B $ 98.08 1 AXA Aggressive Allocation............... 0.70% B $ 97.05 2 AXA Aggressive Allocation............... 0.90% B $ 96.03 19 AXA Aggressive Allocation............... 0.95% B $ 95.77 143 AXA Aggressive Allocation............... 1.10% B $ 95.01 20 AXA Aggressive Allocation............... 1.20% B $ 94.51 183 AXA Aggressive Allocation............... 1.25% B $ 58.31 11 AXA Aggressive Allocation............... 1.30% B $ 65.75 27 AXA Aggressive Allocation............... 1.34% B $ 93.81 1,158 AXA Aggressive Allocation............... 1.35% B $ 93.76 8 AXA Aggressive Allocation............... 1.45% B $ 93.26 1 AXA Conservative Allocation............. 0.50% B $ 108.60 -- AXA Conservative Allocation............. 0.70% B $ 107.45 -- AXA Conservative Allocation............. 0.90% B $ 106.32 3 AXA Conservative Allocation............. 0.95% B $ 106.04 60 AXA Conservative Allocation............. 1.10% B $ 105.20 4 AXA Conservative Allocation............. 1.20% B $ 104.64 129 AXA Conservative Allocation............. 1.25% B $ 90.35 21 AXA Conservative Allocation............. 1.30% B $ 93.11 13 AXA Conservative Allocation............. 1.34% B $ 103.87 309 AXA Conservative Allocation............. 1.35% B $ 103.81 -- AXA Conservative Allocation............. 1.45% B $ 103.26 -- AXA Conservative-Plus Allocation........ 0.50% B $ 104.67 -- AXA Conservative-Plus Allocation........ 0.70% B $ 103.57 1 AXA Conservative-Plus Allocation........ 0.90% B $ 102.48 10 AXA Conservative-Plus Allocation........ 0.95% B $ 102.21 67 AXA Conservative-Plus Allocation........ 1.10% B $ 101.40 4 AXA Conservative-Plus Allocation........ 1.20% B $ 100.86 141 AXA Conservative-Plus Allocation........ 1.25% B $ 80.26 13 AXA Conservative-Plus Allocation........ 1.30% B $ 84.72 22 AXA Conservative-Plus Allocation........ 1.34% B $ 100.11 540 AXA Conservative-Plus Allocation........ 1.35% B $ 100.06 2 AXA Conservative-Plus Allocation........ 1.45% B $ 99.53 -- AXA Moderate Allocation................. 0.50% A $ 82.34 -- AXA Moderate Allocation................. 0.70% A $ 133.37 3 AXA Moderate Allocation................. 0.90% A $ 159.75 64 AXA Moderate Allocation................. 1.20% A $ 142.17 54 AXA Moderate Allocation................. 1.34% A $ 49.96 17,357 AXA Moderate Allocation................. 1.35% A $ 167.56 1,472 AXA Moderate Allocation................. 1.35% A $ 168.62 60 AXA Moderate Allocation................. 1.45% A $ 107.73 4 AXA Moderate Allocation................. 0.50% B $ 95.76 2 AXA Moderate Allocation................. 0.70% B $ 103.23 12 AXA Moderate Allocation................. 0.90% B $ 100.17 17 AXA Moderate Allocation................. 0.90% B $ 112.73 15 AXA Moderate Allocation................. 0.95% B $ 100.83 305 AXA Moderate Allocation................. 1.10% B $ 99.41 27 AXA Moderate Allocation................. 1.20% B $ 107.76 794 AXA Moderate Allocation................. 1.25% B $ 74.12 51 AXA Moderate Allocation................. 1.30% B $ 80.49 115 AXA Moderate-Plus Allocation............ 0.50% B $ 104.47 3 AXA Moderate-Plus Allocation............ 0.70% B $ 103.37 2 AXA Moderate-Plus Allocation............ 0.90% B $ 102.29 59 AXA Moderate-Plus Allocation............ 0.95% B $ 102.01 436
FSA-15 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Share Class Unit Value Units Outstanding (000s) --------- ------------- ------------ ------------------------- AXA Moderate-Plus Allocation................................... 1.10% B $ 101.21 49 AXA Moderate-Plus Allocation................................... 1.20% B $ 100.67 554 AXA Moderate-Plus Allocation................................... 1.25% B $ 66.61 44 AXA Moderate-Plus Allocation................................... 1.30% B $ 73.32 153 AXA Moderate-Plus Allocation................................... 1.34% B $ 99.92 3,252 AXA Moderate-Plus Allocation................................... 1.35% B $ 99.87 12 AXA Moderate-Plus Allocation................................... 1.45% B $ 99.34 1 Crossings Aggressive Allocation................................ 1.10% B $ 68.23 7 Crossings Aggressive Allocation................................ 1.25% B $ 68.14 -- Crossings Conservative Allocation.............................. 1.10% B $ 92.96 1 Crossings Conservative Allocation.............................. 1.25% B $ 92.83 -- Crossings Conservative-Plus Allocation......................... 1.10% B $ 85.02 1 Crossings Conservative-Plus Allocation......................... 1.25% B $ 84.90 -- Crossings Moderate Allocation.................................. 1.10% B $ 81.01 -- Crossings Moderate Allocation.................................. 1.25% B $ 80.90 1 Crossings Moderate-Plus Allocation............................. 1.10% B $ 75.14 -- Crossings Moderate-Plus Allocation............................. 1.25% B $ 75.04 10 EQ/AllianceBernstein Common Stock.............................. 0.50% A $ 60.28 1 EQ/AllianceBernstein Common Stock.............................. 0.70% A $ 91.86 13 EQ/AllianceBernstein Common Stock.............................. 0.74% A $ 290.41 87 EQ/AllianceBernstein Common Stock.............................. 0.74% A $ 314.57 31 EQ/AllianceBernstein Common Stock.............................. 0.90% A $ 130.18 57 EQ/AllianceBernstein Common Stock.............................. 1.20% A $ 107.37 29 EQ/AllianceBernstein Common Stock.............................. 1.35% A $ 165.26 1,933 EQ/AllianceBernstein Common Stock.............................. 1.35% A $ 172.68 79 EQ/AllianceBernstein Common Stock.............................. 1.45% A $ 66.55 24 EQ/AllianceBernstein Common Stock.............................. 1.49% A $ 213.98 6,150 EQ/AllianceBernstein Common Stock.............................. 0.50% B $ 58.78 -- EQ/AllianceBernstein Common Stock.............................. 0.70% B $ 60.99 3 EQ/AllianceBernstein Common Stock.............................. 0.90% B $ 62.69 25 EQ/AllianceBernstein Common Stock.............................. 0.90% B $ 70.15 8 EQ/AllianceBernstein Common Stock.............................. 0.95% B $ 59.57 358 EQ/AllianceBernstein Common Stock.............................. 1.10% B $ 58.73 3 EQ/AllianceBernstein Common Stock.............................. 1.20% B $ 66.57 858 EQ/AllianceBernstein Common Stock.............................. 1.25% B $ 52.75 8 EQ/AllianceBernstein Common Stock.............................. 1.30% B $ 58.92 23 EQ/AllianceBernstein Intermediate Government Securities........ 0.50% A $ 110.63 -- EQ/AllianceBernstein Intermediate Government Securities........ 0.70% A $ 158.17 -- EQ/AllianceBernstein Intermediate Government Securities........ 0.74% A $ 88.73 31 EQ/AllianceBernstein Intermediate Government Securities........ 0.90% A $ 170.15 4 EQ/AllianceBernstein Intermediate Government Securities........ 1.20% A $ 156.16 1 EQ/AllianceBernstein Intermediate Government Securities........ 1.34% A $ 173.78 484 EQ/AllianceBernstein Intermediate Government Securities........ 1.35% A $ 167.46 10 EQ/AllianceBernstein Intermediate Government Securities........ 1.45% A $ 140.38 1 EQ/AllianceBernstein Intermediate Government Securities........ 0.50% B $ 140.40 -- EQ/AllianceBernstein Intermediate Government Securities........ 0.70% B $ 144.80 -- EQ/AllianceBernstein Intermediate Government Securities........ 0.90% B $ 144.81 2 EQ/AllianceBernstein Intermediate Government Securities........ 0.95% B $ 141.43 95 EQ/AllianceBernstein Intermediate Government Securities........ 1.10% B $ 139.44 2 EQ/AllianceBernstein Intermediate Government Securities........ 1.20% B $ 140.41 110
FSA-16 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Share Class Unit Value Units Outstanding (000s) --------- ------------- ------------ ------------------------- EQ/AllianceBernstein Intermediate Government Securities........ 1.25% B $ 107.58 7 EQ/AllianceBernstein Intermediate Government Securities........ 1.30% B $ 108.13 4 EQ/AllianceBernstein International............................. 0.50% A $ 58.05 1 EQ/AllianceBernstein International............................. 0.70% A $ 91.40 5 EQ/AllianceBernstein International............................. 0.90% A $ 98.14 35 EQ/AllianceBernstein International............................. 1.20% A $ 86.55 24 EQ/AllianceBernstein International............................. 1.34% A $ 96.32 3,827 EQ/AllianceBernstein International............................. 1.35% A $ 96.19 66 EQ/AllianceBernstein International............................. 1.45% A $ 75.25 4 EQ/AllianceBernstein International............................. 0.50% B $ 76.51 1 EQ/AllianceBernstein International............................. 0.70% B $ 79.00 -- EQ/AllianceBernstein International............................. 0.90% B $ 80.34 10 EQ/AllianceBernstein International............................. 0.95% B $ 77.16 253 EQ/AllianceBernstein International............................. 1.10% B $ 76.08 5 EQ/AllianceBernstein International............................. 1.20% B $ 75.18 436 EQ/AllianceBernstein International............................. 1.25% B $ 46.90 20 EQ/AllianceBernstein International............................. 1.30% B $ 56.75 19 EQ/AllianceBernstein Small Cap Growth.......................... 0.50% A $ 66.73 -- EQ/AllianceBernstein Small Cap Growth.......................... 0.70% A $ 98.47 2 EQ/AllianceBernstein Small Cap Growth.......................... 0.90% A $ 123.85 10 EQ/AllianceBernstein Small Cap Growth.......................... 1.20% A $ 119.54 7 EQ/AllianceBernstein Small Cap Growth.......................... 1.34% A $ 117.58 1,411 EQ/AllianceBernstein Small Cap Growth.......................... 1.35% A $ 117.44 12 EQ/AllianceBernstein Small Cap Growth.......................... 1.45% A $ 85.25 2 EQ/AllianceBernstein Small Cap Growth.......................... 0.50% B $ 64.30 -- EQ/AllianceBernstein Small Cap Growth.......................... 0.70% B $ 106.58 -- EQ/AllianceBernstein Small Cap Growth.......................... 0.90% B $ 88.24 4 EQ/AllianceBernstein Small Cap Growth.......................... 0.95% B $ 104.09 112 EQ/AllianceBernstein Small Cap Growth.......................... 1.10% B $ 102.63 1 EQ/AllianceBernstein Small Cap Growth.......................... 1.20% B $ 85.28 191 EQ/AllianceBernstein Small Cap Growth.......................... 1.25% B $ 54.25 4 EQ/AllianceBernstein Small Cap Growth.......................... 1.30% B $ 65.23 6 EQ/Ariel Appreciation II....................................... 0.50% B $ 69.12 -- EQ/Ariel Appreciation II....................................... 0.70% B $ 68.67 -- EQ/Ariel Appreciation II....................................... 0.90% B $ 68.22 -- EQ/Ariel Appreciation II....................................... 0.95% B $ 68.11 4 EQ/Ariel Appreciation II....................................... 1.10% B $ 67.78 -- EQ/Ariel Appreciation II....................................... 1.20% B $ 67.55 9 EQ/Ariel Appreciation II....................................... 1.25% B $ 53.66 -- EQ/Ariel Appreciation II....................................... 1.30% B $ 61.22 -- EQ/Ariel Appreciation II....................................... 1.34% B $ 67.25 14 EQ/Ariel Appreciation II....................................... 1.35% B $ 67.22 -- EQ/Ariel Appreciation II....................................... 1.45% B $ 67.00 -- EQ/AXA Rosenberg Value Long/Short Equity....................... 0.50% B $ 107.00 -- EQ/AXA Rosenberg Value Long/Short Equity....................... 0.70% B $ 104.49 -- EQ/AXA Rosenberg Value Long/Short Equity....................... 0.90% B $ 104.76 -- EQ/AXA Rosenberg Value Long/Short Equity....................... 0.95% B $ 104.49 12 EQ/AXA Rosenberg Value Long/Short Equity....................... 1.10% B $ 96.35 -- EQ/AXA Rosenberg Value Long/Short Equity....................... 1.20% B $ 103.11 13 EQ/AXA Rosenberg Value Long/Short Equity....................... 1.25% B $ 93.38 -- EQ/AXA Rosenberg Value Long/Short Equity....................... 1.30% B $ 93.96 1 EQ/AXA Rosenberg Value Long/Short Equity....................... 1.34% B $ 102.34 52
FSA-17 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Share Class Unit Value Units Outstanding (000s) --------- ------------- ------------ ------------------------- EQ/AXA Rosenberg Value Long/Short Equity...... 1.35% B $ 102.29 -- EQ/AXA Rosenberg Value Long/Short Equity...... 1.45% B $ 101.75 -- EQ/BlackRock Basic Value Equity............... 0.50% B $ 99.88 -- EQ/BlackRock Basic Value Equity............... 0.70% B $ 124.97 1 EQ/BlackRock Basic Value Equity............... 0.90% B $ 119.54 4 EQ/BlackRock Basic Value Equity............... 0.90% B $ 122.36 12 EQ/BlackRock Basic Value Equity............... 0.95% B $ 101.69 144 EQ/BlackRock Basic Value Equity............... 1.10% B $ 119.80 3 EQ/BlackRock Basic Value Equity............... 1.20% B $ 117.63 237 EQ/BlackRock Basic Value Equity............... 1.20% B $ 118.53 8 EQ/BlackRock Basic Value Equity............... 1.25% B $ 57.45 17 EQ/BlackRock Basic Value Equity............... 1.30% B $ 65.19 6 EQ/BlackRock Basic Value Equity............... 1.34% B $ 151.23 1,236 EQ/BlackRock Basic Value Equity............... 1.35% B $ 116.66 8 EQ/BlackRock Basic Value Equity............... 1.45% B $ 114.56 2 EQ/BlackRock International Value.............. 0.50% B $ 82.67 -- EQ/BlackRock International Value.............. 0.70% B $ 100.84 15 EQ/BlackRock International Value.............. 0.90% B $ 98.96 21 EQ/BlackRock International Value.............. 0.95% B $ 98.49 157 EQ/BlackRock International Value.............. 1.10% B $ 97.11 3 EQ/BlackRock International Value.............. 1.20% B $ 96.19 198 EQ/BlackRock International Value.............. 1.25% B $ 55.41 7 EQ/BlackRock International Value.............. 1.30% B $ 64.08 7 EQ/BlackRock International Value.............. 1.34% B $ 94.92 1,585 EQ/BlackRock International Value.............. 1.35% B $ 94.83 10 EQ/BlackRock International Value.............. 1.45% B $ 102.85 1 EQ/Boston Advisors Equity Income.............. 0.50% B $ 90.78 -- EQ/Boston Advisors Equity Income.............. 0.70% B $ 90.01 -- EQ/Boston Advisors Equity Income.............. 0.90% B $ 89.25 3 EQ/Boston Advisors Equity Income.............. 0.95% B $ 89.06 43 EQ/Boston Advisors Equity Income.............. 1.10% B $ 88.49 2 EQ/Boston Advisors Equity Income.............. 1.20% B $ 88.11 68 EQ/Boston Advisors Equity Income.............. 1.25% B $ 63.29 4 EQ/Boston Advisors Equity Income.............. 1.30% B $ 71.49 8 EQ/Boston Advisors Equity Income.............. 1.34% B $ 87.59 358 EQ/Boston Advisors Equity Income.............. 1.35% B $ 87.55 1 EQ/Boston Advisors Equity Income.............. 1.45% B $ 87.18 -- EQ/Calvert Socially Responsible............... 0.50% B $ 51.72 -- EQ/Calvert Socially Responsible............... 0.70% B $ 57.45 1 EQ/Calvert Socially Responsible............... 0.90% B $ 56.37 4 EQ/Calvert Socially Responsible............... 0.95% B $ 71.93 5 EQ/Calvert Socially Responsible............... 1.10% B $ 55.31 -- EQ/Calvert Socially Responsible............... 1.20% B $ 54.79 12 EQ/Calvert Socially Responsible............... 1.25% B $ 54.97 -- EQ/Calvert Socially Responsible............... 1.30% B $ 60.60 -- EQ/Calvert Socially Responsible............... 1.34% B $ 54.07 213 EQ/Calvert Socially Responsible............... 1.35% B $ 54.01 -- EQ/Calvert Socially Responsible............... 1.45% B $ 69.34 -- EQ/Capital Guardian Growth.................... 0.50% B $ 43.13 -- EQ/Capital Guardian Growth.................... 0.70% B $ 48.98 -- EQ/Capital Guardian Growth.................... 0.90% B $ 48.06 3
FSA-18 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Share Class Unit Value Units Outstanding (000s) --------- ------------- ------------ ------------------------- EQ/Capital Guardian Growth............... 0.95% B $ 47.84 20 EQ/Capital Guardian Growth............... 1.10% B $ 47.16 1 EQ/Capital Guardian Growth............... 1.20% B $ 46.72 41 EQ/Capital Guardian Growth............... 1.25% B $ 57.14 -- EQ/Capital Guardian Growth............... 1.30% B $ 62.28 1 EQ/Capital Guardian Growth............... 1.34% B $ 46.10 194 EQ/Capital Guardian Growth............... 1.35% B $ 46.06 -- EQ/Capital Guardian Growth............... 1.45% B $ 61.34 -- EQ/Capital Guardian Research............. 0.50% B $ 76.16 -- EQ/Capital Guardian Research............. 0.70% B $ 83.50 1 EQ/Capital Guardian Research............. 0.90% B $ 81.94 22 EQ/Capital Guardian Research............. 0.95% B $ 81.55 85 EQ/Capital Guardian Research............. 1.10% B $ 80.40 -- EQ/Capital Guardian Research............. 1.20% B $ 79.64 316 EQ/Capital Guardian Research............. 1.25% B $ 55.97 14 EQ/Capital Guardian Research............. 1.30% B $ 61.16 1 EQ/Capital Guardian Research............. 1.34% B $ 78.59 1,258 EQ/Capital Guardian Research............. 1.35% B $ 78.52 6 EQ/Capital Guardian Research............. 1.45% B $ 77.77 3 EQ/Caywood Scholl High Yield Bond........ 0.50% B $ 92.50 -- EQ/Caywood Scholl High Yield Bond........ 0.70% B $ 91.81 -- EQ/Caywood Scholl High Yield Bond........ 0.90% B $ 91.14 2 EQ/Caywood Scholl High Yield Bond........ 0.95% B $ 90.97 40 EQ/Caywood-Scholl High Yield Bond........ 1.10% B $ 90.47 2 EQ/Caywood Scholl High Yield Bond........ 1.20% B $ 90.13 38 EQ/Caywood Scholl High Yield Bond........ 1.25% B $ 79.93 1 EQ/Caywood Scholl High Yield Bond........ 1.30% B $ 82.88 1 EQ/Caywood Scholl High Yield Bond........ 1.34% B $ 89.66 163 EQ/Caywood Scholl High Yield Bond........ 1.35% B $ 89.63 -- EQ/Caywood Scholl High Yield Bond........ 1.45% B $ 89.30 -- EQ/Davis New York Venture................ 0.50% B $ 58.95 -- EQ/Davis New York Venture................ 0.70% B $ 58.75 -- EQ/Davis New York Venture................ 0.90% B $ 58.56 3 EQ/Davis New York Venture................ 0.90% B $ 67.28 1 EQ/Davis New York Venture................ 0.95% B $ 58.51 26 EQ/Davis New York Venture................ 1.10% B $ 63.74 3 EQ/Davis New York Venture................ 1.20% B $ 58.27 19 EQ/Davis New York Venture................ 1.25% B $ 57.59 3 EQ/Davis New York Venture................ 1.30% B $ 58.25 2 EQ/Davis New York Venture................ 1.34% B $ 58.14 123 EQ/Davis New York Venture................ 1.34% B $ 66.59 4 EQ/Davis New York Venture................ 1.35% B $ 66.57 3 EQ/Davis New York Venture................ 1.45% B $ 58.03 -- EQ/Equity 500 Index...................... 0.50% A $ 67.56 -- EQ/Equity 500 Index...................... 0.70% A $ 103.38 8 EQ/Equity 500 Index...................... 0.90% A $ 146.69 27 EQ/Equity 500 Index...................... 1.20% A $ 121.23 35 EQ/Equity 500 Index...................... 1.34% A $ 199.82 2,594 EQ/Equity 500 Index...................... 1.35% A $ 199.52 34 EQ/Equity 500 Index...................... 1.45% A $ 75.54 9 EQ/Equity 500 Index...................... 0.50% B $ 67.29 -- EQ/Equity 500 Index...................... 0.70% B $ 68.30 14
FSA-19 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Share Class Unit Value Units Outstanding (000s) --------- ------------- ------------ ------------------------- EQ/Equity 500 Index.................... 0.90% B $ 79.31 11 EQ/Equity 500 Index.................... 0.95% B $ 66.71 198 EQ/Equity 500 Index.................... 1.10% B $ 65.78 4 EQ/Equity 500 Index.................... 1.20% B $ 75.56 588 EQ/Equity 500 Index.................... 1.25% B $ 58.82 27 EQ/Equity 500 Index.................... 1.30% B $ 66.04 10 EQ/Evergreen International Bond........ 0.50% B $ 115.84 -- EQ/Evergreen International Bond........ 0.70% B $ 115.09 2 EQ/Evergreen International Bond........ 0.90% B $ 114.34 5 EQ/Evergreen International Bond........ 0.95% B $ 114.15 74 EQ/Evergreen International Bond........ 1.10% B $ 113.59 5 EQ/Evergreen International Bond........ 1.20% B $ 113.22 73 EQ/Evergreen International Bond........ 1.25% B $ 113.71 7 EQ/Evergreen International Bond........ 1.30% B $ 115.42 3 EQ/Evergreen International Bond........ 1.34% B $ 112.70 314 EQ/Evergreen International Bond........ 1.35% B $ 112.67 -- EQ/Evergreen International Bond........ 1.45% B $ 112.30 -- EQ/Evergreen Omega..................... 0.50% B $ 72.15 -- EQ/Evergreen Omega..................... 0.70% B $ 73.26 1 EQ/Evergreen Omega..................... 0.90% B $ 71.89 2 EQ/Evergreen Omega..................... 0.95% B $ 71.55 30 EQ/Evergreen Omega..................... 1.10% B $ 70.54 1 EQ/Evergreen Omega..................... 1.20% B $ 69.88 47 EQ/Evergreen Omega..................... 1.25% B $ 71.00 2 EQ/Evergreen Omega..................... 1.30% B $ 81.38 1 EQ/Evergreen Omega..................... 1.34% B $ 68.96 221 EQ/Evergreen Omega..................... 1.35% B $ 68.89 -- EQ/Evergreen Omega..................... 1.45% B $ 68.24 -- EQ/Franklin Income..................... 0.50% B $ 72.05 -- EQ/Franklin Income..................... 0.70% B $ 71.71 4 EQ/Franklin Income..................... 0.90% B $ 71.38 6 EQ/Franklin Income..................... 0.95% B $ 71.30 76 EQ/Franklin Income..................... 1.10% B $ 71.05 4 EQ/Franklin Income..................... 1.20% B $ 70.88 134 EQ/Franklin Income..................... 1.25% B $ 65.19 4 EQ/Franklin Income..................... 1.30% B $ 69.63 17 EQ/Franklin Income..................... 1.34% B $ 70.65 600 EQ/Franklin Income..................... 1.35% B $ 70.63 -- EQ/Franklin Income..................... 1.45% B $ 70.47 -- EQ/Franklin Small Cap Value............ 0.50% B $ 65.36 -- EQ/Franklin Small Cap Value............ 0.70% B $ 65.06 -- EQ/Franklin Small Cap Value............ 0.90% B $ 64.76 1 EQ/Franklin Small Cap Value............ 0.95% B $ 64.68 6 EQ/Franklin Small Cap Value............ 1.10% B $ 64.45 1 EQ/Franklin Small Cap Value............ 1.20% B $ 64.30 15 EQ/Franklin Small Cap Value............ 1.25% B $ 53.77 1 EQ/Franklin Small Cap Value............ 1.30% B $ 61.21 1 EQ/Franklin Small Cap Value............ 1.34% B $ 64.09 93 EQ/Franklin Small Cap Value............ 1.35% B $ 64.08 -- EQ/Franklin Small Cap Value............ 1.45% B $ 63.93 --
FSA-20 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Share Class Unit Value Units Outstanding (000s) --------- ------------- ------------ ------------------------- EQ/Franklin Templeton Founding Strategy....... 0.50% B $ 60.08 -- EQ/Franklin Templeton Founding Strategy....... 0.70% B $ 59.88 1 EQ/Franklin Templeton Founding Strategy....... 0.90% B $ 59.69 3 EQ/Franklin Templeton Founding Strategy....... 0.95% B $ 59.64 53 EQ/Franklin Templeton Founding Strategy....... 1.10% B $ 66.88 7 EQ/Franklin Templeton Founding Strategy....... 1.20% B $ 59.39 87 EQ/Franklin Templeton Founding Strategy....... 1.25% B $ 58.82 3 EQ/Franklin Templeton Founding Strategy....... 1.30% B $ 59.37 17 EQ/Franklin Templeton Founding Strategy....... 1.34% B $ 59.25 330 EQ/Franklin Templeton Founding Strategy....... 1.45% B $ 59.15 -- EQ/GAMCO Mergers and Acquisitions............. 0.50% B $ 104.07 -- EQ/GAMCO Mergers and Acquisitions............. 0.70% B $ 103.30 1 EQ/GAMCO Mergers and Acquisitions............. 0.90% B $ 102.54 -- EQ/GAMCO Mergers and Acquisitions............. 0.95% B $ 102.35 21 EQ/GAMCO Mergers and Acquisitions............. 1.10% B $ 101.78 1 EQ/GAMCO Mergers and Acquisitions............. 1.20% B $ 101.40 18 EQ/GAMCO Mergers and Acquisitions............. 1.25% B $ 81.37 1 EQ/GAMCO Mergers and Acquisitions............. 1.30% B $ 88.81 1 EQ/GAMCO Mergers and Acquisitions............. 1.34% B $ 100.84 1 EQ/GAMCO Mergers and Acquisitions............. 1.34% B $ 100.88 71 EQ/GAMCO Mergers and Acquisitions............. 1.35% B $ 100.84 -- EQ/GAMCO Mergers and Acquisitions............. 1.45% B $ 100.47 -- EQ/GAMCO Small Company Value.................. 0.50% B $ 104.46 1 EQ/GAMCO Small Company Value.................. 0.70% B $ 103.58 2 EQ/GAMCO Small Company Value.................. 0.90% B $ 102.70 8 EQ/GAMCO Small Company Value.................. 0.95% B $ 102.48 83 EQ/GAMCO Small Company Value.................. 1.10% B $ 101.83 5 EQ/GAMCO Small Company Value.................. 1.20% B $ 101.39 143 EQ/GAMCO Small Company Value.................. 1.25% B $ 64.72 13 EQ/GAMCO Small Company Value.................. 1.30% B $ 76.69 13 EQ/GAMCO Small Company Value.................. 1.34% B $ 100.79 842 EQ/GAMCO Small Company Value.................. 1.35% B $ 100.75 2 EQ/GAMCO Small Company Value.................. 1.45% B $ 100.32 1 EQ/International Core PLUS.................... 0.50% B $ 80.00 1 EQ/International Core PLUS.................... 0.70% B $ 88.62 -- EQ/International Core PLUS.................... 0.90% B $ 86.97 6 EQ/International Core PLUS.................... 0.95% B $ 106.34 54 EQ/International Core PLUS.................... 1.10% B $ 85.34 3 EQ/International Core PLUS.................... 1.20% B $ 84.53 128 EQ/International Core PLUS.................... 1.25% B $ 55.55 11 EQ/International Core PLUS.................... 1.30% B $ 64.46 2 EQ/International Core PLUS.................... 1.34% B $ 83.42 683 EQ/International Core PLUS.................... 1.35% B $ 83.34 1 EQ/International Core PLUS.................... 1.45% B $ 102.60 -- EQ/International Growth....................... 0.50% B $ 99.33 -- EQ/International Growth....................... 0.70% B $ 98.60 -- EQ/International Growth....................... 0.90% B $ 97.87 3 EQ/International Growth....................... 0.95% B $ 97.69 25 EQ/International Growth....................... 1.10% B $ 97.15 1 EQ/International Growth....................... 1.20% B $ 96.79 40 EQ/International Growth....................... 1.25% B $ 59.90 4
FSA-21 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Share Class Unit Value Units Outstanding (000s) --------- ------------- ------------ ------------------------- EQ/International Growth................ 1.30% B $ 71.55 1 EQ/International Growth................ 1.34% B $ 96.25 7 EQ/International Growth................ 1.34% B $ 96.29 188 EQ/International Growth................ 1.35% B $ 96.25 -- EQ/International Growth................ 1.45% B $ 95.89 -- EQ/JPMorgan Core Bond.................. 0.50% B $ 112.63 -- EQ/JPMorgan Core Bond.................. 0.70% B $ 111.04 4 EQ/JPMorgan Core Bond.................. 0.90% B $ 109.47 7 EQ/JPMorgan Core Bond.................. 0.95% B $ 109.08 184 EQ/JPMorgan Core Bond.................. 1.10% B $ 107.92 1 EQ/JPMorgan Core Bond.................. 1.20% B $ 107.14 122 EQ/JPMorgan Core Bond.................. 1.25% B $ 91.88 2 EQ/JPMorgan Core Bond.................. 1.30% B $ 92.08 5 EQ/JPMorgan Core Bond.................. 1.34% B $ 106.08 667 EQ/JPMorgan Core Bond.................. 1.35% B $ 106.00 -- EQ/JPMorgan Core Bond.................. 1.45% B $ 105.24 1 EQ/JPMorgan Value Opportunities........ 0.50% B $ 79.29 -- EQ/JPMorgan Value Opportunities........ 0.70% B $ 78.99 -- EQ/JPMorgan Value Opportunities........ 0.90% B $ 76.49 -- EQ/JPMorgan Value Opportunities........ 0.90% B $ 77.34 5 EQ/JPMorgan Value Opportunities........ 0.95% B $ 71.51 17 EQ/JPMorgan Value Opportunities........ 1.10% B $ 75.72 -- EQ/JPMorgan Value Opportunities........ 1.20% B $ 74.13 31 EQ/JPMorgan Value Opportunities........ 1.20% B $ 74.92 4 EQ/JPMorgan Value Opportunities........ 1.25% B $ 53.58 -- EQ/JPMorgan Value Opportunities........ 1.30% B $ 60.39 1 EQ/JPMorgan Value Opportunities........ 1.34% B $ 93.14 314 EQ/JPMorgan Value Opportunities........ 1.35% B $ 73.74 7 EQ/JPMorgan Value Opportunities........ 1.45% B $ 72.19 1 EQ/Large Cap Core PLUS................. 0.50% B $ 66.51 -- EQ/Large Cap Core PLUS................. 0.70% B $ 69.35 -- EQ/Large Cap Core PLUS................. 0.90% B $ 68.05 1 EQ/Large Cap Core PLUS................. 0.95% B $ 67.73 11 EQ/Large Cap Core PLUS................. 1.10% B $ 66.78 -- EQ/Large Cap Core PLUS................. 1.20% B $ 66.14 26 EQ/Large Cap Core PLUS................. 1.25% B $ 59.29 1 EQ/Large Cap Core PLUS................. 1.30% B $ 64.90 -- EQ/Large Cap Core PLUS................. 1.34% B $ 65.27 111 EQ/Large Cap Core PLUS................. 1.35% B $ 65.21 -- EQ/Large Cap Core PLUS................. 1.45% B $ 64.59 -- EQ/Large Cap Growth Index.............. 0.50% B $ 47.58 1 EQ/Large Cap Growth Index.............. 0.70% B $ 51.86 -- EQ/Large Cap Growth Index.............. 0.90% B $ 50.89 9 EQ/Large Cap Growth Index.............. 0.95% B $ 50.65 128 EQ/Large Cap Growth Index.............. 1.10% B $ 49.94 1 EQ/Large Cap Growth Index.............. 1.20% B $ 49.46 194 EQ/Large Cap Growth Index.............. 1.25% B $ 65.52 1 EQ/Large Cap Growth Index.............. 1.30% B $ 72.95 1 EQ/Large Cap Growth Index.............. 1.34% B $ 48.81 1,401 EQ/Large Cap Growth Index.............. 1.35% B $ 48.77 4 EQ/Large Cap Growth Index.............. 1.45% B $ 48.30 1
FSA-22 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Share Class Unit Value Units Outstanding (000s) --------- ------------- ------------ ------------------------- EQ/Large Cap Growth PLUS........ 0.50% B $ 42.68 -- EQ/Large Cap Growth PLUS........ 0.70% B $ 75.16 2 EQ/Large Cap Growth PLUS........ 0.90% B $ 65.89 3 EQ/Large Cap Growth PLUS........ 0.90% B $ 73.59 24 EQ/Large Cap Growth PLUS........ 0.95% B $ 62.17 93 EQ/Large Cap Growth PLUS........ 1.10% B $ 72.05 -- EQ/Large Cap Growth PLUS........ 1.20% B $ 68.46 153 EQ/Large Cap Growth PLUS........ 1.20% B $ 71.29 3 EQ/Large Cap Growth PLUS........ 1.25% B $ 62.87 1 EQ/Large Cap Growth PLUS........ 1.30% B $ 72.44 2 EQ/Large Cap Growth PLUS........ 1.34% B $ 104.99 1,531 EQ/Large Cap Growth PLUS........ 1.35% B $ 70.16 21 EQ/Large Cap Growth PLUS........ 1.45% B $ 66.67 7 EQ/Large Cap Value Index........ 0.50% B $ 45.70 -- EQ/Large Cap Value Index........ 0.70% B $ 45.40 -- EQ/Large Cap Value Index........ 0.90% B $ 45.11 1 EQ/Large Cap Value Index........ 0.95% B $ 45.03 19 EQ/Large Cap Value Index........ 1.10% B $ 44.81 1 EQ/Large Cap Value Index........ 1.20% B $ 44.66 27 EQ/Large Cap Value Index........ 1.25% B $ 37.59 1 EQ/Large Cap Value Index........ 1.30% B $ 41.30 1 EQ/Large Cap Value Index........ 1.34% B $ 44.46 147 EQ/Large Cap Value Index........ 1.35% B $ 44.44 1 EQ/Large Cap Value Index........ 1.45% B $ 44.30 -- EQ/Large Cap Value PLUS......... 0.50% A $ 88.09 -- EQ/Large Cap Value PLUS......... 0.70% A $ 80.21 4 EQ/Large Cap Value PLUS......... 0.90% A $ 78.71 61 EQ/Large Cap Value PLUS......... 1.20% A $ 76.51 64 EQ/Large Cap Value PLUS......... 1.34% A $ 75.50 8,082 EQ/Large Cap Value PLUS......... 1.35% A $ 75.43 69 EQ/Large Cap Value PLUS......... 1.45% A $ 79.92 8 EQ/Large Cap Value PLUS......... 0.50% B $ 87.50 1 EQ/Large Cap Value PLUS......... 0.70% B $ 79.67 14 EQ/Large Cap Value PLUS......... 0.90% B $ 78.18 15 EQ/Large Cap Value PLUS......... 0.95% B $ 82.53 392 EQ/Large Cap Value PLUS......... 1.10% B $ 76.72 2 EQ/Large Cap Value PLUS......... 1.20% B $ 75.99 917 EQ/Large Cap Value PLUS......... 1.25% B $ 49.72 10 EQ/Large Cap Value PLUS......... 1.30% B $ 54.87 17 EQ/Long Term Bond............... 0.50% B $ 113.74 -- EQ/Long Term Bond............... 0.70% B $ 112.90 -- EQ/Long Term Bond............... 0.90% B $ 112.07 2 EQ/Long Term Bond............... 0.95% B $ 111.87 31 EQ/Long Term Bond............... 1.10% B $ 111.25 1 EQ/Long Term Bond............... 1.20% B $ 110.83 38 EQ/Long Term Bond............... 1.25% B $ 113.53 2 EQ/Long Term Bond............... 1.30% B $ 110.32 1 EQ/Long Term Bond............... 1.34% B $ 110.26 161 EQ/Long Term Bond............... 1.35% B $ 110.22 -- EQ/Long Term Bond............... 1.45% B $ 109.81 --
FSA-23 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Share Class Unit Value Units Outstanding (000s) --------- ------------- ------------ ------------------------- EQ/Lord Abbett Growth and Income........ 0.50% B $ 80.78 -- EQ/Lord Abbett Growth and Income........ 0.70% B $ 80.18 -- EQ/Lord Abbett Growth and Income........ 0.90% B $ 79.59 5 EQ/Lord Abbett Growth and Income........ 0.95% B $ 79.45 11 EQ/Lord Abbett Growth and Income........ 1.10% B $ 79.01 -- EQ/Lord Abbett Growth and Income........ 1.20% B $ 78.71 12 EQ/Lord Abbett Growth and Income........ 1.25% B $ 60.51 -- EQ/Lord Abbett Growth and Income........ 1.30% B $ 65.89 1 EQ/Lord Abbett Growth and Income........ 1.34% B $ 78.30 106 EQ/Lord Abbett Growth and Income........ 1.35% B $ 78.28 -- EQ/Lord Abbett Growth and Income........ 1.45% B $ 77.98 -- EQ/Lord Abbett Large Cap Core........... 0.50% B $ 90.08 -- EQ/Lord Abbett Large Cap Core........... 0.70% B $ 89.41 -- EQ/Lord Abbett Large Cap Core........... 0.90% B $ 88.75 2 EQ/Lord Abbett Large Cap Core........... 0.95% B $ 88.59 11 EQ/Lord Abbett Large Cap Core........... 1.10% B $ 88.10 1 EQ/Lord Abbett Large Cap Core........... 1.20% B $ 87.77 13 EQ/Lord Abbett Large Cap Core........... 1.25% B $ 69.03 1 EQ/Lord Abbett Large Cap Core........... 1.30% B $ 76.39 -- EQ/Lord Abbett Large Cap Core........... 1.34% B $ 87.32 76 EQ/Lord Abbett Large Cap Core........... 1.34% B $ 87.77 -- EQ/Lord Abbett Large Cap Core........... 1.35% B $ 87.29 -- EQ/Lord Abbett Large Cap Core........... 1.45% B $ 86.96 -- EQ/Lord Abbett Mid Cap Value............ 0.50% B $ 76.23 -- EQ/Lord Abbett Mid Cap Value............ 0.70% B $ 75.67 -- EQ/Lord Abbett Mid Cap Value............ 0.90% B $ 75.11 7 EQ/Lord Abbett Mid Cap Value............ 0.95% B $ 74.97 28 EQ/Lord Abbett Mid Cap Value............ 1.10% B $ 74.56 1 EQ/Lord Abbett Mid Cap Value............ 1.20% B $ 74.28 37 EQ/Lord Abbett Mid Cap Value............ 1.25% B $ 53.43 1 EQ/Lord Abbett Mid Cap Value............ 1.30% B $ 62.11 2 EQ/Lord Abbett Mid Cap Value............ 1.34% B $ 73.89 193 EQ/Lord Abbett Mid Cap Value............ 1.34% B $ 74.28 -- EQ/Lord Abbett Mid Cap Value............ 1.35% B $ 73.87 -- EQ/Lord Abbett Mid Cap Value............ 1.45% B $ 73.59 -- EQ/Marsico Focus........................ 0.50% B $ 108.22 1 EQ/Marsico Focus........................ 0.70% B $ 106.65 5 EQ/Marsico Focus........................ 0.90% B $ 105.11 29 EQ/Marsico Focus........................ 0.95% B $ 104.73 232 EQ/Marsico Focus........................ 1.10% B $ 103.58 9 EQ/Marsico Focus........................ 1.20% B $ 102.82 333 EQ/Marsico Focus........................ 1.25% B $ 63.72 20 EQ/Marsico Focus........................ 1.30% B $ 69.70 13 EQ/Marsico Focus........................ 1.34% B $ 101.77 2,024 EQ/Marsico Focus........................ 1.35% B $ 101.70 3 EQ/Marsico Focus........................ 1.45% B $ 100.95 1 EQ/Mid Cap Index........................ 0.50% B $ 75.38 -- EQ/Mid Cap Index........................ 0.70% B $ 72.41 12 EQ/Mid Cap Index........................ 0.90% B $ 71.21 25 EQ/Mid Cap Index........................ 0.95% B $ 70.91 182 EQ/Mid Cap Index........................ 1.10% B $ 70.02 4
FSA-24 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Share Class Unit Value Units Outstanding (000s) --------- ------------- ------------ ------------------------- EQ/Mid Cap Index................... 1.20% B $ 69.43 504 EQ/Mid Cap Index................... 1.25% B $ 47.70 28 EQ/Mid Cap Index................... 1.30% B $ 55.87 7 EQ/Mid Cap Index................... 1.34% B $ 68.62 2,031 EQ/Mid Cap Index................... 1.35% B $ 68.56 2 EQ/Mid Cap Index................... 1.45% B $ 67.98 1 EQ/Mid Cap Value PLUS.............. 0.50% B $ 108.09 -- EQ/Mid Cap Value PLUS.............. 0.70% B $ 86.25 1 EQ/Mid Cap Value PLUS.............. 0.90% B $ 84.45 14 EQ/Mid Cap Value PLUS.............. 0.90% B $ 104.51 4 EQ/Mid Cap Value PLUS.............. 0.95% B $ 106.19 126 EQ/Mid Cap Value PLUS.............. 1.10% B $ 82.68 1 EQ/Mid Cap Value PLUS.............. 1.20% B $ 81.55 268 EQ/Mid Cap Value PLUS.............. 1.20% B $ 81.81 17 EQ/Mid Cap Value PLUS.............. 1.25% B $ 52.34 3 EQ/Mid Cap Value PLUS.............. 1.30% B $ 60.06 4 EQ/Mid Cap Value PLUS.............. 1.34% B $ 101.70 2,009 EQ/Mid Cap Value PLUS.............. 1.35% B $ 80.51 14 EQ/Mid Cap Value PLUS.............. 1.45% B $ 79.42 2 EQ/Money Market.................... 0.50% A $ 107.20 -- EQ/Money Market.................... 0.70% A $ 136.21 12 EQ/Money Market.................... 0.74% A $ 48.02 58 EQ/Money Market.................... 0.90% A $ 142.90 27 EQ/Money Market.................... 1.20% A $ 133.68 2 EQ/Money Market.................... 1.35% A $ 145.47 229 EQ/Money Market.................... 1.35% A $ 146.16 55 EQ/Money Market.................... 1.45% A $ 121.83 -- EQ/Money Market.................... 1.49% A $ 36.99 2,421 EQ/Money Market.................... 0.50% B $ 118.64 -- EQ/Money Market.................... 0.70% B $ 123.13 1 EQ/Money Market.................... 0.90% B $ 113.93 1 EQ/Money Market.................... 0.90% B $ 125.93 1 EQ/Money Market.................... 0.95% B $ 120.26 292 EQ/Money Market.................... 1.10% B $ 118.57 21 EQ/Money Market.................... 1.20% B $ 121.87 101 EQ/Money Market.................... 1.25% B $ 102.39 39 EQ/Money Market.................... 1.30% B $ 104.80 10 EQ/Montag & Caldwell Growth........ 0.50% B $ 94.81 -- EQ/Montag & Caldwell Growth........ 0.70% B $ 94.01 -- EQ/Montag & Caldwell Growth........ 0.90% B $ 93.21 1 EQ/Montag & Caldwell Growth........ 0.95% B $ 93.01 21 EQ/Montag & Caldwell Growth........ 1.10% B $ 92.42 2 EQ/Montag & Caldwell Growth........ 1.20% B $ 92.02 33 EQ/Montag & Caldwell Growth........ 1.25% B $ 72.85 2 EQ/Montag & Caldwell Growth........ 1.30% B $ 80.43 2 EQ/Montag & Caldwell Growth........ 1.34% B $ 91.48 155 EQ/Montag & Caldwell Growth........ 1.35% B $ 91.44 -- EQ/Montag & Caldwell Growth........ 1.45% B $ 91.05 -- EQ/Mutual Shares................... 0.50% B $ 66.89 -- EQ/Mutual Shares................... 0.70% B $ 66.58 1 EQ/Mutual Shares................... 0.90% B $ 66.27 1 EQ/Mutual Shares................... 0.95% B $ 66.20 22
FSA-25 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Share Class Unit Value Units Outstanding (000s) --------- ------------- ------------ ------------------------- EQ/Mutual Shares.............................. 1.10% B $ 65.96 1 EQ/Mutual Shares.............................. 1.20% B $ 65.81 71 EQ/Mutual Shares.............................. 1.25% B $ 56.41 2 EQ/Mutual Shares.............................. 1.30% B $ 63.55 12 EQ/Mutual Shares.............................. 1.34% B $ 65.59 241 EQ/Mutual Shares.............................. 1.35% B $ 65.58 -- EQ/Mutual Shares.............................. 1.45% B $ 65.42 -- EQ/Oppenheimer Global......................... 0.50% B $ 68.98 -- EQ/Oppenheimer Global......................... 0.70% B $ 68.66 -- EQ/Oppenheimer Global......................... 0.90% B $ 68.34 1 EQ/Oppenheimer Global......................... 0.95% B $ 68.26 13 EQ/Oppenheimer Global......................... 1.10% B $ 68.02 1 EQ/Oppenheimer Global......................... 1.20% B $ 67.86 29 EQ/Oppenheimer Global......................... 1.25% B $ 55.87 1 EQ/Oppenheimer Global......................... 1.30% B $ 64.16 1 EQ/Oppenheimer Global......................... 1.34% B $ 67.64 114 EQ/Oppenheimer Global......................... 1.35% B $ 67.62 -- EQ/Oppenheimer Global......................... 1.45% B $ 67.46 -- EQ/Oppenheimer Main Street Opportunity........ 0.50% B $ 58.26 -- EQ/Oppenheimer Main Street Opportunity........ 0.70% B $ 58.07 -- EQ/Oppenheimer Main Street Opportunity........ 0.90% B $ 57.88 -- EQ/Oppenheimer Main Street Opportunity........ 0.90% B $ 68.02 1 EQ/Oppenheimer Main Street Opportunity........ 0.95% B $ 57.83 1 EQ/Oppenheimer Main Street Opportunity........ 1.10% B $ 65.60 -- EQ/Oppenheimer Main Street Opportunity........ 1.20% B $ 57.60 6 EQ/Oppenheimer Main Street Opportunity........ 1.25% B $ 57.01 1 EQ/Oppenheimer Main Street Opportunity........ 1.30% B $ 57.57 -- EQ/Oppenheimer Main Street Opportunity........ 1.34% B $ 57.46 17 EQ/Oppenheimer Main Street Opportunity........ 1.34% B $ 67.32 -- EQ/Oppenheimer Main Street Opportunity........ 1.35% B $ 67.30 -- EQ/Oppenheimer Main Street Opportunity........ 1.45% B $ 57.36 -- EQ/Oppenheimer Main Street Small Cap.......... 0.50% B $ 66.83 -- EQ/Oppenheimer Main Street Small Cap.......... 0.70% B $ 66.51 -- EQ/Oppenheimer Main Street Small Cap.......... 0.90% B $ 66.20 3 EQ/Oppenheimer Main Street Small Cap.......... 0.95% B $ 66.13 8 EQ/Oppenheimer Main Street Small Cap.......... 1.10% B $ 65.89 1 EQ/Oppenheimer Main Street Small Cap.......... 1.20% B $ 65.74 17 EQ/Oppenheimer Main Street Small Cap.......... 1.25% B $ 53.30 1 EQ/Oppenheimer Main Street Small Cap.......... 1.30% B $ 60.70 1 EQ/Oppenheimer Main Street Small Cap.......... 1.34% B $ 65.52 79 EQ/Oppenheimer Main Street Small Cap.......... 1.35% B $ 65.51 -- EQ/Oppenheimer Main Street Small Cap.......... 1.45% B $ 65.36 -- EQ/PIMCO Real Return.......................... 0.50% B $ 105.68 -- EQ/PIMCO Real Return.......................... 0.70% B $ 104.91 1 EQ/PIMCO Real Return.......................... 0.90% B $ 104.14 15 EQ/PIMCO Real Return.......................... 0.95% B $ 103.94 157 EQ/PIMCO Real Return.......................... 1.10% B $ 103.37 11 EQ/PIMCO Real Return.......................... 1.20% B $ 102.98 145 EQ/PIMCO Real Return.......................... 1.25% B $ 104.12 22 EQ/PIMCO Real Return.......................... 1.30% B $ 103.63 5
FSA-26 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Share Class Unit Value Units Outstanding (000s) --------- ------------- ------------ ------------------------- EQ/PIMCO Real Return................. 1.34% B $ 102.45 619 EQ/PIMCO Real Return................. 1.35% B $ 102.41 -- EQ/PIMCO Real Return................. 1.45% B $ 102.03 -- EQ/Quality Bond PLUS................. 0.50% A $ 97.98 -- EQ/Quality Bond PLUS................. 0.70% A $ 147.55 1 EQ/Quality Bond PLUS................. 0.90% A $ 163.80 4 EQ/Quality Bond PLUS................. 1.20% A $ 146.86 1 EQ/Quality Bond PLUS................. 1.34% A $ 163.75 587 EQ/Quality Bond PLUS................. 1.35% A $ 172.58 10 EQ/Quality Bond PLUS................. 1.45% A $ 129.00 -- EQ/Quality Bond PLUS................. 0.50% B $ 129.84 -- EQ/Quality Bond PLUS................. 0.70% B $ 134.15 -- EQ/Quality Bond PLUS................. 0.90% B $ 133.03 4 EQ/Quality Bond PLUS................. 0.95% B $ 131.03 91 EQ/Quality Bond PLUS................. 1.10% B $ 129.19 1 EQ/Quality Bond PLUS................. 1.20% B $ 129.11 94 EQ/Quality Bond PLUS................. 1.25% B $ 95.55 3 EQ/Quality Bond PLUS................. 1.30% B $ 95.78 2 EQ/Short Duration Bond............... 0.50% B $ 106.07 -- EQ/Short Duration Bond............... 0.70% B $ 105.29 -- EQ/Short Duration Bond............... 0.90% B $ 104.52 1 EQ/Short Duration Bond............... 0.95% B $ 104.32 24 EQ/Short Duration Bond............... 1.10% B $ 103.75 -- EQ/Short Duration Bond............... 1.20% B $ 103.36 20 EQ/Short Duration Bond............... 1.25% B $ 99.68 1 EQ/Short Duration Bond............... 1.30% B $ 101.05 -- EQ/Short Duration Bond............... 1.34% B $ 102.83 75 EQ/Short Duration Bond............... 1.35% B $ 102.79 -- EQ/Short Duration Bond............... 1.45% B $ 102.41 -- EQ/Small Company Index............... 0.50% B $ 108.75 -- EQ/Small Company Index............... 0.70% B $ 107.21 10 EQ/Small Company Index............... 0.90% B $ 105.69 8 EQ/Small Company Index............... 0.95% B $ 105.32 48 EQ/Small Company Index............... 1.10% B $ 104.19 2 EQ/Small Company Index............... 1.20% B $ 103.45 185 EQ/Small Company Index............... 1.25% B $ 58.80 13 EQ/Small Company Index............... 1.30% B $ 64.84 3 EQ/Small Company Index............... 1.34% B $ 102.42 808 EQ/Small Company Index............... 1.35% B $ 102.34 2 EQ/Small Company Index............... 1.45% B $ 101.61 -- EQ/T. Rowe Price Growth Stock........ 0.50% B $ 67.56 -- EQ/T. Rowe Price Growth Stock........ 0.70% B $ 66.99 7 EQ/T. Rowe Price Growth Stock........ 0.90% B $ 66.42 4 EQ/T. Rowe Price Growth Stock........ 0.95% B $ 66.28 53 EQ/T. Rowe Price Growth Stock........ 1.10% B $ 65.85 1 EQ/T. Rowe Price Growth Stock........ 1.20% B $ 65.57 155 EQ/T. Rowe Price Growth Stock........ 1.25% B $ 55.74 9 EQ/T. Rowe Price Growth Stock........ 1.30% B $ 60.40 2 EQ/T. Rowe Price Growth Stock........ 1.34% B $ 65.18 571 EQ/T. Rowe Price Growth Stock........ 1.35% B $ 65.15 2 EQ/T. Rowe Price Growth Stock........ 1.45% B $ 64.87 --
FSA-27 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Share Class Unit Value Units Outstanding (000s) --------- ------------- ------------ ------------------------- EQ/Templeton Growth......................... 0.50% B $ 64.51 -- EQ/Templeton Growth......................... 0.70% B $ 64.21 1 EQ/Templeton Growth......................... 0.90% B $ 63.91 1 EQ/Templeton Growth......................... 0.95% B $ 63.84 23 EQ/Templeton Growth......................... 1.10% B $ 63.62 1 EQ/Templeton Growth......................... 1.20% B $ 63.47 43 EQ/Templeton Growth......................... 1.25% B $ 54.70 1 EQ/Templeton Growth......................... 1.30% B $ 61.34 11 EQ/Templeton Growth......................... 1.34% B $ 63.26 210 EQ/Templeton Growth......................... 1.35% B $ 63.24 -- EQ/Templeton Growth......................... 1.45% B $ 63.10 -- EQ/UBS Growth and Income.................... 0.50% B $ 80.98 -- EQ/UBS Growth and Income.................... 0.70% B $ 80.29 -- EQ/UBS Growth and Income.................... 0.90% B $ 79.61 1 EQ/UBS Growth and Income.................... 0.95% B $ 79.44 11 EQ/UBS Growth and Income.................... 1.10% B $ 78.93 1 EQ/UBS Growth and Income.................... 1.20% B $ 78.60 64 EQ/UBS Growth and Income.................... 1.25% B $ 54.86 6 EQ/UBS Growth and Income.................... 1.30% B $ 60.82 1 EQ/UBS Growth and Income.................... 1.34% B $ 78.13 111 EQ/UBS Growth and Income.................... 1.35% B $ 78.09 -- EQ/UBS Growth and Income.................... 1.45% B $ 77.76 -- EQ/Van Kampen Comstock...................... 0.50% B $ 73.61 -- EQ/Van Kampen Comstock...................... 0.70% B $ 73.07 -- EQ/Van Kampen Comstock...................... 0.90% B $ 72.53 1 EQ/Van Kampen Comstock...................... 0.95% B $ 72.40 19 EQ/Van Kampen Comstock...................... 1.10% B $ 72.00 1 EQ/Van Kampen Comstock...................... 1.20% B $ 71.73 24 EQ/Van Kampen Comstock...................... 1.25% B $ 56.35 -- EQ/Van Kampen Comstock...................... 1.30% B $ 61.65 1 EQ/Van Kampen Comstock...................... 1.34% B $ 71.36 151 EQ/Van Kampen Comstock...................... 1.35% B $ 71.33 -- EQ/Van Kampen Comstock...................... 1.45% B $ 71.07 -- EQ/Van Kampen Emerging Markets Equity....... 0.50% B $ 145.67 -- EQ/Van Kampen Emerging Markets Equity....... 0.70% B $ 109.84 -- EQ/Van Kampen Emerging Markets Equity....... 0.70% B $ 179.52 7 EQ/Van Kampen Emerging Markets Equity....... 0.90% B $ 108.97 -- EQ/Van Kampen Emerging Markets Equity....... 0.90% B $ 175.77 9 EQ/Van Kampen Emerging Markets Equity....... 0.90% B $ 208.48 2 EQ/Van Kampen Emerging Markets Equity....... 0.95% B $ 154.17 110 EQ/Van Kampen Emerging Markets Equity....... 1.10% B $ 172.09 4 EQ/Van Kampen Emerging Markets Equity....... 1.20% B $ 160.80 162 EQ/Van Kampen Emerging Markets Equity....... 1.20% B $ 170.27 30 EQ/Van Kampen Emerging Markets Equity....... 1.20% B $ 102.24 -- EQ/Van Kampen Emerging Markets Equity....... 1.25% B $ 48.70 14 EQ/Van Kampen Emerging Markets Equity....... 1.30% B $ 66.76 8 EQ/Van Kampen Emerging Markets Equity....... 1.34% B $ 180.82 16 EQ/Van Kampen Emerging Markets Equity....... 1.34% B $ 111.23 1,758 EQ/Van Kampen Emerging Markets Equity....... 1.35% B $ 167.58 8 EQ/Van Kampen Emerging Markets Equity....... 1.45% B $ 156.59 1
FSA-28 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Share Class Unit Value Units Outstanding (000s) --------- ------------- ------------ ------------------------- EQ/Van Kampen Mid Cap Growth.......... 0.50% B $ 86.36 -- EQ/Van Kampen Mid Cap Growth.......... 0.70% B $ 85.72 -- EQ/Van Kampen Mid Cap Growth.......... 0.90% B $ 85.09 4 EQ/Van Kampen Mid Cap Growth.......... 0.95% B $ 84.94 36 EQ/Van Kampen Mid Cap Growth.......... 1.10% B $ 84.46 3 EQ/Van Kampen Mid Cap Growth.......... 1.20% B $ 84.15 47 EQ/Van Kampen Mid Cap Growth.......... 1.25% B $ 54.99 5 EQ/Van Kampen Mid Cap Growth.......... 1.30% B $ 65.20 3 EQ/Van Kampen Mid Cap Growth.......... 1.34% B $ 83.71 285 EQ/Van Kampen Mid Cap Growth.......... 1.35% B $ 83.68 1 EQ/Van Kampen Mid Cap Growth.......... 1.45% B $ 83.37 -- EQ/Van Kampen Real Estate............. 0.50% B $ 50.59 1 EQ/Van Kampen Real Estate............. 0.70% B $ 50.44 5 EQ/Van Kampen Real Estate............. 0.90% B $ 50.29 10 EQ/Van Kampen Real Estate............. 0.95% B $ 50.25 129 EQ/Van Kampen Real Estate............. 1.10% B $ 50.13 4 EQ/Van Kampen Real Estate............. 1.20% B $ 50.06 215 EQ/Van Kampen Real Estate............. 1.25% B $ 49.96 6 EQ/Van Kampen Real Estate............. 1.30% B $ 49.99 6 EQ/Van Kampen Real Estate............. 1.34% B $ 49.95 1,227 EQ/Van Kampen Real Estate............. 1.35% B $ 49.94 3 EQ/Van Kampen Real Estate............. 1.45% B $ 49.87 1 Multimanager Aggressive Equity........ 0.50% A $ 62.19 -- Multimanager Aggressive Equity........ 0.70% A $ 51.19 11 Multimanager Aggressive Equity........ 0.90% A $ 63.29 38 Multimanager Aggressive Equity........ 1.20% A $ 55.70 5 Multimanager Aggressive Equity........ 1.34% A $ 47.27 6,924 Multimanager Aggressive Equity........ 1.35% A $ 82.34 846 Multimanager Aggressive Equity........ 1.35% A $ 86.69 74 Multimanager Aggressive Equity........ 1.45% A $ 45.52 4 Multimanager Aggressive Equity........ 0.50% B $ 46.97 -- Multimanager Aggressive Equity........ 0.70% B $ 50.69 -- Multimanager Aggressive Equity........ 0.90% B $ 39.00 20 Multimanager Aggressive Equity........ 0.90% B $ 47.15 1 Multimanager Aggressive Equity........ 0.95% B $ 49.50 27 Multimanager Aggressive Equity........ 1.10% B $ 48.81 -- Multimanager Aggressive Equity........ 1.20% B $ 45.54 84 Multimanager Aggressive Equity........ 1.25% B $ 52.44 -- Multimanager Aggressive Equity........ 1.30% B $ 60.79 1 Multimanager Core Bond................ 1.25% A $ 107.54 2 Multimanager Core Bond................ 0.50% B $ 129.41 -- Multimanager Core Bond................ 0.70% B $ 111.82 -- Multimanager Core Bond................ 0.70% B $ 127.60 1 Multimanager Core Bond................ 0.90% B $ 110.93 -- Multimanager Core Bond................ 0.90% B $ 125.82 3 Multimanager Core Bond................ 0.95% B $ 125.37 100 Multimanager Core Bond................ 1.10% B $ 124.05 1 Multimanager Core Bond................ 1.20% B $ 109.60 -- Multimanager Core Bond................ 1.20% B $ 123.17 95 Multimanager Core Bond................ 1.30% B $ 106.62 3
FSA-29 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Share Class Unit Value Units Outstanding (000s) --------- ------------- ------------ ------------------------- Multimanager Core Bond.................... 1.34% B $ 121.96 378 Multimanager Core Bond.................... 1.35% B $ 121.87 1 Multimanager Core Bond.................... 1.45% B $ 121.01 -- Multimanager Health Care.................. 1.25% A $ 73.62 2 Multimanager Health Care.................. 0.50% B $ 99.59 -- Multimanager Health Care.................. 0.70% B $ 89.31 -- Multimanager Health Care.................. 0.70% B $ 98.19 -- Multimanager Health Care.................. 0.90% B $ 88.60 -- Multimanager Health Care.................. 0.90% B $ 96.81 4 Multimanager Health Care.................. 0.95% B $ 96.47 30 Multimanager Health Care.................. 1.10% B $ 95.46 1 Multimanager Health Care.................. 1.20% B $ 94.78 62 Multimanager Health Care.................. 1.30% B $ 77.71 3 Multimanager Health Care.................. 1.34% B $ 83.07 -- Multimanager Health Care.................. 1.34% B $ 124.97 3 Multimanager Health Care.................. 1.34% B $ 93.84 300 Multimanager Health Care.................. 1.35% B $ 93.78 1 Multimanager Health Care.................. 1.45% B $ 93.11 -- Multimanager High Yield................... 0.50% A $ 80.57 -- Multimanager High Yield................... 0.70% A $ 94.01 1 Multimanager High Yield................... 0.90% A $ 123.02 4 Multimanager High Yield................... 1.20% A $ 103.74 3 Multimanager High Yield................... 1.34% A $ 137.74 624 Multimanager High Yield................... 1.35% A $ 146.85 12 Multimanager High Yield................... 1.45% A $ 80.77 1 Multimanager High Yield................... 0.50% B $ 105.16 -- Multimanager High Yield................... 0.70% B $ 98.92 -- Multimanager High Yield................... 0.90% B $ 83.70 5 Multimanager High Yield................... 0.95% B $ 96.61 133 Multimanager High Yield................... 1.10% B $ 95.26 1 Multimanager High Yield................... 1.20% B $ 80.78 154 Multimanager High Yield................... 1.25% B $ 75.47 1 Multimanager High Yield................... 1.30% B $ 78.76 4 Multimanager International Equity......... 1.25% A $ 52.61 2 Multimanager International Equity......... 0.50% B $ 103.86 -- Multimanager International Equity......... 0.70% B $ 85.70 -- Multimanager International Equity......... 0.70% B $ 102.41 -- Multimanager International Equity......... 0.90% B $ 85.01 -- Multimanager International Equity......... 0.90% B $ 100.97 7 Multimanager International Equity......... 0.95% B $ 100.62 75 Multimanager International Equity......... 1.10% B $ 99.55 2 Multimanager International Equity......... 1.20% B $ 98.85 80 Multimanager International Equity......... 1.20% B $ 79.66 -- Multimanager International Equity......... 1.30% B $ 61.22 3 Multimanager International Equity......... 1.34% B $ 113.55 11 Multimanager International Equity......... 1.34% B $ 97.87 438 Multimanager International Equity......... 1.35% B $ 97.80 -- Multimanager International Equity......... 1.45% B $ 97.11 -- Multimanager Large Cap Core Equity........ 1.25% A $ 57.00 -- Multimanager Large Cap Core Equity........ 0.50% B $ 80.89 -- Multimanager Large Cap Core Equity........ 0.70% B $ 76.42 -- Multimanager Large Cap Core Equity........ 0.70% B $ 79.76 --
FSA-30 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Share Class Unit Value Units Outstanding (000s) --------- ------------- ------------ ------------------------- Multimanager Large Cap Core Equity........ 0.90% B $ 75.81 -- Multimanager Large Cap Core Equity........ 0.90% B $ 78.64 -- Multimanager Large Cap Core Equity........ 0.95% B $ 78.36 11 Multimanager Large Cap Core Equity........ 1.10% B $ 77.54 -- Multimanager Large Cap Core Equity........ 1.20% B $ 74.91 -- Multimanager Large Cap Core Equity........ 1.20% B $ 76.99 27 Multimanager Large Cap Core Equity........ 1.30% B $ 63.67 1 Multimanager Large Cap Core Equity........ 1.34% B $ 76.23 120 Multimanager Large Cap Core Equity........ 1.35% B $ 76.17 -- Multimanager Large Cap Core Equity........ 1.45% B $ 75.64 -- Multimanager Large Cap Growth............. 1.25% A $ 55.11 -- Multimanager Large Cap Growth............. 0.50% B $ 60.51 -- Multimanager Large Cap Growth............. 0.70% B $ 59.66 -- Multimanager Large Cap Growth............. 0.70% B $ 65.23 -- Multimanager Large Cap Growth............. 0.90% B $ 58.83 4 Multimanager Large Cap Growth............. 0.90% B $ 64.71 -- Multimanager Large Cap Growth............. 0.95% B $ 58.62 47 Multimanager Large Cap Growth............. 1.10% B $ 58.00 1 Multimanager Large Cap Growth............. 1.20% B $ 57.59 65 Multimanager Large Cap Growth............. 1.20% B $ 63.93 -- Multimanager Large Cap Growth............. 1.30% B $ 59.94 1 Multimanager Large Cap Growth............. 1.34% B $ 57.02 276 Multimanager Large Cap Growth............. 1.35% B $ 56.98 -- Multimanager Large Cap Growth............. 1.45% B $ 56.58 -- Multimanager Large Cap Value.............. 1.25% A $ 58.30 4 Multimanager Large Cap Value.............. 0.50% B $ 96.17 -- Multimanager Large Cap Value.............. 0.70% B $ 81.61 -- Multimanager Large Cap Value.............. 0.70% B $ 94.83 1 Multimanager Large Cap Value.............. 0.90% B $ 80.96 -- Multimanager Large Cap Value.............. 0.90% B $ 93.50 4 Multimanager Large Cap Value.............. 0.95% B $ 93.17 73 Multimanager Large Cap Value.............. 1.10% B $ 92.18 2 Multimanager Large Cap Value.............. 1.20% B $ 79.99 -- Multimanager Large Cap Value.............. 1.20% B $ 91.53 86 Multimanager Large Cap Value.............. 1.30% B $ 65.67 3 Multimanager Large Cap Value.............. 1.34% B $ 90.63 354 Multimanager Large Cap Value.............. 1.35% B $ 90.56 -- Multimanager Large Cap Value.............. 1.45% B $ 89.92 -- Multimanager Mid Cap Growth............... 1.25% A $ 54.68 1 Multimanager Mid Cap Growth............... 0.50% B $ 71.31 -- Multimanager Mid Cap Growth............... 0.70% B $ 70.31 -- Multimanager Mid Cap Growth............... 0.70% B $ 76.15 -- Multimanager Mid Cap Growth............... 0.90% B $ 69.33 4 Multimanager Mid Cap Growth............... 0.90% B $ 75.54 -- Multimanager Mid Cap Growth............... 0.95% B $ 69.08 64 Multimanager Mid Cap Growth............... 1.10% B $ 68.35 1 Multimanager Mid Cap Growth............... 1.20% B $ 67.87 96 Multimanager Mid Cap Growth............... 1.20% B $ 70.79 -- Multimanager Mid Cap Growth............... 1.30% B $ 63.53 1 Multimanager Mid Cap Growth............... 1.34% B $ 101.14 7
FSA-31 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Share Class Unit Value Units Outstanding (000s) --------- ------------- ------------ ------------------------- Multimanager Mid Cap Growth.......... 1.34% B $ 67.20 504 Multimanager Mid Cap Growth.......... 1.35% B $ 67.15 1 Multimanager Mid Cap Growth.......... 1.45% B $ 66.68 -- Multimanager Mid Cap Value........... 1.25% A $ 55.86 1 Multimanager Mid Cap Value........... 0.50% B $ 92.21 -- Multimanager Mid Cap Value........... 0.70% B $ 79.43 -- Multimanager Mid Cap Value........... 0.70% B $ 90.91 -- Multimanager Mid Cap Value........... 0.90% B $ 78.80 -- Multimanager Mid Cap Value........... 0.90% B $ 89.64 3 Multimanager Mid Cap Value........... 0.95% B $ 89.32 53 Multimanager Mid Cap Value........... 1.10% B $ 88.38 1 Multimanager Mid Cap Value........... 1.20% B $ 87.76 69 Multimanager Mid Cap Value........... 1.20% B $ 73.84 -- Multimanager Mid Cap Value........... 1.30% B $ 64.28 2 Multimanager Mid Cap Value........... 1.34% B $ 111.45 4 Multimanager Mid Cap Value........... 1.34% B $ 86.89 346 Multimanager Mid Cap Value........... 1.35% B $ 86.83 -- Multimanager Mid Cap Value........... 1.45% B $ 86.21 -- Multimanager Small Cap Growth........ 0.50% B $ 80.00 -- Multimanager Small Cap Growth........ 0.70% B $ 79.32 -- Multimanager Small Cap Growth........ 0.90% B $ 78.65 2 Multimanager Small Cap Growth........ 0.95% B $ 78.48 36 Multimanager Small Cap Growth........ 1.10% B $ 77.98 -- Multimanager Small Cap Growth........ 1.20% B $ 77.65 59 Multimanager Small Cap Growth........ 1.25% B $ 52.78 2 Multimanager Small Cap Growth........ 1.30% B $ 60.51 2 Multimanager Small Cap Growth........ 1.34% B $ 77.18 303 Multimanager Small Cap Growth........ 1.34% B $ 77.22 11 Multimanager Small Cap Growth........ 1.35% B $ 77.15 1 Multimanager Small Cap Growth........ 1.45% B $ 76.82 -- Multimanager Small Cap Value......... 1.25% A $ 52.02 1 Multimanager Small Cap Value......... 0.50% B $ 115.62 -- Multimanager Small Cap Value......... 0.70% B $ 120.62 -- Multimanager Small Cap Value......... 0.90% B $ 118.36 12 Multimanager Small Cap Value......... 0.95% B $ 92.96 71 Multimanager Small Cap Value......... 1.10% B $ 116.15 -- Multimanager Small Cap Value......... 1.20% B $ 115.05 94 Multimanager Small Cap Value......... 1.30% B $ 56.88 1 Multimanager Small Cap Value......... 1.34% B $ 113.47 16 Multimanager Small Cap Value......... 1.34% B $ 113.53 675 Multimanager Small Cap Value......... 1.35% B $ 113.42 3 Multimanager Small Cap Value......... 1.45% B $ 88.09 -- Multimanager Technology.............. 1.25% A $ 54.24 3 Multimanager Technology.............. 0.50% B $ 68.52 -- Multimanager Technology.............. 0.70% B $ 67.56 5 Multimanager Technology.............. 0.70% B $ 76.65 -- Multimanager Technology.............. 0.90% B $ 66.61 5 Multimanager Technology.............. 0.90% B $ 76.04 -- Multimanager Technology.............. 0.95% B $ 66.38 65 Multimanager Technology.............. 1.10% B $ 65.68 2 Multimanager Technology.............. 1.20% B $ 65.21 121 Multimanager Technology.............. 1.30% B $ 63.81 2
FSA-32 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF ASSETS AND LIABILITIES (Concluded) DECEMBER 31, 2008
Contract charges Share Class Unit Value Units Outstanding (000s) --------- ------------- ------------ ------------------------- Multimanager Technology........ 1.34% B $ 71.30 -- Multimanager Technology........ 1.34% B $ 100.51 3 Multimanager Technology........ 1.34% B $ 64.57 789 Multimanager Technology........ 1.35% B $ 64.52 2 Multimanager Technology........ 1.45% B $ 64.06 1 Target 2015 Allocation......... 0.50% B $ 80.16 -- Target 2015 Allocation......... 0.70% B $ 79.79 -- Target 2015 Allocation......... 0.90% B $ 79.42 3 Target 2015 Allocation......... 0.95% B $ 79.32 4 Target 2015 Allocation......... 1.10% B $ 79.05 -- Target 2015 Allocation......... 1.20% B $ 78.86 11 Target 2015 Allocation......... 1.25% B $ 68.25 1 Target 2015 Allocation......... 1.30% B $ 75.07 -- Target 2015 Allocation......... 1.34% B $ 78.60 109 Target 2015 Allocation......... 1.35% B $ 78.58 -- Target 2015 Allocation......... 1.45% B $ 78.40 -- Target 2025 Allocation......... 0.50% B $ 75.68 -- Target 2025 Allocation......... 0.70% B $ 75.33 -- Target 2025 Allocation......... 0.90% B $ 74.97 1 Target 2025 Allocation......... 0.95% B $ 74.89 6 Target 2025 Allocation......... 1.10% B $ 74.62 2 Target 2025 Allocation......... 1.20% B $ 74.45 24 Target 2025 Allocation......... 1.25% B $ 63.38 1 Target 2025 Allocation......... 1.30% B $ 70.56 -- Target 2025 Allocation......... 1.34% B $ 74.21 108 Target 2025 Allocation......... 1.35% B $ 74.19 1 Target 2025 Allocation......... 1.45% B $ 74.01 -- Target 2035 Allocation......... 0.50% B $ 72.76 -- Target 2035 Allocation......... 0.70% B $ 72.42 -- Target 2035 Allocation......... 0.90% B $ 72.08 2 Target 2035 Allocation......... 0.95% B $ 72.00 6 Target 2035 Allocation......... 1.10% B $ 71.74 2 Target 2035 Allocation......... 1.20% B $ 71.58 14 Target 2035 Allocation......... 1.25% B $ 59.99 1 Target 2035 Allocation......... 1.30% B $ 67.52 -- Target 2035 Allocation......... 1.34% B $ 71.34 72 Target 2035 Allocation......... 1.35% B $ 71.32 -- Target 2035 Allocation......... 1.45% B $ 71.16 -- Target 2045 Allocation......... 0.50% B $ 69.65 -- Target 2045 Allocation......... 0.70% B $ 69.33 -- Target 2045 Allocation......... 0.90% B $ 69.01 1 Target 2045 Allocation......... 0.95% B $ 68.92 5 Target 2045 Allocation......... 1.10% B $ 68.68 1 Target 2045 Allocation......... 1.20% B $ 68.52 9 Target 2045 Allocation......... 1.25% B $ 56.51 1 Target 2045 Allocation......... 1.30% B $ 64.32 -- Target 2045 Allocation......... 1.34% B $ 68.30 52 Target 2045 Allocation......... 1.35% B $ 68.28 -- Target 2045 Allocation......... 1.45% B $ 68.12 --
---------- The accompanying notes are an integral part of these financial statements. FSA-33 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2008
AXA Aggressive AXA Conservative AXA Conservative-Plus Allocation Allocation Allocation ---------------- ------------------ ----------------------- Income and Expenses: Investment Income: Dividends from The Trusts......................... $ 2,871,986 $ 2,520,987 $ 3,104,111 Expenses: Asset-based charges............................... 2,057,639 657,352 1,087,938 Less: Reduction for expense limitation............ -- -- -- ------------- ------------ ------------- Net Expenses...................................... 2,057,639 657,352 1,087,938 ------------- ------------ ------------- Net Investment Income (Loss)........................ 814,347 1,863,635 2,016,173 ------------- ------------ ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (8,307,698) (2,200,567) (4,484,879) Realized gain distribution from The Trusts........ 11,285,680 719,721 2,290,511 ------------- ------------ ------------- Net realized gain (loss)........................... 2,977,982 (1,480,846) (2,194,368) ------------- ------------ ------------- Change in unrealized appreciation (depreciation) of investments.................... (84,331,136) (7,222,441) (19,682,014) ------------- ------------ ------------- Net Realized and Unrealized Gain (Loss) on Investments........................................ (81,353,154) (8,703,287) (21,876,382) ------------- ------------ ------------- Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ (80,538,807) $ (6,839,652) $ (19,860,209) ============= ============ ============= Crossings Crossings AXA Moderate AXA Moderate-Plus Aggressive Conservative Allocation Allocation Allocation (a) Allocation (a) ----------------- ------------------- ---------------- --------------- Income and Expenses: Investment Income: Dividends from The Trusts......................... $ 58,004,101 $ 12,382,164 $ 14,510 $ 15,259 Expenses: Asset-based charges............................... 22,218,277 6,471,509 2,491 350 Less: Reduction for expense limitation............ (5,156,747) -- -- -- -------------- -------------- ---------- --------- Net Expenses...................................... 17,061,530 6,471,509 2,491 350 -------------- -------------- ---------- --------- Net Investment Income (Loss)........................ 40,942,571 5,910,655 12,019 14,909 -------------- -------------- ---------- --------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (6,391,667) (16,393,456) (833) (6,570) Realized gain distribution from The Trusts........ 63,639,845 27,231,432 1,385 193 -------------- -------------- ---------- --------- Net realized gain (loss)........................... 57,248,178 10,837,976 552 (6,377) -------------- -------------- ---------- --------- Change in unrealized appreciation (depreciation) of investments.................... (539,334,183) (214,979,717) (293,012) (15,452) -------------- -------------- ---------- --------- Net Realized and Unrealized Gain (Loss) on Investments........................................ (482,086,005) (204,141,741) (292,460) (21,829) -------------- -------------- ---------- --------- Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ (441,143,434) $ (198,231,086) $ (280,441) $ (6,920) ============== ============== ========== =========
------- The accompanying notes are an integral part of these financial statements. FSA-34 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
Crossings Crossings Crossings Conservative-Plus Moderate Moderate-Plus Allocation (a) Allocation (a) Allocation (a) ------------------- ---------------- ---------------- Income and Expenses: Investment Income: Dividends from The Trusts......................... $ 10,352 $ 9,589 $ 14,487 Expenses: Asset-based charges............................... 72 151 616 Less: Reduction for expense limitation............ -- -- -- -------- -------- --------- Net Expenses...................................... 72 151 616 -------- -------- --------- Net Investment Income (Loss)........................ 10,280 9,438 13,871 -------- -------- --------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (2) (7) (24) Realized gain distribution from The Trusts........ 465 669 822 ---------- ---------- --------- Net realized gain (loss)........................... 463 662 798 ---------- ---------- --------- Change in unrealized appreciation (depreciation) of investments.................... (42,655) (50,514) (60,040) ---------- ---------- --------- Net Realized and Unrealized Gain (Loss) on Investments........................................ (42,192) (49,852) (59,242) ---------- ---------- --------- Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $(31,912) $(40,414) $ (45,371) ========== ========== ========= EQ/AllianceBernstein Intermediate EQ/AllianceBernstein Government EQ/AllianceBernstein Common Stock Securities International ---------------------- --------------------- ---------------------- Income and Expenses: Investment Income: Dividends from The Trusts......................... $ 48,114,217 $4,121,801 $ 20,574,883 Expenses: Asset-based charges............................... 39,506,821 1,564,552 9,569,060 Less: Reduction for expense limitation............ (6,437,535) (10,074) -- ---------------- ---------- -------------- Net Expenses...................................... 33,069,286 1,554,478 9,569,060 ---------------- ---------- -------------- Net Investment Income (Loss)........................ 15,044,931 2,567,323 11,005,823 ---------------- ---------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (65,116,116) (565,335) (5,227,987) Realized gain distribution from The Trusts........ -- -- 12,100,887 ---------------- ---------- -------------- Net realized gain (loss)........................... (65,116,116) (565,335) 6,872,900 ---------------- ---------- -------------- Change in unrealized appreciation (depreciation) of investments.................... (1,473,150,946) 871,480 (494,553,038) ---------------- ---------- -------------- Net Realized and Unrealized Gain (Loss) on Investments........................................ (1,538,267,062) 306,145 (487,680,138) ---------------- ---------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ (1,523,222,131) $2,873,468 $ (476,674,315) ================ ========== ============== EQ/AllianceBernstein Small Cap Growth --------------------- Income and Expenses: Investment Income: Dividends from The Trusts......................... $ 22,673 Expenses: Asset-based charges............................... 3,925,209 Less: Reduction for expense limitation............ -- -------------- Net Expenses...................................... 3,925,209 -------------- Net Investment Income (Loss)........................ (3,902,536) -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (11,101,437) Realized gain distribution from The Trusts........ 408,698 -------------- Net realized gain (loss)........................... (10,692,739) -------------- Change in unrealized appreciation (depreciation) of investments.................... (155,495,800) -------------- Net Realized and Unrealized Gain (Loss) on Investments........................................ (166,188,539) -------------- Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ (170,091,075) ==============
------- The accompanying notes are an integral part of these financial statements. FSA-35 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/AXA Rosenberg EQ/BlackRock EQ/Ariel Value Long/ Basic Value Appreciation II Short Equity Equity ----------------- ----------------- ------------------ Income and Expenses: Investment Income: Dividends from The Trusts......................... $ 20,021 $ 15,339 $ 5,322,924 Expenses: Asset-based charges............................... 31,661 107,786 4,093,495 Less: Reduction for expense limitation............ -- -- -- ------------ ---------- -------------- Net Expenses...................................... 31,661 107,786 4,093,495 ------------ ---------- -------------- Net Investment Income (Loss)........................ (11,640) (92,447) 1,229,429 ------------ ---------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (170,943) (298,449) (11,617,300) Realized gain distribution from The Trusts........ 8,977 -- 1,493,974 ------------ ---------- -------------- Net realized gain (loss)........................... (161,966) (298,449) (10,123,326) ------------ ---------- -------------- Change in unrealized appreciation (depreciation) of investments.................... (1,035,579) (256,663) (131,981,904) ------------ ---------- -------------- Net Realized and Unrealized Gain (Loss) on Investments........................................ (1,197,545) (555,112) (142,105,230) ------------ ---------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ (1,209,185) $ (647,559) $ (140,875,801) ============ ========== ============== EQ/BlackRock EQ/Boston EQ/Calvert EQ/Capital International Advisors Socially Guardian Value Equity Income Responsible Growth ----------------- ----------------- ---------------- --------------- Income and Expenses: Investment Income: Dividends from The Trusts......................... $ 6,132,655 $ 1,212,318 $ 54,836 $ 30,160 Expenses: Asset-based charges............................... 3,529,385 658,691 236,760 208,662 Less: Reduction for expense limitation............ -- -- -- -- -------------- ------------- ------------- ------------ Net Expenses...................................... 3,529,385 658,691 236,760 208,662 -------------- ------------- ------------- ------------ Net Investment Income (Loss)........................ 2,603,270 553,627 (181,924) (178,502) -------------- ------------- ------------- ------------ Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (5,927,547) (3,494,276) (787,061) (425,655) Realized gain distribution from The Trusts........ 6,834,196 603,780 261,171 -- -------------- ------------- ------------- ------------ Net realized gain (loss)........................... 906,649 (2,890,496) (525,890) (425,655) -------------- ------------- ------------- ------------ Change in unrealized appreciation (depreciation) of investments.................... (154,451,415) (17,935,820) (10,088,694) (7,462,227) -------------- ------------- ------------- ------------ Net Realized and Unrealized Gain (Loss) on Investments........................................ (153,544,766) (20,826,316) (10,614,584) (7,887,882) -------------- ------------- ------------- ------------ Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ (150,941,496) $ (20,272,689) $ (10,796,508) $ (8,066,384) ============== ============= ============= ============
------- The accompanying notes are an integral part of these financial statements. FSA-36 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Capital EQ/Caywood-Scholl EQ/Davis Guardian High Yield New York Research Bond Venture ----------------- ------------------- --------------- Income and Expenses: Investment Income: Dividends from The Trusts......................... $ 1,848,747 $ 2,089,917 $ 78,632 Expenses: Asset-based charges............................... 2,598,977 325,091 126,503 Less: Reduction for expense limitation............ -- -- -- -------------- ------------ ------------ Net Expenses...................................... 2,598,977 325,091 126,503 -------------- ------------ ------------ Net Investment Income (Loss)........................ (750,230) 1,764,826 (47,871) -------------- ------------ ------------ Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... 3,416,225 (1,173,798) (1,281,484) Realized gain distribution from The Trusts........ 3,370,951 -- -- -------------- ------------ ------------ Net realized gain (loss)........................... 6,787,176 (1,173,798) (1,281,484) -------------- ------------ ------------ Change in unrealized appreciation (depreciation) of investments.................... (102,470,066) (6,229,560) (4,244,181) -------------- ------------ ------------ Net Realized and Unrealized Gain (Loss) on Investments........................................ (95,682,890) (7,403,358) (5,525,665) -------------- ------------ ------------ Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ (96,433,120) $ (5,638,532) $ (5,573,536) ============== ============ ============ EQ/Evergreen EQ/Equity International EQ/Evergreen EQ/Franklin 500 Index Bond Omega Income ------------------ --------------- ---------------- ----------------- Income and Expenses: Investment Income: Dividends from The Trusts......................... $ 15,514,331 $ 9,421,745 $ 145,301 $ 4,862,777 Expenses: Asset-based charges............................... 10,922,164 607,983 317,527 1,009,869 Less: Reduction for expense limitation............ -- -- -- -- -------------- ------------- ------------ ------------- Net Expenses...................................... 10,922,164 607,983 317,527 1,009,869 -------------- ------------- ------------ ------------- Net Investment Income (Loss)........................ 4,592,167 8,813,762 (172,226) 3,852,908 -------------- ------------- ------------ ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (23,394,810) 333,129 (1,301,314) (6,074,193) Realized gain distribution from The Trusts........ 8,044,895 -- 414,095 -- -------------- ------------- ------------ ------------- Net realized gain (loss)........................... (15,349,915) 333,129 (887,219) (6,074,193) -------------- ------------- ------------ ------------- Change in unrealized appreciation (depreciation) of investments.................... (365,439,040) (8,613,881) (7,134,040) (27,747,139) -------------- ------------- ------------ ------------- Net Realized and Unrealized Gain (Loss) on Investments........................................ (380,788,955) (8,280,752) (8,021,259) (33,821,332) -------------- ------------- ------------ ------------- Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ (376,196,788) $ 533,010 $ (8,193,485) $ (29,968,424) ============== ============= ============ =============
------- The accompanying notes are an integral part of these financial statements. FSA-37 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Franklin EQ/Franklin Templeton EQ/GAMCO Small Cap Founding Mergers and Value Strategy Acquisitions --------------- ----------------- ---------------- Income and Expenses: Investment Income: Dividends from The Trusts......................... $ 76,517 $ 1,540,674 $ 65,135 Expenses: Asset-based charges............................... 97,735 412,942 158,000 Less: Reduction for expense limitation............ -- -- -- ------------ ------------- ------------ Net Expenses...................................... 97,735 412,942 158,000 ------------ ------------- ------------ Net Investment Income (Loss)........................ (21,218) 1,127,732 (92,865) ------------ ------------- ------------ Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (1,222,983) (2,009,626) (513,837) Realized gain distribution from The Trusts........ -- 66 500,175 ------------ ------------- ------------ Net realized gain (loss)........................... (1,222,983) (2,009,560) (13,662) ------------ ------------- ------------ Change in unrealized appreciation (depreciation) of investments.................... (2,122,181) (14,564,276) (1,945,925) ------------ ------------- ------------ Net Realized and Unrealized Gain (Loss) on Investments........................................ (3,345,164) (16,573,836) (1,959,587) ------------ ------------- ------------ Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ (3,366,382) $ (15,446,104) $ (2,052,452) ============ ============= ============ EQ/GAMCO Small Company EQ/International EQ/International EQ/JPMorgan Value Core PLUS Growth Core Bond ----------------- ------------------ ------------------ ----------------- Income and Expenses: Investment Income: Dividends from The Trusts......................... $ 777,852 $ 1,671,520 $ 347,045 $ 5,104,480 Expenses: Asset-based charges............................... 1,611,825 1,346,049 455,970 1,530,506 Less: Reduction for expense limitation............ -- -- -- -- ------------- ------------- ------------- ------------- Net Expenses...................................... 1,611,825 1,346,049 455,970 1,530,506 ------------- ------------- ------------- ------------- Net Investment Income (Loss)........................ (833,973) 325,471 (108,925) 3,573,974 ------------- ------------- ------------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (3,750,205) (6,745,634) (3,970,480) (4,122,185) Realized gain distribution from The Trusts........ 4,443,018 1,553,968 688,846 -- ------------- ------------- ------------- ------------- Net realized gain (loss)........................... 692,813 (5,191,666) (3,281,634) (4,122,185) ------------- ------------- ------------- ------------- Change in unrealized appreciation (depreciation) of investments.................... (46,509,043) (54,193,771) (14,766,721) (12,656,245) ------------- ------------- ------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments........................................ (45,816,230) (59,385,437) (18,048,355) (16,778,430) ------------- ------------- ------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ (46,650,203) $ (59,059,966) $ (18,157,280) $ (13,204,456) ============= ============= ============= =============
------- The accompanying notes are an integral part of these financial statements. FSA-38 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/JPMorgan EQ/Large EQ/Large Value Cap Core Cap Growth Opportunities PLUS Index ----------------- --------------- ----------------- Income and Expenses: Investment Income: Dividends from The Trusts......................... $ 902,280 $ 48,635 $ 163,440 Expenses: Asset-based charges............................... 652,281 169,976 1,498,774 Less: Reduction for expense limitation............ -- -- -- ------------- ------------ ------------- Net Expenses...................................... 652,281 169,976 1,498,774 ------------- ------------ ------------- Net Investment Income (Loss)........................ 249,999 (121,341) (1,335,334) ------------- ------------ ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (3,530,120) (670,634) 4,067,252 Realized gain distribution from The Trusts........ 535,001 -- -- ------------- ------------ ------------- Net realized gain (loss)........................... (2,995,119) (670,634) 4,067,252 ------------- ------------ ------------- Change in unrealized appreciation (depreciation) of investments.................... (22,076,352) (5,301,246) (55,074,446) ------------- ------------ ------------- Net Realized and Unrealized Gain (Loss) on Investments........................................ (25,071,471) (5,971,880) (51,007,194) ------------- ------------ ------------- Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ (24,821,472) $ (6,093,221) $ (52,342,528) ============= ============ ============= EQ/Large EQ/Large EQ/Large Cap Growth Cap Value Cap Value EQ/Long PLUS Index PLUS Term Bond ----------------- ----------------- ----------------- ------------- Income and Expenses: Investment Income: Dividends from The Trusts......................... $ 281,016 $ 202,878 $ 33,751,086 $1,297,857 Expenses: Asset-based charges............................... 3,424,117 180,996 14,665,772 320,173 Less: Reduction for expense limitation............ -- -- -- -- -------------- ------------- -------------- ---------- Net Expenses...................................... 3,424,117 180,996 14,665,772 320,173 -------------- ------------- -------------- ---------- Net Investment Income (Loss)........................ (3,143,101) 21,882 19,085,314 977,684 -------------- ------------- -------------- ---------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... 19,106,098 (2,887,116) (117,593,521) (64,608) Realized gain distribution from The Trusts........ -- 384,876 -- 147,148 -------------- ------------- -------------- ---------- Net realized gain (loss)........................... 19,106,098 (2,502,240) (117,593,521) 82,540 -------------- ------------- -------------- ---------- Change in unrealized appreciation (depreciation) of investments.................... (136,936,125) (8,932,464) (513,769,969) (273,561) -------------- ------------- -------------- ---------- Net Realized and Unrealized Gain (Loss) on Investments........................................ (117,830,027) (11,434,704) (631,363,490) (191,021) -------------- ------------- -------------- ---------- Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ (120,973,128) $ (11,412,822) $ (612,278,176) $ 786,663 ============== ============= ============== ==========
------- The accompanying notes are an integral part of these financial statements. FSA-39 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Lord Abbett Growth EQ/Lord Abbett EQ/Lord Abbett and Income Large Cap Core Mid Cap Value --------------- ---------------- ---------------- Income and Expenses: Investment Income: Dividends from The Trusts......................... $ 214,583 $ 108,768 $ 395,201 Expenses: Asset-based charges............................... 176,715 107,182 317,728 Less: Reduction for expense limitation............ -- -- -- ------------ ------------ ------------- Net Expenses...................................... 176,715 107,182 317,728 ------------ ------------ ------------- Net Investment Income (Loss)........................ 37,868 1,586 77,473 ------------ ------------ ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (1,168,697) (481,781) (2,909,752) Realized gain distribution from The Trusts........ 34,577 56,068 730,041 ------------ ------------ ------------- Net realized gain (loss)........................... (1,134,120) (425,713) (2,179,711) ------------ ------------ ------------- Change in unrealized appreciation (depreciation) of investments.................... (5,128,693) (2,745,634) (10,166,453) ------------ ------------ ------------- Net Realized and Unrealized Gain (Loss) on Investments........................................ (6,262,813) (3,171,347) (12,346,164) ------------ ------------ ------------- Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ (6,224,945) $ (3,169,761) $ (12,268,691) ============ ============ ============= EQ/Marsico EQ/Mid EQ/Mid Cap EQ/Money Focus Cap Index Value PLUS Market ----------------- ----------------- ------------------ ------------- Income and Expenses: Investment Income: Dividends from The Trusts......................... $ 3,541,110 $ 2,661,655 $ 5,155,872 $4,493,277 Expenses: Asset-based charges............................... 4,600,254 3,725,990 4,720,482 2,609,631 Less: Reduction for expense limitation............ -- -- -- (136,658) -------------- -------------- -------------- ---------- Net Expenses...................................... 4,600,254 3,725,990 4,720,482 2,472,973 -------------- -------------- -------------- ---------- Net Investment Income (Loss)........................ (1,059,144) (1,064,335) 435,390 2,020,304 -------------- -------------- -------------- ---------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (1,437,013) (26,822,119) (55,468,925) (105,815) Realized gain distribution from The Trusts........ 3,775,826 3,208,802 -- -- -------------- -------------- -------------- ---------- Net realized gain (loss)........................... 2,338,813 (23,613,317) (55,468,925) (105,815) -------------- -------------- -------------- ---------- Change in unrealized appreciation (depreciation) of investments.................... (182,613,673) (161,627,766) (118,369,545) 100,827 -------------- -------------- -------------- ---------- Net Realized and Unrealized Gain (Loss) on Investments........................................ (180,274,860) (185,241,083) (173,838,470) (4,988) -------------- -------------- -------------- ---------- Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ (181,334,004) $ (186,305,418) $ (173,403,080) $2,015,316 ============== ============== ============== ==========
------- The accompanying notes are an integral part of these financial statements. FSA-40 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Montag & Caldwell EQ/Mutual EQ/Oppenheimer Growth Shares Global --------------- ----------------- ---------------- Income and Expenses: Investment Income: Dividends from The Trusts......................... $ 50,740 $ 1,171,675 $ 178,275 Expenses: Asset-based charges............................... 263,205 399,839 166,347 Less: Reduction for expense limitation............ -- -- -- ------------ ------------- ------------ Net Expenses...................................... 263,205 399,839 166,347 ------------ ------------- ------------ Net Investment Income (Loss)........................ (212,465) 771,836 11,928 ------------ ------------- ------------ Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (2,187,194) (2,664,102) (1,245,880) Realized gain distribution from The Trusts........ -- -- 20,394 ------------ ------------- ------------ Net realized gain (loss)........................... (2,187,194) (2,664,102) (1,225,486) ------------ ------------- ------------ Change in unrealized appreciation (depreciation) of investments.................... (6,482,375) (12,846,304) (5,554,854) ------------ ------------- ------------ Net Realized and Unrealized Gain (Loss) on Investments........................................ (8,669,569) (15,510,406) (6,780,340) ------------ ------------- ------------ Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ (8,882,034) $ (14,738,570) $ (6,768,412) ============ ============= ============ EQ/Oppenheimer EQ/Oppenheimer Main Street Main Street EQ/PIMCO EQ/Quality Opportunity Small Cap Real Return Bond PLUS ---------------- ---------------- ---------------- ----------------- Income and Expenses: Investment Income: Dividends from The Trusts......................... $ 12,462 $ 7,317 $ 2,856,410 $ 7,434,453 Expenses: Asset-based charges............................... 21,952 103,725 1,112,807 1,853,563 Less: Reduction for expense limitation............ -- -- -- -- ---------- ------------ ------------- ------------- Net Expenses...................................... 21,952 103,725 1,112,807 1,853,563 ---------- ------------ ------------- ------------- Net Investment Income (Loss)........................ (9,490) (96,408) 1,743,603 5,580,890 ---------- ------------ ------------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (399,998) (726,952) 850,349 (2,216,272) Realized gain distribution from The Trusts........ -- 16,689 5,540,228 -- ---------- ------------ ------------- ------------- Net realized gain (loss)........................... (399,998) (710,263) 6,390,577 (2,216,272) ---------- ------------ ------------- ------------- Change in unrealized appreciation (depreciation) of investments.................... (473,293) (3,085,158) (15,964,235) (14,353,793) ---------- ------------ ------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments........................................ (873,291) (3,795,421) (9,573,658) (16,570,065) ---------- ------------ ------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ (882,781) $ (3,891,829) $ (7,830,055) $ (10,989,175) ========== ============ ============= =============
------- The accompanying notes are an integral part of these financial statements. FSA-41 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Short EQ/Small EQ/T. Rowe Price Duration Bond Company Index Growth Stock --------------- ----------------- ------------------ Income and Expenses: Investment Income: Dividends from The Trusts......................... $ 737,037 $ 1,217,643 $ 2,486 Expenses: Asset-based charges............................... 156,210 1,806,463 932,638 Less: Reduction for expense limitation............ -- -- -- ------------- ------------- ------------- Net Expenses...................................... 156,210 1,806,463 932,638 ------------- ------------- ------------- Net Investment Income (Loss)........................ 580,827 (588,820) (930,152) ------------- ------------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (56,203) (6,946,518) (146,869) Realized gain distribution from The Trusts........ -- 11,821,481 15,328 ------------- ------------- ------------- Net realized gain (loss)........................... (56,203) 4,874,963 (131,541) ------------- ------------- ------------- Change in unrealized appreciation (depreciation) of investments.................... (945,657) (62,108,789) (37,069,536) ------------- ------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments........................................ (1,001,860) (57,233,826) (37,201,077) ------------- ------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ (421,033) $ (57,822,646) $ (38,131,229) ============= ============= ============= EQ/Van Kampen EQ/Templeton EQ/UBS Growth EQ/Van Kampen Emerging Markets Growth and Income Comstock Equity ---------------- ----------------- --------------- ----------------- Income and Expenses: Investment Income: Dividends from The Trusts......................... $ 416,853 $ 268,917 $ 365,081 $ 648,031 Expenses: Asset-based charges............................... 317,816 290,584 244,292 5,898,313 Less: Reduction for expense limitation............ -- -- -- -- ------------- ------------- ------------ -------------- Net Expenses...................................... 317,816 290,584 244,292 5,898,313 ------------- ------------- ------------ -------------- Net Investment Income (Loss)........................ 99,037 (21,667) 120,789 (5,250,282) ------------- ------------- ------------ -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (2,428,990) (1,543,509) (2,408,607) (37,603,157) Realized gain distribution from The Trusts........ -- -- 170,684 23,183,321 ------------- ------------- ------------ -------------- Net realized gain (loss)........................... (2,428,990) (1,543,509) (2,237,923) (14,419,836) ------------- ------------- ------------ -------------- Change in unrealized appreciation (depreciation) of investments.................... (10,487,063) (9,581,713) (6,432,976) (337,518,583) ------------- ------------- ------------ -------------- Net Realized and Unrealized Gain (Loss) on Investments........................................ (12,916,053) (11,125,222) (8,670,899) (351,938,419) ------------- ------------- ------------ -------------- Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ (12,817,016) $ (11,146,889) $ (8,550,110) $ (357,188,701) ============= ============= ============ ==============
------- The accompanying notes are an integral part of these financial statements. FSA-42 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Van Kampen Multimanager Mid Cap EQ/Van Kampen Aggressive Growth Real Estate Equity ---------------- ----------------- ------------------ Income and Expenses: Investment Income: Dividends from The Trusts......................... $ -- $ 2,834,096 $ 3,253,650 Expenses: Asset-based charges............................... 567,833 1,523,113 8,878,739 Less: Reduction for expense limitation............ -- -- (1,888,830) ------------- ------------- -------------- Net Expenses...................................... 567,833 1,523,113 6,989,909 ------------- ------------- -------------- Net Investment Income (Loss)........................ (567,833) 1,310,983 (3,736,259) ------------- ------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (5,364,733) (29,406,627) (20,690,817) Realized gain distribution from The Trusts........ -- 889,138 -- ------------- ------------- -------------- Net realized gain (loss)........................... (5,364,733) (28,517,489) (20,690,817) ------------- ------------- -------------- Change in unrealized appreciation (depreciation) of investments.................... (21,638,650) (25,009,440) (366,004,140) ------------- ------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments........................................ (27,003,383) (53,526,929) (386,694,957) ------------- ------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ (27,571,216) $ (52,215,946) $ (390,431,216) ============= ============= ============== Multimanager Multimanager Multimanager Multimanager International Core Bond Health Care High Yield Equity --------------- ---------------- ---------------- ---------------- Income and Expenses: Investment Income: Dividends from The Trusts......................... $ 3,623,352 $ -- $ 14,107,558 $ 1,451,486 Expenses: Asset-based charges............................... 927,162 599,501 1,991,954 1,209,448 Less: Reduction for expense limitation............ -- -- -- -- ------------- ------------- ------------- ------------- Net Expenses...................................... 927,162 599,501 1,991,954 1,209,448 ------------- ------------- ------------- ------------- Net Investment Income (Loss)........................ 2,696,190 (599,501) 12,115,604 242,038 ------------- ------------- ------------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (551,550) (2,426,545) (7,676,025) (3,165,661) Realized gain distribution from The Trusts........ 1,900,054 549,132 -- 1,804,608 ------------- ------------- ------------- ------------- Net realized gain (loss)........................... 1,348,504 (1,877,413) (7,676,025) (1,361,053) ------------- ------------- ------------- ------------- Change in unrealized appreciation (depreciation) of investments.................... (3,335,396) (12,302,572) (44,090,725) (56,360,085) ------------- ------------- ------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments........................................ (1,986,892) (14,179,985) (51,766,750) (57,721,138) ------------- ------------- ------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ 709,298 $ (14,779,486) $ (39,651,146) $ (57,479,100) ============= ============= ============= =============
------- The accompanying notes are an integral part of these financial statements. FSA-43 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
Multimanager Multimanager Multimanager Large Cap Large Cap Large Cap Core Equity Growth Value --------------- ---------------- ---------------- Income and Expenses: Investment Income: Dividends from The Trusts......................... $ 92,471 $ -- $ 924,593 Expenses: Asset-based charges............................... 228,687 437,699 814,350 Less: Reduction for expense limitation............ -- -- -- ------------ ------------- ------------- Net Expenses...................................... 228,687 437,699 814,350 ------------ ------------- ------------- Net Investment Income (Loss)........................ (136,216) (437,699) 110,243 ------------ ------------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (521,501) (3,321,626) (5,224,024) Realized gain distribution from The Trusts........ 39,519 5,715 156,790 ------------ ------------- ------------- Net realized gain (loss)........................... (481,982) (3,315,911) (5,067,234) ------------ ------------- ------------- Change in unrealized appreciation (depreciation) of investments.................... (8,184,660) (15,952,502) (25,359,359) ------------ ------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments........................................ (8,666,642) (19,268,413) (30,426,593) ------------ ------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ (8,802,858) $ (19,706,112) $ (30,316,350) ============ ============= ============= Multimanager Multimanager Multimanager Multimanager Mid Cap Mid Cap Small Cap Small Cap Growth Value Growth Value ---------------- ---------------- ---------------- ---------------- Income and Expenses: Investment Income: Dividends from The Trusts......................... $ -- $ 257,861 $ -- $ 349,384 Expenses: Asset-based charges............................... 889,679 736,199 585,714 1,810,815 Less: Reduction for expense limitation............ -- -- -- -- ------------- ------------- ------------- ------------- Net Expenses...................................... 889,679 736,199 585,714 1,810,815 ------------- ------------- ------------- ------------- Net Investment Income (Loss)........................ (889,679) (478,338) (585,714) (1,461,431) ------------- ------------- ------------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (5,480,650) (6,931,195) (6,622,875) (17,678,917) Realized gain distribution from The Trusts........ 753,641 745,776 180,471 589,202 ------------- ------------- ------------- ------------- Net realized gain (loss)........................... (4,727,009) (6,185,419) (6,442,404) (17,089,715) ------------- ------------- ------------- ------------- Change in unrealized appreciation (depreciation) of investments.................... (32,293,955) (18,143,462) (17,548,296) (44,901,384) ------------- ------------- ------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments........................................ (37,020,964) (24,328,881) (23,990,700) (61,991,099) ------------- ------------- ------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ (37,910,643) $ (24,807,219) $ (24,576,414) $ (63,452,530) ============= ============= ============= =============
------- The accompanying notes are an integral part of these financial statements. FSA-44 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF OPERATIONS (Concluded) FOR THE YEAR ENDED DECEMBER 31, 2008
Multimanager Target 2015 Technology Allocation ----------------- --------------- Income and Expenses: Investment Income: Dividends from The Trusts......................... $ -- $ 376,418 Expenses: Asset-based charges............................... 1,302,169 136,916 Less: Reduction for expense limitation............ -- -- ------------- ------------ Net Expenses...................................... 1,302,169 136,916 ------------- ------------ Net Investment Income (Loss)........................ (1,302,169) 239,502 ------------- ------------ Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (991,154) (1,014,487) Realized gain distribution from The Trusts........ -- 105,853 ------------- ------------ Net realized gain (loss)........................... (991,154) (908,634) ------------- ------------ Change in unrealized appreciation (depreciation) of investments.................... (58,526,063) (3,370,653) ------------- ------------ Net Realized and Unrealized Gain (Loss) on Investments........................................ (59,517,217) (4,279,287) ------------- ------------ Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ (60,819,386) $ (4,039,785) ============= ============ Target 2025 Target 2035 Target 2045 Allocation Allocation Allocation --------------- --------------- --------------- Income and Expenses: Investment Income: Dividends from The Trusts......................... $ 362,035 $ 221,187 $ 134,040 Expenses: Asset-based charges............................... 136,053 83,787 58,260 Less: Reduction for expense limitation............ -- -- -- ------------ ------------ ------------ Net Expenses...................................... 136,053 83,787 58,260 ------------ ------------ ------------ Net Investment Income (Loss)........................ 225,982 137,400 75,780 ------------ ------------ ------------ Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (566,737) (236,873) (360,393) Realized gain distribution from The Trusts........ 143,534 117,443 114,117 ------------ ------------ ------------ Net realized gain (loss)........................... (423,203) (119,430) (246,276) ------------ ------------ ------------ Change in unrealized appreciation (depreciation) of investments.................... (4,418,097) (3,230,970) (2,231,300) ------------ ------------ ------------ Net Realized and Unrealized Gain (Loss) on Investments........................................ (4,841,300) (3,350,400) (2,477,576) ------------ ------------ ------------ Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ (4,615,318) $ (3,213,000) $ (2,401,796) ============ ============ ============
------- (a) Commenced operations on March 31, 2008 The accompanying notes are an integral part of these financial statements. FSA-45 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS FOR THE YEARS ENDED DECEMBER 31,
AXA Aggressive Allocation --------------------------------- 2008 2007 ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 814,347 $ 2,110,936 Net realized gain (loss) on investments........ 2,977,982 9,108,997 Change in unrealized appreciation (depreciation) of investments................. (84,331,136) (6,954,750) ------------- ------------ Net increase (decrease) in net assets from operations.................................... (80,538,807) 4,265,183 ------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 62,695,319 54,226,477 Transfers between funds including guaranteed interest account, net............. 14,185,869 34,562,020 Transfers for contract benefit and terminations................................. (10,686,837) (8,914,260) Contract maintenance charges.................. (375,724) (170,154) Adjustments to net assets allocated to contracts in payout period................... -- -- ------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................... 65,818,627 79,704,083 ------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 43,901 (509) ------------- ------------ Increase (Decrease) in Net Assets............... (14,676,279) 83,968,757 Net Assets -- Beginning of Period............... 161,377,875 77,409,118 ------------- ------------ Net Assets -- End of Period..................... $ 146,701,596 $161,377,875 ============= ============ Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- Units Redeemed................................. -- -- ------------- ------------ Net Increase (Decrease)........................ -- -- ------------- ------------ Unit Activity 0.50% to 1.45% Class B Units Issued................................... 806 707 Units Redeemed................................. (270) (190) ------------- ------------ Net Increase (Decrease)........................ 536 517 ------------- ------------ AXA Conservative AXA Conservative-Plus Allocation Allocation ------------------------------- -------------------------------- 2008 2007 2008 2007 --------------- --------------- ---------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 1,863,635 $ 1,173,493 $ 2,016,173 $ 1,746,797 Net realized gain (loss) on investments........ (1,480,846) 1,032,966 (2,194,368) 2,435,254 Change in unrealized appreciation (depreciation) of investments................. (7,222,441) (841,932) (19,682,014) (1,896,227) ------------ ------------ -------------- ------------ Net increase (decrease) in net assets from operations.................................... (6,839,652) 1,364,527 (19,860,209) 2,285,824 ------------ ------------ -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 12,520,766 9,072,870 23,885,189 21,433,036 Transfers between funds including guaranteed interest account, net............. 11,828,528 19,023,354 5,456,214 21,846,163 Transfers for contract benefit and terminations................................. (6,410,205) (3,601,931) (9,704,070) (6,889,845) Contract maintenance charges.................. (44,531) (20,616) (120,601) (61,923) Adjustments to net assets allocated to contracts in payout period................... -- -- -- -- ------------ ------------ -------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................... 17,894,558 24,473,677 19,516,732 36,327,431 ------------ ------------ -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 2,999 1,500 47 ------------ ------------ -------------- ------------ Increase (Decrease) in Net Assets............... 11,057,905 25,838,204 (341,977) 38,613,302 Net Assets -- Beginning of Period............... 44,775,311 18,937,107 80,094,710 41,481,408 ------------ ------------ -------------- ------------ Net Assets -- End of Period..................... $ 55,833,216 $ 44,775,311 $ 79,752,733 $ 80,094,710 ============ ============ ============== ============ Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- -- -- Units Redeemed................................. -- -- -- -- ------------ ------------ -------------- ------------ Net Increase (Decrease)........................ -- -- -- -- ------------ ------------ -------------- ------------ Unit Activity 0.50% to 1.45% Class B Units Issued................................... 395 327 450 438 Units Redeemed................................. (234) (116) (284) (146) ------------ ------------ -------------- ------------ Net Increase (Decrease)........................ 161 211 166 292 ------------ ------------ -------------- ------------
------- The accompanying notes are an integral part of these financial statements. FSA-46 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
AXA Moderate Allocation ------------------------------------- 2008 2007 ------------------ ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 40,942,571 $ 39,436,364 Net realized gain (loss) on investments........ 57,248,178 62,893,133 Change in unrealized appreciation (depreciation) of investments................. (539,334,183) (11,964,149) -------------- -------------- Net increase (decrease) in net assets from operations.................................... (441,143,434) 90,365,348 -------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 158,429,130 151,377,299 Transfers between funds including guaranteed interest account, net............. (33,272,842) 28,229,318 Transfers for contract benefit and terminations................................. (163,855,474) (205,914,111) Contract maintenance charges.................. (1,463,668) (1,218,186) Adjustments to net assets allocated to contracts in payout period................... 2,078,957 (680,602) -------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................... (38,083,897) (28,206,282) -------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ (686,814) 2,433,061 -------------- -------------- Increase (Decrease) in Net Assets............... (479,914,145) 64,592,127 Net Assets -- Beginning of Period............... 1,765,599,025 1,701,006,898 -------------- -------------- Net Assets -- End of Period..................... $1,285,684,880 $1,765,599,025 ============== ============== Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... 3,112 2,823 Units Redeemed................................. (3,729) (3,432) -------------- -------------- Net Increase (Decrease)........................ (617) (609) -------------- -------------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 419 419 Units Redeemed................................. (299) (210) -------------- -------------- Net Increase (Decrease)........................ 120 209 -------------- -------------- Crossings Crossings AXA Moderate-Plus Aggressive Conservative Allocation Allocation (i) Allocation (i) ---------------------------------- ---------------- --------------- 2008 2007 2008 2008 ----------------- ---------------- ---------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 5,910,655 $ 8,409,404 $ 12,019 $ 14,909 Net realized gain (loss) on investments........ 10,837,976 23,686,021 552 (6,377) Change in unrealized appreciation (depreciation) of investments................. (214,979,717) (15,854,312) (293,012) (15,452) --------------- ------------- ----------- ---------- Net increase (decrease) in net assets from operations.................................... (198,231,086) 16,241,113 (280,441) (6,920) --------------- ------------- ----------- ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 146,284,330 143,019,927 718,726 444,957 Transfers between funds including guaranteed interest account, net............. 30,313,594 119,368,137 -- (351,738) Transfers for contract benefit and terminations................................. (39,102,662) (31,788,962) -- -- Contract maintenance charges.................. (893,634) (456,144) -- -- Adjustments to net assets allocated to contracts in payout period................... -- -- -- -- --------------- ------------- ----------- ---------- Net increase (decrease) in net assets from contractowners transactions.................... 136,601,628 230,142,958 718,726 93,219 --------------- ------------- ----------- ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ -- 830 200,000 199,999 --------------- ------------- ----------- ---------- Increase (Decrease) in Net Assets............... (61,629,458) 246,384,901 638,285 286,298 Net Assets -- Beginning of Period............... 513,807,219 267,422,318 -- -- --------------- ------------- ----------- ---------- Net Assets -- End of Period..................... $ 452,177,761 $ 513,807,219 $ 638,285 $ 286,298 =============== ============= =========== ========== Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- -- -- Units Redeemed................................. -- -- -- -- --------------- ------------- ----------- ---------- Net Increase (Decrease)........................ -- -- -- -- --------------- ------------- ----------- ---------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 1,934 2,052 7 5 Units Redeemed................................. (849) (458) -- (4) --------------- ------------- ----------- ------------- Net Increase (Decrease)........................ 1,085 1,594 7 1 --------------- ------------- ----------- ------------
------- The accompanying notes are an integral part of these financial statements. FSA-47 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
Crossings Crossings Crossings Conservative-Plus Moderate Moderate-Plus Allocation (i) Allocation (i) Allocation (i) ------------------- ---------------- ---------------- 2008 2008 2008 ------------------- ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 10,280 $ 9,438 $ 13,871 Net realized gain (loss) on investments........ 463 662 798 Change in unrealized appreciation (depreciation) of investments................. (42,655) (50,514) (60,040) --------- --------- --------- Net increase (decrease) in net assets from operations.................................... (31,912) (40,414) (45,371) --------- --------- --------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 46,001 62,500 378,860 Transfers between funds including guaranteed interest account, net............. -- -- 351,738 Transfers for contract benefit and terminations................................. -- (521) (1,563) Contract maintenance charges.................. -- -- -- Adjustments to net assets allocated to contracts in payout period................... -- -- -- --------- --------- --------- Net increase (decrease) in net assets from contractowners transactions.................... 46,001 61,979 729,035 --------- --------- --------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 200,000 200,000 200,001 --------- --------- --------- Increase (Decrease) in Net Assets............... 214,089 221,565 883,665 Net Assets -- Beginning of Period............... -- -- -- --------- --------- --------- Net Assets -- End of Period..................... $ 214,089 $ 221,565 $ 883,665 ========= ========= ========= Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- -- Units Redeemed................................. -- -- -- --------- --------- --------- Net Increase (Decrease)........................ -- -- -- --------- --------- --------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 1 1 10 Units Redeemed................................. -- -- -- --------- --------- --------- Net Increase (Decrease)........................ 1 1 10 --------- --------- --------- EQ/AllianceBernstein EQ/AllianceBernstein Intermediate Government Common Stock Securities -------------------------------------- ---------------------------------- 2008 2007 2008 2007 ------------------- ------------------ ------------------ --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 15,044,931 $ (169,655) $ 2,567,323 $ 3,903,584 Net realized gain (loss) on investments........ (65,116,116) 79,901,173 (565,335) (970,093) Change in unrealized appreciation (depreciation) of investments................. (1,473,150,946) 27,484,537 871,480 3,752,005 ----------------- -------------- ------------ ------------- Net increase (decrease) in net assets from operations.................................... (1,523,222,131) 107,216,055 2,873,468 6,685,496 ----------------- -------------- ------------ ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 115,204,005 163,082,552 11,582,938 10,940,399 Transfers between funds including guaranteed interest account, net............. (193,747,968) (288,982,562) 1,361,797 (3,929,382) Transfers for contract benefit and terminations................................. (284,343,239) (485,116,602) (17,359,434) (16,055,518) Contract maintenance charges.................. (2,113,730) (2,337,851) (112,074) (98,606) Adjustments to net assets allocated to contracts in payout period................... 11,374,643 1,817,256 27,591 38,353 ----------------- -------------- ------------ ------------- Net increase (decrease) in net assets from contractowners transactions.................... (353,626,289) (611,537,207) (4,499,182) (9,104,754) ----------------- -------------- ------------ ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ (10,895,584) (4,079,702) (20,060) (86,833) ----------------- -------------- ------------ ------------- Increase (Decrease) in Net Assets............... (1,887,744,004) (508,400,854) (1,645,774) (2,506,091) Net Assets -- Beginning of Period............... 3,679,812,164 4,188,213,018 122,266,788 124,772,879 ----------------- -------------- ------------ ------------- Net Assets -- End of Period..................... $ 1,792,068,160 $3,679,812,164 $120,621,014 $ 122,266,788 ================= ============== ============ ============= Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... 759 752 163 112 Units Redeemed................................. (1,971) (2,345) (186) (144) ----------------- -------------- ------------ ------------- Net Increase (Decrease)........................ (1,212) (1,593) (23) (32) ----------------- -------------- ------------ ------------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 161 214 79 35 Units Redeemed................................. (370) (388) (84) (64) ----------------- -------------- ------------ ------------- Net Increase (Decrease)........................ (209) (174) (5) (29) ----------------- -------------- ------------- -------------
------- The accompanying notes are an integral part of these financial statements. FSA-48 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/AllianceBernstein International ----------------------------------- 2008 2007 ----------------- ----------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 11,005,823 $ 1,689,847 Net realized gain (loss) on investments........ 6,872,900 156,460,401 Change in unrealized appreciation (depreciation) of investments................. (494,553,038) (65,600,773) --------------- --------------- Net increase (decrease) in net assets from operations.................................... (476,674,315) 92,549,475 --------------- --------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 63,982,209 81,508,287 Transfers between funds including guaranteed interest account, net............. (38,651,182) 6,171,213 Transfers for contract benefit and terminations................................. (73,696,145) (105,427,840) Contract maintenance charges.................. (653,989) (650,594) Adjustments to net assets allocated to contracts in payout period................... 1,607,709 (876,667) --------------- --------------- Net increase (decrease) in net assets from contractowners transactions.................... (47,411,398) (19,275,601) --------------- --------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ (2,437,704) 842,726 --------------- --------------- Increase (Decrease) in Net Assets............... (526,523,417) 74,116,600 Net Assets -- Beginning of Period............... 964,792,596 890,675,996 --------------- --------------- Net Assets -- End of Period..................... $ 438,269,179 $ 964,792,596 =============== =============== Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... 646 803 Units Redeemed................................. (931) (945) --------------- --------------- Net Increase (Decrease)........................ (285) (142) --------------- --------------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 171 254 Units Redeemed................................. (214) (195) --------------- --------------- Net Increase (Decrease)........................ (43) 59 --------------- --------------- EQ/AllianceBernstein EQ/Ariel Small Cap Growth Appreciation II ---------------------------------- ------------------------------- 2008 2007 2008 2007 ----------------- ---------------- ----------------- ------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (3,902,536) $ (5,041,206) $ (11,640) $ (31,411) Net realized gain (loss) on investments........ (10,692,739) 82,670,344 (161,966) 234,651 Change in unrealized appreciation (depreciation) of investments................. (155,495,800) (23,317,507) (1,035,579) (295,137) --------------- ------------- ------------ ---------- Net increase (decrease) in net assets from operations.................................... (170,091,075) 54,311,631 (1,209,185) (91,897) --------------- ------------- ------------ ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 25,173,864 30,149,425 260,710 537,998 Transfers between funds including guaranteed interest account, net............. (16,720,827) (23,203,648) (195,688) 17,479 Transfers for contract benefit and terminations................................. (29,505,104) (43,266,870) (193,195) (448,436) Contract maintenance charges.................. (305,569) (317,674) (1,409) (769) Adjustments to net assets allocated to contracts in payout period................... 950,486 (850,410) -- -- --------------- ------------- ------------ ---------- Net increase (decrease) in net assets from contractowners transactions.................... (20,407,150) (37,489,177) (129,582) 106,272 --------------- ------------- ------------ ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ (806,239) 778,057 -- -- --------------- ------------- ------------ ---------- Increase (Decrease) in Net Assets............... (191,304,464) 17,600,511 (1,338,767) 14,375 Net Assets -- Beginning of Period............... 391,519,934 373,919,423 3,237,190 3,222,815 --------------- ------------- ------------ ---------- Net Assets -- End of Period..................... $ 200,215,470 $ 391,519,934 $ 1,898,423 $3,237,190 =============== ============= ============ ========== Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... 335 371 -- -- Units Redeemed................................. (428) (528) -- -- --------------- ------------- ------------ ---------- Net Increase (Decrease)........................ (93) (157) -- -- --------------- ------------- ------------ ---------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 64 74 10 16 Units Redeemed................................. (99) (113) (12) (15) --------------- ------------- ------------ ---------- Net Increase (Decrease)........................ (35) (39) (2) 1 --------------- ------------- --------------- ----------
------- The accompanying notes are an integral part of these financial statements. FSA-49 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/AXA Rosenberg Value Long/Short Equity ---------------------------------- 2008 2007 ---------------- ----------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (92,447) $ 64,057 Net realized gain (loss) on investments........ (298,449) (30,630) Change in unrealized appreciation (depreciation) of investments................. (256,663) 134,180 --------- ------------ Net increase (decrease) in net assets from operations.................................... (647,559) 167,607 --------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 1,519,397 1,232,476 Transfers between funds including guaranteed interest account, net............. (925,898) (1,170,387) Transfers for contract benefit and terminations................................. (828,872) (841,931) Contract maintenance charges.................. (5,519) (4,201) Adjustments to net assets allocated to contracts in payout period................... -- -- --------- ------------ Net increase (decrease) in net assets from contractowners transactions.................... (240,892) (784,043) --------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ -- (131) --------- ------------ Increase (Decrease) in Net Assets............... (888,451) (616,567) Net Assets -- Beginning of Period............... 8,993,345 9,609,912 --------- ------------ Net Assets -- End of Period..................... $8,104,894 $ 8,993,345 ========== ============ Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- Units Redeemed................................. -- -- ---------- ------------ Net Increase (Decrease)........................ -- -- ---------- ------------ Unit Activity 0.50% to 1.45% Class B Units Issued................................... 65 36 Units Redeemed................................. (67) (44) ---------- ------------ Net Increase (Decrease)........................ (2) (8) ---------- ------------ EQ/BlackRock EQ/BlackRock Basic Value Equity International Value ---------------------------------- ---------------------------------- 2008 2007 2008 2007 ----------------- ---------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 1,229,429 $ (933,078) $ 2,603,270 $ 2,127,582 Net realized gain (loss) on investments........ (10,123,326) 54,500,800 906,649 63,591,750 Change in unrealized appreciation (depreciation) of investments................. (131,981,904) (53,893,635) (154,451,415) (38,025,776) --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from operations.................................... (140,875,801) (325,913) (150,941,496) 27,693,556 --------------- ------------- --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 35,173,152 42,331,336 36,599,874 49,118,204 Transfers between funds including guaranteed interest account, net............. (15,090,411) (11,188,106) (24,098,212) 222,107 Transfers for contract benefit and terminations................................. (26,809,274) (38,515,211) (22,285,075) (30,119,561) Contract maintenance charges.................. (293,875) (294,561) (290,822) (275,242) Adjustments to net assets allocated to contracts in payout period................... -- -- -- -- --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................... (7,020,408) (7,666,542) (10,074,235) 18,945,508 --------------- ------------- --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ -- (445) (53,997) (1,520) --------------- ------------- --------------- ------------- Increase (Decrease) in Net Assets............... (147,896,209) (7,992,900) (161,069,728) 46,637,544 Net Assets -- Beginning of Period............... 383,208,474 391,201,374 351,821,662 305,184,118 --------------- ------------- --------------- ------------- Net Assets -- End of Period..................... $ 235,312,265 $ 383,208,474 $ 190,751,934 $ 351,821,662 =============== ============= =============== ============= Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- -- -- Units Redeemed................................. -- -- -- -- --------------- ------------- --------------- ------------- Net Increase (Decrease)........................ -- -- -- -- --------------- ------------- --------------- ------------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 362 330 457 646 Units Redeemed................................. (390) (362) (527) (528) --------------- ------------- --------------- ------------- Net Increase (Decrease)........................ (28) (32) (70) 118 --------------- ------------- --------------- -------------
------- The accompanying notes are an integral part of these financial statements. FSA-50 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Boston Advisors Equity Income -------------------------------- 2008 2007 ---------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 553,627 $ 353,973 Net realized gain (loss) on investments........ (2,890,496) 5,871,824 Change in unrealized appreciation (depreciation) of investments................. (17,935,820) (5,192,746) -------------- ------------ Net increase (decrease) in net assets from operations.................................... (20,272,689) 1,033,051 -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 7,847,391 9,015,589 Transfers between funds including guaranteed interest account, net............. (42,357) 1,490,840 Transfers for contract benefit and terminations................................. (3,305,461) (3,865,927) Contract maintenance charges.................. (51,249) (40,300) Adjustments to net assets allocated to contracts in payout period................... -- -- -------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................... 4,448,324 6,600,202 -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ (14,803) 24,976 -------------- ------------ Increase (Decrease) in Net Assets............... (15,839,168) 7,658,229 Net Assets -- Beginning of Period............... 58,381,399 50,723,170 -------------- ------------ Net Assets -- End of Period..................... $ 42,542,231 $ 58,381,399 ============== ============ Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- Units Redeemed................................. -- -- -------------- ------------ Net Increase (Decrease)........................ -- -- -------------- ------------ Unit Activity 0.50% to 1.45% Class B Units Issued................................... 193 166 Units Redeemed................................. (151) (115) -------------- ------------ Net Increase (Decrease)........................ 42 51 -------------- ------------ EQ/Calvert EQ/Capital Socially Responsible Guardian Growth -------------------------------- ------------------------------ 2008 2007 2008 2007 ---------------- --------------- --------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (181,924) $ (203,327) $ (178,502) $ (196,797) Net realized gain (loss) on investments........ (525,890) 1,871,539 (425,655) 962,601 Change in unrealized appreciation (depreciation) of investments................. (10,088,694) 426,570 (7,462,227) (452,942) -------------- ------------ ------------ ------------ Net increase (decrease) in net assets from operations.................................... (10,796,508) 2,094,782 (8,066,384) 312,862 -------------- ------------ ------------ ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 3,316,280 3,625,295 2,677,038 2,838,215 Transfers between funds including guaranteed interest account, net............. (849,548) 678,610 625,424 5,339,464 Transfers for contract benefit and terminations................................. (959,285) (1,052,026) (1,135,397) (1,582,049) Contract maintenance charges.................. (29,844) (28,294) (15,922) (12,415) Adjustments to net assets allocated to contracts in payout period................... -- -- -- -- -------------- ------------ ------------ ------------ Net increase (decrease) in net assets from contractowners transactions.................... 1,477,603 3,223,585 2,151,143 6,583,215 -------------- ------------ ------------ ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ (1,959,999) -- 33 -------------- ------------ ------------ ------------ Increase (Decrease) in Net Assets............... (11,278,904) 5,318,367 (5,915,241) 6,896,110 Net Assets -- Beginning of Period............... 24,115,318 18,796,951 18,094,190 11,198,080 -------------- ------------ ------------ ------------ Net Assets -- End of Period..................... $ 12,836,414 $ 24,115,318 $ 12,178,949 $ 18,094,190 ============== ============ ============ ============ Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- -- -- Units Redeemed................................. -- -- -- -- -------------- ------------ ------------ ------------ Net Increase (Decrease)........................ -- -- -- -- -------------- ------------ ------------ ------------ Unit Activity 0.50% to 1.45% Class B Units Issued................................... 65 73 109 138 Units Redeemed................................. (48) (40) (77) (58) -------------- ------------ ------------ ------------ Net Increase (Decrease)........................ 17 33 32 80 -------------- ------------ ------------ ------------
------- The accompanying notes are an integral part of these financial statements. FSA-51 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Capital Guardian Research (d) ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (750,230) $ (186,099) Net realized gain (loss) on investments........ 6,787,176 22,267,229 Change in unrealized appreciation (depreciation) of investments................. (102,470,066) (29,606,074) --------------- ------------- Net increase (decrease) in net assets from operations.................................... (96,433,120) (7,524,944) --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 16,071,443 17,892,867 Transfers between funds including guaranteed interest account, net............. (22,302,307) 117,170,856 Transfers for contract benefit and terminations................................. (19,626,367) (22,944,468) Contract maintenance charges.................. (167,850) (145,033) Adjustments to net assets allocated to contracts in payout period................... -- -- --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................... (26,025,081) 111,974,222 --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ (49,998) 47,170 --------------- ------------- Increase (Decrease) in Net Assets............... (122,508,199) 104,496,448 Net Assets -- Beginning of Period............... 256,908,128 152,411,680 --------------- ------------- Net Assets -- End of Period..................... $ 134,399,929 $ 256,908,128 =============== ============= Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- Units Redeemed................................. -- -- --------------- ------------- Net Increase (Decrease)........................ -- -- --------------- ------------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 209 1,127 Units Redeemed................................. (439) (345) --------------- ------------- Net Increase (Decrease)........................ (230) 782 --------------- ------------- EQ/Caywood-Scholl EQ/Davis New High Yield Bond York Venture ------------------------------- -------------------------------- 2008 2007 2008 2007 --------------- --------------- --------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 1,764,826 $ 1,535,986 $ (47,871) $ (2,438) Net realized gain (loss) on investments........ (1,173,798) 125,122 (1,281,484) 16,159 Change in unrealized appreciation (depreciation) of investments................. (6,229,560) (1,469,113) (4,244,181) (75,153) ------------ ------------ ------------ ---------- Net increase (decrease) in net assets from operations.................................... (5,638,532) 191,995 (5,573,536) (61,432) ------------ ------------ ------------ ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 4,795,393 6,847,343 3,290,446 1,358,012 Transfers between funds including guaranteed interest account, net............. (1,966,510) 6,094,383 7,856,348 4,705,333 Transfers for contract benefit and terminations................................. (2,365,155) (1,754,667) (837,598) (179,751) Contract maintenance charges.................. (25,633) (14,010) (7,190) (555) Adjustments to net assets allocated to contracts in payout period................... -- -- -- -- ------------ ------------ ------------ ---------- Net increase (decrease) in net assets from contractowners transactions.................... 438,095 11,173,049 10,302,006 5,883,039 ------------ ------------ ------------ ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 199 (83) 5,661 1,328 ------------ ------------ ------------ ---------- Increase (Decrease) in Net Assets............... (5,200,238) 11,364,961 4,734,131 5,822,935 Net Assets -- Beginning of Period............... 27,417,573 16,052,612 6,153,743 330,808 ------------ ------------ ------------ ---------- Net Assets -- End of Period..................... $ 22,217,335 $ 27,417,573 $ 10,887,874 $6,153,743 ============ ============ ============ ========== Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- -- -- Units Redeemed................................. -- -- -- -- ------------ ------------ ------------ ---------- Net Increase (Decrease)........................ -- -- -- -- ------------ ------------ ------------ ---------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 94 158 179 69 Units Redeemed................................. (91) (59) (56) (8) ------------ ------------ ------------ ---------- Net Increase (Decrease)........................ 3 99 123 61 ------------ ------------ ------------ ----------
------- The accompanying notes are an integral part of these financial statements. FSA-52 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Equity 500 Index ------------------------------------ 2008 2007 ----------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 4,592,167 $ 2,319,768 Net realized gain (loss) on investments........ (15,349,915) 68,723,346 Change in unrealized appreciation (depreciation) of investments................. (365,439,040) (30,655,199) --------------- -------------- Net increase (decrease) in net assets from operations.................................... (376,196,788) 40,387,915 --------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 71,828,024 87,769,862 Transfers between funds including guaranteed interest account, net............. (41,819,827) (18,034,604) Transfers for contract benefit and terminations................................. (79,599,773) (124,054,035) Contract maintenance charges.................. (800,310) (827,668) Adjustments to net assets allocated to contracts in payout period................... 2,008,573 (437,332) --------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................... (48,383,313) (55,583,777) --------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ (1,986,759) (499,774) --------------- -------------- Increase (Decrease) in Net Assets............... (426,566,860) (15,695,636) Net Assets -- Beginning of Period............... 1,026,337,814 1,042,033,450 --------------- -------------- Net Assets -- End of Period..................... $ 599,770,954 $1,026,337,814 =============== ============== Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... 577 530 Units Redeemed................................. (728) (696) --------------- -------------- Net Increase (Decrease)........................ (151) (166) --------------- -------------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 212 228 Units Redeemed................................. (262) (220) --------------- -------------- Net Increase (Decrease)........................ (50) 8 --------------- -------------- EQ/Evergreen International Bond EQ/Evergreen Omega ------------------------------- ------------------------------ 2008 2007 2008 2007 --------------- --------------- --------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 8,813,762 $ 310,374 $ (172,226) $ (321,897) Net realized gain (loss) on investments........ 333,129 295,506 (887,219) 2,429,165 Change in unrealized appreciation (depreciation) of investments................. (8,613,881) 516,896 (7,134,040) 36,208 ------------ ----------- ------------ ------------ Net increase (decrease) in net assets from operations.................................... 533,010 1,122,776 (8,193,485) 2,143,476 ------------ ----------- ------------ ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 11,555,180 3,857,737 2,910,678 3,444,657 Transfers between funds including guaranteed interest account, net............. 24,007,773 11,082,783 (671,200) 2,089,065 Transfers for contract benefit and terminations................................. (4,367,775) (879,437) (1,578,571) (1,719,036) Contract maintenance charges.................. (21,598) (4,268) (25,166) (21,687) Adjustments to net assets allocated to contracts in payout period................... -- -- -- -- ------------ ----------- ------------ ------------ Net increase (decrease) in net assets from contractowners transactions.................... 31,173,580 14,056,815 635,741 3,792,999 ------------ ----------- ------------ ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 41,321 973 (30,000) (2,576) ------------ ----------- ------------ ------------ Increase (Decrease) in Net Assets............... 31,747,911 15,180,564 (7,587,744) 5,933,899 Net Assets -- Beginning of Period............... 22,865,766 7,685,202 28,728,234 22,794,335 ------------ ----------- ------------ ------------ Net Assets -- End of Period..................... $ 54,613,677 $22,865,766 $ 21,140,490 $ 28,728,234 ============ =========== ============ ============ Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- -- -- Units Redeemed................................. -- -- -- -- ------------ ----------- ------------ ------------ Net Increase (Decrease)........................ -- -- -- -- ------------ ----------- ------------ ------------ Unit Activity 0.50% to 1.45% Class B Units Issued................................... 609 188 113 140 Units Redeemed................................. (339) (52) (103) (102) ------------ ----------- ------------ ------------ Net Increase (Decrease)........................ 270 136 10 38 ------------ ----------- ------------ ------------
------- The accompanying notes are an integral part of these financial statements. FSA-53 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Franklin Income -------------------------------- 2008 2007 ---------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 3,852,908 $ 1,886,625 Net realized gain (loss) on investments........ (6,074,193) 832,287 Change in unrealized appreciation (depreciation) of investments................. (27,747,139) (4,316,497) -------------- ------------ Net increase (decrease) in net assets from operations.................................... (29,968,424) (1,597,585) -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 12,803,866 23,595,892 Transfers between funds including guaranteed interest account, net............. (2,142,548) 56,084,639 Transfers for contract benefit and terminations................................. (7,522,238) (4,188,828) Contract maintenance charges.................. (61,469) (13,285) Adjustments to net assets allocated to contracts in payout period................... -- -- -------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................... 3,077,611 75,478,418 -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 22,156 1,579 -------------- ------------ Increase (Decrease) in Net Assets............... (26,868,657) 73,882,412 Net Assets -- Beginning of Period............... 86,649,787 12,767,375 -------------- ------------ Net Assets -- End of Period..................... $ 59,781,130 $ 86,649,787 ============== ============ Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- Units Redeemed................................. -- -- -------------- ------------ Net Increase (Decrease)........................ -- -- -------------- ------------ Unit Activity 0.50% to 1.45% Class B Units Issued................................... 334 834 Units Redeemed................................. (314) (131) -------------- ------------ Net Increase (Decrease)........................ 20 703 -------------- ------------ EQ/Franklin Small EQ/Franklin Templeton Cap Value Founding Strategy (a) ------------------------------ -------------------------------- 2008 2007 2008 2007 --------------- -------------- ---------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (21,218) $ (36,893) $ 1,127,732 $ 270,550 Net realized gain (loss) on investments........ (1,222,983) (398,017) (2,009,560) (34,178) Change in unrealized appreciation (depreciation) of investments................. (2,122,181) (559,628) (14,564,276) (994,758) ------------- ---------- -------------- ----------- Net increase (decrease) in net assets from operations.................................... (3,366,382) (994,538) (15,446,104) (758,386) ------------- ---------- -------------- ----------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 2,193,319 2,793,137 10,927,635 9,979,563 Transfers between funds including guaranteed interest account, net............. 2,782,845 3,782,881 8,279,850 19,011,157 Transfers for contract benefit and terminations................................. (413,615) (394,344) (1,805,323) (402,681) Contract maintenance charges.................. (9,204) (2,277) (47,453) (2,861) Adjustments to net assets allocated to contracts in payout period................... -- -- -- -- ------------- ---------- -------------- ----------- Net increase (decrease) in net assets from contractowners transactions.................... 4,553,345 6,179,397 17,354,709 28,585,178 ------------- ---------- -------------- ----------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 1,065 935 641 358 ------------- ---------- -------------- ----------- Increase (Decrease) in Net Assets............... 1,188,028 5,185,794 1,909,246 27,827,150 Net Assets -- Beginning of Period............... 6,401,852 1,216,058 27,827,150 -- ------------- ---------- -------------- ----------- Net Assets -- End of Period..................... $ 7,589,880 $6,401,852 $ 29,736,396 $27,827,150 ============= ========== ============== =========== Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- -- -- Units Redeemed................................. -- -- -- -- ------------- ---------- -------------- ----------- Net Increase (Decrease)........................ -- -- -- -- ------------- ---------- -------------- ----------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 126 124 295 308 Units Redeemed................................. (74) (69) (86) (16) ------------- ---------- -------------- ----------- Net Increase (Decrease)........................ 52 55 209 292 ------------- ---------- -------------- -----------
------- The accompanying notes are an integral part of these financial statements. FSA-54 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/GAMCO Mergers and EQ/GAMCO Small Acquisitions Company Value ------------------------------- --------------------------------- 2008 2007 2008 2007 --------------- --------------- ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (92,865) $ (48,849) $ (833,973) $ (801,974) Net realized gain (loss) on investments........ (13,662) 829,987 692,813 9,269,003 Change in unrealized appreciation (depreciation) of investments................. (1,945,925) (681,020) (46,509,043) (3,368,670) ------------ ----------- ------------- ------------ Net increase (decrease) in net assets from operations.................................... (2,052,452) 100,118 (46,650,203) 5,098,359 ------------ ----------- ------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 2,818,788 2,835,548 27,748,549 27,902,521 Transfers between funds including guaranteed interest account, net............. (1,148,320) 3,076,086 11,624,800 35,891,164 Transfers for contract benefit and terminations................................. (885,038) (704,858) (8,616,880) (7,459,799) Contract maintenance charges.................. (9,933) (5,236) (139,044) (72,198) Adjustments to net assets allocated to contracts in payout period................... -- -- -- -- ------------ ----------- ------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................... 775,497 5,201,540 30,617,425 56,261,688 ------------ ----------- ------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ -- -- 28,542 3,666 ------------ ----------- ------------- ------------ Increase (Decrease) in Net Assets............... (1,276,955) 5,301,658 (16,004,236) 61,363,713 Net Assets -- Beginning of Period............... 12,894,827 7,593,169 127,593,090 66,229,377 ------------ ----------- ------------- ------------ Net Assets -- End of Period..................... $ 11,617,872 $12,894,827 $ 111,588,854 $127,593,090 ============ =========== ============= ============ Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- -- -- Units Redeemed................................. -- -- -- -- ------------ ----------- ------------- ------------ Net Increase (Decrease)........................ -- -- -- -- ------------ ----------- ------------- ------------ Unit Activity 0.50% to 1.45% Class B Units Issued................................... 55 72 507 627 Units Redeemed................................. (48) (29) (260) (245) ------------ ----------- ------------- ------------ Net Increase (Decrease)........................ 7 43 247 382 ------------ ----------- ------------- ------------ EQ/International Core PLUS --------------------------------- 2008 2007 ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 325,471 $ (965,442) Net realized gain (loss) on investments........ (5,191,666) 31,948,219 Change in unrealized appreciation (depreciation) of investments................. (54,193,771) (17,185,462) -------------- ------------- Net increase (decrease) in net assets from operations.................................... (59,059,966) 13,797,315 -------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 15,550,576 15,927,821 Transfers between funds including guaranteed interest account, net............. 9,540,290 (2,181,941) Transfers for contract benefit and terminations................................. (7,693,350) (8,910,167) Contract maintenance charges.................. (105,397) (101,727) Adjustments to net assets allocated to contracts in payout period................... -- -- -------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................... 17,292,119 4,733,986 -------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 10,002 (558) -------------- ------------- Increase (Decrease) in Net Assets............... (41,757,845) 18,530,743 Net Assets -- Beginning of Period............... 117,075,268 98,544,525 -------------- ------------- Net Assets -- End of Period..................... $ 75,317,423 $ 117,075,268 ============== ============= Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- Units Redeemed................................. -- -- -------------- ------------- Net Increase (Decrease)........................ -- -- -------------- ------------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 362 245 Units Redeemed................................. (221) (211) -------------- ------------- Net Increase (Decrease)........................ 141 34 -------------- -------------
------- The accompanying notes are an integral part of these financial statements. FSA-55 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/International EQ/JPMorgan Growth Core Bond -------------------------------- --------------------------------- 2008 2007 2008 2007 ---------------- --------------- ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (108,925) $ (150,780) $ 3,573,974 $ 4,403,675 Net realized gain (loss) on investments........ (3,281,634) 3,579,708 (4,122,185) (611,538) Change in unrealized appreciation (depreciation) of investments................. (14,766,721) (488,119) (12,656,245) (1,452,592) -------------- ------------ ------------- ------------- Net increase (decrease) in net assets from operations.................................... (18,157,280) 2,940,809 (13,204,456) 2,339,545 -------------- ------------ ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 6,293,250 6,425,226 13,206,333 20,388,546 Transfers between funds including guaranteed interest account, net............. 2,798,332 17,639,200 (18,239,438) 9,508,305 Transfers for contract benefit and terminations................................. (2,438,762) (2,172,958) (13,830,099) (11,711,887) Contract maintenance charges.................. (25,745) (13,640) (130,276) (105,402) Adjustments to net assets allocated to contracts in payout period................... -- -- -- -- -------------- ------------ ------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................... 6,627,075 21,877,828 (18,993,480) 18,079,562 -------------- ------------ ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 8,003 15 -- 2,470 -------------- ------------ ------------- ------------- Increase (Decrease) in Net Assets............... (11,522,202) 24,818,652 (32,197,936) 20,421,577 Net Assets -- Beginning of Period............... 37,401,590 12,582,938 138,134,888 117,713,311 -------------- ------------ ------------- ------------- Net Assets -- End of Period..................... $ 25,879,388 $ 37,401,590 $ 105,936,952 $ 138,134,888 ============== ============ ============= ============= Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- -- -- Units Redeemed................................. -- -- -- -- -------------- ------------ ------------- ------------- Net Increase (Decrease)........................ -- -- -- -- -------------- ------------ ------------- ------------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 180 264 204 390 Units Redeemed................................. (138) (125) (375) (235) -------------- ------------ ------------- ------------- Net Increase (Decrease)........................ 42 139 (171) 155 -------------- ------------ ------------- ------------- EQ/JPMorgan Value Opportunities --------------------------------- 2008 2007 ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 249,999 $ 24,403 Net realized gain (loss) on investments........ (2,995,119) 17,992,197 Change in unrealized appreciation (depreciation) of investments................. (22,076,352) (20,010,281) -------------- -------------- Net increase (decrease) in net assets from operations.................................... (24,821,472) (1,993,681) -------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 4,855,022 6,277,163 Transfers between funds including guaranteed interest account, net............. (4,840,477) 604,651 Transfers for contract benefit and terminations................................. (5,774,319) (8,766,805) Contract maintenance charges.................. (50,500) (51,440) Adjustments to net assets allocated to contracts in payout period................... -- -- -------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................... (5,810,274) (1,936,431) -------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ (14,999) 248 -------------- -------------- Increase (Decrease) in Net Assets............... (30,646,745) (3,929,864) Net Assets -- Beginning of Period............... 64,848,110 68,777,974 -------------- -------------- Net Assets -- End of Period..................... $ 34,201,365 $ 64,848,110 ============== ============== Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- Units Redeemed................................. -- -- -------------- -------------- Net Increase (Decrease)........................ -- -- -------------- -------------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 65 130 Units Redeemed................................. (116) (144) -------------- -------------- Net Increase (Decrease)........................ (51) (14) -------------- --------------
------- The accompanying notes are an integral part of these financial statements. FSA-56 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Large Cap EQ/Large Cap Core PLUS Growth Index ------------------------------- --------------------------------- 2008 2007 2008 2007 --------------- --------------- ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (121,341) $ (10,125) $ (1,335,334) $ (1,864,505) Net realized gain (loss) on investments........ (670,634) 4,855,971 4,067,252 13,405,080 Change in unrealized appreciation (depreciation) of investments................. (5,301,246) (4,430,562) (55,074,446) 5,205,658 ------------- ------------ ------------- ------------- Net increase (decrease) in net assets from operations.................................... (6,093,221) 415,284 (52,342,528) 16,746,233 ------------- ------------ ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 1,320,883 1,614,149 9,599,691 12,179,733 Transfers between funds including guaranteed interest account, net............. 285,015 (548,377) (5,913,078) (11,077,052) Transfers for contract benefit and terminations................................. (1,215,245) (2,280,097) (11,688,324) (18,052,807) Contract maintenance charges.................. (12,113) (12,511) (137,871) (142,188) Adjustments to net assets allocated to contracts in payout period................... -- -- -- -- ------------- ------------ ------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................... 378,540 (1,226,836) (8,139,582) (17,092,314) ------------- ------------ ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ (35,000) -- -- 166 ------------- ------------ ------------- ------------- Increase (Decrease) in Net Assets............... (5,749,681) (811,552) (60,482,110) (345,915) Net Assets -- Beginning of Period............... 15,614,899 16,426,451 145,863,839 146,209,754 ------------- ------------ ------------- ------------- Net Assets -- End of Period..................... $ 9,865,218 $ 15,614,899 $ 85,381,729 $ 145,863,839 ============= ============ ============= ============= Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- -- -- Units Redeemed................................. -- -- -- -- ------------- ------------ ------------- ------------- Net Increase (Decrease)........................ -- -- -- -- ------------- ------------ ------------- ------------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 52 33 332 325 Units Redeemed................................. (48) (45) (461) (566) ------------- ------------ ------------- ------------- Net Increase (Decrease)........................ 4 (12) (129) (241) ------------- ------------ ------------- ------------- EQ/Large Cap Growth PLUS ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (3,143,101) $ (3,134,794) Net realized gain (loss) on investments........ 19,106,098 19,023,896 Change in unrealized appreciation (depreciation) of investments................. (136,936,125) 25,806,328 --------------- ------------- Net increase (decrease) in net assets from operations.................................... (120,973,128) 41,695,430 --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 18,447,472 20,536,509 Transfers between funds including guaranteed interest account, net............. (14,291,967) (15,381,909) Transfers for contract benefit and terminations................................. (24,397,661) (37,777,013) Contract maintenance charges.................. (301,773) (313,495) Adjustments to net assets allocated to contracts in payout period................... -- -- --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................... (20,543,929) (32,935,908) --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ (10,000) 2,255 --------------- ------------- Increase (Decrease) in Net Assets............... (141,527,057) 8,761,777 Net Assets -- Beginning of Period............... 323,038,974 314,277,197 --------------- ------------- Net Assets -- End of Period..................... $ 181,511,917 $ 323,038,974 =============== ============= Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- Units Redeemed................................. -- -- --------------- ------------- Net Increase (Decrease)........................ -- -- --------------- ------------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 292 283 Units Redeemed................................. (450) (500) --------------- ------------- Net Increase (Decrease)........................ (158) (217) --------------- -------------
------- The accompanying notes are an integral part of these financial statements. FSA-57 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Large Cap Value Index ---------------------------------- 2008 2007 ------------------ --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 21,882 $ (270,230) Net realized gain (loss) on investments........ (2,502,240) 857,237 Change in unrealized appreciation (depreciation) of investments................. (8,932,464) (2,224,944) ------------- ------------ Net increase (decrease) in net assets from operations.................................... (11,412,822) (1,637,937) ------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 2,580,692 4,286,445 Transfers between funds including guaranteed interest account, net............. (2,440,801) 837,601 Transfers for contract benefit and terminations................................. (887,373) (1,401,094) Contract maintenance charges.................. (14,772) (14,476) Adjustments to net assets allocated to contracts in payout period................... -- -- ------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................... (762,254) 3,708,476 ------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 2,999 -- ------------- ------------ Increase (Decrease) in Net Assets............... (12,172,077) 2,070,539 Net Assets -- Beginning of Period............... 20,937,673 18,867,134 ------------- ------------ Net Assets -- End of Period..................... $ 8,765,596 $ 20,937,673 ============= ============ Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- Units Redeemed................................. -- -- ------------- ------------ Net Increase (Decrease)........................ -- -- ------------- ------------ Unit Activity 0.50% to 1.45% Class B Units Issued................................... 93 79 Units Redeemed................................. (96) (46) ------------- ------------ Net Increase (Decrease)........................ (3) 33 ------------- ------------ EQ/Large Cap Value PLUS (h) EQ/Long Term Bond ------------------------------------ ------------------------------- 2008 2007 2008 2007 ----------------- ------------------ --------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 19,085,314 $ 12,731,681 $ 977,684 $ 643,589 Net realized gain (loss) on investments........ (117,593,521) 163,919,688 82,540 (55,376) Change in unrealized appreciation (depreciation) of investments................. (513,769,969) (266,779,879) (273,561) 705,823 --------------- -------------- ------------ ------------ Net increase (decrease) in net assets from operations.................................... (612,278,176) (90,128,510) 786,663 1,294,036 --------------- -------------- ------------ ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 100,501,570 103,244,325 4,714,511 4,804,772 Transfers between funds including guaranteed interest account, net............. (143,263,597) 1,088,938,159 (1,849,963) 1,763,155 Transfers for contract benefit and terminations................................. (115,761,488) (94,156,283) (1,498,825) (1,651,942) Contract maintenance charges.................. (1,079,734) (692,001) (26,071) (16,051) Adjustments to net assets allocated to contracts in payout period................... 3,533,417 (7,127,679) -- -- --------------- -------------- ------------ ------------ Net increase (decrease) in net assets from contractowners transactions.................... (156,069,832) 1,090,206,521 1,339,652 4,899,934 --------------- -------------- ------------ ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ (3,373,572) 6,734,139 2,002 (116) --------------- -------------- ------------ ------------ Increase (Decrease) in Net Assets............... (771,721,580) 1,006,812,150 2,128,317 6,193,854 Net Assets -- Beginning of Period............... 1,507,400,324 500,588,174 23,945,843 17,751,989 --------------- -------------- ------------ ------------ Net Assets -- End of Period..................... $ 735,678,744 $1,507,400,324 $ 26,074,160 $ 23,945,843 =============== ============== ============ ============ Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... 1,191 10,615 -- -- Units Redeemed................................. (2,292) (1,228) -- -- --------------- -------------- ------------ ------------ Net Increase (Decrease)........................ (1,101) 9,387 -- -- --------------- -------------- ------------ ------------ Unit Activity 0.50% to 1.45% Class B Units Issued................................... 139 1,238 123 120 Units Redeemed................................. (497) (2,995) (110) (73) --------------- -------------- ------------ ------------ Net Increase (Decrease)........................ (358) (1,757) 13 47 --------------- -------------- ------------ ------------
------- The accompanying notes are an integral part of these financial statements. FSA-58 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Lord Abbett Growth and Income ------------------------------- 2008 2007 --------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 37,868 $ (18,308) Net realized gain (loss) on investments........ (1,134,120) 1,258,890 Change in unrealized appreciation (depreciation) of investments................. (5,128,693) (973,321) ------------ ------------ Net increase (decrease) in net assets from operations.................................... (6,224,945) 267,261 ------------ ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 2,828,588 3,683,315 Transfers between funds including guaranteed interest account, net............. (1,398,885) 2,274,262 Transfers for contract benefit and terminations................................. (955,928) (1,524,893) Contract maintenance charges.................. (13,272) (9,951) Adjustments to net assets allocated to contracts in payout period................... -- -- ------------ ------------ Net increase (decrease) in net assets from contractowners transactions.................... 460,503 4,422,733 ------------ ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 5,801 -- ------------ ------------ Increase (Decrease) in Net Assets............... (5,758,641) 4,689,994 Net Assets -- Beginning of Period............... 16,386,315 11,696,321 ------------ ------------ Net Assets -- End of Period..................... $ 10,627,674 $ 16,386,315 ============ ============ Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- Units Redeemed................................. -- -- ------------ ------------ Net Increase (Decrease)........................ -- -- ------------ ------------ Unit Activity 0.50% to 1.45% Class B Units Issued................................... 57 87 Units Redeemed................................. (52) (52) ------------ ------------ Net Increase (Decrease)........................ 5 35 ------------ ------------ EQ/Lord Abbett EQ/Lord Abbett Large Cap Core Mid Cap Value ------------------------------ ------------------------------- 2008 2007 2008 2007 --------------- -------------- ---------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 1,586 $ (25,395) $ 77,473 $ (172,634) Net realized gain (loss) on investments........ (425,713) 536,330 (2,179,711) 3,605,628 Change in unrealized appreciation (depreciation) of investments................. (2,745,634) (70,442) (10,166,453) (4,638,663) ------------- ---------- -------------- ------------ Net increase (decrease) in net assets from operations.................................... (3,169,761) 440,493 (12,268,691) (1,205,669) ------------- ---------- -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 1,635,333 1,471,773 5,001,653 6,183,702 Transfers between funds including guaranteed interest account, net............. 4,283,668 1,723,403 533,313 8,576,856 Transfers for contract benefit and terminations................................. (788,437) (654,159) (1,823,073) (2,458,593) Contract maintenance charges.................. (6,477) (3,409) (22,197) (13,770) Adjustments to net assets allocated to contracts in payout period................... -- -- -- -- ------------- ---------- -------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................... 5,124,087 2,537,608 3,689,696 12,288,195 ------------- ---------- -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 999 -- 500 96 ------------- ---------- -------------- ------------ Increase (Decrease) in Net Assets............... 1,955,325 2,978,101 (8,578,495) 11,082,622 Net Assets -- Beginning of Period............... 7,111,640 4,133,539 28,444,914 17,362,292 ------------- ---------- -------------- ------------ Net Assets -- End of Period..................... $ 9,066,965 $7,111,640 $ 19,866,419 $ 28,444,914 ============= ========== ============== ============ Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- -- -- Units Redeemed................................. -- -- -- -- ------------- ---------- -------------- ------------ Net Increase (Decrease)........................ -- -- -- -- ------------- ---------- -------------- ------------ Unit Activity 0.50% to 1.45% Class B Units Issued................................... 82 35 116 186 Units Redeemed................................. (32) (16) (78) (95) ------------- ---------- -------------- ------------ Net Increase (Decrease)........................ 50 19 38 91 ------------- ---------- -------------- ------------
------- The accompanying notes are an integral part of these financial statements. FSA-59 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Marsico Focus ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (1,059,144) $ (4,048,295) Net realized gain (loss) on investments........ 2,338,813 52,164,132 Change in unrealized appreciation (depreciation) of investments................. (182,613,673) (4,405,374) --------------- ------------- Net increase (decrease) in net assets from operations.................................... (181,334,004) 43,710,463 --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 62,704,915 68,588,667 Transfers between funds including guaranteed interest account, net............. 5,358,563 5,403,951 Transfers for contract benefit and terminations................................. (25,940,513) (28,067,356) Contract maintenance charges.................. (401,683) (339,839) Adjustments to net assets allocated to contracts in payout period................... -- -- --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................... 41,721,282 45,585,423 --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 41,898 (42,238) --------------- ------------- Increase (Decrease) in Net Assets............... (139,570,824) 89,253,648 Net Assets -- Beginning of Period............... 411,148,712 321,895,064 --------------- ------------- Net Assets -- End of Period..................... $ 271,577,888 $ 411,148,712 =============== ============= Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- Units Redeemed................................. -- -- --------------- ------------- Net Increase (Decrease)........................ -- -- --------------- ------------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 834 732 Units Redeemed................................. (538) (447) --------------- ------------- Net Increase (Decrease)........................ 296 285 --------------- ------------- EQ/Mid Cap EQ/Mid Cap Index Value PLUS ---------------------------------- ----------------------------------- 2008 2007 2008 2007 ----------------- ---------------- ----------------- ----------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (1,064,335) $ (4,563,321) 435,390 $ (1,548,171) Net realized gain (loss) on investments........ (23,613,317) 57,564,724 (55,468,925) 135,453,053 Change in unrealized appreciation (depreciation) of investments................. (161,627,766) (32,399,351) (118,369,545) (147,048,888) --------------- ------------- ------------ --------------- Net increase (decrease) in net assets from operations.................................... (186,305,418) 20,602,052 (173,403,080) (13,144,006) --------------- ------------- ------------ --------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 47,861,638 56,779,766 37,717,701 56,044,735 Transfers between funds including guaranteed interest account, net............. (11,999,398) (1,827,408) (44,608,955) (29,584,203) Transfers for contract benefit and terminations................................. (21,219,660) (29,135,984) (33,265,557) (48,128,886) Contract maintenance charges.................. (309,206) (308,711) (394,671) (441,487) Adjustments to net assets allocated to contracts in payout period................... -- -- -- -- --------------- ------------- ------------ --------------- Net increase (decrease) in net assets from contractowners transactions.................... 14,333,374 25,507,663 (40,551,482) (22,109,841) --------------- ------------- ------------ --------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 22,499 961 21,000 (7,110) --------------- ------------- ------------ --------------- Increase (Decrease) in Net Assets............... (171,949,545) 46,110,676 (213,933,562) (35,260,957) Net Assets -- Beginning of Period............... 364,157,306 318,046,630 458,341,426 493,602,383 --------------- ------------- ------------ --------------- Net Assets -- End of Period..................... $ 192,207,761 $ 364,157,306 $ 244,407,864 $ 458,341,426 =============== ============= =============== =============== Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- -- -- Units Redeemed................................. -- -- -- -- --------------- ------------- --------------- --------------- Net Increase (Decrease)........................ -- -- -- -- --------------- ------------- --------------- --------------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 753 660 371 485 Units Redeemed................................. (601) (477) (671) (611) --------------- ------------- --------------- --------------- Net Increase (Decrease)........................ 152 183 (300) (126) --------------- ------------- --------------- ---------------
------- The accompanying notes are an integral part of these financial statements. FSA-60 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Money Market --------------------------------- 2008 2007 ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 2,020,304 $ 6,226,796 Net realized gain (loss) on investments........ (105,815) (122,525) Change in unrealized appreciation (depreciation) of investments................. 100,827 125,159 ------------- ------------- Net increase (decrease) in net assets from operations.................................... 2,015,316 6,229,430 ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 24,573,323 23,907,875 Transfers between funds including guaranteed interest account, net............. 28,779,595 65,039,949 Transfers for contract benefit and terminations................................. (51,631,565) (49,408,710) Contract maintenance charges.................. (146,495) (130,683) Adjustments to net assets allocated to contracts in payout period................... (85,946) 46,642 ------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................... 1,488,912 39,455,073 ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 95,514 (3,502,830) ------------- ------------- Increase (Decrease) in Net Assets............... 3,599,742 42,181,673 Net Assets -- Beginning of Period............... 192,063,349 149,881,676 ------------- ------------- Net Assets -- End of Period..................... $ 195,663,091 $ 192,063,349 ============= ============= Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... 2,329 3,062 Units Redeemed................................. (2,591) (2,353) ------------- ------------- Net Increase (Decrease)........................ (262) 709 ------------- ------------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 535 454 Units Redeemed................................. (437) (379) ------------- ------------- Net Increase (Decrease)........................ 98 75 ------------- ------------- EQ/Montag & Caldwell Growth EQ/Mutual Shares ------------------------------- ------------------------------- 2008 2007 2008 2007 --------------- --------------- ---------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (212,465) $ (48,264) $ 771,836 $ (318,913) Net realized gain (loss) on investments........ (2,187,194) 583,698 (2,664,102) 332,470 Change in unrealized appreciation (depreciation) of investments................. (6,482,375) 242,069 (12,846,304) (1,118,722) ------------ ----------- -------------- ------------ Net increase (decrease) in net assets from operations.................................... (8,882,034) 777,503 (14,738,570) (1,105,165) ------------ ----------- -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 3,534,098 1,059,014 6,114,633 12,413,894 Transfers between funds including guaranteed interest account, net............. 12,247,140 9,479,725 (2,037,978) 21,742,062 Transfers for contract benefit and terminations................................. (1,776,822) (360,489) (2,382,273) (1,603,643) Contract maintenance charges.................. (11,477) (4,502) (32,373) (7,109) Adjustments to net assets allocated to contracts in payout period................... -- -- -- -- ------------ ----------- -------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................... 13,992,939 10,173,748 1,662,009 32,545,204 ------------ ----------- -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ -- 4 8,189 215 ------------ ----------- -------------- ------------ Increase (Decrease) in Net Assets............... 5,110,905 10,951,255 (13,068,372) 31,440,254 Net Assets -- Beginning of Period............... 14,639,800 3,688,545 36,145,348 4,705,094 ------------ ----------- -------------- ------------ Net Assets -- End of Period..................... $ 19,750,705 $14,639,800 $ 23,076,976 $ 36,145,348 ============ =========== ============== ============ Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- -- -- Units Redeemed................................. -- -- -- -- ------------ ----------- -------------- ------------ Net Increase (Decrease)........................ -- -- -- -- ------------ ----------- -------------- ------------ Unit Activity 0.50% to 1.45% Class B Units Issued................................... 225 97 134 348 Units Redeemed................................. (115) (23) (120) (55) ------------ ----------- -------------- ------------ Net Increase (Decrease)........................ 110 74 14 293 ------------ ----------- -------------- ------------
------- The accompanying notes are an integral part of these financial statements. FSA-61 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Oppenheimer Global ------------------------------- 2008 2007 --------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 11,928 $ (70,171) Net realized gain (loss) on investments........ (1,225,486) 426,593 Change in unrealized appreciation (depreciation) of investments................. (5,554,854) (332,403) ------------ ----------- Net increase (decrease) in net assets from operations.................................... (6,768,412) 24,019 ------------ ----------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 3,472,311 4,448,122 Transfers between funds including guaranteed interest account, net............. 2,249,822 6,966,692 Transfers for contract benefit and terminations................................. (1,202,951) (624,502) Contract maintenance charges.................. (13,991) (4,768) Adjustments to net assets allocated to contracts in payout period................... -- -- ------------ ----------- Net increase (decrease) in net assets from contractowners transactions.................... 4,505,191 10,785,544 ------------ ----------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 1,820 677 ------------ ----------- Increase (Decrease) in Net Assets............... (2,261,401) 10,810,240 Net Assets -- Beginning of Period............... 13,150,595 2,340,355 ------------ ----------- Net Assets -- End of Period..................... $ 10,889,194 $13,150,595 ============ =========== Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- Units Redeemed................................. -- -- ------------ ----------- Net Increase (Decrease)........................ -- -- ------------ ----------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 98 125 Units Redeemed................................. (52) (32) ------------ ----------- Net Increase (Decrease)........................ 46 93 ------------ ----------- EQ/Oppenheimer EQ/Oppenheimer Main Street Main Street Opportunity (c) Small Cap ------------------------------- ----------------------------- 2008 2007 2008 2007 -------------- ---------------- --------------- ------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (9,490) $ 787 $ (96,408) $ (67,754) Net realized gain (loss) on investments........ (399,998) 58,488 (710,263) 218,493 Change in unrealized appreciation (depreciation) of investments................. (473,293) (118,992) (3,085,158) (661,765) ---------- ---------- ------------- ---------- Net increase (decrease) in net assets from operations.................................... (882,781) (59,717) (3,891,829) (511,026) ---------- ---------- ------------- ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 573,970 414,582 2,460,462 2,980,886 Transfers between funds including guaranteed interest account, net............. 379,439 1,225,216 1,074,394 4,204,254 Transfers for contract benefit and terminations................................. (63,017) (32,579) (396,900) (277,870) Contract maintenance charges.................. (1,042) (52) (9,935) (3,145) Adjustments to net assets allocated to contracts in payout period................... -- -- -- -- ---------- ---------- ------------- ---------- Net increase (decrease) in net assets from contractowners transactions.................... 889,350 1,607,167 3,128,021 6,904,125 ---------- ---------- ------------- ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 199 -- 1,002 541 ---------- ---------- ------------- ---------- Increase (Decrease) in Net Assets............... 6,768 1,547,450 (762,806) 6,393,640 Net Assets -- Beginning of Period............... 1,547,450 -- 7,886,925 1,493,285 ---------- ---------- ------------- ---------- Net Assets -- End of Period..................... $1,554,218 $1,547,450 $ 7,124,119 $7,886,925 ========== ========== ============= ========== Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- -- -- Units Redeemed................................. -- -- -- -- ---------- ---------- ------------- ---------- Net Increase (Decrease)........................ -- -- -- -- ---------- ---------- ------------- ---------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 25 21 64 78 Units Redeemed................................. (15) (5) (28) (17) ---------- ---------- ------------- ---------- Net Increase (Decrease)........................ 10 16 36 61 ---------- ---------- ------------- ----------
------- The accompanying notes are an integral part of these financial statements. FSA-62 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/PIMCO EQ/Quality Real Return Bond PLUS -------------------------------- ----------------------------------- 2008 2007 2008 2007 ---------------- --------------- ---------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 1,743,603 $ 671,347 $ 5,580,890 $ 5,930,447 Net realized gain (loss) on investments........ 6,390,577 263,303 (2,216,272) (263,447) Change in unrealized appreciation (depreciation) of investments................. (15,964,235) 2,795,069 (14,353,793) (473,499) ------------- ------------ ------------- ------------ Net increase (decrease) in net assets from operations.................................... (7,830,055) 3,729,719 (10,989,175) 5,193,501 ------------- ------------ ------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 21,724,530 8,251,817 11,477,523 15,266,857 Transfers between funds including guaranteed interest account, net............. 45,788,530 9,337,456 (13,079,901) 2,980,102 Transfers for contract benefit and terminations................................. (7,996,391) (2,520,359) (19,732,261) (19,484,211) Contract maintenance charges.................. (53,255) (22,092) (128,661) (116,772) Adjustments to net assets allocated to contracts in payout period................... -- -- 44,573 (10,486) ------------- ------------ ------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................... 59,463,414 15,046,822 (21,418,727) (1,364,510) ------------- ------------ ------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 11,378 357 (69,622) 20,982 ------------- ------------ ------------- ------------ Increase (Decrease) in Net Assets............... 51,644,737 18,776,898 (32,477,524) 3,849,973 Net Assets -- Beginning of Period............... 48,682,084 29,905,186 157,274,027 153,424,054 ------------- ------------ ------------- ------------ Net Assets -- End of Period..................... $ 100,326,821 $ 48,682,084 $ 124,796,503 $157,274,027 ============= ============ ============= ============ Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- 105 158 Units Redeemed................................. -- -- (193) (161) ------------- ------------ ------------- ------------ Net Increase (Decrease)........................ -- -- (88) (3) ------------- ------------ ------------- ------------ Unit Activity 0.50% to 1.45% Class B Units Issued................................... 962 274 33 52 Units Redeemed................................. (435) (129) (79) (57) ------------- ------------ ------------- ------------ Net Increase (Decrease)........................ 527 145 (46) (5) ------------- ------------ ------------- ------------ EQ/Short Duration Bond ------------------------------- 2008 2007 --------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 580,827 $ 347,852 Net realized gain (loss) on investments........ (56,203) 56,506 Change in unrealized appreciation (depreciation) of investments................. (945,657) (15,114) ------------ ------------ Net increase (decrease) in net assets from operations.................................... (421,033) 389,244 ------------ ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 1,726,246 1,910,022 Transfers between funds including guaranteed interest account, net............. 1,411,421 3,490,167 Transfers for contract benefit and terminations................................. (2,077,821) (1,230,369) Contract maintenance charges.................. (7,044) (4,083) Adjustments to net assets allocated to contracts in payout period................... -- -- ------------ ------------ Net increase (decrease) in net assets from contractowners transactions.................... 1,052,802 4,165,737 ------------ ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ -- -- ------------ ------------ Increase (Decrease) in Net Assets............... 631,769 4,554,981 Net Assets -- Beginning of Period............... 11,897,227 7,342,246 ------------ ------------ Net Assets -- End of Period..................... $ 12,528,996 $ 11,897,227 ============ ============ Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- Units Redeemed................................. -- -- ------------ ------------ Net Increase (Decrease)........................ -- -- ------------ ------------ Unit Activity 0.50% to 1.45% Class B Units Issued................................... 95 79 Units Redeemed................................. (85) (40) ------------ ------------ Net Increase (Decrease)........................ 10 39 ------------ ------------
------- The accompanying notes are an integral part of these financial statements. FSA-63 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Small Company Index --------------------------------- 2008 2007 ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (588,820) $ 189,275 Net realized gain (loss) on investments........ 4,874,963 18,213,876 Change in unrealized appreciation (depreciation) of investments................. (62,108,789) (24,004,047) ------------- ------------- Net increase (decrease) in net assets from operations.................................... (57,822,646) (5,600,896) ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 22,772,789 33,298,562 Transfers between funds including guaranteed interest account, net............. (8,420,076) 37,222 Transfers for contract benefit and terminations................................. (8,831,460) (12,357,535) Contract maintenance charges.................. (161,290) (148,516) Adjustments to net assets allocated to contracts in payout period................... -- -- ------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................... 5,359,963 20,829,733 ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ (27,998) (20,962) ------------- ------------- Increase (Decrease) in Net Assets............... (52,490,681) 15,207,875 Net Assets -- Beginning of Period............... 162,680,349 147,472,474 ------------- ------------- Net Assets -- End of Period..................... $ 110,189,668 $ 162,680,349 ============= ============= Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- Units Redeemed................................. -- -- ------------- ------------- Net Increase (Decrease)........................ -- -- ------------- ------------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 285 372 Units Redeemed................................. (234) (247) ------------- ------------- Net Increase (Decrease)........................ 51 125 ------------- ------------- EQ/T. Rowe Price EQ/Templeton Growth Stock (e) Growth -------------------------------- ------------------------------- 2008 2007 2008 2007 ---------------- --------------- ---------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (930,152) $ (525,842) $ 99,037 $ (129,251) Net realized gain (loss) on investments........ (131,541) 6,916,052 (2,428,990) 411,900 Change in unrealized appreciation (depreciation) of investments................. (37,069,536) (7,931,578) (10,487,063) (805,069) -------------- ------------ -------------- ------------ Net increase (decrease) in net assets from operations.................................... (38,131,229) (1,541,368) (12,817,016) (522,420) -------------- ------------ -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 10,946,289 6,042,564 5,051,837 10,715,681 Transfers between funds including guaranteed interest account, net............. (1,031,510) 76,667,073 (2,090,738) 16,535,953 Transfers for contract benefit and terminations................................. (5,325,640) (3,690,047) (1,566,660) (1,683,961) Contract maintenance charges.................. (89,851) (46,707) (28,772) (7,154) Adjustments to net assets allocated to contracts in payout period................... -- -- -- -- -------------- ------------ -------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................... 4,499,288 78,972,883 1,365,667 25,560,519 -------------- ------------ -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 6,970 4,004 7,920 2,206 -------------- ------------ -------------- ------------ Increase (Decrease) in Net Assets............... (33,624,971) 77,435,519 (11,443,429) 25,040,305 Net Assets -- Beginning of Period............... 86,071,787 8,636,268 29,896,362 4,856,057 -------------- ------------ -------------- ------------ Net Assets -- End of Period..................... $ 52,446,816 $ 86,071,787 $ 18,452,933 $ 29,896,362 ============== ============ ============== ============ Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- -- -- Units Redeemed................................. -- -- -- -- -------------- ------------ -------------- ------------ Net Increase (Decrease)........................ -- -- -- -- -------------- ------------ -------------- ------------ Unit Activity 0.50% to 1.45% Class B Units Issued................................... 217 764 121 284 Units Redeemed................................. (163) (94) (106) (53) -------------- ------------ -------------- ------------ Net Increase (Decrease)........................ 54 670 15 231 -------------- ------------ -------------- ------------
------- The accompanying notes are an integral part of these financial statements. FSA-64 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/UBS Growth and Income ---------------------------------- 2008 2007 ------------------ --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (21,667) $ (91,054) Net realized gain (loss) on investments........ (1,543,509) 1,013,429 Change in unrealized appreciation (depreciation) of investments................. (9,581,713) (1,212,257) ------------- ------------ Net increase (decrease) in net assets from operations.................................... (11,146,889) (289,882) ------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 3,469,064 5,753,166 Transfers between funds including guaranteed interest account, net............. (2,963,933) 3,624,206 Transfers for contract benefit and terminations................................. (1,446,424) (1,620,771) Contract maintenance charges.................. (17,163) (13,064) Adjustments to net assets allocated to contracts in payout period................... -- -- ------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................... (958,456) 7,743,537 ------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 1,049 14 ------------- ------------ Increase (Decrease) in Net Assets............... (12,104,296) 7,453,669 Net Assets -- Beginning of Period............... 27,120,710 19,667,041 ------------- ------------ Net Assets -- End of Period..................... $ 15,016,414 $ 27,120,710 ============= ============ Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- Units Redeemed................................. -- -- ------------- ------------ Net Increase (Decrease)........................ -- -- ------------- ------------ Unit Activity 0.50% to 1.45% Class B Units Issued................................... 78 101 Units Redeemed................................. (87) (45) ------------- ------------ Net Increase (Decrease)........................ (9) 56 ------------- ------------ EQ/Van Kampen EQ/Van Kampen Comstock Emerging Markets Equity --------------------------------- ---------------------------------- 2008 2007 2008 2007 ----------------- --------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 120,789 $ 91,489 $ (5,250,282) $ (6,617,232) Net realized gain (loss) on investments........ (2,237,923) 1,621,343 (14,419,836) 194,465,157 Change in unrealized appreciation (depreciation) of investments................. (6,432,976) (2,750,117) (337,518,583) (16,557,720) ----------- ------------ --------------- ------------- Net increase (decrease) in net assets from operations.................................... (8,550,110) (1,037,285) (357,188,701) 171,290,205 ----------- ------------ --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 3,446,282 5,801,809 57,710,557 68,691,078 Transfers between funds including guaranteed interest account, net............. (2,062,294) 2,201,569 (46,779,610) 32,756,320 Transfers for contract benefit and terminations................................. (1,471,672) (2,332,880) (35,089,115) (48,029,885) Contract maintenance charges.................. (21,946) (17,809) (403,165) (352,283) Adjustments to net assets allocated to contracts in payout period................... -- -- -- -- ----------- ------------ --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................... (109,630) 5,652,689 (24,561,333) 53,065,230 ----------- ------------ --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 6,915 -- (103,030) (3,320) ----------- ------------ --------------- ------------- Increase (Decrease) in Net Assets............... (8,652,825) 4,615,404 (381,853,064) 224,352,115 Net Assets -- Beginning of Period............... 22,805,643 18,190,239 635,075,899 410,723,784 ----------- ------------ --------------- ------------- Net Assets -- End of Period..................... $14,152,818 $ 22,805,643 $ 253,222,835 $ 635,075,899 =========== ============ =============== ============= Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- -- -- Units Redeemed................................. -- -- -- -- ----------- ------------ --------------- ------------- Net Increase (Decrease)........................ -- -- -- -- ----------- ------------ --------------- ------------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 92 95 956 1,428 Units Redeemed................................. (94) (48) (1,059) (1,225) ----------- ------------ --------------- ------------- Net Increase (Decrease)........................ (2) 47 (103) 203 ----------- ------------ --------------- -------------
------- The accompanying notes are an integral part of these financial statements. FSA-65 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Van Kampen EQ/Van Kampen Mid Cap Growth Real Estate (b) (g) -------------------------------- --------------------------------- 2008 2007 2008 2007 ---------------- --------------- ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (567,833) $ (261,274) $ 1,310,983 $ 403,582 Net realized gain (loss) on investments........ (5,364,733) 4,365,657 (28,517,489) 532,207 Change in unrealized appreciation (depreciation) of investments................. (21,638,650) 9,875 (25,009,440) (13,599,212) -------------- ------------ -------------- ------------- Net increase (decrease) in net assets from operations.................................... (27,571,216) 4,114,258 (52,215,946) (12,663,423) -------------- ------------ -------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 10,165,703 6,676,875 16,669,120 7,808,101 Transfers between funds including guaranteed interest account, net............. 6,483,358 21,744,684 (5,518,051) 141,381,990 Transfers for contract benefit and terminations................................. (2,962,897) (2,076,252) (9,492,760) (5,447,099) Contract maintenance charges.................. (33,318) (15,676) (116,384) (44,413) Adjustments to net assets allocated to contracts in payout period................... -- -- -- -- -------------- ------------ -------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................... 13,652,846 26,329,631 1,541,925 143,698,579 -------------- ------------ -------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 6,502 -- 19,000 9,225 -------------- ------------ -------------- ------------- Increase (Decrease) in Net Assets............... (13,911,868) 30,443,889 (50,655,021) 131,044,381 Net Assets -- Beginning of Period............... 45,962,888 15,518,999 131,044,381 -------------- ------------ -------------- ------------- Net Assets -- End of Period..................... $ 32,051,020 $ 45,962,888 $ 80,389,360 $ 131,044,381 ============== ============ ============== ============= Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- -- -- Units Redeemed................................. -- -- -- -- -------------- ------------ -------------- ------------- Net Increase (Decrease)........................ -- -- -- -- -------------- ------------ -------------- ------------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 281 273 834 1,911 Units Redeemed................................. (183) (103) (809) (329) -------------- ------------ -------------- ------------- Net Increase (Decrease)........................ 98 170 25 1,582 -------------- ------------ -------------- ------------- Multimanager Aggressive Equity ----------------------------------- 2008 2007 ----------------- ----------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (3,736,259) $ (8,797,026) Net realized gain (loss) on investments........ (20,690,817) 2,694,259 Change in unrealized appreciation (depreciation) of investments................. (366,004,140) 98,209,591 --------------- --------------- Net increase (decrease) in net assets from operations.................................... (390,431,216) 92,106,824 --------------- --------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 23,165,807 31,380,123 Transfers between funds including guaranteed interest account, net............. (35,161,040) (61,124,312) Transfers for contract benefit and terminations................................. (66,082,504) (119,429,414) Contract maintenance charges.................. (661,914) (739,232) Adjustments to net assets allocated to contracts in payout period................... 1,063,682 10,034 --------------- --------------- Net increase (decrease) in net assets from contractowners transactions.................... (77,675,969) (149,902,801) --------------- --------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ (1,321,033) (217,956) --------------- --------------- Increase (Decrease) in Net Assets............... (469,428,218) (58,013,933) Net Assets -- Beginning of Period............... 883,140,754 941,154,687 --------------- --------------- Net Assets -- End of Period..................... $ 413,712,536 $ 883,140,754 =============== =============== Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... 596 648 Units Redeemed................................. (1,594) (2,211) --------------- --------------- Net Increase (Decrease)........................ (998) (1,563) --------------- --------------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 19 34 Units Redeemed................................. (45) (65) --------------- --------------- Net Increase (Decrease)........................ (26) (31) --------------- ---------------
------- The accompanying notes are an integral part of these financial statements. FSA-66 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
Multimanager Multimanager Core Bond Health Care ------------------------------- -------------------------------- 2008 2007 2008 2007 --------------- --------------- ---------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 2,696,190 $ 1,967,465 $ (599,501) $ (648,600) Net realized gain (loss) on investments........ 1,348,504 (478,087) (1,877,413) 5,523,951 Change in unrealized appreciation (depreciation) of investments................. (3,335,396) 1,883,980 (12,302,572) (1,195,161) ------------ ------------ -------------- ------------ Net increase (decrease) in net assets from operations.................................... 709,298 3,373,358 (14,779,486) 3,680,190 ------------ ------------ -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 6,490,427 7,691,272 5,803,749 7,083,446 Transfers between funds including guaranteed interest account, net............. 113,612 (704,366) (634,357) (2,237,143) Transfers for contract benefit and terminations................................. (7,613,690) (6,581,681) (4,021,598) (3,797,857) Contract maintenance charges.................. (61,519) (50,780) (46,627) (39,094) Adjustments to net assets allocated to contracts in payout period................... -- -- -- -- ------------ ------------ -------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................... (1,071,170) 354,445 1,101,167 1,009,352 ------------ ------------ -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 11,592 (6,063) (1,326,572) (299) ------------ ------------ -------------- ------------ Increase (Decrease) in Net Assets............... (350,280) 3,721,740 (15,004,891) 4,689,243 Net Assets -- Beginning of Period............... 72,099,466 68,377,726 53,087,374 48,398,131 ------------ ------------ -------------- ------------ Net Assets -- End of Period..................... $ 71,749,186 $ 72,099,466 $ 38,082,483 $ 53,087,374 ============ ============ ============== ============ Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... 2 -- 1 -- Units Redeemed................................. -- -- -- -- ------------ ------------ -------------- ------------ Net Increase (Decrease)........................ 2 -- 1 -- ------------ ------------ -------------- ------------ Unit Activity 0.50% to 1.45% Class B Units Issued................................... 187 148 164 133 Units Redeemed................................. (197) (145) (154) (124) ------------ ------------ -------------- ------------ Net Increase (Decrease)........................ (10) 3 10 9 ------------ ------------ -------------- ------------ Multimanager High Yield --------------------------------- 2008 2007 ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 12,115,604 $ 11,723,542 Net realized gain (loss) on investments........ (7,676,025) (278,762) Change in unrealized appreciation (depreciation) of investments................. (44,090,725) (7,784,322) ------------- ------------- Net increase (decrease) in net assets from operations.................................... (39,651,146) 3,660,458 ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 12,118,971 19,601,990 Transfers between funds including guaranteed interest account, net............. (21,323,165) (10,105) Transfers for contract benefit and terminations................................. (17,009,932) (22,232,556) Contract maintenance charges.................. (148,052) (135,987) Adjustments to net assets allocated to contracts in payout period................... 207,213 11,698 ------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................... (26,154,965) (2,764,960) ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ (399,211) (18,161) ------------- ------------- Increase (Decrease) in Net Assets............... (66,205,322) 877,337 Net Assets -- Beginning of Period............... 181,637,416 180,760,079 ------------- ------------- Net Assets -- End of Period..................... $ 115,432,094 $ 181,637,416 ============= ============= Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... 92 233 Units Redeemed................................. (196) (251) ------------- ------------- Net Increase (Decrease)........................ (104) (18) ------------- ------------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 35 111 Units Redeemed................................. (121) (106) ------------- ------------- Net Increase (Decrease)........................ (86) 5 ------------- -------------
------- The accompanying notes are an integral part of these financial statements. FSA-67 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
Multimanager International Equity --------------------------------- 2008 2007 ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 242,038 $ (651,668) Net realized gain (loss) on investments........ (1,361,053) 17,899,529 Change in unrealized appreciation (depreciation) of investments................. (56,360,085) (5,342,494) -------------- ------------ Net increase (decrease) in net assets from operations.................................... (57,479,100) 11,905,367 -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 11,103,928 13,988,256 Transfers between funds including guaranteed interest account, net............. (6,183,307) (457,174) Transfers for contract benefit and terminations................................. (8,325,761) (8,558,403) Contract maintenance charges.................. (82,564) (81,183) Adjustments to net assets allocated to contracts in payout period................... -- -- -------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................... (3,487,704) 4,891,496 -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ (24,003) 51 -------------- ------------ Increase (Decrease) in Net Assets............... (60,990,807) 16,796,914 Net Assets -- Beginning of Period............... 121,747,382 104,950,468 -------------- ------------ Net Assets -- End of Period..................... $ 60,756,575 $121,747,382 ============== ============ Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... 2 -- Units Redeemed................................. -- -- -------------- ------------ Net Increase (Decrease)........................ 2 -- -------------- ------------ Unit Activity 0.50% to 1.45% Class B Units Issued................................... 212 254 Units Redeemed................................. (238) (225) -------------- ------------ Net Increase (Decrease)........................ (26) 29 -------------- ------------ Multimanager Multimanager Large Cap Core Equity Large Cap Growth -------------------------------- ------------------------------- 2008 2007 2008 2007 ---------------- --------------- ---------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (136,216) $ (183,826) $ (437,699) $ (493,442) Net realized gain (loss) on investments........ (481,982) 3,004,106 (3,315,911) 6,262,577 Change in unrealized appreciation (depreciation) of investments................. (8,184,660) (2,021,923) (15,952,502) (2,088,714) -------------- ------------ -------------- ------------ Net increase (decrease) in net assets from operations.................................... (8,802,858) 798,357 (19,706,112) 3,680,421 -------------- ------------ -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 1,657,381 2,267,583 3,816,955 4,428,795 Transfers between funds including guaranteed interest account, net............. (1,441,425) 1,097,527 31,877 195,467 Transfers for contract benefit and terminations................................. (1,576,235) (1,903,584) (2,706,097) (3,999,481) Contract maintenance charges.................. (15,866) (16,371) (32,791) (32,616) Adjustments to net assets allocated to contracts in payout period................... -- -- -- -- -------------- ------------ -------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................... (1,376,145) 1,445,155 1,109,944 592,165 -------------- ------------ -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 96,736 (1,435,996) (1,116,590) -- -------------- ------------ -------------- ------------ Increase (Decrease) in Net Assets............... (10,082,267) 807,516 (19,712,758) 4,272,586 Net Assets -- Beginning of Period............... 22,280,810 21,473,294 42,405,079 38,132,493 -------------- ------------ -------------- ------------ Net Assets -- End of Period..................... $ 12,198,543 $ 22,280,810 $ 22,692,321 $ 42,405,079 ============== ============ ============== ============ Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- 1 -- Units Redeemed................................. -- -- -- -- -------------- ------------ -------------- ------------ Net Increase (Decrease)........................ -- -- 1 -- -------------- ------------ -------------- ------------ Unit Activity 0.50% to 1.45% Class B Units Issued................................... 34 62 134 131 Units Redeemed................................. (48) (51) (126) (128) -------------- ------------ -------------- ------------ Net Increase (Decrease)........................ (14) 11 8 3 -------------- ------------ -------------- ------------
------- The accompanying notes are an integral part of these financial statements. FSA-68 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
Multimanager Large Cap Value --------------------------------- 2008 2007 ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 110,243 $ (89,710) Net realized gain (loss) on investments........ (5,067,234) 12,187,966 Change in unrealized appreciation (depreciation) of investments................. (25,359,359) (10,676,307) -------------- -------------- Net increase (decrease) in net assets from operations.................................... (30,316,350) 1,421,949 -------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 8,471,601 9,541,991 Transfers between funds including guaranteed interest account, net............. 2,006,290 3,381,215 Transfers for contract benefit and terminations................................. (6,228,160) (6,229,917) Contract maintenance charges.................. (49,782) (40,879) Adjustments to net assets allocated to contracts in payout period................... -- -- -------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................... 4,199,949 6,652,410 -------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ (1,560,464) 13 -------------- -------------- Increase (Decrease) in Net Assets............... (27,676,865) 8,074,372 Net Assets -- Beginning of Period............... 75,610,519 67,536,147 -------------- -------------- Net Assets -- End of Period..................... $ 47,933,654 $ 75,610,519 ============== ============== Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... 4 1 Units Redeemed................................. -- -- -------------- -------------- Net Increase (Decrease)........................ 4 1 -------------- -------------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 210 214 Units Redeemed................................. (184) (170) -------------- -------------- Net Increase (Decrease)........................ 26 44 -------------- -------------- Multimanager Multimanager Mid Cap Growth Mid Cap Value --------------------------------- --------------------------------- 2008 2007 2008 2007 ---------------- ---------------- ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (889,679) $ (1,130,878) $ (478,338) $ (1,020,988) Net realized gain (loss) on investments........ (4,727,009) 10,929,718 (6,185,419) 5,009,315 Change in unrealized appreciation (depreciation) of investments................. (32,293,955) (1,289,899) (18,143,462) (4,726,493) -------------- ------------ -------------- ------------ Net increase (decrease) in net assets from operations.................................... (37,910,643) 8,508,941 (24,807,219) (738,166) -------------- ------------ -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 7,275,667 8,959,058 5,327,381 7,433,660 Transfers between funds including guaranteed interest account, net............. (6,823,073) (4,300,969) (4,520,086) (3,623,445) Transfers for contract benefit and terminations................................. (5,369,316) (7,017,445) (5,179,487) (7,553,202) Contract maintenance charges.................. (70,364) (75,679) (48,183) (50,529) Adjustments to net assets allocated to contracts in payout period................... -- -- -- -- -------------- ------------ -------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................... (4,987,086) (2,435,035) (4,420,375) (3,793,516) -------------- ------------ -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ (20,002) 226 (19,700) (58) -------------- ------------ -------------- ------------ Increase (Decrease) in Net Assets............... (42,917,731) 6,074,132 (29,247,294) (4,531,740) Net Assets -- Beginning of Period............... 89,034,061 82,959,929 71,166,148 75,697,888 -------------- ------------ -------------- ------------ Net Assets -- End of Period..................... $ 46,116,330 $ 89,034,061 $ 41,918,854 $ 71,166,148 ============== ============ ============== ============ Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- 2 -- Units Redeemed................................. -- -- -- -- -------------- ------------ -------------- ------------ Net Increase (Decrease)........................ -- -- 2 -- -------------- ------------ -------------- ------------ Unit Activity 0.50% to 1.45% Class B Units Issued................................... 140 160 122 145 Units Redeemed................................. (191) (183) (157) (170) -------------- ------------ -------------- ------------ Net Increase (Decrease)........................ (51) (23) (35) (25) -------------- ------------ -------------- ------------
------- The accompanying notes are an integral part of these financial statements. FSA-69 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
Multimanager Multimanager Small Cap Growth (f) Small Cap Value -------------------------------- --------------------------------- 2008 2007 2008 2007 ---------------- --------------- ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (585,714) $ (672,155) $ (1,461,431) $ (2,031,377) Net realized gain (loss) on investments........ (6,442,404) 7,009,698 (17,089,715) 14,028,767 Change in unrealized appreciation (depreciation) of investments................. (17,548,296) (7,496,644) (44,901,384) (33,937,728) -------------- ------------ ------------- ------------- Net increase (decrease) in net assets from operations.................................... (24,576,414) (1,159,101) (63,452,530) (21,940,338) -------------- ------------ ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 7,363,875 10,112,069 17,532,581 27,335,223 Transfers between funds including guaranteed interest account, net............. (7,364,300) 15,533,403 (20,248,391) (24,954,220) Transfers for contract benefit and terminations................................. (3,013,139) (4,113,992) (10,403,918) (18,765,192) Contract maintenance charges.................. (54,819) (48,310) (173,558) (206,035) Adjustments to net assets allocated to contracts in payout period................... -- -- -- -- -------------- ------------ ------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................... (3,068,383) 21,483,170 (13,293,286) (16,590,224) -------------- ------------ ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 225,000 35,174 -- (4,717) -------------- ------------ ------------- ------------- Increase (Decrease) in Net Assets............... (27,419,797) 20,359,243 (76,745,816) (38,535,279) Net Assets -- Beginning of Period............... 59,642,217 39,282,974 174,570,686 213,105,965 -------------- ------------ ------------- ------------- Net Assets -- End of Period..................... $ 32,222,420 $ 59,642,217 $ 97,824,870 $ 174,570,686 ============== ============ ============= ============= Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- -- -- Units Redeemed................................. -- -- -- -- -------------- ------------ ------------- ------------- Net Increase (Decrease)........................ -- -- -- -- -------------- ------------ ------------- ------------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 139 374 158 196 Units Redeemed................................. (162) (232) (242) (279) -------------- ------------ ------------- ------------- Net Increase (Decrease)........................ (23) 142 (84) (83) -------------- ------------ ------------- ------------- Multimanager Technology --------------------------------- 2008 2007 ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (1,302,169) $ (1,533,351) Net realized gain (loss) on investments........ (991,154) 13,077,795 Change in unrealized appreciation (depreciation) of investments................. (58,526,063) 5,906,751 ------------- ------------- Net increase (decrease) in net assets from operations.................................... (60,819,386) 17,451,195 ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 10,213,289 10,797,822 Transfers between funds including guaranteed interest account, net............. (5,483,936) (86,812) Transfers for contract benefit and terminations................................. (8,848,939) (11,372,007) Contract maintenance charges.................. (103,683) (102,374) Adjustments to net assets allocated to contracts in payout period................... -- -- ------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................... (4,223,269) (763,371) ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ (113,499) (79) ------------- ------------- Increase (Decrease) in Net Assets............... (65,156,154) 16,687,745 Net Assets -- Beginning of Period............... 129,882,753 113,195,008 ------------- ------------- Net Assets -- End of Period..................... $ 64,726,599 $ 129,882,753 ============= ============= Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... 2 795 Units Redeemed................................. -- -- ------------- ------------- Net Increase (Decrease)........................ 2 795 ------------- ------------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 392 488 Units Redeemed................................. (438) (507) ------------- ------------- Net Increase (Decrease)........................ (46) (19) ------------- -------------
------- The accompanying notes are an integral part of these financial statements. FSA-70 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Concluded) FOR THE YEARS ENDED DECEMBER 31,
Target 2015 Target 2025 Allocation Allocation ------------------------------ ------------------------------ 2008 2007 2008 2007 --------------- -------------- --------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 239,502 $ 161,257 $ 225,982 $ 145,662 Net realized gain (loss) on investments........ (908,634) 148,666 (423,203) 185,170 Change in unrealized appreciation (depreciation) of investments................. (3,370,653) (170,852) (4,418,097) (225,356) ------------ ---------- ------------ ---------- Net increase (decrease) in net assets from operations.................................... (4,039,785) 139,071 (4,615,318) 105,476 ------------ ---------- ------------ ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 4,156,745 1,675,676 4,480,942 3,196,080 Transfers between funds including guaranteed interest account, net............. 2,861,462 4,952,929 2,132,379 5,055,982 Transfers for contract benefit and terminations................................. (676,636) (140,616) (516,259) (161,386) Contract maintenance charges.................. (7,039) (2,051) (15,152) (4,529) Adjustments to net assets allocated to contracts in payout period................... -- -- -- -- ------------ ---------- ------------ ---------- Net increase (decrease) in net assets from contractowners transactions.................... 6,334,532 6,485,938 6,081,910 8,086,147 ------------ ---------- ------------ ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ -- -- 569 229 ------------ ---------- ------------ ---------- Increase (Decrease) in Net Assets............... 2,294,747 6,625,009 1,467,161 8,191,852 Net Assets -- Beginning of Period............... 7,847,027 1,222,018 9,227,126 1,035,274 ------------ ---------- ------------ ---------- Net Assets -- End of Period..................... $ 10,141,774 $7,847,027 $ 10,694,287 $9,227,126 ============ ========== ============ ========== Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- -- -- Units Redeemed................................. -- -- -- -- ------------ ---------- ------------ ---------- Net Increase (Decrease)........................ -- -- -- -- ------------ ---------- ------------ ---------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 106 67 92 84 Units Redeemed................................. (45) (11) (29) (13) ------------ ---------- ------------ ---------- Net Increase (Decrease)........................ 61 56 63 71 ------------ ---------- ------------ ---------- Target 2035 Target 2045 Allocation Allocation -------------------------------- -------------------------------- 2008 2007 2008 2007 --------------- ---------------- --------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 137,400 $ 64,266 $ 75,780 $ 33,842 Net realized gain (loss) on investments........ (119,430) 84,866 (246,276) 158,680 Change in unrealized appreciation (depreciation) of investments................. (3,230,970) (96,824) (2,231,300) (156,241) ------------- ---------- ------------- ---------- Net increase (decrease) in net assets from operations.................................... (3,213,000) 52,308 (2,401,796) 36,281 ------------- ---------- ------------- ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners......... 4,726,204 2,612,698 3,292,200 1,765,771 Transfers between funds including guaranteed interest account, net............. 1,015,628 1,708,600 654,126 1,257,609 Transfers for contract benefit and terminations................................. (252,062) (161,739) (238,227) (31,069) Contract maintenance charges.................. (23,181) (6,753) (18,498) (4,874) Adjustments to net assets allocated to contracts in payout period................... -- -- -- -- ------------- ---------- ------------- ---------- Net increase (decrease) in net assets from contractowners transactions.................... 5,466,589 4,152,806 3,689,601 2,987,437 ------------- ---------- ------------- ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account A............ 4,998 -- -- (14) ------------- ---------- ------------- ---------- Increase (Decrease) in Net Assets............... 2,258,587 4,205,114 1,287,805 3,023,704 Net Assets -- Beginning of Period............... 4,736,229 531,115 3,404,200 380,496 ------------- ---------- ------------- ---------- Net Assets -- End of Period..................... $ 6,994,816 $4,736,229 $ 4,692,005 $3,404,200 ============= ========== ============= ========== Changes in Units (000's):....................... Unit Activity 0.74% to 1.49% Class A Units Issued................................... -- -- -- -- Units Redeemed................................. -- -- -- -- ------------- ---------- ------------- ---------- Net Increase (Decrease)........................ -- -- -- -- ------------- ---------- ------------- ---------- Unit Activity 0.50% to 1.45% Class B Units Issued................................... 69 40 51 34 Units Redeemed................................. (12) (5) (11) (8) ------------- ---------- ------------- ------------ Net Increase (Decrease)........................ 57 35 40 26 ------------- ---------- ------------- ------------
------- (a) Commenced operations on May 29, 2007. (b) Commenced operations on August 17, 2007. (c) Commenced operations May 18, 2007. (d) A substitution of EQ/Capital Guardian Research was made for EQ/Capital Guardian U.S. Equity on July 6, 2007. (e) A substitution of EQ/T. Rowe Price Growth Stock was made for EQ/Janus Large Cap Growth on July 6, 2007. (f) A substitution of Multimanager Small Cap Growth was made for EQ/Wells Fargo Montgomery Small Cap on July 6, 2007. FSA-71 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A STATEMENTS OF CHANGES IN NET ASSETS (Concluded) FOR THE YEARS ENDED DECEMBER 31, (g) A substitution of EQ/Van Kampen Real Estate was made for U.S. Real Estate on August 17, 2007. (h) A substitution of EQ/Large Cap Value Plus was made for EQ/AllianceBernstein Growth and Income on August 17, 2007. (i) Commenced operations on March 31, 2008. The accompanying notes are an integral part of these financial statements. FSA-72 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements December 31, 2008 1. Organization AXA Equitable Life Insurance Company (formerly The Equitable Life Assurance Society of the United States) ("AXA Equitable") Separate Account A ("the Account") is organized as a unit investment trust, a type of investment company, and is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940 (the "1940 Act"). The Account has Variable Investment Options, each of which invests in shares of a mutual fund portfolio of EQ Advisors Trust ("EQAT"), and AXA Premier VIP Trust ("VIP"), ("The Trusts"). The Trusts are open-ended diversified investment management companies that sell shares of a portfolio ("Portfolio") of a mutual fund to separate accounts of insurance companies. Each Portfolio of the Trusts has separate investment objectives. These financial statements and notes are those of the Variable Investment Options of the Account. The Account consists of 82 Variable Investment Options: o AXA Aggressive Allocation o AXA Conservative Allocation o AXA Conservative-Plus Allocation o AXA Moderate Allocation o AXA Moderate-Plus Allocation o Crossings Aggressive Allocation o Crossings Conservative Allocation o Crossings Conservative-Plus Allocation o Crossings Moderate Allocation o Crossings Moderate-Plus Allocation o EQ/AllianceBernstein Common Stock o EQ/AllianceBernstein Intermediate Government Securities o EQ/AllianceBernstein International o EQ/AllianceBernstein Small Cap Growth o EQ/Ariel Appreciation II o EQAXA Rosenberg Value Long/Short Equity o EQ/BlackRock Basic Value Equity o EQ/BlackRock International Value o EQ/Boston Advisors Equity Income o EQ/Calvert Socially Responsible o EQ/Capital Guardian Growth o EQ/Capital Guardian Research o EQ/Caywood-Scholl High Yield Bond o EQ/Davis New York Venture o EQ/Equity 500 Index o EQ/Evergreen International Bond o EQ/Evergreen Omega o EQ/Franklin Income o EQ/Franklin Small Cap Value o EQ/Franklin Templeton Founding Strategy o EQ/GAMCO Mergers and Acquisitions o EQ/GAMCO Small Company Value o EQ/International Core PLUS(1) o EQ/International Growth o EQ/JPMorgan Core Bond o EQ/JPMorgan Value Opportunities o EQ/Large Cap Core PLUS(2) o EQ/Large Cap Growth Index(8) o EQ/Large Cap Growth PLUS(3) o EQ/Large Cap Value Index(7) o EQ/Large Cap Value PLUS(5) o EQ/Long Term Bond o EQ/Lord Abbett Growth and Income o EQ/Lord Abbett Large Cap Core o EQ/Lord Abbett Mid Cap Value o EQ/Marsico Focus o EQ/Mid Cap Index(6) o EQ/Mid Cap Value PLUS(4) o EQ/Money Market o EQ/Montag & Caldwell Growth o EQ/Mutual Shares o EQ/Oppenheimer Global o EQ/Oppenheimer Main Street Opportunity o EQ/Oppenheimer Main Street Small Cap o EQ/PIMCO Real Return o EQ/Quality Bond PLUS(9) o EQ/Short Duration Bond o EQ/Small Company Index o EQ/T. Rowe Price Growth Stock o EQ/Templeton Growth o EQ/UBS Growth and Income o EQ/Van Kampen Comstock o EQ/Van Kampen Emerging Markets Equity o EQ/Van Kampen Mid Cap Growth o EQ/Van Kampen Real Estate o Multimanager Aggressive Equity o Multimanager Core Bond o Multimanager Health Care o Multimanager High Yield o Multimanager International Equity o Multimanager Large Cap Core Equity o Multimanager Large Cap Growth o Multimanager Large Cap Value o Multimanager Mid Cap Growth o Multimanager Mid Cap Value o Multimanager Small Cap Growth o Multimanager Small Cap Value o Multimanager Technology o Target 2015 Allocation o Target 2025 Allocation o Target 2035 Allocation o Target 2045 Allocation FSA-73 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 1. Organization (Concluded) (1) Formerly known as Market PLUS International Core. (2) Formerly known as Market PLUS Large Cap Core. (3) Formerly known as Market PLUS Large Cap Growth. (4) Formerly known as Market PLUS Mid Cap Value. (5) Formerly known as EQ/AllianceBernstein Value (6) Formerly known as EQ/FI Mid Cap (7) Formerly known as EQ/Legg Mason Value Equity (8) Formerly known as EQ/AllianceBernstein Large Cap Growth (9) Formerly known as EQ/AllianceBernstein Quality Bond Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from AXA Equitable's other assets and liabilities. All contracts are issued by AXA Equitable. The assets of the Account are the property of AXA Equitable. However, the portion of the Account's assets attributable to the Contracts will not be chargeable with liabilities arising out of any other business AXA Equitable may conduct. The Account is used to fund benefits for variable annuities issued by AXA Equitable including certain individual tax-favored variable annuity contracts (Old Contracts), individual non-qualified variable annuity contracts (EQUIPLAN Contracts), tax-favored and non-qualified certificates issued under group deferred variable annuity contracts and certain related individual contracts (EQUI-VEST Contracts), group deferred variable annuity contracts used to fund tax-qualified defined contribution plans (Momentum Contracts) and group variable annuity contracts used as a funding vehicle for employers who sponsor qualified defined contribution plans (Momentum Plus). All of these contracts and certificates are collectively referred to as the Contracts. The amount retained by AXA Equitable in the Account arises principally from (1) contributions from AXA Equitable, (2) mortality and expense risks, other expenses and financial accounting charges accumulated in the account, and (3) that portion, determined ratably, of the Account's investment results applicable to those assets in the Account in excess of the net assets, attributable to accumulation units. Amounts retained by AXA Equitable are not subject to mortality expense risk charges, other expenses and financial accounting charges. Amounts retained by AXA Equitable in the Account may be transferred at any time by AXA Equitable to its General Account. Each of the variable investment options of the Account bears indirectly exposure to the market, credit, and liquidity risks of the Portfolio in which it invests. These financial statements should be read in conjunction with the financial statements and footnotes of the Trusts, which were distributed by AXA Equitable to the contractowners. 2. Significant Accounting Policies The accompanying financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Effective January 1, 2008, and as further described in Note 3 of the financial statements, AXA Equitable adopted SFAS No. 157, "Fair Value Measurements." SFAS No. 157 establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements. It applies only to fair measurements that are already required or permitted by other accounting standards. Fair value is defined under SFAS No. 157 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset in an orderly transaction between market participants on the measurement date. The adoption of SFAS No. 157 had no impact on the net assets of the Account. Investments are made in shares of The Trusts and are valued at the net asset values per share of the respective Portfolios. The net asset values are determined by The Trusts using the market or fair value of the underlying assets of the Portfolio less liabilities. Investment transactions are recorded by the Account on the trade date. Dividends and distributions of capital gains from The Trusts are automatically reinvested on the ex-dividend date. Realized gains and losses include (1) gains and losses on redemptions of the Trusts' shares (determined on the identified cost basis) and (2) The Trusts' distributions representing the net realized gains on The Trusts' investment transactions. Receivable/payable for policy-related transactions represents amounts due to/from AXA Equitable's General Account predominantly related to premiums, surrenders and death benefits. FSA-74 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 2. Significant Accounting Policies (Concluded) Payments received from contractowners represent participant contributions under EQUI-VEST Series 100 through 801, EQUI-VEST Vantage, EQUI-VEST Strategies, Momentum, Momentum Plus, EQUI-VEST At Retirement, CrossingsSM (but exclude amounts allocated to the guaranteed interest account, reflected in the General Account) and participant contributions under other Contracts (Old Contracts, EQUIPLAN) reduced by applicable deductions, charges and state premium taxes. Payments received from contractowners also include amounts applied to purchase contracts in payout (annuitization) period. Contractowners may allocate amounts in their individual accounts to Variable Investment Options, and/or to the guaranteed interest account, of AXA Equitable's General Account, and fixed maturity options of Separate Account No. 48. Transfers between funds including the guaranteed interest account, net, represents amounts that participants have directed to be moved among investment options, including permitted transfers to and from the guaranteed interest account and the fixed maturity option of Separate Account No. 48. The net assets of any Variable Investment Option may not be less than the aggregate value of the Contractowner accounts allocated to that Variable Investment Option. AXA Equitable is required by state insurance laws to set aside additional assets in AXA Equitable's General Account to provide for other policy benefits. AXA Equitable's General Account is subject to creditor rights. Transfers for contract benefits and terminations are payments to participants and beneficiaries made under the terms of the Contracts and amounts that participants have requested to be withdrawn and paid to them or applied to purchase annuities. Withdrawal charges, if applicable, are included in Transfers for contract benefits and terminations and represent deferred contingent withdrawal charges that apply to certain withdrawals under: o EQUI-VEST Series 100 through 801 o EQUI-VEST Vantage o EQUI-VEST Strategies o Momentum o Momentum Plus o Crossings(SM) Included in Contract maintenance charges are administrative charges, if applicable, that are deducted annually under: o EQUI-VEST Series 100 through 801 o EQUI-VEST Strategies o EQUIPLAN o Old Contracts Included in contract maintenance charges are administrative charges, if applicable, that are deducted quarterly under Momentum and Momentum Plus. Net assets allocated to contracts in the payout period are computed according to the 1983a Individual Annuitant Mortality Table for business issued in 1994 and later and according to the 1969 ELAS Mortality Table for business issued prior to 1994. The assumed investment return is 3% to 5%, as regulated by the laws of various states. The mortality risk is fully borne by AXA Equitable and may result in additional amounts being transferred into the variable annuity account by AXA Equitable to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to the insurance company. The operations of the Account are included in the federal income tax return of AXA Equitable which is taxed as a life insurance company under the provisions of the Internal Revenue Code. No federal income tax based on net income or realized and unrealized capital gains is currently applicable to Contracts participating in the Account by reason of applicable provisions of the Internal Revenue Code and no federal income tax payable by AXA Equitable is expected to affect the unit value of Contracts participating in the Account. Accordingly, no provision for income taxes is required. AXA Equitable retains the right to charge for any federal income tax which is attributable to the Account if the law is changed. 3. Fair Value Disclosures SFAS No. 157 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. SFAS No. 157 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value: FSA-75 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 3. Fair Value Disclosures (Concluded) Level 1 Quotes prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are not directly observable or can be corroborated by observable market data. Level 3 Unobservable inputs supported by little or no market activity and often requiring significant judgment or estimation, such as an entity's own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability. All investment and receivable assets of each Variable Investment Option of the Account are classified as Level 1. As described in Note 1 to the financial statements, the Account invests in open-ended mutual funds, available to contractholders of variable insurance policies. Contractowners may, without restriction, transact at the daily Net Asset Value(s) ("NAV") of the mutual funds. The NAV represents the daily per share value of the portfolio of investments of the mutual funds, at which sufficient volumes of transactions occur. As all assets of the account are classified as Level 1, no reconciliation of Level 3 assets and change in unrealized gains (losses) for Level 3 assets still held as of December 31, 2008, are presented. 4. Purchases and Sales of Investments The cost of purchases and proceeds from sales of investments for the year ended December 31, 2008 were as follows:
Purchases Sales --------------- -------------- AXA Aggressive Allocation.................................. $113,895,608 $ 35,933,052 AXA Conservative Allocation................................ 46,864,706 26,386,793 AXA Conservative-Plus Allocation........................... 56,409,272 32,585,356 AXA Moderate Allocation.................................... 272,553,020 202,914,647 AXA Moderate-Plus Allocation............................... 281,032,994 111,230,956 Crossings Aggressive Allocation............................ 934,621 2,491 Crossings Conservative Allocation.......................... 660,409 352,088 Crossings Conservative-Plus Allocation..................... 256,817 72 Crossings Moderate Allocation.............................. 272,758 672 Crossings Moderate-Plus Allocation......................... 945,908 2,178 EQ/AllianceBernstein Common Stock.......................... 121,118,756 468,736,368 EQ/AllianceBernstein Intermediate Government Securities.... 43,253,196 44,886,496 EQ/AllianceBernstein International......................... 149,148,056 175,938,633 EQ/AllianceBernstein Small Cap Growth...................... 65,700,066 90,509,868 EQ/Ariel Appreciation II................................... 1,050,218 1,182,465 EQ/AXA Rosenberg Value Long/Short Equity................... 6,975,987 7,309,325 EQ/BlackRock Basic Value Equity............................ 71,185,734 75,475,785 EQ/BlackRock International Value........................... 72,607,462 73,298,228 EQ/Boston Advisors Equity Income........................... 22,614,882 17,025,153 EQ/Calvert Socially Responsible............................ 5,444,794 5,747,943 EQ/Capital Guardian Growth................................. 7,260,374 5,287,734 EQ/Capital Guardian Research............................... 27,172,553 50,606,911 EQ/Caywood-Scholl High Yield Bond.......................... 12,188,335 9,985,215 EQ/Davis New York Venture.................................. 14,647,627 4,386,493 EQ/Equity 500 Index........................................ 187,041,079 226,148,521 EQ/Evergreen International Bond............................ 77,555,932 37,526,293 EQ/Evergreen Omega......................................... 9,744,016 8,896,407 EQ/Franklin Income......................................... 36,117,443 29,162,922 EQ/Franklin Small Cap Value................................ 11,147,023 6,612,896 EQ/Franklin Templeton Founding Strategy.................... 25,530,516 7,047,008 EQ/GAMCO Mergers and Acquisitions.......................... 6,674,162 5,491,355 EQ/GAMCO Small Company Value............................... 68,398,043 34,148,574 EQ/International Core PLUS................................. 47,941,924 28,760,363 EQ/International Growth.................................... 25,671,507 18,456,508
FSA-76 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 4. Purchases and Sales of Investments (Concluded)
Purchases Sales -------------- -------------- EQ/JPMorgan Core Bond......................... 28,192,235 43,614,186 EQ/JPMorgan Value Opportunities............... 9,368,988 14,394,262 EQ/Large Cap Core PLUS........................ 4,648,907 4,403,338 EQ/Large Cap Growth Index..................... 21,212,242 30,687,157 EQ/Large Cap Growth PLUS...................... 36,976,302 60,663,331 EQ/Large Cap Value Index...................... 7,019,024 7,372,020 EQ/Large Cap Value PLUS....................... 175,037,298 316,318,171 EQ/Long Term Bond............................. 14,103,986 11,637,500 EQ/Lord Abbett Growth and Income.............. 6,084,375 5,545,626 EQ/Lord Abbett Large Cap Core................. $ 8,603,693 $ 3,421,952 EQ/Lord Abbett Mid Cap Value.................. 12,491,274 7,993,563 EQ/Marsico Focus.............................. 123,358,244 78,898,163 EQ/Mid Cap Index.............................. 83,451,048 66,954,207 EQ/Mid Cap Value PLUS......................... 56,074,747 96,169,838 EQ/Money Market............................... 143,671,561 143,409,545 EQ/Montag & Caldwell Growth................... 27,144,270 13,363,796 EQ/Mutual shares.............................. 13,238,648 10,796,303 EQ/Oppenheimer Global......................... 9,580,718 5,041,707 EQ/Oppenheimer Main Street Opportunity........ 2,077,693 1,197,632 EQ/Oppenheimer Main Street Small Cap.......... 5,607,466 2,557,613 EQ/PIMCO Real Return.......................... 114,658,978 47,900,132 EQ/Quality Bond PLUS.......................... 30,465,792 46,198,952 EQ/Short Duration Bond........................ 10,856,602 9,222,973 EQ/Small Company Index........................ 49,929,175 33,364,551 EQ/T. Rowe Price Growth Stock................. 19,730,818 16,131,854 EQ/Templeton Growth........................... 10,859,605 9,384,702 EQ/UBS Growth and Income...................... 8,279,481 9,259,555 EQ/Van Kampen Comstock........................ 9,186,844 9,000,985 EQ/Van Kampen Emerging Markets Equity......... 218,743,941 225,533,586 EQ/Van Kampen Mid Cap Growth.................. 36,476,273 23,384,757 EQ/Van Kampen Real Estate..................... 64,397,768 60,636,722 Multimanager Aggressive Equity................ 21,687,608 103,045,586 Multimanager Core Bond........................ 28,242,663 24,687,587 Multimanager Health Care...................... 19,168,998 19,444,773 Multimanager High Yield....................... 33,347,650 47,757,107 Multimanager International Equity............. 34,729,142 36,194,202 Multimanager Large Cap Core Equity............ 3,675,876 6,487,743 Multimanager Large Cap Growth................. 11,645,157 12,083,788 Multimanager Large Cap Value.................. 27,016,674 24,110,155 Multimanager Mid Cap Growth................... 14,212,588 19,355,714 Multimanager Mid Cap Value.................... 14,979,709 19,152,347 Multimanager Small Cap Growth................. 14,794,639 18,825,234 Multimanager Small Cap Value.................. 24,908,334 39,073,850 Multimanager Technology....................... 39,132,210 44,771,148 Target 2015 Allocation........................ 11,021,025 4,341,138 Target 2025 Allocation........................ 9,423,508 2,971,584 Target 2035 Allocation........................ 6,933,924 1,207,495 Target 2045 Allocation........................ 4,960,637 1,081,139
5. Expenses and Related Party Transactions The assets in each Variable Investment Option are invested in shares of a corresponding mutual fund portfolio of The Trusts. Shares are offered by The Trusts at net asset value. Shares in which the Variable Investment Options are invested are in either one of two classes. Both classes are subject to fees for investment management and advisory services and other Trust expenses. One class of shares ("Class A shares") is not subject to distribution fees imposed pursuant to a distribution plan. The other class of shares ("Class B shares") is subject to FSA-77 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 5. Expenses and Related Party Transactions (Concluded) distribution fees imposed under a distribution plan (herein, the "Rule 12b-1 Plans") adopted by the applicable Trust. The Rule 12b-1 Plans provide that The Trusts, on behalf of each variable portfolio, may charge annually a maximum annual distribution and/or service (12b-1) fee of 0.50% of the average daily net assets of a portfolio attributable to its Class B shares in respect of activities primarily intended to result in the sale of the Class B shares. Under arrangements approved by each Trust's Board of Trustees, the 12b-1 fee currently is limited to 0.25% of the average daily net assets. These fees are reflected in the net asset value of the shares of the Trusts and the total returns of the investment options, but are not included in the expenses or expense ratios of the investment options. AXA Equitable serves as investment manager of the Portfolios of EQAT and VIP. Each investment manager receives management fees for services performed in its capacity as investment manager of The Trusts. Investment managers either oversee the activities of the investment advisors with respect to The Trusts and are responsible for retaining and discontinuing the services of those advisors or directly manage the Portfolios. Fees generally vary depending on net asset levels of individual portfolios and range for EQAT and VIP from a low of 0.05% to a high of 1.40% of average daily net assets of the Portfolios of the Trust. AXA Equitable as investment manager of EQAT and VIP pays expenses for providing investment advisory services to the Portfolios, including the fees of the Advisors of each Portfolio. In addition, AXA Advisors, LLC ("AXA Advisors") an affiliate of AXA Equitable, may also receive distribution fees under Rule 12b-1 Plans as described above. AllianceBernstein L.P. (formerly Alliance Capital Management L.P. ("AllianceBernstein")) serves as an investment advisor for a number of Portfolios in EQAT and VIP including the EQ/AllianceBernstein Portfolios; EQ/Large Cap Growth Index, EQ/Equity 500 Index, and EQ/Small Company Index; as well as a portion of EQ/Large Cap Value PLUS, EQ/Quality Bond PLUS, Multimanager Aggressive Equity, Multimanager International Equity, Multimanager Large Cap Core Equity, Multimanager Large Cap Value, and Multimanager Mid Cap Growth. AllianceBernstein is a limited partnership which is indirectly majority-owned by AXA Equitable and AXA Financial, Inc. (parent to AXA Equitable). AXA Advisors is an affiliate of AXA Equitable, and a distributor and principal underwriter of the Account. AXA Advisors is registered with the SEC as a broker-dealer and is a member of the National Association of Securities Dealers, Inc. The Contracts are sold by financial professionals who are registered representatives of AXA Advisors and licensed insurance agents of AXA Network, LLC ("AXA Network") or its subsidiaries (affiliates of AXA Equitable) . AXA Network receives commissions under its General Sales Agreement with AXA Equitable and its Networking Agreement with AXA Advisors. AXA Advisors receives service-related payments under its Supervisory and Distribution Agreement with AXA Equitable. The financial professionals are compensated on a commission basis by AXA Network. 6. Substitutions/Reorganizations The following table sets forth the dates at which substitution and reorganization transactions took place in the Account. For accounting purposes, these transactions were considered tax-free exchanges. * denotes Reorganization Transaction, + denotes Substitution Transaction
----------------------------------------------------------------------------------------- August 17, 2007 Removed Portfolio Surviving Portfolio ----------------------------------------------------------------------------------------- EQ/AllianceBernstein Growth and Income* EQ/AllianceBernstein Value* ----------------------------------------------------------------------------------------- Shares -- Class A 51,075,037 86,128,623 Shares -- Class B 7,874,909 16,296,553 Value -- Class A $ 19.34 $ 16.30 Value -- Class B $ 19.21 $ 16.27 Net assets before merger $1,139,068,217 $ 529,973,254 Net assets after merger $ -- $1,669,041,471 ----------------------------------------------------------------------------------------- UIF U.S. Real Estate+ EQ/Van Kampen Real Estate+ ----------------------------------------------------------------------------------------- Shares -- Class A 6,655,759 17,497,813 Value -- Class A $ 23.88 $ 9.13 Net assets before merger $ 158,939,525 $ 815,508 Net assets after merger $ -- $ 159,755,033 ----------------------------------------------------------------------------------------- July 6, 2007 Removed Portfolio Surviving Portfolio ----------------------------------------------------------------------------------------- EQ/Capital Guardian EQ/Capital Guardian Research* U.S. Equity* ----------------------------------------------------------------------------------------- Shares -- Class B 11,071,506 19,211,910 Value -- Class B $ 12.05 $ 15.08 -----------------------------------------------------------------------------------------
FSA-78 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 6. Substitutions/Reorganizations (Concluded)
----------------------------------------------------------------------------------------- July 6, 2007 Removed Portfolio Surviving Portfolio ----------------------------------------------------------------------------------------- Net assets before merger $133,411,647 $156,303,956 Net assets after merger $ -- $289,715,603 ----------------------------------------------------------------------------------------- EQ/Janus Large Cap Growth* EQ/T. Rowe Price Growth Stock* ----------------------------------------------------------------------------------------- Shares -- Class B 10,084,118 3,680,508 Value -- Class B $ 7.62 $ 23.21 Net assets before merger $76,840,979 $ 8,583,612 Net assets after merger $ -- $85,424,591 ----------------------------------------------------------------------------------------- EQ/Wells Fargo Montgomery Multimanager Small Small Cap* Cap Growth* ----------------------------------------------------------------------------------------- Shares -- Class B 1,816,793 6,675,268 Value -- Class B $ 14.94 $ 10.65 Net assets before merger $27,142,887 $43,948,717 Net assets after merger $ -- $71,091,604 ----------------------------------------------------------------------------------------- November 17, 2006 Removed Portfolio Surviving Portfolio ----------------------------------------------------------------------------------------- Laudus Rosenberg VIT EQ/AXA Rosenberg Value Long/Short Equity+ Value Long/Short Equity+ ----------------------------------------------------------------------------------------- Shares -- Class B 871,596 871,596 Value -- Class B $9,360,937 $ 9,360,937 Net Assets before merger $9,360,937 -- Net Assets after merger -- $ 9,360,937
7. Contractowner Charges Charges are made directly against the net assets of the Account and are reflected daily in the computation of the unit values of the Contracts. Under the Contracts, AXA Equitable charges the Account for the following charges:
Mortality and Financial Expense Risks Other Expenses Accounting Total --------------- ---------------- ------------ ---------- Old Contracts 0.58% 0.16% -- 0.74% ------------- EQUIPLAN Contracts 0.58% 0.16% -- 0.74% ------------------ EQUI-VEST Series 100/Momentum Contracts --------------------------------------- EQ/Money Market EQ/AllianceBernstein Common Stock.............. 0.56% 0.60% 0.24% 1.40% All Other Funds................................ 0.50% 0.60% 0.24% 1.34% EQUI-VEST Series 200 -------------------- EQ/Money Market EQ/AllianceBernstein Common Stock.............. 1.15% 0.25% -- 1.40% All Other Funds................................ 1.09% 0.25% -- 1.34% EQUI-VEST Series 300 and 400 Contracts -------------------------------------- EQ/Money Market, EQ/AllianceBernstein Common Stock, Multimanager Aggressive Equity and AXA Moderate Allocation........................ 1.10% 0.24% -- 1.34% All Other Funds................................ 1.10% 0.25% -- 1.35% Momentum Plus Contracts 1.10% 0.25% -- 1.35% ----------------------- EQUI-VEST Series 500 Contracts 1.20% 0.25% -- 1.45% ------------------------------ EQUI-VEST at Retirement and At Retirement -- -- -- -- ----------------------------------------- 1.30% All Funds................................ 0.80% 0.50% -- 1.30% 1.25% All Funds................................ 0.75% 0.50% -- 1.25%
FSA-79 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 7. Contractowner Charges (Continued)
Mortality and Financial Expense Risks Other Expenses Accounting Total --------------- ---------------- ------------ ---------- EQUI-VEST Series 600 and 800 Contracts 0.95% 0.25% -- 1.20% ---------------------------------------- EQUI-VEST Vantage Contracts --------------------------- 0.90 All Funds......................... 0.90% -- -- 0.90% 0.70 All Funds......................... 0.70% -- -- 0.70% 0.50 All Funds......................... 0.50% -- -- 0.50% EQUI-VEST Strategies Contracts ------------------------------ 1.20% All Funds........................ 1.20% -- -- 1.20% 0.90% All Funds........................ 0.90% -- -- 0.90% 0.70% All Funds........................ 0.70% -- -- 0.70% 0.50% All Funds........................ 0.50% -- -- 0.50% 0.25% All Funds........................ 0.25% -- -- 0.25% EQUI-VEST Express Series 700 Contracts 0.70% 0.25% -- 0.95% -------------------------------------- EQUI-VEST Express Series 701 Contracts -------------------------------------- 1.10% All Funds........................ 0.85% 0.25% -- 1.10% EQUI-VEST Express Series 801 Contracts -------------------------------------- 1.25% All Funds........................ 1.00% 0.25% -- 1.25% CrossingsSM ---------------------------------------- 1.10% Single life contracts............ 0.60% 0.50% -- 1.10% 1.25% Joint life contracts............. 0.60% 0.65% -- 1.25%
The charges may be retained in the Account by AXA Equitable and, to the extent retained, participate in the net investment results of the Trusts ratably with assets attributable to the Contracts. Under the terms of the Contracts, the aggregate of these asset charges and the charges of The Trusts for advisory fees and for direct operating expenses may not exceed a total effective annual rate of 1.75% for EQUI-VEST Series 100/200, Momentum Contracts for EQ/Money Market, EQ/AllianceBernstein Common Stock, Multimanager Aggressive Equity and AXA Moderate Allocation Variable Investment Options and 1% of all portfolios of the Old Contracts and EQUIPLAN Contracts (the "Cap"). Fees for advisory services in excess of the Cap are refunded to the Funds from AXA Equitable's General Account. Direct operating expenses in excess of the Cap are absorbed by amounts retained by AXA Equitable in Separate Account A. For EQUI-VEST(R) Series 200, EQUI-VEST Vantage, EQUI-VEST Strategies Contracts for participants of the Teachers Retirement System of the State of Texas the total Separate Account A annual expenses and total annual expenses of the Trust's fees, when added together, are not permitted to exceed 2.75% (except for Multimanager Aggressive Equity, AXA Moderate Allocation, EQ/AllianceBernstein Common Stock and EQ/Money Market Options in Equivest Series 200 which are not permitted to exceed 1.75%). Currently, this expense limitation has the effect of reducing the total expenses applicable to options funded by the Multimanager Small Cap Value, Multimanager Small Cap Growth, Multimanager Health Care, Multimanager International Equity, Multimanager Mid Cap Growth, Multimanager Mid Cap Value, Multimanager Technology and EQ/Van Kampen Emerging Markets Equity portfolios. Fees for advisory services in excess of the cap are refunded to the Funds from AXA Equitable's general account. Direct operating expenses in excess of the cap are absorbed by amounts retained by AXA Equitable in Separate Account A. Included in the Contract maintenance charges line of the Statements of Changes in Net Assets are certain administrative charges which are deducted from the Contractowners account value. The table below lists all the fees charged by the Separate Account assessed as a redemption of units; the range presented represents the fees that are actually assessed. Actual amounts may vary or may be zero depending on the contract or Contractowner's account value.
When charge Charges is deducted Amount deducted How deducted -------- ------------- --------------- ------------------- Charge for Trust expenses Daily Vary by portfolio Unit value $30 or during the first two contract years 2% of the account value (plus any prior withdrawal during Unit liquidation from Annual Administrative charge Annual the Contract Year) if less. account value
FSA-80 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 7. Contractowner Charges (Concluded)
When charge Charges is deducted Amount deducted How deducted ------- ----------- --------------- ------------ Annual Policy fee Annual Low - Depending on account value, $50 if your account value on the last of the year is less Unit liquidation from than $100,000. account value High - Depending on account value, in Years 1 to 2 lesser of $30 or 2% of account value, Unit liquidation from thereafter $30. account value Withdrawal Charge At time of transaction Low - 6% of withdrawals or contributions made in the current and prior five participation Unit liquidation from years, whichever is less. account value High - 6% of the amount withdrawn, generally declining for the first through the 12th contract year. Exceptions and limitations may eliminate or reduce the withdrawal charge. Plan Loan charges At time of transaction $25 set-up fee and $6 quarterly recordkeeping Unit liquidation from fee account value Annuity Payout option At time of transaction $350 annuity administration fee Unit liquidation from account value Charge for third-party Unit liquidation from transfer or exchange At time of transaction $25 account value Enhanced death benefit Participation date Low - 0.15% of account value Unit liquidation from charge anniversary account value High - 0.60% of account value Unit liquidation from Guaranteed Mininum Income Benefit 0.65% account value Low - 0.60% for single life option; Unit liquidation from 0.75% for joint life option account value Guaranteed Withdrawal Benefit for Life High - 0.75% for single life; 0.90% for joint life
FSA-81 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- -------------- AXA Aggressive Allocation ------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 98.08 -- -- -- (39.50)% Highest contract charge 1.45% Class B $ 93.26 -- -- -- (40.08)% All contract charges -- 1,573 $146,691 1.79% -- 2007 Lowest contract charge 0.50% Class B $ 162.11 -- -- -- 5.64% Highest contract charge 1.45% Class B $ 155.64 -- -- -- 4.62% All contract charges -- 1,034 $161,376 2.96% -- 2006 Lowest contract charge 0.50% Class B $ 153.46 -- -- -- 17.31% Highest contract charge 1.45% Class B $ 148.76 -- -- -- 16.19% All contract charges -- 517 $ 77,399 3.46% -- 2005 Lowest contract charge 0.50% Class B $ 130.82 -- -- -- 7.52% Highest contract charge 1.45% Class B $ 128.03 -- -- -- 6.50% All contract charges -- 178 $ 22,965 4.92% -- 2004 Lowest contract charge 0.50% Class B $ 121.67 -- -- -- 11.24% Highest contract charge 1.45% Class B $ 120.22 -- -- -- 10.17% All contract charges -- 75 $ 9,099 2.25% -- AXA Conservative Allocation --------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 108.60 -- -- -- (11.46)% Highest contract charge 1.45% Class B $ 103.26 -- -- -- (12.31)% All contract charges -- 539 $ 55,833 4.85% -- 2007 Lowest contract charge 0.50% Class B $ 122.65 -- -- -- 5.27% Highest contract charge 1.45% Class B $ 117.75 -- -- -- 4.26% All contract charges -- 378 $ 44,771 5.06% -- 2006 Lowest contract charge 0.50% Class B $ 116.51 -- -- -- 5.84% Highest contract charge 1.45% Class B $ 112.94 -- -- -- 4.83% All contract charges -- 167 $ 18,932 4.29% -- 2005 Lowest contract charge 0.50% Class B $ 110.08 -- -- -- 1.93% Highest contract charge 1.45% Class B $ 107.73 -- -- -- 0.96% All contract charges -- 112 $ 12,046 3.73% -- 2004 Lowest contract charge 0.50% Class B $ 108.00 -- -- -- 5.50% Highest contract charge 1.45% Class B $ 106.71 -- -- -- 4.49% All contract charges -- 75 $ 8,142 4.11% -- AXA Conservative-Plus Allocation -------------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 104.67 -- -- -- (19.83)% Highest contract charge 1.45% Class B $ 99.53 -- -- -- (20.59)% All contract charges -- 800 $ 79,752 3.64% -- 2007 Lowest contract charge 0.50% Class B $ 130.56 -- -- -- 4.96% Highest contract charge 1.45% Class B $ 125.34 -- -- -- 3.95% All contract charges -- 634 $ 80,092 4.08% -- 2006 Lowest contract charge 0.50% Class B $ 124.39 -- -- -- 8.22% Highest contract charge 1.45% Class B $ 120.58 -- -- -- 7.18% All contract charges -- 342 $ 41,475 4.04% -- 2005 Lowest contract charge 0.50% Class B $ 114.94 -- -- -- 2.73% Highest contract charge 1.45% Class B $ 112.49 -- -- -- 1.75% All contract charges -- 180 $ 20,363 4.60% -- 2004 Lowest contract charge 0.50% Class B $ 111.89 -- -- -- 7.21% Highest contract charge 1.45% Class B $ 110.56 -- -- -- 6.19% All contract charges -- 80 $ 8,873 3.62% --
FSA-82 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- -------------- AXA Moderate Allocation ----------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class A (g) $ 82.34 -- -- -- (24.67)% Highest contract charge 1.45% Class A $ 107.73 -- -- -- (25.38)% All contract charges -- 19,014 $1,142,587 3.70% -- 2007 Lowest contract charge 0.50% Class A (g) $ 109.30 -- -- -- 6.00% Highest contract charge 1.45% Class A $ 144.38 -- -- -- 4.99% All contract charges -- 19,631 $1,586,678 3.35% -- 2006 Lowest contract charge 0.50% Class A (g) $ 103.11 -- -- -- 3.11% Highest contract charge 1.45% Class A $ 137.52 -- -- -- 9.00% All contract charges -- 20,240 $1,557,101 2.84% -- 2005 Lowest contract charge 0.90% Class A $ 183.99 -- -- -- 4.11% Highest contract charge 1.45% Class A $ 126.17 -- -- -- 3.53% All contract charges -- 21,774 $1,543,159 2.54% -- 2004 Lowest contract charge 0.90% Class A $ 176.72 -- -- -- 8.02% Highest contract charge 1.45% Class A $ 121.87 -- -- -- 7.42% All contract charges -- 23,508 $1,615,459 2.75% -- AXA Moderate Allocation ----------------------- Unit Value 0.50% to 1.30%* 2008 Lowest contract charge 0.50% Class B $ 95.76 -- -- -- (24.67)% Highest contract charge 1.30% Class B (h) $ 80.49 -- -- -- (25.38)% All contract charges -- 19,014 $1,142,587 3.70% -- 2007 Lowest contract charge 0.50% Class B $ 127.43 -- -- -- 6.00% Highest contract charge 1.30% Class B (h) $ 107.96 -- -- -- 4.99% All contract charges -- 19,631 $1,586,678 3.35% -- 2006 Lowest contract charge 0.50% Class B $ 120.52 -- -- -- 3.11% Highest contract charge 1.30% Class B (h) $ 102.92 -- -- -- 9.00% All contract charges -- 20,240 $1,557,101 2.84% -- 2005 Lowest contract charge 0.50% Class B $ 109.79 -- -- -- 4.11% Highest contract charge 1.20% Class B $ 126.19 -- -- -- 3.53% All contract charges -- 21,774 $1,543,159 2.54% -- 2004 Lowest contract charge 0.50% Class B $ 105.29 -- -- -- 8.02% Highest contract charge 1.20% Class B $ 121.88 -- -- -- 7.42% All contract charges -- 23,508 $1,615,459 2.75% -- AXA Moderate-Plus Allocation ----------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 104.47 -- -- -- (32.12)% Highest contract charge 1.45% Class B $ 99.34 -- -- -- (32.77)% All contract charges -- 4,565 $ 452,172 2.45% -- 2007 Lowest contract charge 0.50% Class B $ 153.90 -- -- -- 5.85% Highest contract charge 1.45% Class B $ 147.76 -- -- -- 4.84% All contract charges -- 3,480 $ 513,806 3.38% -- 2006 Lowest contract charge 0.50% Class B $ 145.39 -- -- -- 13.93% Highest contract charge 1.45% Class B $ 140.94 -- -- -- 12.85% All contract charges -- 1,886 $ 267,414 3.54% -- 2005 Lowest contract charge 0.50% Class B $ 127.61 -- -- -- 6.14% Highest contract charge 1.45% Class B $ 124.89 -- -- -- 5.13% All contract charges -- 728 $ 91,285 5.08% -- 2004 Lowest contract charge 0.50% Class B $ 120.23 -- -- -- 11.13% Highest contract charge 1.45% Class B $ 118.80 -- -- -- 10.07% All contract charges -- 277 $ 32,979 3.47% --
FSA-83 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- -------------- Crossings Aggressive Allocation ------------------------------- Unit Value 1.10% to 1.25% 2008 Lowest contract charge 1.10% Class B (p) $ 68.23 -- -- -- (31.77)% Highest contract charge 1.25% Class B (p) $ 68.14 -- -- -- (31.86)% All contract charges -- 7 $ 510 3.13% -- Crossings Conservative Allocation ---------------------------------- Unit Value 1.10% to 1.25% 2008 Lowest contract charge 1.10% Class B (p) $ 92.96 -- -- -- (7.04)% Highest contract charge 1.25% Class B (p) $ 92.83 -- -- -- (7.17)% All contract charges -- 1 $ 101 6.59% -- Crossings Conservative-Plus Allocation -------------------------------------- Unit Value 1.10% to 1.25% 2008 Lowest contract charge 1.10% Class B (p) $ 85.02 -- -- -- (14.98)% Highest contract charge 1.25% Class B (p) $ 84.90 -- -- -- (15.10)% All contract charges -- 1 $ 47 5.38% -- Crossings Moderate Allocation ----------------------------- Unit Value 1.10% to 1.25% 2008 Lowest contract charge 1.10% Class B (p) $ 81.01 -- -- -- (18.99)% Highest contract charge 1.25% Class B (p) $ 80.90 -- -- -- (19.10)% All contract charges -- 1 $ 64 4.91% -- Crossings Moderate-Plus Allocation ---------------------------------- Unit Value 1.10% to 1.25% 2008 Lowest contract charge 1.10% Class B (p) $ 75.14 -- -- -- (24.86)% Highest contract charge 1.25% Class B (p) $ 75.04 -- -- -- (24.96)% All contract charges -- 10 $ 740 6.09% -- EQ/AllianceBernstein Common Stock+ ---------------------------------- Unit Value 0.50% to 1.49%* 2008 Lowest contract charge 0.50% Class A (g) $ 60.28 -- -- -- (43.94)% Highest contract charge 1.49% Class A $ 213.98 -- -- -- (44.31)% All contract charges -- 8,404 $1,696,532 1.74% -- 2007 Lowest contract charge 0.50% Class A (g) $ 107.52 -- -- -- 3.22% Highest contract charge 1.49% Class A $ 384.25 -- -- -- 2.53% All contract charges -- 9,616 $3,481,372 1.18% -- 2006 Lowest contract charge 0.50% Class A (g) $ 104.17 -- -- -- 4.17% Highest contract charge 1.49% Class A $ 374.77 -- -- -- 9.64% All contract charges -- 11,209 $3,969,805 1.39% -- 2005 Lowest contract charge 0.74% Class A $ 453.40 -- -- -- 4.05% Highest contract charge 1.49% Class A $ 341.80 -- -- -- 3.26% All contract charges -- 12,984 $4,188,857 1.03% -- 2004 Lowest contract charge 0.74% Class A $ 435.75 -- -- -- 12.98% Highest contract charge 1.49% Class A $ 331.00 -- -- -- 14.12% All contract charges -- 14,653 $4,588,775 1.19% -- EQ/AllianceBernstein Common Stock --------------------------------- Unit Value 0.50% to 1.30%* 2008 Lowest contract charge 0.50% Class B $ 58.78 -- -- -- (44.08)% Highest contract charge 1.30% Class B (h) $ 58.92 -- -- -- (44.52)% All contract charges -- 1,286 $ 82,770 1.74% -- 2007 Lowest contract charge 0.50% Class B $ 105.11 -- -- -- 2.96% Highest contract charge 1.30% Class B (h) $ 106.21 -- -- -- 2.14% All contract charges -- 1,495 $ 174,274 1.18% -- 2006 Lowest contract charge 0.50% Class B $ 102.09 -- -- -- 10.14% Highest contract charge 1.30% Class B (h) $ 103.98 -- -- -- 3.98% All contract charges -- 1,669 $ 190,449 1.39% --
FSA-84 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- -------------- CEQ/AllianceBernstein Common Stock (Continued) --------------------------------------------- 2005 Lowest contract charge 0.50% Class B $ 92.69 -- -- -- 3.79% Highest contract charge 1.20% Class B $ 107.24 -- -- -- 3.05% All contract charges -- 1,776 $185,056 1.03% -- 2004 Lowest contract charge 0.50% Class B $ 89.31 -- -- -- 13.55% Highest contract charge 1.20% Class B $ 104.06 -- -- -- 12.75% All contract charges -- 1,725 $174,349 1.19% -- EQ/AllianceBernstein Intermediate Government Securities --------------------------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class A (g) $ 110.63 -- -- -- 3.33% Highest contract charge 1.45% Class A $ 140.38 -- -- -- 2.35% All contract charges -- 531 $ 89,495 3.33% -- 2007 Lowest contract charge 0.50% Class A (g) $ 107.06 -- -- -- 6.59% Highest contract charge 1.45% Class A $ 137.16 -- -- -- 5.57% All contract charges -- 554 $ 90,855 4.50% -- 2006 Lowest contract charge 0.50% Class A (g) $ 100.44 -- -- -- 0.44% Highest contract charge 1.45% Class A $ 129.92 -- -- -- 1.89% All contract charges -- 586 $ 91,303 4.00% -- 2005 Lowest contract charge 0.74% Class A $ 78.01 -- -- -- 1.04% Highest contract charge 1.45% Class A $ 127.51 -- -- -- 0.02% All contract charges -- 670 $102,507 3.48% -- 2004 Lowest contract charge 0.74% Class A $ 77.21 -- -- -- 1.74% Highest contract charge 1.45% Class A $ 127.48 -- -- -- 0.71% All contract charges -- 768 $117,435 3.04% -- EQ/AllianceBernstein Intermediate Government Securities -------------------------------------------- Unit Value 0.50% to 1.30%* 2008 Lowest contract charge 0.50% Class B $ 140.40 -- -- -- 3.08% Highest contract charge 1.30% Class B (h) $ 108.13 -- -- -- 2.26% All contract charges -- 220 $ 30,638 3.33% -- 2007 Lowest contract charge 0.50% Class B $ 136.21 -- -- -- 6.32% Highest contract charge 1.30% Class B (h) $ 105.74 -- -- -- 5.48% All contract charges -- 225 $ 30,902 4.50% -- 2006 Lowest contract charge 0.50% Class B $ 128.11 -- -- -- 2.61% Highest contract charge 1.30% Class B (h) $ 100.25 -- -- -- 0.25% All contract charges -- 254 $ 32,922 4.00% -- 2005 Lowest contract charge 0.50% Class B $ 124.85 -- -- -- 0.74% Highest contract charge 1.20% Class B $ 127.54 -- -- -- 0.03% All contract charges -- 276 $ 35,253 3.48% -- 2004 Lowest contract charge 0.50% Class B $ 123.94 -- -- -- 1.43% Highest contract charge 1.20% Class B $ 127.50 -- -- -- 0.72% All contract charges -- 293 $ 37,422 3.04% -- EQ/AllianceBernstein International (a) -------------------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class A (g) $ 58.05 -- -- -- (50.85)% Highest contract charge 1.45% Class A $ 75.25 -- -- -- (51.31)% All contract charges -- 3,962 $381,162 2.82% -- 2007 Lowest contract charge 0.50% Class A (g) $ 118.10 -- -- -- 11.45% Highest contract charge 1.45% Class A $ 154.56 -- -- -- 10.38% All contract charges -- 4,247 $838,849 1.50% -- 2006 Lowest contract charge 0.50% Class A (g) $ 105.97 -- -- -- 5.97% Highest contract charge 1.45% Class A $ 140.03 -- -- -- 22.03% All contract charges -- 4,389 $784,767 1.65% -- 2005 Lowest contract charge 0.90% Class A $ 147.18 -- -- -- 14.55% Highest contract charge 1.45% Class A $ 114.75 -- -- -- 13.91% All contract charges -- 4,512 $660,373 1.71% --
FSA-85 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ---------------------------------------------------------------------------- Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- ------------ EEQ/AllianceBernstein International (a) (Continued) -------------------------------------------------- 2004 Lowest contract charge 0.90% Class A $ 128.49 -- -- -- 17.40% Highest contract charge 1.45% Class A $ 100.74 -- -- -- 16.75% All contract charges -- 4,746 $609,069 2.09% -- EQ/AllianceBernstein International (a) -------------------------------------- Unit Value 0.50% to 1.30%* 2008 Lowest contract charge 0.50% Class B $ 76.51 -- -- -- (50.97)% Highest contract charge 1.30% Class B (h) $ 56.75 -- -- -- (51.35)% All contract charges -- 744 $ 55,667 2.82% -- 2007 Lowest contract charge 0.50% Class B $ 156.05 -- -- -- 11.16% Highest contract charge 1.30% Class B (h) $ 116.66 -- -- -- 10.29% All contract charges -- 787 $121,942 1.50% -- 2006 Lowest contract charge 0.50% Class B $ 140.38 -- -- -- 22.90% Highest contract charge 1.30% Class B (h) $ 105.78 -- -- -- 5.78% All contract charges -- 728 $102,893 1.65% -- 2005 Lowest contract charge 0.50% Class B $ 114.22 -- -- -- 14.72% Highest contract charge 1.20% Class B $ 114.63 -- -- -- 13.91% All contract charges -- 651 $ 75,257 1.71% -- 2004 Lowest contract charge 0.50% Class B $ 99.56 -- -- -- 17.58% Highest contract charge 1.20% Class B $ 100.63 -- -- -- 16.76% All contract charges -- 565 $ 57,320 2.09% -- EQ/AllianceBernstein Small Cap Growth ------------------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class A (g) $ 66.73 -- -- -- (44.79)% Highest contract charge 1.45% Class A $ 85.25 -- -- -- (45.32)% All contract charges -- 1,444 $169,875 0.01% -- 2007 Lowest contract charge 0.50% Class A (g) $ 120.87 -- -- -- 16.40% Highest contract charge 1.45% Class A $ 155.92 -- -- -- 15.28% All contract charges -- 1,537 $330,250 -- -- 2006 Lowest contract charge 0.50% Class A (g) $ 103.84 -- -- -- 3.84% Highest contract charge 1.45% Class A $ 135.25 -- -- -- 7.68% All contract charges -- 1,694 $315,326 -- -- 2005 Lowest contract charge 0.90% Class A $ 179.44 -- -- -- 10.78% Highest contract charge 1.45% Class A $ 125.60 -- -- -- 10.17% All contract charges -- 1,836 $316,938 -- -- 2004 Lowest contract charge 0.90% Class A $ 161.98 -- -- -- 13.24% Highest contract charge 1.45% Class A $ 114.00 -- -- -- 12.61% All contract charges -- 1,990 $311,435 -- -- EQ/AllianceBernstein Small Cap Growth ------------------------------------- Unit Value 0.50% to 1.30%* 2008 Lowest contract charge 0.50% Class B $ 64.30 -- -- -- (44.93)% Highest contract charge 1.30% Class B (h) $ 65.23 -- -- -- (45.37)% All contract charges -- 318 $ 29,108 0.01% -- 2007 Lowest contract charge 0.50% Class B $ 116.77 -- -- -- 16.10% Highest contract charge 1.30% Class B (h) $ 119.40 -- -- -- 15.18% All contract charges -- 353 $ 59,087 -- -- 2006 Lowest contract charge 0.50% Class B $ 100.58 -- -- -- 8.46% Highest contract charge 1.30% Class B (h) $ 103.66 -- -- -- 3.66% All contract charges -- 392 $ 57,261 -- -- 2005 Lowest contract charge 0.50% Class B $ 92.73 -- -- -- 10.94% Highest contract charge 1.20% Class B $ 125.63 -- -- -- 10.17% All contract charges -- 411 $ 55,659 -- --
FSA-86 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- -------------- EQ/AllianceBernstein Small Cap Growth (Continued) ------------------------------------------------- -- -- -- 13.42% 2004 Lowest contract charge 0.50% Class B $ 83.58 -- -- -- 12.61% Highest contract charge 1.20% Class B $ 114.03 408 $ 50,408 -- -- All contract charges -- EQ/Ariel Appreciation II ------------------------ 2008 Lowest contract charge 0.50% Class B (d) $ 69.12 -- -- -- (38.79)% Highest contract charge 1.45% Class B (d) $ 67.00 -- -- -- (39.38)% All contract charges -- 27 $ 1,898 0.78% -- 2007 Lowest contract charge 0.50% Class B (d) $ 112.93 -- -- -- (1.67)% Highest contract charge 1.45% Class B (d) $ 110.53 -- -- -- (2.62)% All contract charges -- 29 $ 3,236 0.38% -- 2006 Lowest contract charge 0.50% Class B (d) $ 114.85 -- -- -- 10.61% Highest contract charge 1.45% Class B (d) $ 113.50 -- -- -- 9.55% All contract charges -- 28 $ 3,222 1.21% -- 2005 Lowest contract charge 0.50% Class B (d) $ 103.83 -- -- -- 3.83% Highest contract charge 1.45% Class B (d) $ 103.60 -- -- -- 3.60% All contract charges -- 6 $ 589 0.65% -- EQ/AXA Rosenberg Value Long/Short Equity (f) -------------------------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 107.00 -- -- -- (6.18)% Highest contract charge 1.45% Class B $ 101.75 -- -- -- (7.07)% All contract charges -- 78 $ 8,100 0.18% -- 2007 Lowest contract charge 0.50% Class B $ 114.05 -- -- -- 2.78% Highest contract charge 1.45% Class B $ 109.49 -- -- -- 1.78% All contract charges -- 81 $ 8,989 1.96% -- 2006 Lowest contract charge 0.50% Class B $ 110.97 -- -- -- 0.94% Highest contract charge 1.45% Class B $ 107.57 -- -- -- (0.02)% All contract charges -- 89 $ 9,606 2.85% -- 2005 Lowest contract charge 0.50% Class B $ 109.94 -- -- -- 6.97% Highest contract charge 1.45% Class B $ 107.59 -- -- -- 5.95% All contract charges -- 77 $ 8,297 -- -- 2004 Lowest contract charge 0.50% Class B $ 102.77 -- -- -- 3.11% Highest contract charge 1.45% Class B $ 101.55 -- -- -- 2.13% All contract charges -- 16 $ 1,704 -- -- EQ/BlackRock Basic Value Equity ------------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 99.88 -- -- -- (36.88)% Highest contract charge 1.45% Class B $ 114.56 -- -- -- (37.48)% All contract charges -- 1,678 $235,310 1.69% -- 2007 Lowest contract charge 0.50% Class B $ 158.23 -- -- -- 0.67% Highest contract charge 1.45% Class B $ 183.24 -- -- -- (0.29)% All contract charges -- 1,706 $383,188 1.08% -- 2006 Lowest contract charge 0.50% Class B $ 157.18 -- -- -- 20.31% Highest contract charge 1.45% Class B $ 183.78 -- -- -- 19.16% All contract charges -- 1,738 $391,171 2.86% -- 2005 Lowest contract charge 0.50% Class B $ 130.65 -- -- -- 2.44% Highest contract charge 1.45% Class B $ 154.23 -- -- -- 1.46% All contract charges -- 1,826 $344,112 1.37% -- 2004 Lowest contract charge 0.50% Class B $ 127.54 -- -- -- 10.02% Highest contract charge 1.45% Class B $ 152.01 -- -- -- 8.97% All contract charges -- 1,866 $346,892 2.14% --
FSA-87 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- -------------- EQ/BlackRock International Value -------------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 82.67 -- -- -- (43.28)% Highest contract charge 1.45% Class B $ 102.85 -- -- -- (43.82)% All contract charges -- 2,004 $190,748 2.24% -- 2007 Lowest contract charge 0.50% Class B $ 145.75 -- -- -- 9.64% Highest contract charge 1.45% Class B $ 183.08 -- -- -- 8.58% All contract charges -- 2,074 $351,707 1.93% -- 2006 Lowest contract charge 0.50% Class B $ 132.94 -- -- -- 25.06% Highest contract charge 1.45% Class B $ 168.61 -- -- -- 23.87% All contract charges -- 1,956 $305,076 3.67% -- 2005 Lowest contract charge 0.50% Class B $ 106.30 -- -- -- 10.28% Highest contract charge 1.45% Class B $ 136.12 -- -- -- 9.23% All contract charges -- 1,646 $206,833 1.84% -- 2004 Lowest contract charge 0.50% Class B $ 96.39 -- -- -- 21.04% Highest contract charge 1.45% Class B $ 124.61 -- -- -- 19.88% All contract charges -- 1,299 $149,224 1.64% -- EQ/Boston Advisors Equity Income -------------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (b) $ 90.78 -- -- -- (32.64)% Highest contract charge 1.45% Class B (b) $ 87.18 -- -- -- (33.28)% All contract charges -- 487 $ 42,542 2.38% -- 2007 Lowest contract charge 0.50% Class B (b) $ 134.77 -- -- -- 3.18% Highest contract charge 1.45% Class B (b) $ 130.66 -- -- -- 2.18% All contract charges -- 445 $ 58,354 1.93% -- 2006 Lowest contract charge 0.50% Class B (b) $ 130.62 -- -- -- 15.39% Highest contract charge 1.45% Class B (b) $ 127.87 -- -- -- 14.29% All contract charges -- 394 $ 50,720 2.44% -- 2005 Lowest contract charge 0.50% Class B (b) $ 113.20 -- -- -- 5.63% Highest contract charge 1.45% Class B (b) $ 111.88 -- -- -- 4.62% All contract charges -- 307 $ 34,416 2.12% -- 2004 Lowest contract charge 0.50% Class B (b) $ 107.17 -- -- -- 9.05% Highest contract charge 1.45% Class B (b) $ 106.95 -- -- -- 8.85% All contract charges -- 41 $ 4,334 4.19% -- EQ/Calvert Socially Responsible ------------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 51.72 -- -- -- (45.50)% Highest contract charge 1.45% Class B $ 69.34 -- -- -- (46.02)% All contract charges -- 235 $ 12,828 0.29% -- 2007 Lowest contract charge 0.50% Class B $ 94.90 -- -- -- 11.57% Highest contract charge 1.45% Class B $ 128.45 -- -- -- 10.49% All contract charges -- 218 $ 21,860 0.24% -- 2006 Lowest contract charge 0.50% Class B $ 85.06 -- -- -- 4.70% Highest contract charge 1.45% Class B $ 116.25 -- -- -- 3.71% All contract charges -- 185 $ 16,787 -- -- 2005 Lowest contract charge 0.50% Class B $ 81.24 -- -- -- 8.20% Highest contract charge 1.45% Class B $ 112.09 -- -- -- 7.17% All contract charges -- 156 $ 13,658 -- -- 2004 Lowest contract charge 0.50% Class B $ 75.08 -- -- -- 3.07% Highest contract charge 1.45% Class B $ 104.60 -- -- -- 2.09% All contract charges -- 128 $ 10,635 -- --
FSA-88 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ----------------------------------------------------------------------------- Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- ------------- EQ/Capital Guardian Growth -------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 43.13 -- -- -- (40.70)% Highest contract charge 1.45% Class B $ 61.34 -- -- -- (41.27)% All contract charges -- 260 $ 12,167 0.19% -- 2007 Lowest contract charge 0.50% Class B $ 72.73 -- -- -- 4.95% Highest contract charge 1.45% Class B $ 104.44 -- -- -- 3.94% All contract charges -- 228 $ 18,074 0.00% -- 2006 Lowest contract charge 0.50% Class B $ 69.30 -- -- -- 6.87% Highest contract charge 1.45% Class B $ 100.48 -- -- -- 5.85% All contract charges -- 148 $ 11,178 0.20% -- 2005 Lowest contract charge 0.50% Class B $ 64.85 -- -- -- 4.58% Highest contract charge 1.45% Class B $ 94.93 -- -- -- 3.59% All contract charges -- 97 $ 6,904 0.21% -- 2004 Lowest contract charge 0.50% Class B $ 62.01 -- -- -- 5.01% Highest contract charge 1.45% Class B $ 91.64 -- -- -- 4.00% All contract charges -- 69 $ 4,814 0.57% -- EQ/Capital Guardian Research (j) -------------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 76.16 -- -- -- (39.97)% Highest contract charge 1.45% Class B $ 77.77 -- -- -- (40.54)% All contract charges -- 1,706 $134,398 0.92% -- 2007 Lowest contract charge 0.50% Class B $ 126.86 -- -- -- 1.15% Highest contract charge 1.45% Class B $ 130.80 -- -- -- 0.18% All contract charges -- 1,936 $256,826 1.21% -- 2006 Lowest contract charge 0.50% Class B $ 125.42 -- -- -- 11.50% Highest contract charge 1.45% Class B $ 130.57 -- -- -- 10.43% All contract charges -- 1,154 $152,378 0.55% -- 2005 Lowest contract charge 0.50% Class B $ 112.49 -- -- -- 5.52% Highest contract charge 1.45% Class B $ 118.23 -- -- -- 4.52% All contract charges -- 1,259 $150,283 0.54% -- 2004 Lowest contract charge 0.50% Class B $ 106.60 -- -- -- 10.35% Highest contract charge 1.45% Class B $ 113.12 -- -- -- 9.30% All contract charges -- 1,374 $156,747 0.62% -- EQ/Caywood-Scholl High Yield Bond --------------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (c) $ 92.50 -- -- -- (19.50)% Highest contract charge 1.45% Class B (c) $ 89.30 -- -- -- (20.27)% All contract charges -- 247 $ 22,217 8.07% -- 2007 Lowest contract charge 0.50% Class B (c) $ 114.90 -- -- -- 2.30% Highest contract charge 1.45% Class B (c) $ 112.00 -- -- -- 1.31% All contract charges -- 244 $ 27,417 7.89% -- 2006 Lowest contract charge 0.50% Class B (c) $ 112.32 -- -- -- 7.42% Highest contract charge 1.45% Class B (c) $ 110.55 -- -- -- 6.40% All contract charges -- 145 $ 16,051 8.15% -- 2005 Lowest contract charge 0.50% Class B (c) $ 104.56 -- -- -- 4.56% Highest contract charge 1.45% Class B (c) $ 103.90 -- -- -- 3.90% All contract charges -- 51 $ 5,355 16.21% -- EQ/Davis New York Venture ------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (i) $ 58.95 -- -- -- (39.51)% Highest contract charge 1.45% Class B (i) $ 58.03 -- -- -- (40.09)% All contract charges -- 187 $ 10,886 0.78% --
FSA-89 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ---------------------------------------------------------------------------- Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- ------------ EQ/Davis New York Venture (Continued) ------------------------------------- 2007 Lowest contract charge 0.50% Class B (i) $ 97.46 -- -- -- (2.54)% Highest contract charge 1.45% Class B (i) $ 96.87 -- -- -- (3.13)% All contract charges -- 64 $ 6,154 1.15% -- 2006 Lowest contract charge 1.34% Class B (e) $ 108.48 -- -- -- 8.48% Highest contract charge 1.35% Class B (e) $ 108.47 -- -- -- 8.47% All contract charges -- 3 $ 331 0.96% -- EQ/Equity 500 Index ------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class A (g) $ 67.56 -- -- -- (37.48)% Highest contract charge 1.45% Class A $ 75.54 -- -- -- (38.07)% All contract charges -- 2,707 $534,905 1.87% -- 2007 Lowest contract charge 0.50% Class A (g) $ 108.06 -- -- -- 4.69% Highest contract charge 1.45% Class A $ 121.98 -- -- -- 3.68% All contract charges -- 2,858 $914,617 1.54% -- 2006 Lowest contract charge 0.50% Class A (g) $ 103.22 -- -- -- 3.22% Highest contract charge 1.45% Class A $ 117.65 -- -- -- 13.71% All contract charges -- 3,024 $934,535 1.75% -- 2005 Lowest contract charge 0.90% Class A $ 197.59 -- -- -- 3.72% Highest contract charge 1.45% Class A $ 103.47 -- -- -- 3.15% All contract charges -- 3,339 $909,007 1.53% -- 2004 Lowest contract charge 0.90% Class A $ 190.50 -- -- -- 9.51% Highest contract charge 1.45% Class A $ 100.31 -- -- -- 8.91% All contract charges -- 3,638 $957,647 1.66% -- EQ/Equity 500 Index ------------------- Unit Value 0.50% to 1.30%* 2008 Lowest contract charge 0.50% Class B $ 67.29 -- -- -- (37.64)% Highest contract charge 1.30% Class B (h) $ 66.04 -- -- -- (38.13)% All contract charges -- 852 $ 61,956 1.87% -- 2007 Lowest contract charge 0.50% Class B $ 107.91 -- -- -- 4.43% Highest contract charge 1.30% Class B (h) $ 106.74 -- -- -- 3.60% All contract charges -- 902 $106,809 1.54% -- 2006 Lowest contract charge 0.50% Class B $ 103.33 -- -- -- 14.52% Highest contract charge 1.30% Class B (h) $ 103.03 -- -- -- 3.03% All contract charges -- 894 $102,360 1.75% -- 2005 Lowest contract charge 0.50% Class B $ 90.23 -- -- -- 3.88% Highest contract charge 1.20% Class B $ 103.49 -- -- -- 3.15% All contract charges -- 907 $ 91,189 1.53% -- 2004 Lowest contract charge 0.50% Class B $ 86.86 -- -- -- 9.68% Highest contract charge 1.20% Class B $ 100.33 -- -- -- 8.91% All contract charges -- 860 $ 83,780 1.66% -- EQ/Evergreen International Bond ------------------------------- Unit Value 0.50% to 1.45% 2008 Lowest contract charge 0.50% Class B (d) $ 115.84 -- -- -- 5.94% Highest contract charge 1.45% Class B (d) $ 112.30 -- -- -- 4.94% All contract charges -- 483 $ 54,607 19.47% -- 2007 Lowest contract charge 0.50% Class B (d) $ 109.34 -- -- -- 8.76% Highest contract charge 1.45% Class B (d) $ 107.01 -- -- -- 7.72% All contract charges -- 213 $ 22,866 3.57% -- 2006 Lowest contract charge 0.50% Class B (d) $ 100.53 -- -- -- 2.90% Highest contract charge 1.45% Class B (d) $ 99.34 -- -- -- 1.92% All contract charges -- 77 $ 7,685 0.47% --
FSA-90 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ----------------------------------------------------------------------------- Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- ------------- EQ/Evergreen International Bond (Continued) ------------------------------------------- 2005 Lowest contract charge 0.50% Class B (d) $ 97.69 -- -- -- (2.31)% Highest contract charge 1.45% Class B (d) $ 97.47 -- -- -- (2.53)% All contract charges -- 5 $ 503 -- -- EQ/Evergreen Omega ------------------ Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 72.15 -- -- -- (27.97)% Highest contract charge 1.45% Class B $ 68.24 -- -- -- (28.66)% All contract charges -- 305 $21,123 0.58% -- 2007 Lowest contract charge 0.50% Class B $100.16 -- -- -- 10.77% Highest contract charge 1.45% Class B $ 95.65 -- -- -- 9.72% All contract charges -- 295 $28,671 -- -- 2006 Lowest contract charge 0.50% Class B $ 90.42 -- -- -- 5.34% Highest contract charge 1.45% Class B $ 87.18 -- -- -- 4.34% All contract charges -- 257 $22,739 2.11% -- 2005 Lowest contract charge 0.50% Class B $ 85.83 -- -- -- 3.44% Highest contract charge 1.45% Class B $ 83.56 -- -- -- 2.46% All contract charges -- 288 $24,388 0.04% -- 2004 Lowest contract charge 0.50% Class B $ 82.98 -- -- -- 6.51% Highest contract charge 1.45% Class B $ 81.56 -- -- -- 5.49% All contract charges -- 298 $24,676 0.35% -- EQ/Franklin Income ------------------ Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (e) $ 72.05 -- -- -- (32.14)% Highest contract charge 1.45% Class B (e) $ 70.47 -- -- -- (32.79)% All contract charges -- 845 $59,776 6.17% -- 2007 Lowest contract charge 0.50% Class B (e) $106.18 -- -- -- 1.55% Highest contract charge 1.45% Class B (e) $104.85 -- -- -- 0.57% All contract charges -- 825 $86,650 4.64% -- 2006 Lowest contract charge 0.50% Class B (e) $104.56 -- -- -- 4.56% Highest contract charge 1.45% Class B (e) $104.26 -- -- -- 4.26% All contract charges -- 122 $12,767 2.55% -- EQ/Franklin Small Cap Value --------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (e) $ 65.36 -- -- -- (33.74)% Highest contract charge 1.45% Class B (e) $ 63.93 -- -- -- (34.37)% All contract charges -- 118 $ 7,589 1.02% -- 2007 Lowest contract charge 0.50% Class B (e) $ 98.64 -- -- -- (9.09)% Highest contract charge 1.45% Class B (e) $ 97.41 -- -- -- (9.96)% All contract charges -- 66 $ 6,402 0.57% -- 2006 Lowest contract charge 0.50% Class B (e) $108.50 -- -- -- 8.50% Highest contract charge 1.45% Class B (e) $108.18 -- -- -- 8.18% All contract charges -- 11 $ 1,216 0.58% -- EQ/Franklin Templeton Founding Strategy --------------------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (i) $ 60.08 -- -- -- (37.20)% Highest contract charge 1.45% Class B (i) $ 59.15 -- -- -- (37.80)% All contract charges -- 501 $29,735 4.75% -- 2007 Lowest contract charge 0.50% Class B (i) $ 95.67 -- -- -- (4.33)% Highest contract charge 1.45% Class B (i) $ 95.10 -- -- -- (4.90)% All contract charges -- 292 $27,827 2.48% --
FSA-91 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- -------------- EQ/GAMCO Mergers and Acquisitions --------------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (c) $ 104.07 -- -- -- (14.25)% Highest contract charge 1.45% Class B (c) $ 100.47 -- -- -- (15.07)% All contract charges -- 115 $ 11,611 0.51% -- 2007 Lowest contract charge 0.50% Class B (c) $ 121.36 -- -- -- 2.90% Highest contract charge 1.45% Class B (c) $ 118.30 -- -- -- 1.91% All contract charges -- 108 $ 12,892 0.81% -- 2006 Lowest contract charge 0.50% Class B (c) $ 117.94 -- -- -- 11.65% Highest contract charge 1.45% Class B (c) $ 116.08 -- -- -- 10.58% All contract charges -- 65 $ 7,591 6.42% -- 2005 Lowest contract charge 0.50% Class B (c) $ 105.64 -- -- -- 5.64% Highest contract charge 1.45% Class B (c) $ 104.97 -- -- -- 4.97% All contract charges -- 23 $ 2,512 4.96% -- EQ/GAMCO Small Company Value ---------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (b) $ 104.46 -- -- -- (31.01)% Highest contract charge 1.45% Class B (b) $ 100.32 -- -- -- (31.66)% All contract charges -- 1,113 $111,588 0.62% -- 2007 Lowest contract charge 0.50% Class B (b) $ 151.41 -- -- -- 8.75% Highest contract charge 1.45% Class B (b) $ 146.80 -- -- -- 7.70% All contract charges -- 866 $127,593 0.52% -- 2006 Lowest contract charge 0.50% Class B (b) $ 139.23 -- -- -- 18.24% Highest contract charge 1.45% Class B (b) $ 136.30 -- -- -- 17.12% All contract charges -- 484 $ 66,227 1.54% -- 2005 Lowest contract charge 0.50% Class B (b) $ 117.75 -- -- -- 3.80% Highest contract charge 1.45% Class B (b) $ 116.38 -- -- -- 2.81% All contract charges -- 341 $ 39,738 0.98% -- 2004 Lowest contract charge 0.50% Class B (b) $ 113.44 -- -- -- 13.51% Highest contract charge 1.45% Class B (b) $ 113.20 -- -- -- 13.31% All contract charges -- 47 $ 5,219 0.43% -- EQ/International Core PLUS -------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 80.00 -- -- -- (45.13)% Highest contract charge 1.45% Class B $ 102.60 -- -- -- (45.66)% All contract charges -- 889 $ 75,314 1.61% -- 2007 Lowest contract charge 0.50% Class B $ 145.80 -- -- -- 14.65% Highest contract charge 1.45% Class B $ 188.80 -- -- -- 13.54% All contract charges -- 748 $117,043 0.41% -- 2006 Lowest contract charge 0.50% Class B $ 127.17 -- -- -- 18.65% Highest contract charge 1.45% Class B $ 166.28 -- -- -- 17.52% All contract charges -- 714 $ 98,514 1.40% -- 2005 Lowest contract charge 0.50% Class B $ 107.18 -- -- -- 16.54% Highest contract charge 1.45% Class B $ 141.49 -- -- -- 15.43% All contract charges -- 588 $ 69,010 1.61% -- 2004 Lowest contract charge 0.50% Class B $ 91.97 -- -- -- 13.04% Highest contract charge 1.45% Class B $ 122.57 -- -- -- 11.97% All contract charges -- 436 $ 44,312 1.74% -- EQ/International Growth ----------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (c) $ 99.33 -- -- -- (40.58)% Highest contract charge 1.45% Class B (c) $ 95.89 -- -- -- (41.15)% All contract charges -- 269 $ 25,877 0.98% --
FSA-92 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ---------------------------------------------------------------------------- Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- ------------ EQ/International Growth (Continued) ----------------------------------- 2007 Lowest contract charge 0.50% Class B (c) $167.16 -- -- -- 15.63% Highest contract charge 1.45% Class B (c) $162.94 -- -- -- 14.51% All contract charges -- 227 $ 37,401 0.70% -- 2006 Lowest contract charge 0.50% Class B (c) $144.57 -- -- -- 25.01% Highest contract charge 1.45% Class B (c) $142.29 -- -- -- 23.82% All contract charges -- 88 $ 12,581 1.19% -- 2005 Lowest contract charge 0.50% Class B (c) $115.64 -- -- -- 15.64% Highest contract charge 1.45% Class B (c) $114.91 -- -- -- 14.91% All contract charges -- 19 $ 2,170 1.92% -- EQ/JPMorgan Core Bond --------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $112.63 -- -- -- (9.40)% Highest contract charge 1.45% Class B $105.24 -- -- -- (10.26)% All contract charges -- 993 $105,935 4.16% -- 2007 Lowest contract charge 0.50% Class B $124.31 -- -- -- 2.58% Highest contract charge 1.45% Class B $117.27 -- -- -- 1.60% All contract charges -- 1,164 $138,131 4.62% -- 2006 Lowest contract charge 0.50% Class B $121.18 -- -- -- 3.54% Highest contract charge 1.45% Class B $115.42 -- -- -- 2.56% All contract charges -- 1,009 $117,710 4.54% -- 2005 Lowest contract charge 0.50% Class B $117.03 -- -- -- 1.70% Highest contract charge 1.45% Class B $112.55 -- -- -- 0.74% All contract charges -- 891 $101,135 3.93% -- 2004 Lowest contract charge 0.50% Class B $115.07 -- -- -- 3.58% Highest contract charge 1.45% Class B $111.72 -- -- -- 2.59% All contract charges -- 627 $ 70,510 4.57% -- EQ/JPMorgan Value Opportunities ------------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 79.29 -- -- -- (40.07)% Highest contract charge 1.45% Class B $ 72.19 -- -- -- (40.65)% All contract charges -- 380 $ 34,198 1.82% -- 2007 Lowest contract charge 0.50% Class B $132.31 -- -- -- (1.71)% Highest contract charge 1.45% Class B $121.64 -- -- -- (2.65)% All contract charges -- 431 $ 64,820 1.36% -- 2006 Lowest contract charge 0.50% Class B $134.61 -- -- -- 19.78% Highest contract charge 1.45% Class B $124.95 -- -- -- 18.64% All contract charges -- 445 $ 68,748 4.40% -- 2005 Lowest contract charge 0.50% Class B $112.39 -- -- -- 3.40% Highest contract charge 1.45% Class B $105.33 -- -- -- 2.42% All contract charges -- 466 $ 60,726 1.51% -- 2004 Lowest contract charge 0.50% Class B $108.69 -- -- -- 10.33% Highest contract charge 1.45% Class B $102.84 -- -- -- 9.27% All contract charges -- 497 $ 63,509 1.28% -- EQ/Large Cap Core PLUS ---------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 66.51 -- -- -- (37.71)% Highest contract charge 1.45% Class B $ 64.59 -- -- -- (38.32)% All contract charges -- 150 $ 9,852 0.37% -- 2007 Lowest contract charge 0.50% Class B $106.78 -- -- -- 3.37% Highest contract charge 1.45% Class B $104.71 -- -- -- 2.37% All contract charges -- 146 $ 15,557 1.23% -- 2006 Lowest contract charge 0.50% Class B $103.30 -- -- -- 12.38% Highest contract charge 1.45% Class B $102.29 -- -- -- 11.31% All contract charges -- 158 $ 16,368 0.83% --
FSA-93 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ---------------------------------------------------------------------------- Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- ------------ EQ/Large Cap Core PLUS (Continued) ---------------------------------- 2005 Lowest contract charge 0.50% Class B $ 91.93 -- -- -- 6.65% Highest contract charge 1.45% Class B $ 91.89 -- -- -- 5.64% All contract charges -- 181 $ 16,799 0.49% -- 2004 Lowest contract charge 0.50% Class B $ 86.19 -- -- -- 10.84% Highest contract charge 1.45% Class B $ 86.99 -- -- -- 9.78% All contract charges -- 196 $ 17,208 0.55% -- EQ/Large Cap Growth Index ------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 47.58 -- -- -- (36.59)% Highest contract charge 1.45% Class B $ 48.30 -- -- -- (37.20)% All contract charges -- 1,741 $ 85,377 0.14% -- 2007 Lowest contract charge 0.50% Class B $ 75.03 -- -- -- 13.41% Highest contract charge 1.45% Class B $ 76.91 -- -- -- 12.33% All contract charges -- 1,870 $145,854 0.00% -- 2006 Lowest contract charge 0.50% Class B $ 66.16 -- -- -- (1.04)% Highest contract charge 1.45% Class B $ 68.47 -- -- -- (1.98)% All contract charges -- 2,111 $146,204 -- -- 2005 Lowest contract charge 0.50% Class B $ 66.85 -- -- -- 14.35% Highest contract charge 1.45% Class B $ 69.86 -- -- -- 13.27% All contract charges -- 2,304 $162,638 -- -- 2004 Lowest contract charge 0.50% Class B $ 58.46 -- -- -- 7.84% Highest contract charge 1.45% Class B $ 61.67 -- -- -- 6.81% All contract charges -- 2,548 $158,455 -- -- EQ/Large Cap Growth PLUS ------------------------ Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 42.68 -- -- -- (38.55)% Highest contract charge 1.45% Class B $ 66.67 -- -- -- (39.13)% All contract charges -- 1,840 $181,508 0.11% -- 2007 Lowest contract charge 0.50% Class B $ 69.45 -- -- -- 15.04% Highest contract charge 1.45% Class B $109.53 -- -- -- 13.94% All contract charges -- 1,998 $323,002 0.34% -- 2006 Lowest contract charge 0.50% Class B $ 60.37 -- -- -- 7.24% Highest contract charge 1.45% Class B $ 96.13 -- -- -- 6.22% All contract charges -- 2,215 $314,252 -- -- 2005 Lowest contract charge 0.50% Class B $ 56.29 -- -- -- 8.48% Highest contract charge 1.45% Class B $ 90.50 -- -- -- 7.45% All contract charges -- 2,567 $342,058 -- -- 2004 Lowest contract charge 0.50% Class B $ 51.89 -- -- -- 12.06% Highest contract charge 1.45% Class B $ 84.23 -- -- -- 10.99% All contract charges -- 2,943 $364,786 -- -- EQ/Large Cap Value Index ------------------------ Unit Value 0.50% to 1.45% 2008 Lowest contract charge 0.50% Class B (d) $ 45.70 -- -- -- (56.92)% Highest contract charge 1.45% Class B (d) $ 44.30 -- -- -- (57.33)% All contract charges -- 198 $ 8,765 1.43% -- 2007 Lowest contract charge 0.50% Class B (d) $106.08 -- -- -- (6.41)% Highest contract charge 1.45% Class B (d) $103.83 -- -- -- (7.29)% All contract charges -- 201 $ 20,937 0.00% -- 2006 Lowest contract charge 0.50% Class B (d) $113.34 -- -- -- 6.30% Highest contract charge 1.45% Class B (d) $112.00 -- -- -- 5.29% All contract charges -- 168 $ 18,866 0.05% --
FSA-94 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- -------------- EQ/Large Cap Value Index (Continued) ------------------------------------ 2005 Lowest contract charge 0.50% Class B (d) $ 106.62 -- -- -- 6.62% Highest contract charge 1.45% Class B (d) $ 106.38 -- -- -- 6.38% All contract charges -- 20 $ 2,150 0.14% -- EQ/Large Cap Value PLUS (n) --------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class A (o) $ 88.09 -- -- -- (43.29)% Highest contract charge 1.45% Class A (o) $ 79.92 -- -- -- (43.83)% All contract charges -- 8,288 $ 607,794 3.00% -- 2007 Lowest contract charge 0.50% Class A (o) $ 155.34 -- -- -- (5.17)% Highest contract charge 1.45% Class A (o) $ 142.29 -- -- -- (5.52)% All contract charges -- 9,387 $1,261,004 2.66% -- EQ/Large Cap Value PLUS (n) --------------------------- Unit Value 0.50% to 1.30%* 2008 Lowest contract charge 0.50% Class B $ 87.50 -- -- -- (43.61)% Highest contract charge 1.30% Class B $ 54.87 -- -- -- (44.06)% All contract charges -- 1,368 $ 124,290 3.00% -- 2007 Lowest contract charge 0.50% Class B $ 155.18 -- -- -- (5.03)% Highest contract charge 1.30% Class B $ 98.09 -- -- -- (5.79)% All contract charges -- 1,726 $ 239,219 2.66% -- 2006 Lowest contract charge 0.50% Class B $ 163.40 -- -- -- 20.78% Highest contract charge 1.45% Class B $ 151.12 -- -- -- 19.63% All contract charges -- 3,483 $ 500,340 1.68% -- 2005 Lowest contract charge 0.50% Class B $ 135.28 -- -- -- 4.91% Highest contract charge 1.45% Class B $ 126.32 -- -- -- 3.91% All contract charges -- 3,103 $ 371,731 1.19% -- 2004 Lowest contract charge 0.50% Class B $ 128.95 -- -- -- 13.44% Highest contract charge 1.45% Class B $ 121.57 -- -- -- 11.80% All contract charges -- 2,885 $ 331,846 1.41% -- EQ/Long Term Bond ----------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (c) $ 113.74 -- -- -- 4.48% Highest contract charge 1.45% Class B (c) $ 109.81 -- -- -- 3.48% All contract charges -- 236 $ 26,071 5.13% -- 2007 Lowest contract charge 0.50% Class B (c) $ 108.86 -- -- -- 6.85% Highest contract charge 1.45% Class B (c) $ 106.12 -- -- -- 5.83% All contract charges -- 223 $ 23,944 4.43% -- 2006 Lowest contract charge 0.50% Class B (c) $ 101.88 -- -- -- 1.31% Highest contract charge 1.45% Class B (c) $ 100.27 -- -- -- 0.35% All contract charges -- 176 $ 17,749 4.74% -- 2005 Lowest contract charge 0.50% Class B (c) $ 100.56 -- -- -- 0.56% Highest contract charge 1.45% Class B (c) $ 99.92 -- -- -- (0.08)% All contract charges -- 105 $ 10,485 5.11% -- EQ/Lord Abbett Growth and Income -------------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (c) $ 80.78 -- -- -- (36.88)% Highest contract charge 1.45% Class B (c) $ 77.98 -- -- -- (37.49)% All contract charges -- 135 $ 10,625 1.57% -- 2007 Lowest contract charge 0.50% Class B (c) $ 127.98 -- -- -- 2.95% Highest contract charge 1.45% Class B (c) $ 124.75 -- -- -- 1.97% All contract charges -- 130 $ 16,386 1.18% -- 2006 Lowest contract charge 0.50% Class B (c) $ 124.31 -- -- -- 16.63% Highest contract charge 1.45% Class B (c) $ 122.34 -- -- -- 15.51% All contract charges -- 95 $ 11,695 1.50% --
FSA-95 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- -------------- EQ/Lord Abbett Growth and Income (Continued) -------------------------------------------- 2005 Lowest contract charge 0.50% Class B (c) $106.59 -- -- -- 6.59% Highest contract charge 1.45% Class B (c) $105.91 -- -- -- 5.91% All contract charges -- 16 $ 1,731 1.68% -- EQ/Lord Abbett Large Cap Core ----------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (c) $ 90.08 -- -- -- (31.32)% Highest contract charge 1.45% Class B (c) $ 86.96 -- -- -- (31.98)% All contract charges -- 104 $ 9,067 1.30% -- 2007 Lowest contract charge 0.50% Class B (c) $131.15 -- -- -- 10.12% Highest contract charge 1.45% Class B (c) $127.84 -- -- -- 9.07% All contract charges -- 54 $ 7,108 0.82% -- 2006 Lowest contract charge 0.50% Class B (c) $119.10 -- -- -- 12.13% Highest contract charge 1.45% Class B (c) $117.21 -- -- -- 11.06% All contract charges -- 35 $ 4,131 1.24% -- 2005 Lowest contract charge 0.50% Class B (c) $106.21 -- -- -- 6.21% Highest contract charge 1.45% Class B (c) $105.54 -- -- -- 8.09% All contract charges -- 18 $ 1,877 0.93% -- EQ/Lord Abbett Mid Cap Value ---------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (c) $ 76.23 -- -- -- (39.26)% Highest contract charge 1.45% Class B (c) $ 73.59 -- -- -- (39.85)% All contract charges -- 269 $ 19,866 1.59% -- 2007 Lowest contract charge 0.50% Class B (c) $125.51 -- -- -- 0.07% Highest contract charge 1.45% Class B (c) $122.34 -- -- -- (0.89)% All contract charges -- 231 $ 28,442 0.59% -- 2006 Lowest contract charge 0.50% Class B (c) $125.42 -- -- -- 11.87% Highest contract charge 1.45% Class B (c) $123.44 -- -- -- 10.80% All contract charges -- 140 $ 17,357 1.16% -- 2005 Lowest contract charge 0.50% Class B (c) $112.11 -- -- -- 12.11% Highest contract charge 1.45% Class B (c) $111.40 -- -- -- 11.40% All contract charges -- 94 $ 10,450 1.72% -- EQ/Marsico Focus ---------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $108.22 -- -- -- (40.59)% Highest contract charge 1.45% Class B $100.95 -- -- -- (41.16)% All contract charges -- 2,670 $271,576 0.99% -- 2007 Lowest contract charge 0.50% Class B $182.16 -- -- -- 13.47% Highest contract charge 1.45% Class B $171.57 -- -- -- 12.39% All contract charges -- 2,374 $411,149 0.18% -- 2006 Lowest contract charge 0.50% Class B $160.53 -- -- -- 8.78% Highest contract charge 1.45% Class B $152.66 -- -- -- 7.74% All contract charges -- 2,089 $321,846 0.74% -- 2005 Lowest contract charge 0.50% Class B $147.58 -- -- -- 10.15% Highest contract charge 1.45% Class B $141.69 -- -- -- 9.10% All contract charges -- 1,655 $236,310 -- -- 2004 Lowest contract charge 0.50% Class B $133.98 -- -- -- 9.96% Highest contract charge 1.45% Class B $129.87 -- -- -- 8.91% All contract charges -- 1,280 $167,297 -- -- EQ/Mid Cap Index ---------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 75.38 -- -- -- (49.53)% Highest contract charge 1.45% Class B $ 67.98 -- -- -- (50.02)% All contract charges -- 2,796 $192,207 0.92% --
FSA-96 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- -------------- EQ/Mid Cap Index (Continued) ---------------------------- 2007 Lowest contract charge 0.50% Class B $149.37 -- -- -- 7.48% Highest contract charge 1.45% Class B $136.02 -- -- -- 6.46% All contract charges -- 2,644 $364,141 -- -- 2006 Lowest contract charge 0.50% Class B $138.97 -- -- -- 10.97% Highest contract charge 1.45% Class B $127.77 -- -- -- 9.91% All contract charges -- 2,461 $318,026 3.32% -- 2005 Lowest contract charge 0.50% Class B $125.23 -- -- -- 5.83% Highest contract charge 1.45% Class B $116.25 -- -- -- 4.83% All contract charges -- 2,266 $265,901 7.70% -- 2004 Lowest contract charge 0.50% Class B $118.33 -- -- -- 15.45% Highest contract charge 1.45% Class B $110.90 -- -- -- 14.35% All contract charges -- 1,999 $223,196 2.47% -- EQ/Mid Cap Value PLUS --------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $108.09 -- -- -- (39.87)% Highest contract charge 1.45% Class B $ 79.42 -- -- -- (40.45)% All contract charges -- 2,463 $244,404 1.43% -- 2007 Lowest contract charge 0.50% Class B $179.75 -- -- -- (2.09)% Highest contract charge 1.45% Class B $133.36 -- -- -- (3.03)% All contract charges -- 2,763 $458,308 1.01% -- 2006 Lowest contract charge 0.50% Class B $183.59 -- -- -- 11.92% Highest contract charge 1.45% Class B $137.53 -- -- -- 10.86% All contract charges -- 2,889 $493,560 0.31% -- 2005 Lowest contract charge 0.50% Class B $164.04 -- -- -- 10.77% Highest contract charge 1.45% Class B $124.06 -- -- -- 9.71% All contract charges -- 2,900 $446,196 4.74% -- 2004 Lowest contract charge 0.50% Class B $148.09 -- -- -- 17.26% Highest contract charge 1.45% Class B $113.08 -- -- -- 16.14% All contract charges -- 2,707 $379,449 2.57% -- EQ/Money Market+ ---------------- Unit Value 0.50% to 1.49%* 2008 Lowest contract charge 0.50% Class A (g) $107.20 -- -- -- 1.85% Highest contract charge 1.49% Class A $ 36.99 -- -- -- 1.04% All contract charges -- 2,804 $139,434 2.82% -- 2007 Lowest contract charge 0.50% Class A (g) $105.25 -- -- -- 4.46% Highest contract charge 1.49% Class A $ 36.61 -- -- -- 3.62% All contract charges -- 3,066 $147,228 4.79% -- 2006 Lowest contract charge 0.50% Class A (g) $100.76 -- -- -- 0.76% Highest contract charge 1.49% Class A $ 35.33 -- -- -- 3.35% All contract charges -- 2,357 $111,741 4.59% -- 2005 Lowest contract charge 0.74% Class A $ 43.38 -- -- -- 2.25% Highest contract charge 1.49% Class A $ 34.19 -- -- -- 1.48% All contract charges -- 1,710 $ 61,840 2.80% -- 2004 Lowest contract charge 0.74% Class A $ 42.43 -- -- -- 0.41% Highest contract charge 1.49% Class A $ 33.69 -- -- -- (0.36)% All contract charges -- 1,808 $ 79,290 0.97% -- EQ/Money Market --------------- Unit Value 0.50% to 1.30%* 2008 Lowest contract charge 0.50% Class B $118.64 -- -- -- 1.60% Highest contract charge 1.30% Class B (h) $104.80 -- -- -- 0.80% All contract charges -- 466 $ 55,344 2.82% -- 2007 Lowest contract charge 0.50% Class B $116.77 -- -- -- 4.18% Highest contract charge 1.30% Class B (h) $103.97 -- -- -- 3.35% All contract charges -- 368 $ 44,041 4.79% --
FSA-97 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ----------------------------------------------------------------------------- Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- ------------- EQ/Money Market (Continued) --------------------------- 2006 Lowest contract charge 0.50% Class B $ 112.08 -- -- -- 3.96% Highest contract charge 1.30% Class B (h) $ 100.60 -- -- -- 0.60% All contract charges -- 293 $33,856 4.59% -- 2005 Lowest contract charge 0.50% Class B $ 107.81 -- -- -- 2.11% Highest contract charge 1.20% Class B $ 113.12 -- -- -- 1.40% All contract charges -- 229 $47,898 2.80% -- 2004 Lowest contract charge 0.50% Class B $ 105.58 -- -- -- 0.27% Highest contract charge 1.20% Class B $ 111.56 -- -- -- (0.43)% All contract charges -- 253 $36,399 0.97% -- EQ/Montag & Caldwell Growth --------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (b) $ 94.81 -- -- -- (33.23)% Highest contract charge 1.45% Class B (b) $ 91.05 -- -- -- (33.86)% All contract charges -- 216 $19,750 0.25% -- 2007 Lowest contract charge 0.50% Class B (b) $ 141.99 -- -- -- 20.21% Highest contract charge 1.45% Class B (b) $ 137.67 -- -- -- 19.06% All contract charges -- 106 $14,637 0.46% -- 2006 Lowest contract charge 0.50% Class B (b) $ 118.12 -- -- -- 7.41% Highest contract charge 1.45% Class B (b) $ 115.63 -- -- -- 6.39% All contract charges -- 32 $ 3,686 0.21% -- 2005 Lowest contract charge 0.50% Class B (b) $ 109.97 -- -- -- 4.88% Highest contract charge 1.45% Class B (b) $ 108.69 -- -- -- 3.88% All contract charges -- 26 $ 2,846 0.44% -- 2004 Lowest contract charge 0.50% Class B (b) $ 104.85 -- -- -- 7.93% Highest contract charge 1.45% Class B (b) $ 104.63 -- -- -- 7.74% All contract charges -- 2 $ 224 0.27% -- EQ/Mutual Shares ---------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (e) $ 66.89 -- -- -- (38.41)% Highest contract charge 1.45% Class B (e) $ 65.42 -- -- -- (39.00)% All contract charges -- 351 $23,077 3.77% -- 2007 Lowest contract charge 0.50% Class B (e) $ 108.61 -- -- -- 1.15% Highest contract charge 1.45% Class B (e) $ 107.25 -- -- -- 0.17% All contract charges -- 337 $36,145 0.00% -- 2006 Lowest contract charge 0.50% Class B (e) $ 107.38 -- -- -- 7.38% Highest contract charge 1.45% Class B (e) $ 107.07 -- -- -- 7.07% All contract charges -- 44 $ 4,705 0.43% -- EQ/Oppenheimer Global --------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (e) $ 68.98 -- -- -- (41.04)% Highest contract charge 1.45% Class B (e) $ 67.46 -- -- -- (41.61)% All contract charges -- 160 $10,889 1.37% -- 2007 Lowest contract charge 0.50% Class B (e) $ 116.99 -- -- -- 5.18% Highest contract charge 1.45% Class B (e) $ 115.53 -- -- -- 4.17% All contract charges -- 114 $13,151 0.37% -- 2006 Lowest contract charge 0.50% Class B (e) $ 111.23 -- -- -- 11.23% Highest contract charge 1.45% Class B (e) $ 110.91 -- -- -- 10.91% All contract charges -- 21 $ 2,340 0.05% -- EQ/Oppenheimer Main Street Opportunity -------------------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (i) $ 58.26 -- -- -- (39.12)% Highest contract charge 1.45% Class B (i) $ 57.36 -- -- -- (39.70)% All contract charges -- 26 $ 1,554 0.73% --
FSA-98 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ----------------------------------------------------------------------------- Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- ------------- EQ/Oppenheimer Main Street Opportunity (Continued) -------------------------------------------------- 2007 Lowest contract charge 0.50% Class B (i) $ 95.69 -- -- -- (4.31)% Highest contract charge 1.45% Class B (i) $ 95.12 -- -- -- (4.88)% All contract charges -- 16 $ 1,547 0.75% -- EQ/Oppenheimer Main Street Small Cap ------------------------------------ Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (e) $ 66.83 -- -- -- (38.56)% Highest contract charge 1.45% Class B (e) $ 65.36 -- -- -- (39.14)% All contract charges -- 110 $ 7,124 0.09% -- 2007 Lowest contract charge 0.50% Class B (e) $108.77 -- -- -- (2.26)% Highest contract charge 1.45% Class B (e) $107.40 -- -- -- (3.20)% All contract charges -- 74 $ 7,887 -- -- 2006 Lowest contract charge 0.50% Class B (e) $111.28 -- -- -- 11.28% Highest contract charge 1.45% Class B (e) $110.95 -- -- -- 10.95% All contract charges -- 13 $ 1,493 1.28% -- EQ/PIMCO Real Return -------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (c) $105.68 -- -- -- (4.53)% Highest contract charge 1.45% Class B (c) $102.03 -- -- -- (5.44)% All contract charges -- 975 $100,324 3.21% -- 2007 Lowest contract charge 0.50% Class B (c) $110.69 -- -- -- 10.91% Highest contract charge 1.45% Class B (c) $107.90 -- -- -- 9.86% All contract charges -- 448 $ 48,682 3.10% -- 2006 Lowest contract charge 0.50% Class B (c) $ 99.80 -- -- -- (0.11)% Highest contract charge 1.45% Class B (c) $ 98.22 -- -- -- (1.06)% All contract charges -- 303 $ 29,905 4.95% -- 2005 Lowest contract charge 0.50% Class B (c) $ 99.91 -- -- -- (0.09)% Highest contract charge 1.45% Class B (c) $ 99.28 -- -- -- (0.72)% All contract charges -- 149 $ 14,808 5.53% -- EQ/Quality Bond PLUS -------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class A (g) $ 97.98 -- -- -- (6.79)% Highest contract charge 1.45% Class A $129.00 -- -- -- (7.69)% All contract charges -- 603 $ 98,734 5.15% -- 2007 Lowest contract charge 0.50% Class A (g) $105.12 -- -- -- 4.28% Highest contract charge 1.45% Class A $139.74 -- -- -- 3.27% All contract charges -- 691 $122,544 5.12% -- 2006 Lowest contract charge 0.50% Class A (g) $100.81 -- -- -- (0.81)% Highest contract charge 1.45% Class A $135.31 -- -- -- 2.58% All contract charges -- 694 $119,214 4.01% -- 2005 Lowest contract charge 0.90% Class A $164.70 -- -- -- 1.34% Highest contract charge 1.45% Class A $131.90 -- -- -- 0.78% All contract charges -- 753 $125,885 3.89% -- 2004 Lowest contract charge 0.90% Class A $162.53 -- -- -- 3.07% Highest contract charge 1.45% Class A $130.89 -- -- -- 2.50% All contract charges -- 795 $131,674 3.87% -- EQ/Quality Bond PLUS -------------------- Unit Value 0.50% to 1.30%* 2008 Lowest contract charge 0.50% Class B $129.84 -- -- -- (7.02)% Highest contract charge 1.30% Class B (h) $ 95.78 -- -- -- (7.74)% All contract charges -- 195 $ 25,267 5.15% -- 2007 Lowest contract charge 0.50% Class B $139.64 -- -- -- 4.01% Highest contract charge 1.30% Class B (h) $103.82 -- -- -- 3.18% All contract charges -- 241 $ 33,892 5.12% --
FSA-99 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ----------------------------------------------------------------------------- Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- ------------- EQ/Quality Bond PLUS (Continued) -------------------------------- 2006 Lowest contract charge 0.50% Class B $ 134.25 -- -- -- 3.30% Highest contract charge 1.30% Class B (h) $ 100.62 -- -- -- 0.62% All contract charges -- 246 $ 33,382 4.01% -- 2005 Lowest contract charge 0.50% Class B $ 129.96 -- -- -- 1.49% Highest contract charge 1.20% Class B $ 131.99 -- -- -- 0.78% All contract charges -- 256 $ 33,894 3.89% -- 2004 Lowest contract charge 0.50% Class B $ 128.05 -- -- -- 3.23% Highest contract charge 1.20% Class B $ 130.97 -- -- -- 2.50% All contract charges -- 261 $ 34,083 3.87% -- EQ/Short Duration Bond ---------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (c) $ 106.07 -- -- -- (2.49)% Highest contract charge 1.45% Class B (c) $ 102.41 -- -- -- (3.42)% All contract charges -- 121 $ 12,527 5.85% -- 2007 Lowest contract charge 0.50% Class B (c) $ 108.78 -- -- -- 4.79% Highest contract charge 1.45% Class B (c) $ 106.04 -- -- -- 3.79% All contract charges -- 111 $ 11,897 4.93% -- 2006 Lowest contract charge 0.50% Class B (c) $ 103.81 -- -- -- 3.44% Highest contract charge 1.45% Class B (c) $ 102.17 -- -- -- 2.46% All contract charges -- 72 $ 7,341 4.64% -- 2005 Lowest contract charge 0.50% Class B (c) $ 100.36 0.36% Highest contract charge 1.45% Class B (c) $ 99.72 (0.28)% All contract charges -- 22 $ 2,204 2.87% -- EQ/Small Company Index ---------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 108.75 -- -- -- (34.46)% Highest contract charge 1.45% Class B $ 101.61 -- -- -- (35.09)% All contract charges -- 1,079 $110,179 0.86% -- 2007 Lowest contract charge 0.50% Class B $ 165.93 -- -- -- (2.33)% Highest contract charge 1.45% Class B $ 156.54 -- -- -- (3.26)% All contract charges -- 1,028 $162,622 1.40% -- 2006 Lowest contract charge 0.50% Class B $ 169.88 -- -- -- 17.12% Highest contract charge 1.45% Class B $ 161.81 -- -- -- 16.01% All contract charges -- 903 $147,411 1.37% -- 2005 Lowest contract charge 0.50% Class B $ 145.04 -- -- -- 3.73% Highest contract charge 1.45% Class B $ 139.49 -- -- -- 2.75% All contract charges -- 723 $101,473 1.21% -- 2004 Lowest contract charge 0.50% Class B $ 139.82 -- -- -- 17.08% Highest contract charge 1.45% Class B $ 135.75 -- -- -- 15.97% All contract charges -- 597 $ 81,729 2.73% -- EQ/T. Rowe Price Growth Stock (k) --------------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (b) $ 67.56 -- -- -- (42.49)% Highest contract charge 1.45% Class B (b) $ 64.87 -- -- -- (43.05)% All contract charges -- 804 $ 52,446 0.00% -- 2007 Lowest contract charge 0.50% Class B (b) $ 117.48 -- -- -- 6.69% Highest contract charge 1.45% Class B (b) $ 113.91 -- -- -- 5.67% All contract charges -- 750 $ 86,072 0.14% -- 2006 Lowest contract charge 0.50% Class B (b) $ 110.11 -- -- -- (4.49)% Highest contract charge 1.45% Class B (b) $ 107.80 -- -- -- (5.40)% All contract charges -- 80 $ 8,636 -- -- 2005 Lowest contract charge 0.50% Class B (b) $ 115.29 -- -- -- 3.47% Highest contract charge 1.45% Class B (b) $ 113.95 -- -- -- 2.48% All contract charges -- 70 $ 7,961 -- --
FSA-100 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- -------------- EQ/T. Rowe Price Growth Stock (k) (Continued) --------------------------------------------- 2004 Lowest contract charge 0.50% Class B (b) $ 111.43 -- -- -- 12.32% Highest contract charge 1.45% Class B (b) $ 111.19 -- -- -- 12.12% All contract charges -- 9 $ 969 -- -- EQ/Templeton Growth ------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (e) $ 64.51 -- -- -- (41.12)% Highest contract charge 1.45% Class B (e) $ 63.10 -- -- -- (41.68)% All contract charges -- 291 $ 18,450 1.69% -- 2007 Lowest contract charge 0.50% Class B (e) $ 109.56 -- -- -- 1.58% Highest contract charge 1.45% Class B (e) $ 108.19 -- -- -- 0.60% All contract charges -- 276 $ 29,896 0.67% -- 2006 Lowest contract charge 0.50% Class B (e) $ 107.86 -- -- -- 7.86% Highest contract charge 1.45% Class B (e) $ 107.54 -- -- -- 7.54% All contract charges -- 45 $ 4,856 0.45% -- EQ/UBS Growth and Income ------------------------ Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (b) $ 80.98 -- -- -- (40.33)% Highest contract charge 1.45% Class B (b) $ 77.76 -- -- -- (40.90)% All contract charges -- 195 $ 15,016 1.19% -- 2007 Lowest contract charge 0.50% Class B (b) $ 135.71 -- -- -- 0.66% Highest contract charge 1.45% Class B (b) $ 131.58 -- -- -- (0.30)% All contract charges -- 204 $ 27,120 0.92% -- 2006 Lowest contract charge 0.50% Class B (b) $ 134.82 -- -- -- 13.58% Highest contract charge 1.45% Class B (b) $ 131.98 -- -- -- 12.50% All contract charges -- 148 $ 19,665 0.98% -- 2005 Lowest contract charge 0.50% Class B (b) $ 118.70 -- -- -- 8.46% Highest contract charge 1.45% Class B (b) $ 117.32 -- -- -- 7.43% All contract charges -- 67 $ 7,918 1.35% -- 2004 Lowest contract charge 0.50% Class B (b) $ 109.44 -- -- -- 11.67% Highest contract charge 1.45% Class B (b) $ 109.21 -- -- -- 11.48% All contract charges -- 1 $ 220 2.62% -- EQ/Van Kampen Comstock ---------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (c) $ 73.61 -- -- -- (37.26)% Highest contract charge 1.45% Class B (c) $ 71.07 -- -- -- (37.86)% All contract charges -- 197 $ 14,153 1.92% -- 2007 Lowest contract charge 0.50% Class B (c) $ 117.33 -- -- -- (2.99)% Highest contract charge 1.45% Class B (c) $ 114.37 -- -- -- (3.92)% All contract charges -- 199 $ 22,805 1.69% -- 2006 Lowest contract charge 0.50% Class B (c) $ 120.95 -- -- -- 15.33% Highest contract charge 1.45% Class B (c) $ 119.04 -- -- -- 14.23% All contract charges -- 152 $ 18,187 3.08% -- 2005 Lowest contract charge 0.50% Class B (c) $ 104.88 -- -- -- 4.88% Highest contract charge 1.45% Class B (c) $ 104.21 -- -- -- 4.21% All contract charges -- 64 $ 6,674 2.03% -- EQ/Van Kampen Emerging Markets Equity ------------------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 145.67 -- -- -- (57.56)% Highest contract charge 1.45% Class B $ 156.59 -- -- -- (57.97)% All contract charges -- 2,129 $253,220 0.14% -- 2007 Lowest contract charge 0.50% Class B $ 343.25 -- -- -- 41.30% Highest contract charge 1.45% Class B $ 372.58 -- -- -- 39.95% All contract charges -- 2,232 $634,802 -- --
FSA-101 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- -------------- EQ/Van Kampen Emerging Markets Equity (Continued) ------------------------------------------------- 2006 Lowest contract charge 0.50% Class B $ 242.92 -- -- -- 36.37% Highest contract charge 1.45% Class B $ 266.22 -- -- -- 35.07% All contract charges -- 2,029 $ 410,513 0.43% -- 2005 Lowest contract charge 0.50% Class B $ 178.13 -- -- -- 32.12% Highest contract charge 1.45% Class B $ 197.09 -- -- -- 30.86% All contract charges -- 1,693 $ 250,448 0.59% -- 2004 Lowest contract charge 0.50% Class B $ 134.82 -- -- -- 23.06% Highest contract charge 1.45% Class B $ 150.61 -- -- -- 21.88% All contract charges -- 1,293 $ 146,341 0.68% -- EQ/Van Kampen Mid Cap Growth ---------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (c) $ 86.36 -- -- -- (47.59)% Highest contract charge 1.45% Class B (c) $ 83.37 -- -- -- (48.09)% All contract charges -- 384 $ 32,050 0.00% -- 2007 Lowest contract charge 0.50% Class B (c) $ 164.77 -- -- -- 21.80% Highest contract charge 1.45% Class B (c) $ 160.61 -- -- -- 20.63% All contract charges -- 286 $ 45,962 0.34% -- 2006 Lowest contract charge 0.50% Class B (c) $ 135.28 -- -- -- 8.71% Highest contract charge 1.45% Class B (c) $ 133.14 -- -- -- 7.68% All contract charges -- 116 $ 15,516 0.47% -- 2005 Lowest contract charge 0.50% Class B (c) $ 124.44 -- -- -- 24.44% Highest contract charge 1.45% Class B (c) $ 123.65 -- -- -- 23.65% All contract charges -- 39 $ 4,864 -- -- EQ/Van Kampen Real Estate (m) ----------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (o) $ 50.59 -- -- -- (39.22)% Highest contract charge 1.45% Class B (o) $ 49.87 -- -- -- (39.79)% All contract charges -- 1,607 $ 80,374 2.40% -- 2007 Lowest contract charge 0.50% Class B (o) $ 83.23 -- -- -- (16.77)% Highest contract charge 1.45% Class B (o) $ 82.82 -- -- -- (17.18)% All contract charges -- 1,582 $ 131,033 0.76% -- Multimanager Aggressive Equity ------------------------------ Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class A (g) $ 62.19 -- -- -- (46.81)% Highest contract charge 1.45% Class A $ 45.52 -- -- -- (47.32)% All contract charges -- 7,902 $ 406,785 0.49% -- 2007 Lowest contract charge 0.50% Class A (g) $ 116.93 -- -- -- 11.11% Highest contract charge 1.45% Class A $ 86.41 -- -- -- 10.03% All contract charges -- 8,900 $ 867,396 0.10% -- 2006 Lowest contract charge 0.50% Class A (g) $ 105.24 -- -- -- 5.24% Highest contract charge 1.45% Class A $ 78.53 -- -- -- 3.85% All contract charges -- 10,463 $ 923,899 0.17% -- 2005 Lowest contract charge 0.90% Class A $ 103.39 -- -- -- 7.50% Highest contract charge 1.45% Class A $ 75.62 -- -- -- 6.90% All contract charges -- 12,174 $1,031,638 -- -- 2004 Lowest contract charge 0.90% Class A $ 96.18 -- -- -- 11.37% Highest contract charge 1.45% Class A $ 70.74 -- -- -- 10.75% All contract charges -- 13,893 $1,098,403 -- -- Multimanager Aggressive Equity ------------------------------ Unit Value 0.50% to 1.30%* 2008 Lowest contract charge 0.50% Class B $ 46.97 -- -- -- (46.94)% Highest contract charge 1.30% Class B (h) $ 60.79 -- -- -- (47.37)% All contract charges -- 133 $ 6,081 0.49% --
FSA-102 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ----------------------------------------------------------------------------- Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- ------------- Multimanager Aggressive Equity (Continued) ------------------------------------------ 2007 Lowest contract charge 0.50% Class B $ 88.52 -- -- -- 10.83% Highest contract charge 1.30% Class B (h) $ 115.50 -- -- -- 9.95% All contract charges -- 159 $13,842 0.10% -- 2006 Lowest contract charge 0.50% Class B $ 79.87 -- -- -- 4.59% Highest contract charge 1.30% Class B (h) $ 105.05 -- -- -- 5.05% All contract charges -- 190 $14,885 0.17% -- 2005 Lowest contract charge 0.50% Class B $ 76.37 -- -- -- 7.67% Highest contract charge 1.20% Class B $ 75.63 -- -- -- 6.91% All contract charges -- 203 $15,262 -- -- 2004 Lowest contract charge 0.50% Class B $ 70.93 -- -- -- 11.54% Highest contract charge 1.20% Class B $ 70.75 -- -- -- 10.75% All contract charges -- 205 $14,345 -- -- Multimanager Core Bond ---------------------- Unit Value 1.25%* 2008 1.25% Class A (q) $ 107.54 2 $ 240 4.88% 1.43% 2007 1.25% Class A (q) $ 106.02 -- -- 4.09% 6.02% Multimanager Core Bond ---------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 129.41 -- -- -- 1.95% Highest contract charge 1.45% Class B $ 121.01 -- -- -- 0.98% All contract charges -- 582 $71,497 4.88% -- 2007 Lowest contract charge 0.50% Class B $ 126.94 -- -- -- 5.73% Highest contract charge 1.45% Class B $ 119.83 -- -- -- 4.71% All contract charges -- 594 $72,099 4.09% -- 2006 Lowest contract charge 0.50% Class B $ 120.06 -- -- -- 3.25% Highest contract charge 1.45% Class B $ 114.44 -- -- -- 2.27% All contract charges -- 591 $68,372 4.11% -- 2005 Lowest contract charge 0.50% Class B $ 116.28 -- -- -- 1.24% Highest contract charge 1.45% Class B $ 111.90 -- -- -- 0.28% All contract charges -- 605 $68,268 3.47% -- 2004 Lowest contract charge 0.50% Class B $ 114.85 -- -- -- 3.37% Highest contract charge 1.45% Class B $ 111.59 -- -- -- 2.38% All contract charges -- 575 $64,676 3.24% -- Multimanager Health Care ------------------------ Unit Value 1.25%* 2008 1.25% Class A (q) $ 73.62 2 $ 111 0.00% (27.57)% 2007 1.25% Class A (q) $ 101.64 -- $ 31 0.00% 1.64% Multimanager Health Care ------------------------ Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 99.59 -- -- -- (27.18)% Highest contract charge 1.45% Class B $ 93.11 -- -- -- (27.88)% All contract charges -- 404 $37,959 0.00% -- 2007 Lowest contract charge 0.50% Class B $ 136.76 -- -- -- 8.42% Highest contract charge 1.45% Class B $ 129.11 -- -- -- 7.38% All contract charges -- 396 $51,597 -- -- 2006 Lowest contract charge 0.50% Class B $ 126.14 -- -- -- 4.61% Highest contract charge 1.45% Class B $ 120.24 -- -- -- 3.61% All contract charges -- 387 $47,061 1.05% -- 2005 Lowest contract charge 0.50% Class B $ 120.59 -- -- -- 6.43% Highest contract charge 1.45% Class B $ 116.05 -- -- -- 5.41% All contract charges -- 361 $42,208 2.61% -- 2004 Lowest contract charge 0.50% Class B $ 113.31 -- -- -- 11.57% Highest contract charge 1.45% Class B $ 110.09 -- -- -- 10.50% All contract charges -- 318 $35,180 3.73% --
FSA-103 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- -------------- Multimanager High Yield ----------------------- Unit Value 0.50% to 1.45%* -- -- -- (23.70)% 2008 Lowest contract charge 0.50% Class A (g) $ 80.57 -- -- -- (24.43)% Highest contract charge 1.45% Class A $ 80.77 645 $ 88,735 9.05% All contract charges -- -- -- -- 2.88% 2007 Lowest contract charge 0.50% Class A (g) $ 105.59 -- -- -- 1.90% Highest contract charge 1.45% Class A $ 106.88 749 $136,313 7.58% -- All contract charges -- -- -- -- 2.63% 2006 Lowest contract charge 0.50% Class A (g) $ 102.63 -- -- -- 8.61% Highest contract charge 1.45% Class A $ 104.89 767 $137,007 7.11% -- All contract charges -- -- -- -- 2.39% 2005 Lowest contract charge 0.90% Class A $ 144.66 -- -- -- 1.82% Highest contract charge 1.45% Class A $ 96.58 799 $131,305 7.88% -- All contract charges -- -- -- -- 7.96% 2004 Lowest contract charge 0.90% Class A $ 141.28 -- -- -- 7.36% Highest contract charge 1.45% Class A $ 94.85 827 $133,524 6.69% -- All contract charges -- Multimanager High Yield ----------------------- Unit Value 0.50% to 1.30%* -- -- -- (23.89)% 2008 Lowest contract charge 0.50% Class B $ 105.16 -- -- -- (24.49)% Highest contract charge 1.30% Class B (h) $ 78.76 298 $ 26,227 9.05% -- All contract charges -- -- -- -- 2.62% 2007 Lowest contract charge 0.50% Class B $ 138.16 -- -- -- 1.81% Highest contract charge 1.30% Class B (h) $ 104.30 384 $ 44,436 7.58% -- All contract charges -- -- -- -- 9.38% 2006 Lowest contract charge 0.50% Class B $ 134.63 -- -- -- 2.45% Highest contract charge 1.30% Class B (h) $ 102.45 379 $ 42,859 7.11% -- All contract charges -- -- -- -- 2.54% 2005 Lowest contract charge 0.50% Class B $ 123.08 -- -- -- 1.83% Highest contract charge 1.20% Class B $ 96.58 379 $ 39,438 7.88% -- All contract charges -- -- -- -- 8.13% 2004 Lowest contract charge 0.50% Class B $ 120.03 -- -- -- 7.37% Highest contract charge 1.20% Class B $ 94.85 319 $ 32,690 6.69% -- All contract charges -- Multimanager International Equity --------------------------------- Unit Value 1.25%* 2 $ 107 1.53% (47.76)% 2008 1.25% Class A (q) $ 52.61 -- $ 7 0.72% 0.71% 2007 1.25% Class A (q) $ 100.71 Multimanager International Equity --------------------------------- Unit Value 0.50% to 1.45%* -- -- -- (47.50)% 2008 Lowest contract charge 0.50% Class B $ 103.86 -- -- -- (48.00)% Highest contract charge 1.45% Class B $ 97.11 616 $ 60,647 1.53% -- All contract charges -- -- -- -- 11.87% 2007 Lowest contract charge 0.50% Class B $ 197.82 -- -- -- 10.79% Highest contract charge 1.45% Class B $ 186.75 644 $121,692 0.72% -- All contract charges -- -- -- -- 24.69% 2006 Lowest contract charge 0.50% Class B $ 176.83 -- -- -- 23.50% Highest contract charge 1.45% Class B $ 168.56 615 $104,906 2.18% -- All contract charges -- -- -- -- 14.87% 2005 Lowest contract charge 0.50% Class B $ 141.82 -- -- -- 13.77% Highest contract charge 1.45% Class B $ 136.48 472 $ 65,031 4.04% -- All contract charges -- -- -- -- 17.32% 2004 Lowest contract charge 0.50% Class B $ 123.46 -- -- -- 16.20% Highest contract charge 1.45% Class B $ 119.96 402 $ 48,558 2.20% -- All contract charges --
FSA-104 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- -------------- Multimanager Large Cap Core Equity ---------------------------------- Unit Value 1.25%* 2008 1.25% Class A (q) $ 57.00 -- -- 0.51% (40.14)% 2007 1.25% Class A (q) $ 95.23 -- -- 0.43% (4.77)% Multimanager Large Cap Core Equity ---------------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 80.89 -- -- -- (39.85)% Highest contract charge 1.45% Class B $ 75.64 -- -- -- (40.41)% All contract charges -- 159 $12,192 0.51% -- 2007 Lowest contract charge 0.50% Class B $ 134.47 -- -- -- 4.48% Highest contract charge 1.45% Class B $ 126.94 -- -- -- 3.47% All contract charges -- 173 $22,281 0.43% -- 2006 Lowest contract charge 0.50% Class B $ 128.70 -- -- -- 13.01% Highest contract charge 1.45% Class B $ 122.68 -- -- -- 11.94% All contract charges -- 162 $20,110 0.60% -- 2005 Lowest contract charge 0.50% Class B $ 113.89 -- -- -- 6.20% Highest contract charge 1.45% Class B $ 109.60 -- -- -- 5.18% All contract charges -- 175 $19,342 0.80% -- 2004 Lowest contract charge 0.50% Class B $ 107.24 -- -- -- 9.13% Highest contract charge 1.45% Class B $ 104.20 -- -- -- 8.08% All contract charges -- 178 $18,705 2.30% -- Multimanager Large Cap Growth ----------------------------- Unit Value 1.25%* 2008 1.25% Class A (q) $ 55.11 -- -- 0.00% (45.99)% 2007 1.25% Class A (q) $ 102.03 -- -- 0.00% 2.03% Multimanager Large Cap Growth ----------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 60.51 -- -- -- (45.65)% Highest contract charge 1.45% Class B $ 56.58 -- -- -- (46.17)% All contract charges -- 394 $22,690 0.00% -- 2007 Lowest contract charge 0.50% Class B $ 111.34 -- -- -- 10.69% Highest contract charge 1.45% Class B $ 105.11 -- -- -- 9.63% All contract charges -- 386 $41,221 -- -- 2006 Lowest contract charge 0.50% Class B $ 100.59 -- -- -- (0.39)% Highest contract charge 1.45% Class B $ 95.88 -- -- -- (1.34)% All contract charges -- 383 $37,071 -- -- 2005 Lowest contract charge 0.50% Class B $ 100.98 -- -- -- 6.95% Highest contract charge 1.45% Class B $ 97.18 -- -- -- 5.94% All contract charges -- 388 $38,002 -- -- 2004 Lowest contract charge 0.50% Class B $ 94.42 -- -- -- 6.13% Highest contract charge 1.45% Class B $ 91.74 -- -- -- 5.12% All contract charges -- 379 $35,019 -- -- Multimanager Large Cap Value ---------------------------- Unit Value 1.25%* 2008 1.25% Class A (q) $ 58.30 4 250 1.42% (38.08)% 2007 1.25% Class A (q) $ 94.15 1 $ 55 1.12% (5.85)% Multimanager Large Cap Value ---------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 96.17 -- -- -- (37.77)% Highest contract charge 1.45% Class B $ 89.92 -- -- -- (38.36)% All contract charges -- 523 $47,681 1.42% -- 2007 Lowest contract charge 0.50% Class B $ 154.53 -- -- -- 3.12% Highest contract charge 1.45% Class B $ 145.88 -- -- -- 2.13% All contract charges -- 501 73,897 1.12% --
FSA-105 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- -------------- Multimanager Large Cap Value (Continued) ---------------------------------------- 2006 Lowest contract charge 0.50% Class B $ 149.85 -- -- -- 18.73% Highest contract charge 1.45% Class B $ 142.84 -- -- -- 17.60% All contract charges -- 457 $65,936 2.93% -- 2005 Lowest contract charge 0.50% Class B $ 126.22 -- -- -- 6.56% Highest contract charge 1.45% Class B $ 121.47 -- -- -- 5.55% All contract charges -- 371 $45,368 3.03% -- 2004 Lowest contract charge 0.50% Class B $ 118.45 -- -- -- 13.85% Highest contract charge 1.45% Class B $ 115.08 -- -- -- 12.77% All contract charges -- 295 $34,179 5.97% -- Multimanager Mid Cap Growth --------------------------- Unit Value 1.25%* 2008 1.25% Class A (q) $ 54.68 1 $ 59 0.00% (44.28)% 2007 1.25% Class A (q) $ 98.14 -- -- 0.00% (1.86)% Multimanager Mid Cap Growth --------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 71.31 -- -- -- (43.86)% Highest contract charge 1.45% Class B $ 66.68 -- -- -- (44.40)% All contract charges -- 679 $46,112 0.00% -- 2007 Lowest contract charge 0.50% Class B $ 127.03 -- -- -- 11.34% Highest contract charge 1.45% Class B $ 119.92 -- -- -- 10.27% All contract charges -- 730 $88,998 -- -- 2006 Lowest contract charge 0.50% Class B $ 114.09 -- -- -- 9.07% Highest contract charge 1.45% Class B $ 108.75 -- -- -- 8.03% All contract charges -- 753 $82,924 0.51% -- 2005 Lowest contract charge 0.50% Class B $ 104.60 -- -- -- 7.85% Highest contract charge 1.45% Class B $ 100.66 -- -- -- 6.81% All contract charges -- 768 $78,075 1.61% -- 2004 Lowest contract charge 0.50% Class B $ 96.99 -- -- -- 11.17% Highest contract charge 1.45% Class B $ 94.24 -- -- -- 10.11% All contract charges -- 753 $71,596 1.57% -- Multimanager Mid Cap Value -------------------------- Unit Value 1.25%* 2008 1.25% Class A (q) $ 55.86 1 $ 80 0.45% (36.62)% 2007 1.25% Class A (q) $ 88.13 -- -- 0.00% (11.87)% Multimanager Mid Cap Value -------------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B $ 92.21 -- -- -- (36.28)% Highest contract charge 1.45% Class B $ 86.21 -- -- -- (36.90)% All contract charges -- 478 $41,835 0.45% -- 2007 Lowest contract charge 0.50% Class B $ 144.72 -- -- -- (0.41)% Highest contract charge 1.45% Class B $ 136.63 -- -- -- (1.36)% All contract charges -- 514 $71,135 -- -- 2006 Lowest contract charge 0.50% Class B $ 145.32 -- -- -- 14.16% Highest contract charge 1.45% Class B $ 138.52 -- -- -- 13.07% All contract charges -- 539 $75,665 1.69% -- 2005 Lowest contract charge 0.50% Class B $ 127.30 -- -- -- 6.81% Highest contract charge 1.45% Class B $ 122.51 -- -- -- 5.79% All contract charges -- 544 $67,218 6.80% -- 2004 Lowest contract charge 0.50% Class B $ 119.18 -- -- -- 14.61% Highest contract charge 1.45% Class B $ 115.80 -- -- -- 13.52% All contract charges -- 588 $68,546 3.78% --
FSA-106 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- -------------- Multimanager Small Cap Growth (l) --------------------------------- Unit Value 0.50% to 1.45%* -- -- -- (42.40)% 2008 Lowest contract charge 0.50% Class B (b) $ 80.00 -- -- -- (42.96)% Highest contract charge 1.45% Class B (b) $ 76.82 416 $ 32,215 0.00% -- All contract charges -- -- -- -- 3.16% 2007 Lowest contract charge 0.50% Class B (b) $138.89 -- -- -- 2.17% Highest contract charge 1.45% Class B (b) $134.67 439 $ 59,581 -- -- All contract charges -- -- -- -- 9.66% 2006 Lowest contract charge 0.50% Class B (b) $134.64 -- -- -- 8.61% Highest contract charge 1.45% Class B (b) $131.81 297 $ 39,279 1.47% -- All contract charges -- -- -- -- 6.95% 2005 Lowest contract charge 0.50% Class B (b) $122.78 -- -- -- 5.93% Highest contract charge 1.45% Class B (b) $121.35 121 $ 14,674 3.15% -- All contract charges -- -- -- -- 14.09% 2004 Lowest contract charge 0.50% Class B (b) $114.80 -- -- -- 13.88% Highest contract charge 1.45% Class B (b) $114.56 4 $ 471 -- -- All contract charges -- Multimanager Small Cap Value ---------------------------- Unit Value 1.25%* 1 $ 52 0.25% (38.64)% 2008 1.25% Class A (q) $ 52.02 -- -- 0.31% (15.22)% 2007 1.25% Class A (q) $ 84.78 Multimanager Small Cap Value ---------------------------- Unit Value 0.50% to 1.45%* -- -- -- (38.17)% 2008 Lowest contract charge 0.50% Class B $115.62 -- -- -- (38.77)% Highest contract charge 1.45% Class B $ 88.09 872 $ 97,762 0.25% -- All contract charges -- -- -- -- (10.30)% 2007 Lowest contract charge 0.50% Class B $187.01 -- -- -- (11.16)% Highest contract charge 1.45% Class B $143.86 957 $174,548 0.31% -- All contract charges -- -- -- -- 15.53% 2006 Lowest contract charge 0.50% Class B $208.48 -- -- -- 14.43% Highest contract charge 1.45% Class B $161.93 1,040 $213,071 5.68% -- All contract charges -- -- -- -- 4.16% 2005 Lowest contract charge 0.50% Class B $180.45 -- -- -- 3.17% Highest contract charge 1.45% Class B $141.51 973 $173,753 4.61% -- All contract charges -- -- -- -- 16.52% 2004 Lowest contract charge 0.50% Class B $173.24 -- -- -- 15.41% Highest contract charge 1.45% Class B $137.16 834 $144,080 6.46% -- All contract charges -- Multimanager Technology (a) --------------------------- Unit Value 1.25%* 3 $ 142 0.00% (47.62)% 2008 1.25% Class A (q) $ 54.24 1 $ 82 0.00% 3.56% 2007 1.25% Class A (q) $103.56 Multimanager Technology (a) --------------------------- Unit Value 0.50% to 1.45%* -- -- -- (47.34)% 2008 Lowest contract charge 0.50% Class B $ 68.52 -- -- -- (47.85)% Highest contract charge 1.45% Class B $ 64.06 995 $ 64,569 0.00% -- All contract charges -- -- -- -- 17.63% 2007 Lowest contract charge 0.50% Class B $130.12 -- -- -- 16.50% Highest contract charge 1.45% Class B $122.84 1,044 $129,627 -- -- All contract charges -- -- -- -- 6.76% 2006 Lowest contract charge 0.50% Class B $110.62 -- -- -- 5.74% Highest contract charge 1.45% Class B $105.44 1,063 $113,046 -- -- All contract charges --
FSA-107 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Units Net Assets Investment Total Fair Value Outstanding (000s) (000s) Income Ratio** Return*** ------------ -------------------- ------------ ---------------- -------------- Multimanager Technology (a) (Continued) --------------------------------------- 2005 Lowest contract charge 0.50% Class B $ 103.61 -- -- -- 10.71% Highest contract charge 1.45% Class B $ 99.71 -- -- -- 9.66% All contract charges -- 1,135 $113,949 -- -- 2004 Lowest contract charge 0.50% Class B $ 93.59 -- -- -- 4.46% Highest contract charge 1.45% Class B $ 90.93 -- -- -- 3.47% All contract charges -- 1,266 $115,943 1.03% -- Target 2015 Allocation ---------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (e) $ 80.16 -- -- -- (30.82)% Highest contract charge 1.45% Class B (e) $ 78.40 -- -- -- (31.49)% All contract charges -- 128 $ 10,137 3.62% -- 2007 Lowest contract charge 0.50% Class B (e) $ 115.88 -- -- -- 6.70% Highest contract charge 1.45% Class B (e) $ 114.43 -- -- -- 5.68% All contract charges -- 67 $ 7,845 5.13% -- 2006 Lowest contract charge 0.50% Class B (e) $ 108.60 -- -- -- 8.60% Highest contract charge 1.45% Class B (e) $ 108.28 -- -- -- 8.28% All contract charges -- 11 $ 1,222 10.42% -- Target 2025 Allocation ---------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (e) $ 75.68 -- -- -- (35.34)% Highest contract charge 1.45% Class B (e) $ 74.01 -- -- -- (35.96)% All contract charges -- 143 $ 10,694 3.46% -- 2007 Lowest contract charge 0.50% Class B (e) $ 117.04 -- -- -- 6.83% Highest contract charge 1.45% Class B (e) $ 115.57 -- -- -- 5.80% All contract charges -- 80 $ 9,227 4.20% -- 2006 Lowest contract charge 0.50% Class B (e) $ 109.56 -- -- -- 9.56% Highest contract charge 1.45% Class B (e) $ 109.23 -- -- -- 9.23% All contract charges -- 9 $ 1,035 8.37% -- Target 2035 Allocation ---------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (e) $ 72.76 -- -- -- (38.34)% Highest contract charge 1.45% Class B (e) $ 71.16 -- -- -- (38.94)% All contract charges -- 97 $ 6,992 3.39% -- 2007 Lowest contract charge 0.50% Class B (e) $ 118.01 -- -- -- 6.84% Highest contract charge 1.45% Class B (e) $ 116.54 -- -- -- 5.83% All contract charges -- 40 $ 4,736 4.13% -- 2006 Lowest contract charge 0.50% Class B (e) $ 110.45 -- -- -- 10.45% Highest contract charge 1.45% Class B (e) $ 110.12 -- -- -- 10.12% All contract charges -- 5 $ 531 6.64% -- Target 2045 Allocation ---------------------- Unit Value 0.50% to 1.45%* 2008 Lowest contract charge 0.50% Class B (e) $ 69.65 -- -- -- (41.63)% Highest contract charge 1.45% Class B (e) $ 68.12 -- -- -- (42.18)% All contract charges -- 69 $ 4,692 2.97% -- 2007 Lowest contract charge 0.50% Class B (e) $ 119.32 -- -- -- 7.26% Highest contract charge 1.45% Class B (e) $ 117.82 -- -- -- 6.23% All contract charges -- 29 $ 3,403 3.33% -- 2006 Lowest contract charge 0.50% Class B (e) $ 111.24 -- -- -- 11.24% Highest contract charge 1.45% Class B (e) $ 110.91 -- -- -- 10.91% All contract charges -- 3 $ 380 7.39% --
---------- (a) A substitution of Multimanager Technology for EQ/Technology occurred on May 14, 2004. (b) Units were made available for sale on October 25, 2004. (c) Units were made available for sale on May 9, 2005. FSA-108 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT A Notes to Financial Statements (Concluded) December 31, 2008 8. Accumulation Unit Values (Concluded) (d) Units were made available for sale on October 17, 2005. (e) Units were mad eavailable for sale on September 18, 2006. (f) A substitution of EQ/AXA Rosenberg Long/Short Equity was made for Laudus Rosenberg VIT Long/Short Equity on November 17, 2006. (g) Units were made available for sale on November 6, 2006. (h) Units were made available for sale on December 4, 2006. (i) Units were made available for sale on May 18, 2007. (j) A substitution of EQ/Capital Guardian Research was made for EQ/Capital Guardian U.S. Equity on July 6, 2007. (k) A substitution of EQ/T. Rowe Price Growth Stock was made for EQ/Janus Large Cap Growth on July 6, 2007. (l) A substitution of Multimanager Small Cap Growth was made for EQ/Wells Fargo Montgomery Small Cap on July 6, 2007. (m) A substitution of EQ/Van Kampen Real Estate was made for U.S. Real Estate on August 17, 2007. (n) A substitution of EQ/Large Cap Value Plus was made for EQ/AllianceBernstein Growth and Income on August 17, 2007. (o) Units were made available for sale on August 17, 2007. (p) Units were made available for sale on March 31, 2008. (q) Units were made available for sale on July 15, 2007. + Reflects maximum allowable charge. Current charge is 1.40%. * Expenses as percentage of average net assets (0.50%, 0.74%, 0.90%, 1.10%, 1.20%, 1.25%, 1.30%, 1.45%, and 1.49% annualized) consisting primarily of mortality and expense charges, for each period indicated. The ratios included only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner account through the redemption of units and expenses of the underlying fund have been excluded. The summary may not reflect the minimum and maximum contract charges offered by the Company as contractowners may not have selected all available and applicable contract options. ** The Investment Income ratio represents the dividends, excluding distributions of capital gains, received by the Account from the underlying mutual fund, net of trust fees and expenses divided by the average net assets. These ratios exclude those expenses, such as asset-based charges, that result in direct reductions in the unit values. The recognition of investment income by the Account is affected by the timing of the declaration of dividends by the underlying fund in which the Account invests. *** These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for each period indicated from the effective date through the end of the reporting period. FSA-109 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AXA EQUITABLE LIFE INSURANCE COMPANY Report of Independent Registered Public Accounting Firm.................. F-1 Consolidated Financial Statements: Consolidated Balance Sheets, December 31, 2008 and 2007................ F-2 Consolidated Statements of Earnings, Years Ended December 31, 2008, 2007 and 2006........................................................ F-3 Consolidated Statements of Shareholder's Equity and Comprehensive Income, Years Ended December 31, 2008, 2007 and 2006................. F-4 Consolidated Statements of Cash Flows, Years Ended December 31, 2008, 2007 and 2006........................................................ F-5 Notes to Consolidated Financial Statements............................. F-7 FS-1 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholder of AXA Equitable Life Insurance Company In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of earnings, of shareholder's equity and comprehensive income and of cash flows present fairly, in all material respects, the financial position of AXA Equitable Life Insurance Company and its subsidiaries ("AXA Equitable") at December 31, 2008 and 2007, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2008 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of AXA Equitable's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As discussed in Note 2 of the Notes to Consolidated Financial Statements, AXA Equitable adopted a framework for measuring fair value on January 1, 2008. Also, AXA Equitable changed its method of accounting for uncertainty in income taxes on January 1, 2007 and for defined benefit pension and other postretirement plans on December 31, 2006. /s/ PricewaterhouseCoopers LLP New York, New York March 13, 2009 F-1 AXA EQUITABLE LIFE INSURANCE COMPANY CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2008 AND 2007
2008 2007 ----------------- ----------------- (IN MILLIONS) ASSETS Investments: Fixed maturities available for sale, at estimated fair value............. $ 23,831.0 $ 27,159.5 Mortgage loans on real estate............................................ 3,673.9 3,730.6 Equity real estate, held for the production of income.................... 370.3 381.7 Policy loans............................................................. 3,700.3 3,938.8 Other equity investments................................................. 1,646.8 1,820.3 Trading securities...................................................... 322.7 573.3 Other invested assets.................................................... 1,501.4 1,000.9 ----------------- ----------------- Total investments...................................................... 35,046.4 38,605.1 Cash and cash equivalents................................................... 2,403.9 1,173.2 Cash and securities segregated, at estimated fair value..................... 2,572.6 2,370.0 Broker-dealer related receivables........................................... 1,020.4 1,623.5 Deferred policy acquisition costs........................................... 7,482.0 9,019.3 Goodwill and other intangible assets, net................................... 3,702.4 3,724.6 Amounts due from reinsurers................................................. 2,897.2 2,890.6 Loans to affiliates......................................................... 588.3 638.3 Other assets................................................................ 12,926.0 3,341.8 Separate Accounts' assets................................................... 67,627.0 96,539.6 ----------------- ----------------- TOTAL ASSETS................................................................ $ 136,266.2 $ 159,926.0 ================= ================= LIABILITIES Policyholders' account balances............................................. $ 24,742.5 $ 25,168.2 Future policy benefits and other policyholders liabilities.................. 17,733.1 14,304.7 Broker-dealer related payables.............................................. 485.5 595.1 Customers related payables.................................................. 2,753.1 2,722.2 Amounts due to reinsurers................................................... 64.2 1,119.5 Short-term and long-term debt............................................... 484.6 982.0 Loans from affiliates....................................................... 1,325.0 325.0 Income taxes payable........................................................ 3,813.2 3,398.9 Other liabilities........................................................... 2,842.5 1,963.2 Separate Accounts' liabilities.............................................. 67,627.0 96,539.6 Minority interest in equity of consolidated subsidiaries.................... 2,896.9 2,478.9 Minority interest subject to redemption rights.............................. 135.0 142.7 ----------------- ----------------- Total liabilities...................................................... 124,902.6 149,740.0 ----------------- ----------------- Commitments and contingent liabilities (Notes 2, 7, 10, 11, 12, 13, 18 and 19) SHAREHOLDER'S EQUITY Common stock, $1.25 par value, 2.0 million shares authorized, issued and outstanding................................................... 2.5 2.5 Capital in excess of par value.............................................. 5,184.1 5,265.4 Retained earnings........................................................... 8,412.6 5,186.0 Accumulated other comprehensive loss........................................ (2,235.6) (267.9) ----------------- ----------------- Total shareholder's equity............................................. 11,363.6 10,186.0 ----------------- ----------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY.................................. $ 136,266.2 $ 159,926.0 ================= =================
See Notes to Consolidated Financial Statements. F-2 AXA EQUITABLE LIFE INSURANCE COMPANY CONSOLIDATED STATEMENTS OF EARNINGS YEARS ENDED DECEMBER 31, 2008, 2007 AND 2006
2008 2007 2006 ----------------- ----------------- ----------------- (IN MILLIONS) REVENUES Universal life and investment-type product policy fee income........................................... $ 2,951.7 $ 2,741.7 $ 2,252.7 Premiums...................................................... 758.6 804.9 817.8 Net investment income......................................... 9,093.7 2,688.4 2,389.2 Investment (losses) gains, net................................ (338.5) (7.2) 46.9 Commissions, fees and other income............................ 6,115.8 5,180.6 4,373.0 ----------------- ----------------- ----------------- Total revenues.......................................... 18,581.3 11,408.4 9,879.6 ----------------- ----------------- ----------------- BENEFITS AND OTHER DEDUCTIONS Policyholders' benefits....................................... 4,702.6 1,998.5 1,960.5 Interest credited to policyholders' account balances.......... 1,065.3 1,065.2 1,082.5 Compensation and benefits..................................... 1,989.1 2,453.2 2,090.4 Commissions................................................... 1,437.1 1,744.2 1,394.4 Distribution plan payments.................................... 274.4 335.1 292.9 Amortization of deferred sales commissions.................... 79.1 95.5 100.4 Interest expense.............................................. 58.5 72.0 70.4 Amortization of deferred policy acquisition costs............. 3,484.7 1,099.2 689.3 Capitalization of deferred policy acquisition costs........... (1,394.1) (1,719.3) (1,363.4) Rent expense.................................................. 246.6 224.3 204.1 Amortization of other intangible assets....................... 23.7 23.2 23.6 Other operating costs and expenses............................ 1,196.0 1,317.9 1,254.2 ----------------- ----------------- ----------------- Total benefits and other deductions..................... 13,163.0 8,709.0 7,799.3 ----------------- ----------------- ----------------- Earnings from continuing operations before income taxes and minority interest.......................... 5,418.3 2,699.4 2,080.3 Income taxes.................................................. (1,701.9) (759.8) (424.5) Minority interest in net income of consolidated subsidiaries.. (470.0) (702.9) (608.3) ----------------- ----------------- ----------------- Earnings from continuing operations........................... 3,246.4 1,236.7 1,047.5 (Losses) earnings from discontinued operations, net of income taxes........................................ (26.1) (5.9) 31.2 Gains (losses) on disposal of discontinued operations, net of income taxes........................................ 6.3 2.8 (1.9) ----------------- ----------------- ----------------- NET EARNINGS.................................................. $ 3,226.6 $ 1,233.6 $ 1,076.8 ================= ================= =================
See Notes to Consolidated Financial Statements. F-3 AXA EQUITABLE LIFE INSURANCE COMPANY CONSOLIDATED STATEMENTS OF SHAREHOLDER'S EQUITY AND COMPREHENSIVE INCOME YEARS ENDED DECEMBER 31, 2008, 2007 AND 2006
2008 2007 2006 ----------------- ---------------- ---------------- (IN MILLIONS) SHAREHOLDER'S EQUITY Common stock, at par value, beginning and end of year............. $ 2.5 $ 2.5 $ 2.5 ----------------- ---------------- ---------------- Capital in excess of par value, beginning of year................. 5,265.4 5,139.6 4,976.3 Changes in capital in excess of par value......................... (81.3) 125.8 163.3 ----------------- ---------------- ---------------- Capital in excess of par value, end of year....................... 5,184.1 5,265.4 5,139.6 ----------------- ---------------- ---------------- Retained earnings, beginning of year.............................. 5,186.0 4,507.6 4,030.8 Cumulative effect adjustment to adopt FIN 48...................... - 44.8 - ----------------- ---------------- ---------------- Retained earnings, beginning of year as adjusted.................. 5,186.0 4,552.4 4,030.8 Net earnings...................................................... 3,226.6 1,233.6 1,076.8 Dividends on common stock......................................... - (600.0) (600.0) ----------------- ---------------- ---------------- Retained earnings, end of year.................................... 8,412.6 5,186.0 4,507.6 ----------------- ---------------- ---------------- Accumulated other comprehensive (loss) income, beginning of year.............................................. (267.9) (167.3) 432.3 Other comprehensive loss ......................................... (1,967.7) (100.6) (150.1) Adjustment to initially apply SFAS No.158, net of income taxes ... - - (449.5) ----------------- ---------------- ---------------- Accumulated other comprehensive loss, end of year................. (2,235.6) (267.9) (167.3) ----------------- ---------------- ---------------- TOTAL SHAREHOLDER'S EQUITY, END OF YEAR........................... $ 11,363.6 $ 10,186.0 $ 9,482.4 ================= ================ ================
2008 2007 2006 ----------------- ---------------- ---------------- (IN MILLIONS) COMPREHENSIVE INCOME Net earnings.................................................... $ 3,226.6 $ 1,233.6 $ 1,076.8 ----------------- ---------------- ---------------- Change in unrealized losses, net of reclassification adjustment.................................. (1,374.4) (178.6) (150.1) Defined benefit plans: Net (loss) gain arising during year.......................... (620.4) 38.8 - Prior service cost arising during year....................... - 1.7 - Less: reclassification adjustment for: Amortization of net losses included in net periodic cost... 30.8 41.2 - Amortization of net prior service credit included in net periodic cost............................ (3.7) (3.6) - Amortization of net transition asset....................... - (.1) - ----------------- ---------------- ---------------- Other comprehensive income - defined benefit plans......... (593.3) 78.0 - ----------------- ---------------- ---------------- Other comprehensive loss........................................ (1,967.7) (100.6) (150.1) ----------------- ---------------- ---------------- COMPREHENSIVE INCOME............................................ $ 1,258.9 $ 1,133.0 $ 926.7 ================= ================ ================
See Notes to Consolidated Financial Statements. F-4 AXA EQUITABLE LIFE INSURANCE COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2008, 2007 AND 2006
2008 2007 2006 ----------------- ----------------- ----------------- (IN MILLIONS) Net earnings.................................................. $ 3,226.6 $ 1,233.6 $ 1,076.8 Adjustments to reconcile net earnings to net cash provided by operating activities: Interest credited to policyholders' account balances........ 1,065.3 1,065.2 1,082.5 Universal life and investment-type product policy fee income........................................ (2,951.7) (2,741.7) (2,252.7) Net change in broker-dealer and customer related receivables/payables..................................... 618.9 98.5 117.2 Net investment income related to derivative instruments..... (7,302.1) (86.6) 302.4 Change in reinsurance recoverable with affiliate............ (6,351.5) - - Investment losses (gains), net.............................. 338.5 7.2 (46.9) Change in segregated cash and securities, net............... (202.6) (360.3) (245.0) Change in deferred policy acquisition costs................. 2,090.6 (620.1) (674.1) Change in future policy benefits............................ 2,398.0 95.4 52.7 Change in income taxes payable.............................. 1,135.0 532.9 425.9 Minority interest in net income of consolidated subsidiaries 470.0 686.3 599.9 Change in fair value of guaranteed minimum income benefit reinsurance contracts............................ (1,566.8) (6.9) 14.8 Amortization of deferred sales commissions.................. 79.1 95.5 100.4 Other depreciation and amortization......................... 140.4 133.8 144.9 Amortization of other intangible assets, net................ 23.7 23.2 23.6 (Gains) losses on disposal of discontinued operations....... (6.3) (2.8) 1.9 Change in accounts payable and accrued expenses............. (187.7) 102.6 85.5 Other, net.................................................. 75.3 81.6 61.1 ----------------- ----------------- ----------------- Net cash (used in) provided by operating activities........... (6,907.3) 337.4 870.9 ----------------- ----------------- ----------------- Cash flows from investing activities: Maturities and repayments of fixed maturities and mortgage loans....................................... 1,727.5 2,143.1 2,962.2 Sales of investments........................................ 796.2 2,356.5 1,536.9 Sale of AXA Equitable Life and Annuity...................... 60.8 - - Purchases of investments.................................... (2,106.8) (3,525.3) (4,262.3) Cash settlements related to derivative instruments.......... 5,337.0 (98.3) - Change in short-term investments............................ 29.3 107.0 65.6 Decrease in loans to affiliates............................. - 400.0 - Increase in loans to affiliates............................. - (650.0) - Change in capitalized software, leasehold improvements and EDP equipment ....................................... (163.1) (205.0) (146.1) Other, net.................................................. 155.9 (91.2) (390.4) ----------------- ----------------- ----------------- Net cash provided by (used in) investing activities........... 5,836.8 436.8 (234.1) ----------------- ----------------- -----------------
F-5 AXA EQUITABLE LIFE INSURANCE COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2008, 2007 AND 2006 CONTINUED
2008 2007 2006 ----------------- ----------------- ----------------- (IN MILLIONS) Cash flows from financing activities: Policyholders' account balances: Deposits.................................................. $ 4,384.5 $ 4,102.1 $ 3,865.2 Withdrawals from and transfers to Separate Accounts....... (2,602.8) (3,831.7) (3,569.1) Change in short-term financings............................. (497.8) 199.0 327.7 Repayments of long-term debt ............................... - - (400.0) Increase in collateralized pledged liabilities.............. 568.7 - - Proceeds from loans from affiliates......................... 1,000.0 - - Shareholder dividends paid.................................. - (600.0) (600.0) Other, net.................................................. (551.4) (592.6) (206.5) ----------------- ----------------- ----------------- Net cash provided by (used in) financing activities........... 2,301.2 (723.2) (582.7) ----------------- ----------------- ----------------- Change in cash and cash equivalents........................... 1,230.7 51.0 54.1 Cash and cash equivalents, beginning of year.................. 1,173.2 1,122.2 1,068.1 ----------------- ----------------- ----------------- Cash and Cash Equivalents, End of Year........................ $ 2,403.9 $ 1,173.2 $ 1,122.2 ================= ================= ================= Supplemental cash flow information: Interest Paid............................................... $ 34.4 $ 52.6 $ 59.9 ================= ================= ================= Income Taxes Paid (Refunded)................................ $ 257.3 $ 178.1 $ (40.8) ================= ================= =================
See Notes to Consolidated Financial Statements. F-6 AXA EQUITABLE LIFE INSURANCE COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1) ORGANIZATION AXA Equitable Life Insurance Company ("AXA Equitable," and collectively with its consolidated subsidiaries the "Company") is an indirect, wholly owned subsidiary of AXA Financial, Inc. ("AXA Financial," and collectively with its consolidated subsidiaries, "AXA Financial Group"). AXA Financial is a wholly owned subsidiary of AXA, a French holding company for an international group of insurance and related financial services companies. The Company conducts operations in two business segments: the Insurance and Investment Management segments. The Company's management evaluates the performance of each of these segments independently and allocates resources based on current and future requirements of each segment. Insurance --------- The Insurance segment offers a variety of traditional, variable and interest-sensitive life insurance products, variable and fixed-interest annuity products, mutual funds and other investment products and asset management principally to individuals and small and medium size businesses and professional and trade associations. This segment includes Separate Accounts for individual insurance and annuity products. The Company's insurance business is conducted principally by AXA Equitable and, until August 1, 2008, its wholly owned life insurance subsidiary, AXA Equitable Life and Annuity Company ("AXA Life"), formerly AXA Life and Annuity Company. On August 1, 2008 AXA Equitable sold AXA Life to AXA Equitable Financial Services, LLC, a wholly-owned subsidiary of AXA Financial, for $60.8 million in cash, which approximated AXA Equitable's investment in AXA Life. Investment Management --------------------- The Investment Management segment is principally comprised of the investment management business of AllianceBernstein L.P., a Delaware limited partnership (together with its consolidated subsidiaries "AllianceBernstein"). AllianceBernstein provides research, diversified investment management and related services globally to a broad range of clients. Its principal services include: (a) institutional investment services, servicing institutional clients including unaffiliated corporate and public employee pension funds, endowment funds, domestic and foreign institutions and governments, by means of separately managed accounts, sub-advisory relationships, structured products, collective investments trusts, mutual funds and other investment vehicles, (b) retail services, servicing individual clients, primarily by means of retail mutual funds sponsored by AllianceBernstein or an affiliated company, sub-advisory relationships in respect of mutual funds sponsored by third parties, separately managed account programs sponsored by financial intermediaries worldwide, and other investment vehicles, (c) private client services, including high-net-worth individuals, trusts and estates, charitable foundations, partnerships, private and family corporations and other entities, by means of separately managed accounts, hedge funds, mutual funds, and other investment vehicles, and (d) institutional research services by means of independent, fundamental research, portfolio strategy and brokerage-related services. Principal subsidiaries of AllianceBernstein include: SCB Inc., formerly known as Sanford C. Bernstein, Inc. ("Bernstein"), Sanford C. Bernstein & Co. LLC ("SCB LLC"), Sanford C. Bernstein Limited ("SCBL") and SCB Partners, Inc. ("SCB Partners"). This segment includes institutional Separate Accounts principally managed by AllianceBernstein that provide various investment options for large group pension clients, primarily defined benefit and contribution plans, through pooled or single group accounts. AllianceBernstein is a private partnership for Federal income tax purposes and, accordingly, is not subject to Federal and state corporate income taxes. However, AllianceBernstein is subject to a 4.0% New York City unincorporated business tax ("UBT"). Domestic corporate subsidiaries of AllianceBernstein are subject to Federal, state and local income taxes. Foreign corporate subsidiaries are generally subject to taxes in the foreign jurisdictions where they are located. The Company provides Federal and state income taxes on the undistributed earnings of non-U.S. corporate subsidiaries except to the extent that such earnings are permanently invested outside the United States. F-7 In October 2000, AllianceBernstein acquired substantially all of the assets and liabilities of SCB Inc (the "Bernstein Acquisition"). Following a two-year lockout period that ended October 2002, the former Bernstein shareholders were permitted to exercise the right to sell private units in AllianceBernstein L.P. (the "AllianceBernstein Units") that were acquired in the Bernstein Acquisition to AXA Financial or an affiliated company (the "AB Put"). In February 2007, AXA Financial purchased a tranche of 8.16 million AllianceBernstein Units pursuant to an exercise of the AB Put at a purchase price of approximately $745.7 million and recorded additional goodwill of $392.8 million and other intangible assets of $209.5 million. After this purchase, AXA Financial Group's beneficial ownership in AllianceBernstein increased by approximately 3.0% to 63.3%. Through December 31, 2008, the Company acquired 32.7 million AllianceBernstein Units pursuant to the AB Put at the aggregate market price of $1,631.1 million and recorded additional goodwill of $733.8 million and other intangible assets of $251.7 million. At December 31, 2008 and 2007, the Company's consolidated economic interest in AllianceBernstein was 37.4% and 45.5%, respectively. At December 31, 2008 and 2007, AXA Financial Group's beneficial ownership in AllianceBernstein was approximately 62.4% and 63.2%, respectively. Minority interest subject to redemption rights on the consolidated balance sheets represents the remaining private AllianceBernstein Units still held by former Bernstein shareholders. On January 6, 2009, AXA America Holdings Inc. ("AXA America"), an indirect wholly owned subsidiary of AXA, purchased the remaining 8.16 million AllianceBernstein Units from SCB Partners at a price of $18.349 per Unit pursuant to the final installment of the AB Put. 2) SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation ----------------------------------------------------- The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions (including normal, recurring accruals) that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. The accompanying consolidated financial statements reflect all adjustments necessary in the opinion of management to present fairly the consolidated financial position of the Company and its consolidated results of operations and cash flows for the periods presented. The accompanying consolidated financial statements include the accounts of AXA Equitable and its subsidiary engaged in insurance related businesses (collectively, the "Insurance Group"); other subsidiaries, principally AllianceBernstein; and those investment companies, partnerships and joint ventures in which AXA Equitable or its subsidiaries has control and a majority economic interest as well as those variable interest entities ("VIEs") that meet the requirements for consolidation. At December 31, 2008 and 2007, respectively, the Insurance Group's General Account held $1.8 million and $5.7 million of investment assets issued by VIEs and determined to be significant variable interests under Financial Accounting Standards Board ("FASB") Interpretation ("FIN") 46(R), "Consolidation of Variable Interest Entities - Revised". At December 31, 2008 and 2007, respectively, as reported in the consolidated balance sheet, these investments included $0.8 million and $4.7 million of fixed maturities (collateralized debt and loan obligations) and $1.0 million and $1.0 million of other equity investments (principally investment limited partnership interests) and are subject to ongoing review for impairment in value. These VIEs do not require consolidation because management has determined that the Insurance Group is not the primary beneficiary. These variable interests at December 31, 2008 represent the Insurance Group's maximum exposure to loss from its direct involvement with the VIEs. The Insurance Group has no further economic interest in these VIEs in the form of related guarantees, commitments, derivatives, credit enhancements or similar instruments and obligations. Management of AllianceBernstein reviews quarterly its investment management agreements and its investments in, and other financial arrangements with, certain entities that hold client assets under management ("AUM") to determine the entities that AllianceBernstein is required to consolidate under FIN 46(R). These include certain mutual fund products, hedge funds, structured products, group trusts, collective investment trusts and limited partnerships. F-8 AllianceBernstein earned investment management fees on client AUM of these entities but derived no other benefit from those assets and cannot utilize those assets in its operations. At December 31, 2008, AllianceBernstein had significant variable interests in certain other structured products and hedge funds with approximately $61.0 million in client assets under management. However, these VIEs do not require consolidation because management has determined that AllianceBernstein is not the primary beneficiary of the expected losses or expected residual returns of these entities. AllianceBernstein's maximum exposure to loss in these entities is limited to its investments of $0.1 million in and prospective investment management fees earned from these entities. All significant intercompany transactions and balances have been eliminated in consolidation. The years "2008," "2007" and "2006" refer to the years ended December 31, 2008, 2007 and 2006, respectively. Certain reclassifications have been made in the amounts presented for prior periods to conform those periods to the current presentation. Accounting Changes ------------------ On January 12, 2009, the FASB issued FASB Staff Position ("FSP") Emerging Issues Task Force ("EITF") 99-20-1, "Amendments to the Impairment Guidance of EITF Issue No. 99-20", amending EITF Issue No. 99-20, "Recognition of Interest Income and Impairment of Purchased Beneficial Interests and Beneficial Interests That Continue to be Held by a Transferor in Securitized Financial Assets". The FSP broadens the other-than-temporary impairment assessment for interests in securitized financial assets within the scope of EITF 99-20 to conform to the model applicable to all other debt securities by permitting reasonable management judgment of the probability to collect all projected cash flows. FSP EITF 99-20-1 is effective prospectively for interim and annual reporting periods ending after December 15, 2008 and application to prior periods is not permitted. At December 31, 2008, debt securities with amortized cost and fair values of approximately $1,616.8 million and $1,156.3 million comprised the population subject to this amendment. Adoption of the FSP did not have an impact on the Company's consolidated results of operations or financial position. Effective January 1, 2008, Statement of Financial Accounting Standards ("SFAS") No. 159, "The Fair Value Option for Financial Assets and Financial Liabilities including an amendment of FASB Statement No. 115," permits entities to choose to measure many financial instruments and certain other items at fair value. The objective is to improve financial reporting by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. Management has elected not to adopt the fair value option as permitted by SFAS No. 159. Effective January 1, 2008, the Company adopted SFAS No. 157, "Fair Value Measurements". SFAS No. 157 establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements. It applies only to fair value measurements that are already required or permitted by other accounting standards, except for measurements of share-based payments and measurements that are similar to, but not intended to be, fair value. Fair value is defined under SFAS No. 157 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company's adoption of SFAS No. 157 at January 1, 2008 required only a remeasurement of the fair value of the Guaranteed Minimum Income Benefit ("GMIB") reinsurance asset, resulting in an increase in net income of $68.8 million, related to an increase in the fair value of the GMIB reinsurance asset of $210.6 million, offset by increased DAC amortization of $104.7 million and increased Federal income taxes of $37.1 million. The increase in the GMIB reinsurance asset's fair value under SFAS No. 157 was due primarily to updates to the capital markets assumptions and risk margins, reflective of market participant assumptions required by the exit value model of SFAS No. 157. On February 12, 2008, the FASB issued FSP SFAS No. 157-2, which deferred the effective date of SFAS No. 157 for one year for all non-financial assets and non-financial liabilities, including goodwill and other intangible assets, except for those items that are recognized or disclosed at fair value on a recurring basis (at least annually). This deferral delays until December 31, 2009 the application of SFAS No. 157 to the Company's annual impairment testing of goodwill and other intangible assets but would require adoption in an earlier interim period in 2009 if circumstances would be indicative of an impairment event. Management F-9 does not anticipate adoption of this FSP to have significant impact on the methodologies used to measure fair value for these impairment assessments. On October 10, 2008, the FASB issued FSP SFAS No. 157-3, "Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active," which clarifies the application of SFAS No. 157 in a market that is not active and provides an example to illustrate key considerations in determining the fair value of a financial asset when the market for that financial asset is not active. FSP SFAS No. 157-3 was effective upon issuance, including prior periods for which financial statements have not been issued. Significant liquidity constraints that emerged in fourth quarter 2008 in the market for commercial mortgage-backed securities ("CMBS") resulted in the Company's adoption of this clarification for purpose of measuring the fair value of its CMBS portfolio at December 31, 2008. As a result, management concluded that an adjusted discounted cash flow methodology that maximizes the use of relevant observable inputs would produce a more representative measure of the fair value of CMBS at December 31, 2008 as compared to matrix pricing and broker quotes used at prior measurement dates and that now would require significant adjustments. The determination of fair value also considered the very limited, yet observable, CMBS transactions that occurred in fourth quarter 2008. At December 31, 2008, the fair value of the Company's CMBS portfolio was $1,674.7 million. Effective January 1, 2008, the Company adopted SFAS No. 141(R), "Business Combinations (revised 2007)" to be applied prospectively for all future acquisitions. While retaining the requirement of SFAS No. 141, "Business Combinations," to use purchase accounting for all business combinations, SFAS No. 141(R)'s new rules include the following: o The acquirer will recognize 100% of the fair values of acquired assets and assumed liabilities (with few exceptions) upon initially obtaining control even if it has not acquired 100% of the target company, o Contingent considerations will be included in the purchase price consideration on a fair value basis while transaction costs will be expensed as incurred, and o The requirements in SFAS No. 146, "Accounting for Costs Associated with Exit or Disposal Activities," must be met at the acquisition date in order to accrue for a restructuring plan. In June 2007, the American Institute of Certified Public Accountants ("AICPA") issued Statement of Position ("SOP") 07-1, "Clarification of the Scope of the Audit and Accounting Guide Investment Companies and Accounting by Parent Companies and Equity Method Investors for Investments in Investment Companies". The SOP provides guidance for determining whether an entity is within the scope of the AICPA Audit and Accounting Guide for Investment Companies (the "Guide"). The SOP addresses whether the specialized industry accounting principles of the Guide should be retained by a parent company in consolidation or by an investor that has the ability to exercise significant influence over the investment company and applies the equity method of accounting to its investment in the entity. SOP 07-1 was to have been effective for fiscal years beginning after December 15, 2007. On February 12, 2008, the FASB issued FSP SOP 07-1-1 that indefinitely delays the effective date of SOP 07-1. The delay is intended to allow the FASB time to consider a number of significant issues relating to the implementation of SOP 07-1. Effective January 1, 2007, and as more fully described in Note 15 herein, the Company adopted FIN 48, "Accounting for Uncertainty in Income Taxes," an interpretation that clarifies the recognition criteria and measurement of the economic benefits associated with tax positions taken or expected to be taken in a tax return. Under FIN 48, a tax benefit is recognized only if it is "more likely than not" to be sustained based on the technical merits of the position, assuming examination by the taxing authority, and is required to be measured at the largest amount of tax benefit that is more than 50% likely of being realized upon ultimate settlement, taking into consideration the amounts and probabilities of potential settlement outcomes. FIN 48 also addresses subsequent derecognition of tax positions, changes in the measurement of recognized tax positions, accrual and classification of interest and penalties, and accounting in interim periods. In addition, annual disclosures with respect to income taxes have been expanded by FIN 48 and require inclusion of a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the reporting period. As a result of adopting FIN 48, the Company recognized a $44.8 million cumulative-effect adjustment that increased January 1, 2007 retained earnings reflecting a decrease in the amount of unrecognized tax benefits. On January 1, 2007, the Company adopted the AICPA's SOP 05-1, "Accounting by Insurance Enterprises for Deferred Acquisition Costs in Connection with Modifications or Exchanges of Insurance Contracts". The SOP requires identification of transactions that result in a substantial change in an insurance contract. F-10 Transactions subject to review include internal contract exchanges, contract modifications via amendment, rider or endorsement and elections of benefits, features or rights contained within the contract. If determined that a substantial change has occurred, the related deferred policy acquisition costs ("DAC") and other related balances must be written off. The adoption of SOP 05-1 did not have a material impact on the Company's consolidated results of operations or financial position. On December 31, 2006, the Company implemented SFAS No. 158, "Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans," requiring employers to recognize the over or underfunded status of such benefit plans as an asset or liability in the balance sheet for reporting periods ending after December 15, 2006 and to recognize subsequent changes in that funded status as a component of other comprehensive income. The funded status of a plan is measured as the difference between plan assets at fair value and the projected benefit obligation for pension plans or the benefit obligation for any other postretirement plan. SFAS No. 158 did not change the determination of net periodic benefit cost or its presentation in the statement of earnings. However, its requirements represent a significant change to previous accounting guidance that generally delayed recognition of certain changes in plan assets and benefit obligations in the balance sheet and only required disclosure of the complete funded status of the plans in the notes to the financial statements. As required by SFAS No. 158, the $449.5 million impact of initial adoption, net of income tax and minority interest, was reported as an adjustment to the December 31, 2006 balance of accumulated other comprehensive income in the accompanying consolidated financial statements. The consequent recognition of the funded status of its defined benefit pension and other postretirement plans at December 31, 2006 reduced total assets by approximately $684.2 million principally due to the $684.2 million reduction of prepaid pension cost, and decreased total liabilities by approximately $234.7 million. The change in liabilities resulted principally from the $242.7 million decrease in income taxes payable partially offset by an increase of $12.0 million in benefit plan liabilities. SFAS No. 158 imposes an additional requirement, effective for fiscal years ending after December 15, 2008, to measure plan assets and benefit obligations as of the date of the employer's year-end balance sheet, thereby eliminating the option to elect an earlier measurement date alternative of not more than three months prior to that date, if used consistently each year. This provision of SFAS No. 158 had no impact on the Company as it already uses a December 31 measurement date for all of its plan assets and benefits obligations. On January 1, 2006, the Company adopted SFAS No. 123(R), "Share-Based Payment," which requires the cost of all share-based payments to employees to be recognized in the financial statements based on their fair values, resulting in compensation expense for certain types of the Company's equity-classified award programs for which no cost previously would have been charged to net earnings in accordance with Accounting Principles Board Opinion ("APB") No. 25, "Accounting for Stock Issued to Employees," most notably for employee options to purchase AXA American Depository Receipts ("ADRs") and AXA ordinary shares and for employee stock purchase plans. As a result of adopting SFAS No. 123(R) on January 1, 2006, consolidated earnings from continuing operations before income taxes and minority interest for 2006 was $81.8 million lower and consolidated net earnings for 2006 was $52.5 million lower than if these plans had continued to be accounted for under APB No. 25. The Company used the "modified prospective method," applying the measurement, recognition, and attribution requirements of SFAS No. 123(R) to stock-based compensation awards granted, modified, repurchased or cancelled on or after January 1, 2006. Beginning in first quarter 2006, costs associated with unvested portions of outstanding employee stock option awards at January 1, 2006 were recognized in the consolidated statement of earnings over the awards' remaining future service-vesting periods. Liability-classified awards outstanding at January 1, 2006, such as performance units and stock appreciation rights, were remeasured to fair value. The remeasurement resulted in no adjustment to their intrinsic value basis, including the cumulative effect of differences between actual and expected forfeitures, primarily due to the de minimis time remaining to expected settlement of these awards. The Company also elected the "short-cut" transition alternative for approximating the historical pool of windfall tax benefits available in shareholder's equity at January 1, 2006 as provided by the FASB in FSP FAS No. 123(R)-3, "Transition Election Related to Accounting For the Tax Effects of Share-Based Payment Awards". This historical pool represents the cumulative tax benefits of tax deductions for employee share-based payments in excess of compensation costs recognized under U.S. GAAP. In the event that a shortfall F-11 of tax benefits occurs during a reporting period (i.e., tax deductions are less than the related cumulative compensation expense), the historical pool will be reduced by the amount of the shortfall. If the shortfall exceeds the amount of the historical pool, there will be a negative impact on the results of operations. In 2008, 2007 and 2006, additional windfall tax benefits resulted from employee exercises of stock option awards. New Accounting Pronouncements ----------------------------- On December 30, 2008, the FASB issued FSP FAS 132(R)-1, "Disclosures about Employers' Postretirement Benefit Plan Assets". The FSP amended FAS. 132(R), "Disclosure about Plan Assets," to require additional disclosures about assets held in an employer's defined benefit pension or other postretirement plans, including disclosures about fair value measures similar to those of SFAS No. 157. The FSP is effective prospectively for fiscal years ending after December 15, 2009. On March 19, 2008, the FASB issued SFAS No. 161, "Disclosures about Derivative Instruments and Hedging Activities, an amendment of FASB Statement No. 133," which requires enhanced disclosures of an entity's objectives and strategies for using derivatives, including tabular presentation of fair value amounts, gains and losses, and related hedged items, with appropriate cross-referencing to the financial statements. SFAS No. 161 is effective for interim and annual reporting periods beginning January 1, 2009. On December 4, 2007, the FASB issued SFAS No. 160, "Noncontrolling Interests in Consolidated Financial Statements, an amendment of ARB No. 51". SFAS No. 160 will: o Recharacterize minority interests, currently classified within liabilities, as noncontrolling interests to be reported as a component of consolidated equity on the balance sheet, o Include total income in net income, with separate disclosure on the face of the consolidated income statement of the attribution of income between controlling and noncontrolling interests, and o Account for increases and decreases in noncontrolling interests as equity transactions with any difference between proceeds of a purchase or issuance of noncontrolling interests being accounted for as a change to the controlling entity's equity instead of as current period gains/losses in the consolidated income statement. Only when the controlling entity loses control and deconsolidates a subsidiary will a gain or loss be recognized. SFAS No. 160 is effective prospectively for fiscal years beginning on or after December 15, 2008 except for its specific transition provisions for retroactive adoption of the balance sheet and income statement presentation and disclosure requirements for existing minority interests. Management currently is assessing the impacts of adoption, including adjustments that will be required in the consolidated financial statements to conform the presentations of minority interest in the equity and net income of AllianceBernstein and the recognition of changes in the Company's ownership interest. In 2009, the Emerging Issues Task Force will consider a topic entitled "Consideration of an Insurer's Accounting for Majority Owned Investments When the Ownership Is Through a Separate Account". This issue will consider the treatment of Separate Account arrangements that involve ownership by the Separate Account of more than 50% of its mutual fund shares. Closed Block ------------ As a result of demutualization, the Closed Block was established in 1992 for the benefit of certain individual participating policies that were in force on that date. Assets, liabilities and earnings of the Closed Block are specifically identified to support its participating policyholders. Assets allocated to the Closed Block inure solely to the benefit of the Closed Block policyholders and will not revert to the benefit of AXA Equitable. No reallocation, transfer, borrowing or lending of assets can be made between the Closed Block and other portions of AXA Equitable's General Account, any of its Separate Accounts or any affiliate of AXA Equitable without the approval of the New York Superintendent of Insurance (the "Superintendent"). Closed Block assets and liabilities are carried on the same basis as similar assets and liabilities held in the General Account. The excess of Closed Block liabilities over Closed Block assets (adjusted to exclude the impact of related amounts in accumulated other comprehensive income) represents the expected maximum future post-tax earnings from the Closed Block that would be recognized in income from continuing operations over the period the policies and contracts in the Closed Block remain in force. As of January 1, 2001, the Company has developed an actuarial calculation of the expected timing of the Closed Block earnings. F-12 If the actual cumulative earnings from the Closed Block are greater than the expected cumulative earnings, only the expected earnings will be recognized in net income. Actual cumulative earnings in excess of expected cumulative earnings at any point in time are recorded as a policyholder dividend obligation because they will ultimately be paid to Closed Block policyholders as an additional policyholder dividend unless offset by future performance that is less favorable than originally expected. If a policyholder dividend obligation has been previously established and the actual Closed Block earnings in a subsequent period are less than the expected earnings for that period, the policyholder dividend obligation would be reduced (but not below zero). If, over the period the policies and contracts in the Closed Block remain in force, the actual cumulative earnings of the Closed Block are less than the expected cumulative earnings, only actual earnings would be recognized in income from continuing operations. If the Closed Block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from assets outside the Closed Block. Many expenses related to Closed Block operations, including amortization of DAC, are charged to operations outside of the Closed Block; accordingly, net revenues of the Closed Block do not represent the actual profitability of the Closed Block operations. Operating costs and expenses outside of the Closed Block are, therefore, disproportionate to the business outside of the Closed Block. Investments ----------- The carrying values of fixed maturities identified as available for sale are reported at fair value. Changes in fair value are reported in comprehensive income. The amortized cost of fixed maturities is adjusted for impairments in value deemed to be other than temporary. The redeemable preferred stock investments reported in fixed maturities include real estate investment trusts ("REIT") perpetual preferred stock, other perpetual preferred stock and redeemable preferred stock. These securities may not have a stated maturity, may not be cumulative and do not provide for mandatory redemption by the issuer. Mortgage loans on real estate are stated at unpaid principal balances, net of unamortized discounts and valuation allowances. Valuation allowances are based on the present value of expected future cash flows discounted at the loan's original effective interest rate or on its collateral value if the loan is collateral dependent. However, if foreclosure is or becomes probable, the collateral value measurement method is used. Impaired mortgage loans without provision for losses are loans where the fair value of the collateral or the net present value of the expected future cash flows related to the loan equals or exceeds the recorded investment. Interest income earned on loans where the collateral value is used to measure impairment is recorded on a cash basis. Interest income on loans where the present value method is used to measure impairment is accrued on the net carrying value amount of the loan at the interest rate used to discount the cash flows. Changes in the present value attributable to changes in the amount or timing of expected cash flows are reported as investment gains or losses. Real estate held for the production of income, including real estate acquired in satisfaction of debt, is stated at depreciated cost less valuation allowances. At the date of foreclosure (including in-substance foreclosure), real estate acquired in satisfaction of debt is valued at estimated fair value. Impaired real estate is written down to fair value with the impairment loss being included in Investment (losses) gains, net. Depreciation of real estate held for production of income is computed using the straight-line method over the estimated useful lives of the properties, which generally range from 40 to 50 years. Valuation allowances are netted against the asset categories to which they apply. Policy loans are stated at unpaid principal balances. Partnerships, investment companies and joint venture interests in which the Company has control and a majority economic interest (that is, greater than 50% of the economic return generated by the entity) or those that meet the requirements for consolidation under FIN 46(R) are consolidated; those in which the Company does not have control and a majority economic interest and those that do not meet FIN 46(R) requirements for consolidation are reported on the equity basis of accounting and are included either with equity real estate or other equity investments, as appropriate. The Company records its interests in certain of these partnerships on a one quarter lag. F-13 Equity securities, which include common stock and non-redeemable preferred stock classified as available for sale securities, are carried at fair value and are included in other equity investments with unrealized gains and losses reported as a separate component of accumulated other comprehensive income (loss) in Shareholder's equity. Trading securities, which include equity securities and fixed maturities, are carried at fair value based on quoted market prices, with unrealized gains and losses reported in Net earnings. Corporate owned life insurance ("COLI") is purchased by the Company on the lives of certain key employees; certain subsidiaries of the Company are named as beneficiaries under these policies. COLI is carried at the cash surrender value of the policies. At December 31, 2008 and 2007, the carrying value of COLI was $687.3 million and $770.7 million, respectively, and is reported in Other invested assets in the consolidated balance sheets. Short-term investments are stated at amortized cost that approximates fair value, and are included with other invested assets. Cash and cash equivalents includes cash on hand, demand deposits, money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less. Due to the short-term nature of these investments, the recorded value has been determined to approximate fair value. All securities owned including United States government and agency securities, mortgage-backed securities and futures and forwards transactions are recorded in the consolidated financial statements on a trade date basis. Derivatives ----------- The Company primarily uses derivatives for asset/liability risk management, for hedging individual securities and certain equity exposures and to reduce its exposure to interest rate fluctuations on its long-term debt obligations. Various derivative instruments are used to achieve these objectives, including interest rate floors, interest rate swaps, futures contracts and options positions. None of the derivatives were designated as qualifying hedges under SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities". The Insurance Group issues certain variable annuity products with Guaranteed Minimum Death Benefit ("GMDB"), GMIB and Guaranteed Withdrawal Benefit for Life ("GWBL") features. The risk associated with the GMDB feature is that under-performance of the financial markets could result in GMDB benefits, in the event of death, being higher than what accumulated policyholder account balances would support. The risk associated with the GMIB feature is that under-performance of the financial markets could result in GMIB benefits, in the event of election, being higher than what accumulated policyholders account balances would support. The Company currently utilizes a combination of futures contracts and interest rate swap and floor contracts to hedge such risks. However, for both GMDB and GMIB, the Company retains basis and volatility risk and risk associated with actual versus expected assumptions for mortality, lapse, surrender, withdrawal and contractholder election rates, among other things. The futures contracts are managed to correlate with changes in the value of the GMDB and GMIB feature that result from financial markets movements. In addition, the Company has purchased reinsurance contracts to mitigate the risks associated with the impact of potential market fluctuations on future policyholder elections of GMIB features contained in certain annuity contracts issued by the Company. Reinsurance contracts covering GMIB exposure as well as the GWBL features are considered derivatives for accounting purposes, and, therefore, must be reported in the balance sheet at their fair value. GMIB reinsurance and GWBL features' fair values are reported in the consolidated balance sheets in Other assets and Future policy benefits and other policyholders liabilities, respectively. Changes in GMIB reinsurance fair values are reflected in Commissions, fees and other income in the consolidated statements of earnings, while changes related to the GWBL fair values are reported in Policyholder's benefits. There can be no assurance that ultimate actual experience will not differ from management's estimates. See Note 8 herein. F-14 Margins on individual insurance and annuity contracts are affected by interest rate fluctuations. If interest rates fall, credited interest rates and dividends could be adjusted prospectively subject to minimum rate guarantees. To hedge exposure to lower interest rates for these and other reasons, the Company may use interest rate floors. The Company is exposed to equity market fluctuations through investments in Separate Accounts. The Company may enter into derivative contracts to minimize such risk. The Company is exposed to credit-related losses in the event of nonperformance by counterparties to derivative financial instruments. Generally, such credit exposure is limited to the fair value of the derivative instruments at the reporting date. All derivatives outstanding at December 31, 2008 and 2007 are recognized on the balance sheet at their fair values. The Company controls and minimizes its counterparty exposure. Exposure to credit risk is controlled with respect to each counterparty through a credit appraisal and approval process. Each counterparty is currently rated A+ or better by Moody's and Standard and Poor's rating agencies. In addition, as further described in Note 3, the Company has executed various collateral arrangements with counterparties to over-the-counter derivative transactions that require both pledging and accepting collateral either in the form of cash or high-quality securities, such as Treasuries or those issued by government agencies. All outstanding equity-based and treasury futures contracts at December 31, 2008 and 2007 were exchange-traded and are marked to market and net settled daily. All gains and losses on derivative financial instruments other than the GMIB reinsurance contracts and the GWBL features liability are reported in Net investment income. Net Investment Income, Investment (Losses) Gains, Net and Unrealized Investment Gains (Losses) -------------------------------------------------------------------- Net investment income and realized investment gains (losses), net (together, "investment results") related to certain participating group annuity contracts which are passed through to the contractholders are offset by amounts reflected as interest credited to policyholders' account balances. Realized investment gains (losses) are determined by identification with the specific asset and are presented as a component of revenue. Changes in the valuation allowances are included in Investment (losses) gains, net. Realized and unrealized holding gains (losses) on trading securities are reflected in Net investment income. Unrealized investment gains and losses on fixed maturities and equity securities available for sale held by the Company are accounted for as a separate component of accumulated comprehensive income, net of related deferred income taxes, amounts attributable to certain pension operations principally consisting of group non-participating wind-up annuity products ("Wind-up Annuities"), Closed Block's policyholders dividend obligation and DAC related to universal life and investment-type products and participating traditional life contracts. Fair Value of Other Financial Instruments ----------------------------------------- SFAS No. 157 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. SFAS No. 157 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value: Level 1 Quoted prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data. Level 3 Unobservable inputs supported by little or no market activity and often requiring significant management judgment or estimation, such as an entity's own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability. F-15 Fair value measurements classified as Level 1 include exchange-traded prices of debt and equity securities and net asset values for transacting subscriptions and redemptions of mutual fund shares held by Separate Accounts. At December 31, 2008, investments classified as Level 2 comprised approximately 24.0% of invested assets measured at fair value on a recurring basis and primarily included U.S. government and agency securities and certain corporate debt securities. As market quotes generally are not readily available or accessible for these securities, their fair value measures most often are determined through the use of model pricing that effectively discounts prospective cash flows to present value using appropriate sector-adjusted credit spreads commensurate with the security's duration, also taking into consideration issuer-specific credit quality and liquidity. These valuation methodologies have been studied and evaluated by the Company and the resulting prices determined to be representative of exit values for which the significant inputs are sourced either directly or indirectly from market observable data. At December 31, 2008, approximately $419.4 million amortized cost of CMBS securities were transferred from Level 2 to Level 3 classification. Through third quarter 2008, pricing of these securities was sourced from a third party service, whose process placed significant reliance on market trading activity. In fourth quarter 2008, the lack of sufficient observable CMBS trading data and significant volatility in the pricing of isolated trades, made it difficult, at best, to validate prices of CMBS securities below the senior AAA tranche for which limited trading continued. Consequently, the Company instead applied a risk-adjusted present value technique to the projected cash flows of these securities, as adjusted for origination year, default metrics, and level of subordination, with the objective of maximizing observable inputs. To provide for consideration of fourth quarter market transactions, the fair value measures of these CMBS securities at December 31, 2008 attributed a 10% weighting to the pricing sourced from the third party service. This weighting of multiple valuation techniques is permitted both by SFAS No. 157 and FSP FAS 157-3 and produces a more representative measure of the fair values of these CMBS securities in the circumstances. The fair value of these CMBS securities at December 31, 2008 was approximately $358.2 million. The Level 2 classification continues to include approximately $1,843.0 million AAA-rated mortgage- and asset-backed securities, including AAA senior CMBS, for which the observability of market inputs to their pricing models is supported by sufficient, albeit more recently volatile, market activity in these sectors. Determinations to classify fair value measures within Level 3 of the valuation hierarchy generally are based upon the significance of the unobservable factors to the overall fair value measurement. In addition to the CMBS securities described above, included in the Level 3 classification at December 31, 2008 were approximately $458.4 million of fixed maturities with indicative pricing obtained from brokers that otherwise could not be corroborated to market observable data. The Company applies various due-diligence procedures, as considered appropriate, to validate the pricing of investments classified as Level 3, including back-testing to historical prices, benchmarking to similar securities, and internal review by a valuation committee. Level 3 also includes the GMIB reinsurance asset and the GWBL features' liability, which are accounted for as derivatives in accordance with SFAS No. 133. The GMIB reinsurance asset reflects the present value of reinsurance premiums and recoveries and risk margins over a range of market consistent economic scenarios while the GWBL related liability reflects the present value of expected future payments (benefits) less the fees, adjusted for risk margins, attributable to the GWBL feature valued as an embedded derivative over a range of market-consistent economic scenarios. The valuation of both the asset and liability just described incorporates significant non-observable assumptions related to policyholder behavior, risk margins and projections of Separate Account funds. The Company defines fair value as the quoted market prices for those instruments that are actively traded in financial markets. In cases where quoted market prices are not available, fair values are measured using present value or other valuation techniques. The fair value determinations are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such adjustments do not reflect any premium or discount that could result from offering for sale at one time the Company's entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair values cannot be substantiated by comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument. Certain financial instruments are excluded from fair value disclosures, particularly insurance liabilities other than financial guarantees and investment contracts. Fair market values of off-balance-sheet financial instruments of the Insurance Group were not material at December 31, 2008 and 2007. F-16 Fair values for mortgage loans on real estate are measured by discounting future contractual cash flows using interest rates at which loans with similar characteristics and credit quality would be made. Fair values for foreclosed mortgage loans and problem mortgage loans are limited to the fair value of the underlying collateral if lower. The fair values for the Company's association plan contracts, supplementary contracts not involving life contingencies ("SCNILC") and certain annuities, which are included in policyholders' account balances, and guaranteed interest contracts are estimated using projected cash flows discounted at rates reflecting expected current offering rates. The fair values for variable deferred annuities and single premium deferred annuities, included in policyholders' account balances, are estimated as the discounted value of projected account values. Current account values are projected to the time of the next crediting rate review at the current crediting rates and are projected beyond that date at the greater of current estimated market rates offered on new policies or the guaranteed minimum crediting rate. Expected cash flows and projected account values are discounted back to the present at the current estimated market rates. Fair values for long-term debt are determined using published market values, where available, or contractual cash flows discounted at market interest rates. The fair values for non-recourse mortgage debt are determined by discounting contractual cash flows at a rate that takes into account the level of current market interest rates and collateral risk. The fair values for recourse mortgage debt are determined by discounting contractual cash flows at a rate based upon current interest rates of other companies with credit ratings similar to the Company. The Company's carrying value of short-term borrowings approximates fair value. Recognition of Insurance Income and Related Expenses ---------------------------------------------------- Premiums from universal life and investment-type contracts are reported as deposits to policyholders' account balances. Revenues from these contracts consist of amounts assessed during the period against policyholders' account balances for mortality charges, policy administration charges and surrender charges. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policyholders' account balances. Premiums from participating and non-participating traditional life and annuity policies with life contingencies generally are recognized in income when due. Benefits and expenses are matched with such income so as to result in the recognition of profits over the life of the contracts. This match is accomplished by means of the provision for liabilities for future policy benefits and the deferral and subsequent amortization of policy acquisition costs. For contracts with a single premium or a limited number of premium payments due over a significantly shorter period than the total period over which benefits are provided, premiums are recorded as revenue when due with any excess profit deferred and recognized in income in a constant relationship to insurance in-force or, for annuities, the amount of expected future benefit payments. Premiums from individual health contracts are recognized as income over the period to which the premiums relate in proportion to the amount of insurance protection provided. DAC --- Acquisition costs that vary with and are primarily related to the acquisition of new and renewal insurance business, including commissions, underwriting, agency and policy issue expenses, are deferred. DAC is subject to recoverability testing at the time of policy issue and loss recognition testing at the end of each accounting period. For universal life products and investment-type products, DAC is amortized over the expected total life of the contract group as a constant percentage of estimated gross profits arising principally from investment results, Separate Account fees, mortality and expense margins and surrender charges based on historical and anticipated future experience, updated at the end of each accounting period. When estimated gross profits are expected to be negative for multiple years of a contract life, DAC is amortized using the present value of estimated assessments. The effect on the amortization of DAC of revisions to estimated gross profits or F-17 assessments is reflected in earnings in the period such estimated gross profits or assessments are revised. A decrease in expected gross profits or assessments would accelerate DAC amortization. Conversely, an increase in expected gross profits or assessments would slow DAC amortization. The effect on the DAC asset that would result from realization of unrealized gains (losses) is recognized with an offset to accumulated comprehensive income in consolidated shareholder's equity as of the balance sheet date. A significant assumption in the amortization of DAC on variable and interest-sensitive life insurance and variable annuities relates to projected future Separate Account performance. Management sets estimated future gross profit assumptions related to Separate Account performance using a long-term view of expected average market returns by applying a reversion to the mean approach. In applying this approach to develop estimates of future returns, it is assumed that the market will return to an average gross long-term return estimate, developed with reference to historical long-term equity market performance and subject to assessment of the reasonableness of resulting estimates of future return assumptions. For purposes of making this reasonableness assessment, management has set limitations as to maximum and minimum future rate of return assumptions, as well as a limitation on the duration of use of these maximum or minimum rates of return. At December 31, 2008, the average gross short-term and long-term annual return estimate is 9.0% (6.7% net of product weighted average Separate Account fees), and the gross maximum and minimum annual rate of return limitations are 15.0% (12.7% net of product weighted average Separate Account fees) and 0.0% ((2.3%) net of product weighted average Separate Account fees), respectively. The maximum duration over which these rate limitations may be applied is 5 years. This approach will continue to be applied in future periods. If actual market returns continue at levels that would result in assuming future market returns of 15.0% for more than 5 years in order to reach the average gross long-term return estimate, the application of the 5 year maximum duration limitation would result in an acceleration of DAC amortization. Conversely, actual market returns resulting in assumed future market returns of 0.0% for more than 5 years would result in a required deceleration of DAC amortization. As of December 31, 2008, current projections of future average gross market returns assume a 9% return for 2009 through 2013, which is within the maximum and minimum limitations. At the end of each accounting period, the present value of estimated gross profits or assessments is updated based on historical and anticipated future experience. Due primarily to the significant reduction in Separate Accounts balances in fourth quarter 2008 and a change in the estimate of average gross short-term annual return on Separate Account balances to 9.0%, estimated gross profits on a U.S. GAAP basis for certain issue years of the Accumulator(R) product line of variable annuities are expected to be negative due to the recognition of derivative gains in earnings, while the reserves do not fully reflect the immediate impact of equity and interest market fluctuations. Therefore, the amortization method was changed from a methodology that uses the present value of estimated gross profits to the present value of estimated assessments. In addition, projections of future mortality assumptions related to variable and interest-sensitive life products are based on a long-term average of actual experience. This assumption is updated quarterly to reflect recent experience as it emerges. Improvement of life mortality in future periods from that currently projected would result in future deceleration of DAC amortization. Conversely, deterioration of life mortality in future periods from that currently projected would result in future acceleration of DAC amortization. Generally, life mortality experience has been improving in recent years. Other significant assumptions underlying gross profit estimates relate to contract persistency and General Account investment spread. For participating traditional life policies (substantially all of which are in the Closed Block), DAC is amortized over the expected total life of the contract group as a constant percentage based on the present value of the estimated gross margin amounts expected to be realized over the life of the contracts using the expected investment yield. At December 31, 2008, the average rate of assumed investment yields, excluding policy loans, was 6.2% grading to 6.0% over 10 years. Estimated gross margin includes anticipated premiums and investment results less claims and administrative expenses, changes in the net level premium reserve and expected annual policyholder dividends. The effect on the accumulated amortization of DAC of revisions to estimated gross margins is reflected in earnings in the period such estimated gross margins are revised. The effect on the DAC asset that would result from realization of unrealized gains (losses) is recognized with an offset to accumulated comprehensive income in consolidated shareholder's equity as of the balance sheet date. F-18 For non-participating traditional life policies, DAC is amortized in proportion to anticipated premiums. Assumptions as to anticipated premiums are estimated at the date of policy issue and are consistently applied during the life of the contracts. Deviations from estimated experience are reflected in earnings in the period such deviations occur. For these contracts, the amortization periods generally are for the total life of the policy. Contractholder Bonus Interest Credits ------------------------------------- Contractholder bonus interest credits are offered on certain deferred annuity products in the form of either immediate bonus interest credited or enhanced interest crediting rates for a period of time. The interest crediting expense associated with these contractholder bonus interest credits is deferred and amortized over the lives of the underlying contracts in a manner consistent with the amortization of DAC. Unamortized balances are included in Other assets. Policyholders' Account Balances and Future Policy Benefits ---------------------------------------------------------- Policyholders' account balances for universal life and investment-type contracts are equal to the policy account values. The policy account values represent an accumulation of gross premium payments plus credited interest less expense and mortality charges and withdrawals. AXA Equitable issues certain variable annuity products with GMDB and GWBL features and guaranteed minimum accumulation benefits ("GMAB"). AXA Equitable also issues certain variable annuity products that contain a GMIB feature which, if elected by the policyholder after a stipulated waiting period from contract issuance, guarantees a minimum lifetime annuity based on predetermined annuity purchase rates that may be in excess of what the contract account value can purchase at then-current annuity purchase rates. This minimum lifetime annuity is based on predetermined annuity purchase rates applied to a guaranteed minimum income benefit base. Reserves for GMDB and GMIB obligations are calculated on the basis of actuarial assumptions related to projected benefits and related contract charges generally over the lives of the contracts using assumptions consistent with those used in estimating gross profits for purposes of amortizing DAC. The determination of this estimated liability is based on models that involve numerous estimates and subjective judgments, including those regarding expected market rates of return and volatility, contract surrender and withdrawal rates, mortality experience, and, for contracts with the GMIB feature, GMIB election rates. Assumptions regarding Separate Account performance used for purposes of this calculation are set using a long-term view of expected average market returns by applying a reversion to the mean approach, consistent with that used for DAC amortization. There can be no assurance that ultimate actual experience will not differ from management's estimates. For reinsurance contracts other than those covering GMIB exposure, reinsurance recoverable balances are calculated using methodologies and assumptions that are consistent with those used to calculate the direct liabilities. Deferred cost of reinsurance associated with the reinsurance of GMDB and GMIB riders is amortized over the life of the underlying annuity contracts based on assessments. For participating traditional life policies, future policy benefit liabilities are calculated using a net level premium method on the basis of actuarial assumptions equal to guaranteed mortality and dividend fund interest rates. The liability for annual dividends represents the accrual of annual dividends earned. Terminal dividends are accrued in proportion to gross margins over the life of the contract. For non-participating traditional life insurance policies, future policy benefit liabilities are estimated using a net level premium method on the basis of actuarial assumptions as to mortality, persistency and interest established at policy issue. Assumptions established at policy issue as to mortality and persistency are based on the Insurance Group's experience that, together with interest and expense assumptions, includes a margin for adverse deviation. When the liabilities for future policy benefits plus the present value of expected future gross premiums for a product are insufficient to provide for expected future policy benefits and expenses for that product, DAC is written off and thereafter, if required, a premium deficiency reserve is established by a charge to earnings. Benefit liabilities for traditional annuities during the accumulation period are equal to accumulated contractholders' fund balances and, after annuitization, are equal to the present value of expected future payments. Interest rates used in establishing such liabilities range from 4.0% to 10.9% for life insurance liabilities and from 2.35% to 8.7% for annuity liabilities. F-19 Individual health benefit liabilities for active lives are estimated using the net level premium method and assumptions as to future morbidity, withdrawals and interest. Benefit liabilities for disabled lives are estimated using the present value of benefits method and experience assumptions as to claim terminations, expenses and interest. While management believes its disability income ("DI") reserves have been calculated on a reasonable basis and are adequate, there can be no assurance reserves will be sufficient to provide for future liabilities. Policyholders' Dividends ------------------------ The amount of policyholders' dividends to be paid (including dividends on policies included in the Closed Block) is determined annually by AXA Equitable's board of directors. The aggregate amount of policyholders' dividends is related to actual interest, mortality, morbidity and expense experience for the year and judgment as to the appropriate level of statutory surplus to be retained by AXA Equitable. At December 31, 2008, participating policies, including those in the Closed Block, represent approximately 9.73% ($27,200.0 million) of directly written life insurance in-force, net of amounts ceded. Separate Accounts ----------------- Generally, Separate Accounts established under New York State Insurance Law are not chargeable with liabilities that arise from any other business of the Insurance Group. Separate Accounts assets are subject to General Account claims only to the extent Separate Accounts assets exceed Separate Accounts liabilities. Assets and liabilities of the Separate Accounts represent the net deposits and accumulated net investment earnings less fees, held primarily for the benefit of contractholders, and for which the Insurance Group does not bear the investment risk. Separate Accounts' assets and liabilities are shown on separate lines in the consolidated balance sheets. Assets held in the Separate Accounts are carried at quoted market values or, where quoted values are not readily available or accessible for these securities, their fair value measures most often are determined through the use of model pricing that effectively discounts prospective cash flows to present value using appropriate sector adjusted credit spreads commensurate with the security's duration, also taking into consideration issuer-specific credit quality and liquidity. The assets and liabilities of three Separate Accounts are presented and accounted for as General Account assets and liabilities due to the fact that not all of the investment performance in those Separate Accounts is passed through to policyholders. Investment assets in these Separate Accounts principally consist of fixed maturities that are classified as available for sale in the accompanying consolidated financial statements. The investment results of Separate Accounts, including unrealized (losses) gains, on which the Insurance Group does not bear the investment risk are reflected directly in Separate Accounts liabilities and are not reported in revenues in the consolidated statements of earnings. For 2008, 2007 and 2006, investment results of such Separate Accounts were (losses) gains of $(33,912.8) million, $5,347.4 million and $5,689.1 million, respectively. Deposits to Separate Accounts are reported as increases in Separate Accounts liabilities and are not reported in revenues. Mortality, policy administration and surrender charges on all policies including those funded by Separate Accounts are included in revenues. The Company reports the General Account's interests in Separate Accounts as Trading securities in the consolidated balance sheets. Recognition of Investment Management Revenues and Related Expenses ------------------------------------------------------------------ Commissions, fees and other income principally include the Investment Management segment's investment advisory and service fees, distribution revenues and institutional research services revenue. Investment advisory and service base fees, generally calculated as a percentage, referred to as basis points ("BPs"), of assets under management, are recorded as revenue as the related services are performed; they include brokerage transactions charges received by SCB LLC, for certain retail, private client and institutional investment client transactions. Certain investment advisory contracts, including those with hedge funds, provide for a performance-based fee, in addition to or in lieu of a base fee that is calculated as either a percentage of absolute investment results or a percentage of the investment results in excess of or shortfall compared to a stated benchmark over a specified period of time. Performance-based fees are recorded as F-20 revenue at the end of each contract's measurement period. Institutional research services revenue consists of brokerage transaction charges received by SCB LLC and SCBL, for independent research and brokerage-related services provided to institutional investors. Brokerage transaction charges earned and related expenses are recorded on a trade date basis. Distribution revenues and shareholder servicing fees are accrued as earned. Commissions paid to financial intermediaries in connection with the sale of shares of open-end AllianceBernstein sponsored mutual funds sold without a front-end sales charge ("back-end load shares") are capitalized as deferred sales commissions and amortized over periods not exceeding five and one-half years for U.S. fund shares and four years for non-U.S. fund shares, the periods of time during which the deferred sales commissions are generally recovered. These commissions are recovered from distribution services fees received from those funds and from contingent deferred sales commissions ("CDSC") received from shareholders of those funds upon the redemption of their shares. CDSC cash recoveries are recorded as reductions of unamortized deferred sales commissions when received. AllianceBernstein's management tests the deferred sales commission asset for recoverability quarterly. AllianceBernstein's management determines recoverability by estimating undiscounted future cash flows to be realized from this asset, as compared to its recorded amount, as well as the estimated remaining life of the deferred sales commission asset over which undiscounted future cash flows are expected to be received. Undiscounted future cash flows consist of ongoing distribution services fees and CDSC. Distribution services fees are calculated as a percentage of average assets under management related to back-end load shares. CDSC are based on the lower of cost or current value, at the time of redemption, of back-end load shares redeemed and the point at which redeemed during the applicable minimum holding period under the mutual fund distribution system. Significant assumptions utilized to estimate future average assets under management and undiscounted future cash flows from back-end load shares include expected future market levels and redemption rates. Market assumptions are selected using a long-term view of expected average market returns based on historical returns of broad market indices. Future redemption rate assumptions are determined by reference to actual redemption experience over the five-year, three-year and one-year periods and current quarterly periods ended December 31, 2008. These assumptions are updated periodically. Estimates of undiscounted future cash flows and the remaining life of the deferred sales commission asset are made from these assumptions and the aggregate undiscounted cash flows are compared to the recorded value of the deferred sales commission asset. If AllianceBernstein's management determines in the future that the deferred sales commission asset is not recoverable, an impairment condition would exist and a loss would be measured as the amount by which the recorded amount of the asset exceeds its estimated fair value. Estimated fair value is determined using AllianceBernstein's management's best estimate of future cash flows discounted to a present value amount. Goodwill and Other Intangible Assets ------------------------------------ Goodwill represents the excess of the purchase price over the fair value of identifiable assets of acquired companies, and relates principally to the Bernstein Acquisition and purchases of AllianceBernstein units. In accordance with SFAS No. 142, "Goodwill and Other Intangible Assets," goodwill is tested annually for impairment and at interim periods if events or circumstances indicate an impairment could have occurred. Based on the 2008 impairment testing performed as of December 31, 2008, management determined that goodwill was not impaired. Intangible assets related to the Bernstein Acquisition and purchases of AllianceBernstein units include values assigned to contracts of businesses acquired. These intangible assets continue to be amortized on a straight-line basis over estimated useful lives of twenty years. Other intangible assets are tested for impairment quarterly. Management believes that other intangible assets were not impaired at December 31, 2008. Other Accounting Policies ------------------------- Capitalized internal-use software is amortized on a straight-line basis over the estimated useful life of the software that ranges between one and nine years. F-21 AXA Financial and certain of its consolidated subsidiaries, including the Company, file a consolidated Federal income tax return. Current Federal income taxes are charged or credited to operations based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year. Deferred income tax assets and liabilities are recognized based on the difference between financial statement carrying amounts and income tax bases of assets and liabilities using enacted income tax rates and laws. Discontinued operations include real estate held-for-sale. Real estate investments meeting the following criteria are classified as real estate held-for-sale: o Management having the authority to approve the action commits the organization to a plan to sell the property. o The property is available for immediate sale in its present condition subject only to terms that are usual and customary for the sale of such assets. o An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated and are continuing. o The sale of the asset is probable and transfer of the asset is expected to qualify for recognition as a completed sale within one year. o The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. o Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Real estate held-for-sale is stated at depreciated cost less valuation allowances. Valuation allowances on real estate held-for-sale are computed using the lower of depreciated cost or current estimated fair value, net of disposition costs. Depreciation is discontinued on real estate held-for-sale. Real estate held-for-sale is included in the Other assets line in the consolidated balance sheets. The results of operations for real estate held-for-sale in each of the three years ended December 31, 2008 were not significant. F-22 3) INVESTMENTS Fixed Maturities and Equity Securities The following tables provide additional information relating to fixed maturities and equity securities:
GROSS GROSS AMORTIZED UNREALIZED UNREALIZED ESTIMATED COST GAINS LOSSES FAIR VALUE ----------------- ----------------- ----------------- ---------------- (IN MILLIONS) DECEMBER 31, 2008 ----------------- Fixed Maturities: Available for Sale: Corporate...................... $ 18,913.6 $ 223.6 $ 1,782.7 $ 17,354.5 Mortgage and Asset Backed...... 4,242.8 76.7 580.0 3,739.5 U.S. Treasury, government and agency securities........ 1,061.9 279.7 - 1,341.6 States and political subdivisions................. 164.7 12.0 7.7 169.0 Foreign governments............ 256.3 46.5 5.6 297.2 Redeemable preferred stock..... 1,571.7 .1 642.6 929.2 ----------------- ----------------- ----------------- ---------------- Total Available for Sale..... $ 26,211.0 $ 638.6 $ 3,018.6 $ 23,831.0 ================= ================= ================= ================ Equity Securities: Available for sale............... $ 31.7 $ - $ 4.9 $ 26.8 Trading securities............... 434.9 .2 188.6 246.5 ----------------- ----------------- ----------------- ---------------- Total Equity Securities............ $ 466.6 $ .2 $ 193.5 $ 273.3 ================= ================= ================= ================ December 31, 2007 ----------------- Fixed Maturities: Available for Sale: Corporate...................... $ 19,495.5 $ 586.5 $ 290.1 $ 19,791.9 Mortgage and Asset Backed...... 4,665.3 52.5 266.5 4,451.3 U.S. Treasury, government and agency securities........ 715.4 51.8 - 767.2 States and political subdivisions................. 169.8 16.7 .6 185.9 Foreign governments............ 237.0 41.9 - 278.9 Redeemable preferred stock..... 1,730.7 51.3 97.7 1,684.3 ----------------- ----------------- ----------------- ---------------- Total Available for Sale..... $ 27,013.7 $ 800.7 $ 654.9 $ 27,159.5 ================= ================= ================= ================ Equity Securities: Available for sale............... $ 25.1 $ .8 $ .1 $ 25.8 Trading securities............... 482.2 8.7 23.8 467.1 ----------------- ----------------- ----------------- ---------------- Total Equity Securities............ $ 507.3 $ 9.5 $ 23.9 $ 492.9 ================= ================= ================= ================
At December 31, 2008 and 2007, respectively, the Company had trading fixed maturities with an amortized cost of $79.6 million and $105.3 million and carrying values of $76.2 million and $106.2 million. Gross unrealized gains on trading fixed maturities were $0.1 million and $1.0 million and gross unrealized losses were $3.5 million and $0.1 million for 2008 and 2007, respectively. The Company determines the fair value of fixed maturities and equity securities based upon quoted prices in active markets, when available, or through the use of alternative approaches when market quotes are not readily accessible or available. These alternative approaches include matrix or model pricing and use of independent pricing services, each supported by reference to principal market trades or other observable market assumptions for similar securities. More specifically, the matrix pricing approach to fair value is a discounted cash flow methodology that incorporates market interest rates commensurate with the credit quality and duration of the investment. F-23 The contractual maturity of bonds at December 31, 2008 is shown below:
AVAILABLE FOR SALE ------------------------------------ AMORTIZED ESTIMATED COST FAIR VALUE ---------------- ----------------- (IN MILLIONS) Due in one year or less.......................... $ 668.0 $ 670.7 Due in years two through five.................... 8,254.4 7,845.7 Due in years six through ten..................... 7,777.2 7,077.9 Due after ten years.............................. 3,696.9 3,568.0 ---------------- ----------------- Subtotal..................................... 20,396.5 19,162.3 Mortgage and Asset Backed........................ 4,242.8 3,739.5 ---------------- ----------------- Total .......................................... $ 24,639.3 $ 22,901.8 ================ =================
Bonds not due at a single maturity date have been included in the above table in the year of final maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The Company's management, with the assistance of its investment advisors, monitors the investment performance of its portfolio. This review process includes a quarterly review of certain assets by the Insurance Group's Investments Under Surveillance Committee that evaluates whether any investments are other than temporarily impaired. Based on the analysis, a determination is made as to the ability of the issuer to service its debt obligations on an ongoing basis. If this ability is deemed to be other than temporarily impaired, then the appropriate provisions are taken. The following table discloses the 1,373 issues of fixed maturities that have been in a continuous unrealized loss position for less than a twelve month period and greater than a twelve month period as of December 31, 2008:
LESS THAN 12 MONTHS 12 MONTHS OR LONGER TOTAL ---------------------------- ------------------------------------------------------------- GROSS GROSS GROSS ESTIMATED UNREALIZED ESTIMATED UNREALIZED ESTIMATED UNREALIZED FAIR VALUE LOSSES FAIR VALUE LOSSES FAIR VALUE LOSSES ------------ ------------- ------------- ------------- ------------- -------------- (IN MILLIONS) Fixed Maturities: Corporate.............. $ 8,636.5 $ (1,051.8) $ 3,495.8 $ (730.9) $ 12,132.3 $ (1,782.7) Mortgage and Asset Backed........ 379.9 (26.1) 1,409.6 (553.9) 1,789.5 (580.0) U.S. Treasury, government and agency securities.... - - - - - - States and political subdivisions......... 36.9 (5.2) 17.7 (2.5) 54.6 (7.7) Foreign governments.... 70.0 (5.6) - - 70.0 (5.6) Redeemable preferred stock...... 364.2 (278.1) 515.6 (364.5) 879.8 (642.6) ------------ ------------- ------------- ------------- ------------- -------------- Total Temporarily Impaired Securities.... $ 9,487.5 $ (1,366.8) $ 5,438.7 $ (1,651.8) $ 14,926.2 $ (3,018.6) ============ ============= ============= ============= ============= ==============
The Insurance Group's fixed maturity investment portfolio includes corporate high yield securities consisting primarily of public high yield bonds. These corporate high yield securities are classified as other than investment grade by the various rating agencies, i.e., a rating below Baa3/BBB- or the National Association of Insurance Commissioners ("NAIC") designation of 3 (medium grade), 4 or 5 (below investment grade) or 6 (in or near default). At December 31, 2008, approximately $900.4 million or 3.5% of the $26,211.0 million F-24 aggregate amortized cost of fixed maturities held by the Company was considered to be other than investment grade. The Insurance Group does not originate, purchase or warehouse residential mortgages and is not in the mortgage servicing business. The Insurance Group's fixed maturity investment portfolio includes Residential Mortgage Backed Securities ("RMBS") backed by subprime and Alt-A residential mortgages. RMBS are securities whose cash flows are backed by the principal and interest payments from a set of residential mortgage loans. RMBS backed by subprime and Alt-A residential mortgages consist of loans made by banks or mortgage lenders to residential borrowers with lower credit ratings. The criteria used to categorize such subprime borrowers include Fair Isaac Credit Organization ("FICO") scores, interest rates charged, debt-to-income ratios and loan-to-value ratios. Alt-A residential mortgages are mortgage loans where the risk profile falls between prime and subprime; borrowers typically have clean credit histories but the mortgage loan has an increased risk profile due to higher loan-to-value and debt-to-income ratios and /or inadequate documentation of the borrowers' income. At December 31, 2008, the Insurance Group owned $49.1 million in RMBS backed by subprime residential mortgage loans, approximately 76% rated AAA, and $26.9 million in RMBS backed by Alt-A residential mortgage loans, approximately 82% of which were rated AAA. RMBS backed by subprime and Alt-A residential mortgages are fixed income investments supporting General Account liabilities. At December 31, 2008, the carrying value of fixed maturities that were non-income producing for the twelve months preceding that date was $21.2 million. Mortgage Loans -------------- The payment terms of mortgage loans on real estate may from time to time be restructured or modified. There were no restructured mortgage loans on real estate, based on amortized cost, at December 31, 2008 or 2007. Gross interest income on such loans included in net investment income aggregated zero, $3.9 million and $4.1 million in 2008, 2007 and 2006, respectively. Gross interest income on restructured mortgage loans on real estate that would have been recorded in accordance with the original terms of such loans amounted to zero, $3.3 million and $4.8 million in 2008, 2007 and 2006, respectively. There were no impaired mortgage loans at December 31, 2008. Impaired mortgage loans along with the related investment valuation allowances at December 31, 2007 follow:
December 31, 2007 -------------- (In Millions) Impaired mortgage loans with investment valuation allowances....... $ 11.4 Impaired mortgage loans without investment valuation allowances.... - -------------- Recorded investment in impaired mortgage loans..................... 11.4 Investment valuation allowances.................................... (1.4) -------------- Net Impaired Mortgage Loans........................................ $ 10.0 ==============
During 2008, 2007 and 2006, respectively, the Company's average recorded investment in impaired mortgage loans was $7.4 million, $49.1 million and $78.8 million. Interest income recognized on these impaired mortgage loans totaled $0.6 million, $4.5 million, and, $4.5 million for 2008, 2007 and 2006, respectively. Mortgage loans on real estate are placed on nonaccrual status once management believes the collection of accrued interest is doubtful. Once mortgage loans on real estate are classified as nonaccrual loans, interest income is recognized under the cash basis of accounting and the resumption of the interest accrual would commence only after all past due interest has been collected or the mortgage loan on real estate has been restructured to where the collection of interest is considered likely. At December 31, 2008 and 2007, respectively, the carrying value of mortgage loans on real estate that had been classified as nonaccrual loans were zero and $10.0 million. F-25 Equity Real Estate ------------------ The Insurance Group's investment in equity real estate is through direct ownership and through investments in real estate joint ventures. At December 31, 2008 and 2007, respectively, the Company owned zero and $113.0 million of real estate acquired in satisfaction of debt. During 2008, 2007 and 2006, no real estate was acquired in satisfaction of debt. Accumulated depreciation on real estate was $189.8 million and $179.7 million at December 31, 2008 and 2007, respectively. Depreciation expense on real estate totaled $12.8 million, $14.2 million and $18.3 million for 2008, 2007 and 2006, respectively. Valuation Allowances for Mortgage Loans and Equity Real Estate Investment valuation allowances for mortgage loans and equity real estate and changes thereto follow:
2008 2007 2006 --------------- -------------- -------------- (IN MILLIONS) Balances, beginning of year........................ $ 1.4 $ 21.0 $ 11.8 Additions charged to income........................ - 20.9 10.1 Deductions for writedowns and asset dispositions............................... (1.4) (40.5) (.9) --------------- -------------- -------------- Balances, End of Year.............................. $ - $ 1.4 $ 21.0 =============== ============== ============== Balances, end of year comprise: Mortgage loans on real estate.................... $ - $ 1.4 $ 11.3 Equity real estate............................... - - 9.7 --------------- -------------- -------------- Total.............................................. $ - $ 1.4 $ 21.0 =============== ============== ==============
Equity Method Investments ------------------------- Included in other equity investments, are interests in limited partnership interests and investment companies accounted for under the equity method with a total carrying value of $1,414.6 million and $1,607.9 million, respectively, at December 31, 2008 and 2007. Included in equity real estate are interests in real estate joint ventures accounted for under the equity method with a total carrying value of $48.3 million and $59.7 million, respectively, at December 31, 2008 and 2007. The Company's total equity in net (losses) earnings for these real estate joint ventures and limited partnership interests was $(58.1) million, $237.1 million and $169.6 million, respectively, for 2008, 2007 and 2006. F-26 Summarized below is the combined financial information only for those real estate joint ventures and for those limited partnership interests accounted for under the equity method in which the Company has an investment of $10.0 million or greater and an equity interest of 10% or greater (4 individual ventures at both December 31, 2008 and 2007) and the Company's carrying value and equity in net earnings for those real estate joint ventures and limited partnership interests:
DECEMBER 31, ------------------------------------ 2008 2007 ---------------- ----------------- (IN MILLIONS) BALANCE SHEETS Investments in real estate, at depreciated cost........................ $ 318.2 $ 391.3 Investments in securities, generally at estimated fair value........... 47.3 99.3 Cash and cash equivalents.............................................. 7.8 2.4 Other assets........................................................... 8.7 - ---------------- ----------------- Total Assets........................................................... $ 382.0 $ 493.0 ================ ================= Borrowed funds - third party........................................... $ 190.3 $ 273.1 Other liabilities...................................................... 3.1 4.8 ---------------- ----------------- Total liabilities...................................................... 193.4 277.9 ---------------- ----------------- Partners' capital...................................................... 188.6 215.1 ---------------- ----------------- Total Liabilities and Partners' Capital................................ $ 382.0 $ 493.0 ================ ================= The Company's Carrying Value in These Entities Included Above.......... $ 110.6 $ 79.5 ================ =================
2008 2007 2006 -------------- ------------- ------------- (IN MILLIONS) STATEMENTS OF EARNINGS Revenues of real estate joint ventures.............. $ 59.9 $ 77.5 $ 88.5 Net revenues of other limited partnership interests - 15.3 (1.3) Interest expense - third party...................... (14.1) (18.2) (18.5) Other expenses...................................... (37.3) (43.8) (53.7) -------------- ------------- ------------- Net Earnings........................................ $ 8.5 $ 30.8 $ 15.0 ============== ============= ============= The Company's Equity in Net Earnings of These Entities Included Above........................... $ 12.3 $ 24.6 $ 14.4 ============== ============= =============
Derivatives ----------- At December 31, 2008, the Company had open exchange-traded futures positions on the S&P 500, Russell 1000, NASDAQ 100 and Emerging Market indices, having initial margin requirements of $453.3 million. At December 31, 2008, the Company had open exchange-traded futures positions on the 10-year U.S. Treasury Note, having initial margin requirements of $101.2 million. At that same date, the Company had open exchange-trade future positions on the Euro Stoxx, FTSE 100, European, Australasia, Far East ("EAFE") and Topix indices as well as corresponding currency futures on the Euro/U.S. dollar, Yen/U.S. dollar and Pound/U.S. dollar, having initial margin requirements of $150.2 million. All exchange-traded futures contracts are net cash settled daily. F-27 At December 31, 2008, the Company had $1,750.0 million open exchange-traded options on the S&P index to mature on January 19, 2010, consisting of a long put and short call on the index with strike prices of 881.7 and 1,021.2, respectively, and a short put position at 613.5. These positions were established in fourth quarter 2008 to mitigate the adverse effects of equity market declines on AXA Equitable statutory reserves and protect downside equity exposure to 30% but limit the opportunity for upside to approximately 16%. The contracts have not been designated as qualifying hedges under SFAS No. 133, consequently, changes in their fair values are reflected immediately in earnings. Investment income recorded on these derivatives totaled $7.1 million. The outstanding notional amounts of derivative financial instruments purchased and sold at December 31, 2008 and 2007 were:
DECEMBER 31, -------------------------------- 2008 2007 -------------- -------------- (IN MILLIONS) Notional Amount by Derivative Type: Interest rate floors............................................... $ 21,000 $ 27,000 Exchange traded U.S. Treasuries, and equity index futures.......... 10,834 6,241 Interest rate swaps................................................ 1,100 125 S&P puts/calls..................................................... 1,750 - -------------- -------------- Total.............................................................. $ 34,684 $ 33,366 ============== ==============
At December 31, 2008 and 2007 and during the years then ended, no significant financial instruments contained implicit or explicit terms that met the definition of an embedded derivative component that needed to be separated from the host contract and accounted for as a derivative under the provisions of SFAS No. 133. In 2008, the Company executed various collateral arrangements with counterparties to over-the-counter derivative transactions, primarily used in its hedging programs for managing GMDB, GMIB and GWBL exposures, that require both the pledging and accepting of collateral (either in the form of cash or high-quality Treasury or government agency securities). At December 31, 2008, the Company held $568.7 million in cash collateral delivered by trade counterparties, representing the fair value of the related derivative agreements. This unrestricted cash collateral is reported in Cash and cash equivalents, and the obligation to return it is reported in Other liabilities in the consolidated balance sheets. In addition, the Company held approximately $40.0 million U.S. Treasury securities under these collateral agreements at December 31, 2008. 4) GOODWILL AND OTHER INTANGIBLE ASSETS The carrying value of goodwill related to AllianceBernstein totaled $3,413.8 million and $3,412.1 million at December 31, 2008 and 2007, respectively. The Company tests this goodwill for recoverability each annual reporting period at December 31 and at interim periods if facts or circumstances are indicative of potential impairment. In accordance with the requirements of SFAS No. 142, the Company determined that goodwill was not impaired at December 31, 2008 and 2007 as the fair value of its investment in AllianceBernstein, the reporting unit, exceeded its carrying value at each respective measurement date. However, significant declines in AllianceBernstein's assets under management and operating results in 2008 as a result of the global financial crisis decreased the amount of the excess as compared to 2007. In addition, although the market price of AllianceBernstein Holding Units exceeded their book value at December 31, 2008 and 2007, their market value significantly decreased year-over-year. The Company primarily uses a discounted cash flow valuation technique to measure the fair value of its AllianceBernstein reporting unit for purpose of goodwill impairment testing. The underlying cash flows used in the December 31, 2008 valuation were sourced from AllianceBernstein's current business plan, which factored in current market conditions and all material events that have impacted, or that management believed at the time could potentially impact, future discounted expected cash flows for the first four years and a 7.4% compounded annual growth rate thereafter. The Company discounted these cash flows at approximately 8.2%. The resulting amount, net of minority interest, was tax-effected to reflect taxes incurred at the Company. F-28 The gross carrying amount of AllianceBernstein related intangible assets were $553.8 million and $556.2 million at December 31, 2008 and 2007, respectively, and the accumulated amortization of these intangible assets were $265.3 million and $243.7 million, respectively. Amortization expense related to the AllianceBernstein intangible assets totaled $23.7 million, $23.5 million and $23.6 million for 2008, 2007 and 2006, respectively, and estimated amortization expense for each of the next five years is expected to be approximately $21.4 million. AllianceBernstein tests intangible assets for impairment quarterly by comparing their fair value, as determined by applying a present value technique to expected cash flows, to their carrying value. Each quarter, significant assumptions used to estimate the expected cash flows from these intangible assets, primarily investment management contracts, are updated to reflect management's consideration of current market conditions on expectations made with respect to customer account attrition and asset growth rates. As of December 31, 2008, AllianceBernstein determined that these intangible assets were not impaired. At December 31, 2008 and 2007, respectively, net deferred sales commissions totaled $113.5 million and $183.6 million are included within the Investment Management segment's Other assets. The estimated amortization expense of deferred sales commissions based on the December 31, 2008 net asset balance for each of the next five years is $51.1 million, $32.4 million, $18.9 million, $8.2 million and $2.7 million. AllianceBernstein tests the deferred sales commission asset for impairment quarterly by comparing undiscounted future cash flows to the recorded value, net of accumulated amortization. Each quarter, significant assumptions used to estimate the future cash flows are updated to reflect management's consideration of current market conditions on expectations made with respect to future market levels and redemption rates. As of December 31, 2008, AllianceBernstein determined that the deferred sales commission asset was not impaired. To the extent that securities valuations remain depressed for prolonged periods of time and market conditions stagnate or worsen as a result of the global financial crisis, AllianceBernstein's assets under management, revenues, profitability, and unit price likely would be adversely affected. As a result, more frequent impairment testing may be required and potentially could result in an impairment of the goodwill, intangible assets, and/or deferred sales commission asset attributable to AllianceBernstein. In addition, subsequent impairment testing may be based upon different assumptions and future cash flow projections than used at December 31, 2008 as management's current business plan could be negatively impacted by other risks to which AllianceBernstein's business is subject, including, but not limited to, retention of investment management contracts, selling and distribution agreements, and existing relationships with clients and various financial intermediaries. Any impairment would reduce the recorded goodwill, intangible assets, and/or deferred sales commission asset amounts with a corresponding charge to earnings. F-29 5) CLOSED BLOCK Summarized financial information for the Closed Block follows:
DECEMBER 31, -------------------------------------- 2008 2007 ------------------ ------------------ (IN MILLIONS) CLOSED BLOCK LIABILITIES: Future policy benefits, policyholders' account balances and other.... $ 8,544.8 $ 8,657.3 Other liabilities.................................................... 71.3 115.2 ------------------ ------------------ Total Closed Block liabilities....................................... 8,616.1 8,772.5 ------------------ ------------------ ASSETS DESIGNATED TO THE CLOSED BLOCK: Fixed maturities, available for sale, at estimated fair value (amortized cost of $5,517.6 and $5,816.6)......................... 5,041.5 5,825.6 Mortgage loans on real estate........................................ 1,107.1 1,099.3 Policy loans......................................................... 1,180.3 1,197.5 Cash and other invested assets....................................... 104.2 4.7 Other assets......................................................... 472.4 240.1 ------------------ ------------------ Total assets designated to the Closed Block.......................... 7,905.5 8,367.2 ------------------ ------------------ Excess of Closed Block liabilities over assets designated to the Closed Block.................................................. 710.6 405.3 Amounts included in accumulated other comprehensive income: Net unrealized investment (losses) gains, net of deferred income tax benefit (expense) of $166.4 and $(3.2)............... (309.2) 5.9 ------------------ ------------------ Maximum Future Earnings To Be Recognized From Closed Block Assets and Liabilities............................................ $ 401.4 $ 411.2 ================== ==================
Closed Block revenues and expenses as follow:
2008 2007 2006 ---------------- ----------------- ------------------ (IN MILLIONS) REVENUES: Premiums and other income............................ $ 392.6 $ 409.6 $ 428.1 Investment income (net of investment expenses of $1.1, $.2, and $.1)................... 496.0 501.8 520.2 Investment (losses) gains, net....................... (47.5) 7.9 1.7 ---------------- ----------------- ------------------ Total revenues....................................... 841.1 919.3 950.0 ---------------- ----------------- ------------------ BENEFITS AND OTHER DEDUCTIONS: Policyholders' benefits and dividends................ 818.7 828.2 852.2 Other operating costs and expenses................... 7.4 2.7 3.0 ---------------- ----------------- ------------------ Total benefits and other deductions.................. 826.1 830.9 855.2 ---------------- ----------------- ------------------ Net revenues before income taxes..................... 15.0 88.4 94.8 Income tax expense................................... (5.2) (31.0) (31.1) ---------------- ----------------- ------------------ Net Revenues......................................... $ 9.8 $ 57.4 $ 63.7 ================ ================= ==================
Reconciliation of the policyholder dividend obligation follows: F-30
DECEMBER 31, ----------------------------------- 2008 2007 ---------------- ---------------- (IN MILLIONS) Balance at beginning of year.......................................... $ - $ 3.2 Increase in unrealized investment losses.............................. - (3.2) ---------------- ---------------- Balance at End of Year ............................................... $ - $ - ================ ================
There were no impaired mortgage loans at December 31, 2008 and 2007. Impaired mortgage loans along with the related investment valuation allowances at December 31, 2006 follow:
December 31, 2006 ---------------- (In Millions) Impaired mortgage loans with investment valuation allowances............ $ 17.8 Impaired mortgage loans without investment valuation allowances......... .1 ---------------- Recorded investment in impaired mortgage loans.......................... 17.9 Investment valuation allowances......................................... (7.3) ---------------- Net Impaired Mortgage Loans............................................... $ 10.6 ================
During 2008, 2007 and 2006, respectively, the Closed Block's average recorded investments in impaired mortgage loans were $0.4 million, $36.3 million and $59.9 million, respectively. Interest income recognized on these impaired mortgage loans totaled zero, $3.9 million and $3.3 million for 2008, 2007 and 2006, respectively. Valuation allowances amounted to $7.3 million on mortgage loans on real estate at December 31, 2006; there were no valuation allowances on mortgage loans at December 31, 2008 and 2007. Writedowns of fixed maturities amounted to $45.8 million, $3.0 million and $1.4 million for 2008, 2007 and 2006, respectively. 6) CONTRACTHOLDER BONUS INTEREST CREDITS Changes in the deferred asset for contractholder bonus interest credits are as follows:
DECEMBER 31, ----------------------------------- 2008 2007 --------------- ---------------- (IN MILLIONS) Balance, beginning of year............................................. $ 754.2 $ 650.7 Contractholder bonus interest credits deferred ........................ 137.6 174.7 Amortization charged to income ........................................ (83.9) (71.2) --------------- ---------------- Balance, End of Year .................................................. $ 807.9 $ 754.2 =============== ================
7) FAIR VALUE DISCLOSURES Assets and liabilities measured at fair value on a recurring basis are summarized below: FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2008
LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ---------------- ---------------- ---------------- ------------------ (IN MILLIONS) ASSETS Investments: Fixed maturities available for sale $ 149.9 $ 21,256.7 $ 2,424.4 $ 23,831.0 Other equity investments......... 63.4 - 2.0 65.4 Trading securities............... 322.6 - .1 322.7
F-31 Other invested assets............ 31.1 419.0 547.0 997.1 Loans to affiliates.................. - 588.3 - 588.3 Cash equivalents..................... 1,832.3 - - 1,832.3 Segregated securities................ 2,572.6 - - 2,572.6 GMIB reinsurance contracts........... - - 4,821.7 4,821.7 Separate Accounts' assets............ 66,044.4 1,248.3 334.3 67,627.0 ---------------- ---------------- ---------------- ------------------ Total Assets................... $ 71,016.3 $ 23,512.3 $ 8,129.5 $ 102,658.1 ================ ================ ================ ================== LIABILITIES GWBL features' liability............. $ - $ - $ 272.6 $ 272.6 ---------------- ---------------- ---------------- ------------------ Total Liabilities.............. $ - $ - $ 272.6 $ 272.6 ================ ================ ================ ==================
The table below presents a reconciliation for all Level 3 assets and liabilities at December 31, 2008: LEVEL 3 INSTRUMENTS FAIR VALUE MEASUREMENTS (IN MILLIONS)
FIXED MATURITIES OTHER OTHER GMIB SEPARATE GWBL AVAILABLE EQUITY INVESTED REINSURANCE ACCOUNTS FEATURES FOR SALE INVESTMENTS(1) ASSETS ASSET ASSETS LIABILITY -------------- -------------- ----------- -------------- ------------- ------------- BALANCE, DEC. 31, 2007....... $ 2,503.4 $ 3.0 $ 160.9 $ 124.7 $ 40.8 $ - Impact of adopting SFAS No. 157, included in earnings................ - - - 210.6 - - -------------- -------------- ----------- -------------- ------------- ------------- BALANCE, JAN. 1, 2008........ 2,503.4 3.0 160.9 335.3 40.8 - -------------- -------------- ----------- -------------- ------------- ------------- Total gains (losses), realized and unrealized, included in: Earnings as: Net investment income... 3.3 - 359.3 - - - Investment (losses) gains, net............. (144.5) (1.1) - - (17.4) - Commissions, fees and other income........... - - - 3,571.2 - - Policyholders' benefits. - - - - - 265.2 -------------- -------------- ----------- -------------- ------------- ------------- Subtotal.......... (141.2) (1.1) 359.3 3,571.2 (17.4) 265.2 -------------- -------------- ----------- -------------- ------------- ------------- Other comprehensive income.................. (384.6) .6 - - - - Purchases/issuances and sales/settlements, net..... (85.6) (.4) 26.8 915.2 248.6 7.4 Transfers into/out of Level 3(2)................. 532.4 - - - 62.3 - -------------- -------------- ----------- -------------- ------------- ------------- BALANCE, DEC. 31, 2008....... $ 2,424.4 $ 2.1 $ 547.0 $ 4,821.7 $ 334.3 $ 272.6 ============== ============== =========== ============== ============= =============
(1) Includes Trading securities' Level 3 amount. (2) Transfers into/out of Level 3 classification are reflected at beginning-of-period fair values. The table below details changes in unrealized gains (losses) for 2008 by category for Level 3 assets and liabilities still held at December 31, 2008: F-32
EARNINGS ----------------------------------------------------------------- INVESTMENT COMMISSIONS OTHER NET GAINS FEES AND POLICY- COMPRE- INVESTMENT (LOSSES), OTHER HOLDER HENSIVE INCOME NET INCOME BENEFITS INCOME ------------- -------------- -------------- -------------- -------------- (IN MILLIONS) STILL HELD AT DEC. 31, 2008: CHANGE IN UNREALIZED GAINS OR LOSSES Fixed maturities available for sale......... $ - $ - $ - $ - (394.1) Other equity investments..... - - - - .6 Other invested assets........ 386.1 - - - - Cash equivalents............. - - - - - Segregated securities........ - - - - - GMIB reinsurance contracts.......... - - 3,571.2 - - Separate Accounts' assets........... - (16.6) - - - GWBL features' liability............ - - - 265.2 - ------------- -------------- -------------- -------------- -------------- Total.................... $ 386.1 $ (16.6) $ 3,571.2 $ 265.2 (393.5) ============= ============== ============== ============== ==============
Fair value measurements are required on a non-recurring basis for certain assets, including goodwill, mortgage loans on real estate, equity real estate held for production of income, and equity real estate held for sale, only when an other-than-temporary impairment or other event occurs. When such fair value measurements are recorded, they must be classified and disclosed within the fair value hierarchy. At December 31, 2008, no assets were measured at fair value on a non-recurring basis. The carrying values and fair values for financial instruments not otherwise disclosed in Notes 3, 5, 10 and 16 of Notes to Consolidated Financial Statements are presented below: F-33
DECEMBER 31, -------------------------------------------------------------------- 2008 2007 --------------------------------- --------------------------------- CARRYING ESTIMATED Carrying Estimated VALUE FAIR VALUE Value Fair Value --------------- --------------- --------------- --------------- (IN MILLIONS) Consolidated: ------------- Mortgage loans on real estate.......... $ 3,673.9 $ 3,624.5 $ 3,730.6 $ 3,766.9 Other limited partnership interests.... 1,414.6 1,414.6 1,607.9 1,607.9 Policyholders liabilities: Investment contracts................. 3,072.9 3,162.5 3,651.5 3,712.6 Long-term debt......................... 199.9 190.8 199.8 224.6 Closed Block: ------------- Mortgage loans on real estate.......... $ 1,107.1 $ 1,102.6 $ 1,099.3 $ 1,111.4 Other equity investments............... 2.7 2.7 3.6 3.6 SCNILC liability....................... 8.6 8.6 9.2 9.2 Wind-up Annuities: ------------------ Mortgage loans on real estate.......... $ 1.2 $ 1.3 $ 2.2 $ 2.3 Other equity investments............... 1.3 1.3 1.6 1.6 Guaranteed interest contracts.......... 5.5 6.2 5.5 5.8
8) GMDB, GMIB AND NO LAPSE GUARANTEE FEATURES A) Variable Annuity Contracts - GMDB, GMIB and GWBL The Company has certain variable annuity contracts with GMDB, GMIB and/or GWBL features in-force that guarantee one of the following: o Return of Premium: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals); o Ratchet: the benefit is the greatest of current account value, premiums paid (adjusted for withdrawals), or the highest account value on any anniversary up to contractually specified ages (adjusted for withdrawals); o Roll-Up: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals) accumulated at contractually specified interest rates up to specified ages; or o Combo: the benefit is the greater of the ratchet benefit or the roll-up benefit which may include a five year or annual reset; or o Withdrawal: the withdrawal is guaranteed up to a maximum amount per year for life. F-34 The following table summarizes the GMDB and GMIB liabilities, before reinsurance ceded, reflected in the General Account in future policy benefits and other policyholders liabilities:
GMDB GMIB TOTAL ------------- ------------- -------------- (IN MILLIONS) Balance at January 1, 2006....................... $ 115.2 $ 173.6 $ 288.8 Paid guarantee benefits........................ (31.6) (3.3) (34.9) Other changes in reserve....................... 80.1 58.0 138.1 ------------- ------------- -------------- Balance at December 31, 2006..................... 163.7 228.3 392.0 Paid guarantee benefits........................ (30.6) (2.7) (33.3) Other changes in reserve....................... 120.0 84.3 204.3 ------------- ------------- -------------- Balance at December 31, 2007..................... 253.1 309.9 563.0 Paid guarantee benefits........................ (72.8) (8.2) (81.0) Other changes in reserve....................... 800.6 1,678.2 2,478.8 ------------- ------------- -------------- Balance at December 31, 2008..................... $ 980.9 $ 1,979.9 $ 2,960.8 ============= ============= ==============
Related GMDB reinsurance ceded amounts were:
GMDB ------------- (IN MILLIONS) Balance at January 1, 2006....................... $ 22.7 Paid guarantee benefits........................ (9.1) Other changes in reserve....................... 10.0 ------------- Balance at December 31, 2006..................... 23.6 Paid guarantee benefits........................ (7.6) Other changes in reserve....................... 11.5 ------------- Balance at December 31, 2007..................... 27.5 Paid guarantee benefits........................ (7.1) Other changes in reserve....................... 306.9 ------------- Balance at December 31, 2008..................... $ 327.3 =============
F-35 The December 31, 2008 values for variable annuity contracts in-force on such date with GMDB and GMIB features are presented in the following table. For contracts with the GMDB feature, the net amount at risk in the event of death is the amount by which the GMDB benefits exceed related account values. For contracts with the GMIB feature, the net amount at risk in the event of annuitization is the amount by which the present value of the GMIB benefits exceeds related account values, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. Since variable annuity contracts with GMDB guarantees may also offer GMIB guarantees in the same contract, the GMDB and GMIB amounts listed are not mutually exclusive:
RETURN OF PREMIUM RATCHET ROLL-UP COMBO TOTAL -------------- -------------- -------------- ------------- --------------- (DOLLARS IN MILLIONS) GMDB: ----- Account values invested in: General Account.................. $ 10,966 $ 329 $ 301 $ 925 $ 12,521 Separate Accounts................ $ 19,435 $ 5,680 $ 4,304 $ 24,633 $ 54,052 Net amount at risk, gross........... $ 6,079 $ 2,921 $ 3,622 $ 13,273 $ 25,895 Net amount at risk, net of amounts reinsured................ $ 6,079 $ 1,846 $ 2,427 $ 5,769 $ 16,121 Average attained age of contractholders.................. 49.4 61.9 65.9 61.9 53.1 Percentage of contractholders over age 70....................... 7.4% 24.0% 39.5% 22.1% 12.5% Range of contractually specified interest rates.................. N/A N/A 3% - 6% 3% - 6.5% GMIB: ----- Account values invested in: General Account.................. N/A N/A $ 46 $ 1,258 $ 1,304 Separate Accounts................ N/A N/A $ 2,578 $ 32,938 $ 35,516 Net amount at risk, gross........... N/A N/A $ 1,363 $ 1,527 $ 2,890 Net amount at risk, net of amounts reinsured................ N/A N/A $ 396 $ 612 $ 1,008 Weighted average years remaining until earliest annuitization..... N/A N/A 1.5 7.7 7.1 Range of contractually specified interest rates.................. N/A N/A 3% - 6% 3% - 6.5%
The GWBL related liability, which reflects the present value of expected future payments (benefits) less the fees attributable to the GWBL feature valued as an embedded derivative over a range of market consistent economic scenarios, was $272.6 million at December 31, 2008. F-36 B) Separate Account Investments by Investment Category Underlying GMDB and GMIB Features ------------------------------------------------------------------- The total account values of variable annuity contracts with GMDB and GMIB features include amounts allocated to the guaranteed interest option which is part of the General Account and variable investment options that invest through Separate Accounts in variable insurance trusts. The following table presents the aggregate fair value of assets, by major investment category, held by Separate Accounts that support variable annuity contracts with GMDB and GMIB benefits and guarantees. The investment performance of the assets impacts the related account values and, consequently, the net amount of risk associated with the GMDB and GMIB benefits and guarantees. Since variable annuity contracts with GMDB benefits and guarantees may also offer GMIB benefits and guarantees in each contract, the GMDB and GMIB amounts listed are not mutually exclusive: INVESTMENT IN VARIABLE INSURANCE TRUST MUTUAL FUNDS
DECEMBER 31, ------------------------------------ 2008 2007 ---------------- ------------------ (IN MILLIONS) GMDB: ----- Equity.............................................................. $ 30,428 $ 48,587 Fixed income........................................................ 3,745 4,392 Balanced............................................................ 17,469 20,546 Other............................................................... 2,410 2,151 ---------------- ------------------ Total............................................................... $ 54,052 $ 75,676 ================ ================== GMIB: ----- Equity.............................................................. $ 19,138 $ 27,831 Fixed income........................................................ 2,219 2,687 Balanced............................................................ 12,887 14,816 Other............................................................... 1,272 1,018 ---------------- ------------------ Total............................................................... $ 35,516 $ 46,352 ================ ==================
C) Hedging Programs for GMDB, GMIB and GWBL Features ------------------------------------------------- Beginning in 2003, AXA Equitable established a program intended to hedge certain risks associated first with the GMDB feature and, beginning in 2004, with the GMIB feature of the Accumulator(R) series of variable annuity products. This program currently utilizes exchange-traded futures contracts, interest rate swap and floor contracts and other derivative instruments that are managed in an effort to reduce the economic impact of unfavorable changes in GMDB, GMIB and GWBL exposures attributable to movements in the equity and fixed income markets. At the present time, this program hedges such economic risks on products sold from 2001 forward, to the extent such risks are not reinsured. At December 31, 2008, the total account value and net amount at risk of the hedged Accumulator(R) series of variable annuity contracts were $27,668 million and $10,615 million, respectively, with the GMDB feature and $15,514 million and $623 million, respectively, with the GMIB feature. These programs do not qualify for hedge accounting treatment under SFAS No. 133. Therefore, SFAS No. 133 requires gains or losses on the derivatives contracts used in these programs, including current period changes in fair value, to be recognized in investment income in the period in which they occur, and may contribute to earnings volatility. D) Variable and Interest-Sensitive Life Insurance Policies - No Lapse Guarantee ------------------------------------------------------------------ The no lapse guarantee feature contained in variable and interest- sensitive life insurance policies keeps them in force in situations where the policy value is not sufficient to cover monthly charges then due. The no lapse guarantee remains in effect so long as the policy meets a contractually specified premium funding test and certain other requirements. F-37 The following table summarizes the no lapse guarantee liabilities reflected in the General Account in Future policy benefits and other policyholders liabilities, and the related reinsurance ceded:
DIRECT REINSURANCE LIABILITY CEDED NET -------------- --------------- ------------- (IN MILLIONS) Balance at January 1, 2006......................... $ 34.8 $ (20.4) $ 14.4 Other changes in reserve........................ 32.0 (27.5) 4.5 -------------- --------------- ------------- Balance at December 31, 2006....................... 66.8 (47.9) 18.9 Other changes in reserve........................ 68.2 (59.7) 8.5 -------------- --------------- ------------- Balance at December 31, 2007....................... 135.0 (107.6) 27.4 Other changes in reserve........................ 68.0 (45.0) 23.0 -------------- --------------- ------------- Balance at December 31, 2008....................... $ 203.0 $ (152.6) $ 50.4 ============== =============== =============
9) REINSURANCE AGREEMENTS The Insurance Group assumes and cedes reinsurance with other insurance companies. The Insurance Group evaluates the financial condition of its reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. Ceded reinsurance does not relieve the originating insurer of liability. The Insurance Group reinsures most of its new variable life, universal life and term life policies on an excess of retention basis. The Insurance Group maintains a maximum retention on each single life policy of $25 million and on each second-to-die policy of $30 million with the excess 100% reinsured. The Insurance Group also reinsures the entire risk on certain substandard underwriting risks and in certain other cases. Likewise, certain risks that would otherwise be reinsured on a proportional basis have been retained. At December 31, 2008, the Company had reinsured to non-affiliates and affiliates in the aggregate approximately 5.4% and 32.3%, respectively, of its current exposure to the GMDB obligation on annuity contracts in-force and, subject to certain maximum amounts or caps in any one period, approximately 65.1% of its current liability exposure resulting from the GMIB feature. See Note 8 herein. Based on management's estimates of future contract cash flows and experience, the estimated fair values of the GMIB reinsurance contracts, considered derivatives under SFAS No. 133, at December 31, 2008 and 2007 were $4,821.7 million and $124.7 million, respectively. The increases (decreases) in fair value were $1,566.8 million, $6.9 million and $(14.8) million for 2008, 2007 and 2006, respectively. At December 31, 2008 and 2007, respectively, third party reinsurance recoverables related to insurance contracts amounted to $2,897.2 million and $2,890.6 million. Reinsurance payables related to insurance contracts totaling $62.7 million and $58.7 million are included in other liabilities in the consolidated balance sheets at December 31, 2008 and 2007, respectively. The Insurance Group cedes substantially all of its group life and health business to a third party insurer. Insurance liabilities ceded totaled $236.8 million and $239.6 million at December 31, 2008 and 2007, respectively. The Insurance Group also cedes a portion of its extended term insurance and paid up life insurance and substantially all of its individual disability income business through various coinsurance agreements. The Insurance Group has also assumed accident, health, aviation and space risks by participating in or reinsuring various reinsurance pools and arrangements. In addition to the sale of insurance products, the Insurance Group currently acts as a professional retrocessionaire by assuming life and annuity reinsurance from professional reinsurers. Reinsurance assumed reserves at December 31, 2008 and 2007 were $719.8 million and $642.8 million, respectively. F-38 The following table summarizes the effect of reinsurance (excluding group life and health):
2008 2007 2006 -------------- ------------- ------------- (IN MILLIONS) Direct premiums.................................... $ 848.3 $ 855.1 $ 858.6 Reinsurance assumed................................ 193.8 193.0 188.4 Reinsurance ceded.................................. (283.5) (243.2) (229.2) -------------- ------------- ------------- Premiums $ 758.6 $ 804.9 $ 817.8 ============== ============= ============= Universal Life and Investment-type Product Policy Fee Income Ceded.......................... $ 169.1 $ 153.9 $ 99.0 ============== ============= ============= Policyholders' Benefits Ceded...................... $ 1,221.8 $ 510.7 $ 387.5 ============== ============= ============= Interest Credited to Policyholders' Account Balances Ceded................................... $ 33.2 $ 56.1 $ 53.8 ============== ============= =============
Individual Disability Income and Major Medical Claim reserves and associated liabilities net of reinsurance ceded for individual DI and major medical policies were $94.4 million and $94.3 million at December 31, 2008 and 2007, respectively. At December 31, 2008 and 2007, respectively, $1,680.8 million and $1,040.9 million of DI reserves and associated liabilities were ceded through indemnity reinsurance agreements with a singular reinsurance group. Incurred benefits (benefits paid plus changes in claim reserves) and benefits paid for individual DI and major medical policies are summarized below:
2008 2007 2006 -------------- ------------- ------------- (IN MILLIONS) Incurred benefits related to current year.......... $ 35.5 $ 32.9 $ 35.8 Incurred benefits related to prior years........... 4.2 13.2 9.9 -------------- ------------- ------------- Total Incurred Benefits............................ $ 39.7 $ 46.1 $ 45.7 ============== ============= ============= Benefits paid related to current year.............. $ 10.8 $ 11.9 $ 14.0 Benefits paid related to prior years............... 28.8 32.8 30.0 -------------- ------------- ------------- Total Benefits Paid................................ $ 39.6 $ 44.7 $ 44.0 ============== ============= =============
10) SHORT-TERM AND LONG-TERM DEBT Short-term and long-term debt consists of the following:
DECEMBER 31, ----------------------------- 2008 2007 ------------- ------------- (IN MILLIONS) Short-term debt: Promissory note (with an interest rate of 5.16%).................. $ - $ 248.3 AllianceBernstein commercial paper (with interest rates of 1.8% and 4.3%).......................... 284.8 533.9 ------------- ------------- Total short-term debt......................................... 284.8 782.2 ------------- ------------- Long-term debt: AXA Equitable: Surplus Notes, 7.70%, due 2015.................................. 199.8 199.8 ------------- ------------- Total long-term debt.......................................... 199.8 199.8 ------------- ------------- Total Short-term and Long-term Debt............................... $ 484.6 $ 982.0 ============= =============
F-39 Short-term Debt --------------- On September 23, 2008, AXA Equitable repaid its $350.0 million promissory note, $101.7 million of which was included in Wind-up Annuities discontinued operations. On July 17, 2008, AXA Equitable was accepted as a member of the Federal Home Loan Bank of New York ("FHLBNY") which provides AXA Equitable access to collateralized borrowings and other FHLBNY products. As membership requires the ownership of member stock, AXA Equitable purchased stock totaling $13.5 million. The credit facility provided by the FHLBNY will supplement existing liquidity sources and provide a diverse and reliable source of funds. Any borrowings from the FHLBNY require the purchase of FHLBNY activity based stock in an amount equal to 4.5% of the borrowings. AXA Equitable's borrowing capacity with FHLBNY is $1.00 billion. As a member of FHLBNY, AXA Equitable can receive advances for which it would be required to pledge qualified mortgage-backed assets and government securities as collateral. At December 31, 2008, there were no outstanding borrowings from FHLBNY. As of December 31, 2008, SCB LLC maintained five separate uncommitted credit facilities with various banks totaling $775 million. As of December 31, 2008 and 2007, no amounts were outstanding under these credit facilities. Each loan shall bear interest at the rate of interest agreed to by the lender and the borrower at the time such loan is made. In January 2008, SCB LLC entered into a $950.0 million three-year revolving credit facility with a group of commercial banks to fund its obligations resulting from engaging in certain securities trading and other customer activities. Under the revolving credit facility, the interest rate, at the option of SCB LLC, is a floating rate generally based upon a defined prime rate, a rate related to LIBOR or the Federal Funds rate. AllianceBernstein has a $1,000.0 million five-year revolving credit facility with a group of commercial banks and other lenders which expires in 2011. The revolving credit facility is intended to provide back-up liquidity for their $1,000.0 million commercial paper program although they borrow directly under the facility from time to time. Under the revolving credit facility, the interest rate, at the option of AllianceBernstein, is a floating rate generally based upon a defined prime rate, a rate related to the London Interbank Offered Rate ("LIBOR") or the Federal Funds rate. The revolving credit facility contains covenants which, among other things, require AllianceBernstein to meet certain financial ratios. AllianceBernstein was in compliance with the covenants as of December 31, 2008. Long-term Debt -------------- At December 31, 2008, the Company was not in breach of any debt covenants. 11) RELATED PARTY TRANSACTIONS The Company reimburses AXA Financial for expenses relating to the Excess Retirement Plan, Supplemental Executive Retirement Plan and certain other employee benefit plans that provide participants with medical, life insurance, and deferred compensation benefits. Such reimbursement was based on the cost to AXA Financial of the benefits provided which totaled $76.2 million, $63.1 million and $53.5 million, respectively, for 2008, 2007 and 2006. In 2008, 2007 and 2006, respectively, the Company paid AXA Distribution and its subsidiaries $754.2 million, $806.9 million and $767.2 million of commissions and fees for sales of insurance products. The Company charged AXA Distribution's subsidiaries $320.5 million, $340.2 million and $352.9 million, respectively, for their applicable share of operating expenses in 2008, 2007 and 2006, pursuant to the Agreements for Services. In September 2001, AXA Equitable loaned $400.0 million to AXA Insurance Holding Co. Ltd., a subsidiary of AXA. This investment both matured and was repaid on June 15, 2007 and had an interest rate of 5.89%. In 2005, AXA Equitable issued a note to AXA Financial in the amount of $325.0 million with an interest rate of 6.00% and a maturity date of December 1, 2035. Interest on this note is payable semi-annually. F-40 In September 2007, AXA issued $650.0 million in 5.40% senior unsecured notes to AXA Equitable. These notes pay interest semi-annually and mature on September 30, 2012. In November 2008, AXA Financial purchased a $500.0 million callable 7.1% surplus note from AXA Equitable. The note pays interest semi-annually and matures on December 1, 2018. In December 2008, AXA Financial purchased a $500.0 million callable 7.1% surplus note from AXA Equitable. The note pays interest semi-annually and matures on December 1, 2018. In fourth quarter 2008, AXA Equitable reinsured the GMDB and GMIB riders on the Accumulator(R) products sold on or after January 1, 2006 and in-force at September 30, 2008 with AXA Financial (Bermuda) Ltd. ("AXA Bermuda"), an affiliate that is an indirect wholly owned subsidiary of AXA Financial. AXA Equitable transferred cash and derivative instruments with a fair value of $6,892.5 million equal to the market value of the insurance liabilities assumed by AXA Bermuda on October 1, 2008 and income derived from the hedges related to these riders for the period from October through December 2008, to that entity. AXA Bermuda will manage the dynamic hedging program to mitigate risks related to the reinsured riders. In fourth quarter 2008, AXA Equitable recorded a GMDB reinsurance recoverable and a GMIB reinsurance asset totaling $3,385.7 resulting in a cost of reinsurance of $3,506.8 million. The cost of this arrangement has been deferred and will be amortized over the life of the underlying annuity contracts. Amortization of the cost in 2009 is expected to be approximately $290 million. Various AXA affiliates cede a portion of their life and health insurance business through reinsurance agreements to AXA Cessions, an AXA affiliated reinsurer. AXA Cessions, in turn, retroceded a quota share portion of these risks to AXA Equitable on a one-year term basis for 2007 and 2006. Premiums earned in 2007 and 2006 under this arrangement totaled approximately $1.8 million and $1.1 million, respectively. Both AXA Equitable and AllianceBernstein, along with other AXA affiliates, participate in certain intercompany cost sharing and service agreements including technology and professional development arrangements. AXA Equitable and AllianceBernstein incurred expenses under such agreements of approximately $157.8 million, $143.6 million and $127.5 million in 2008, 2007 and 2006, respectively. Expense reimbursements by AXA and AXA affiliates to AXA Equitable under such agreements totaled approximately $63.0 million, $58.4 million and $53.8 million in 2008, 2007 and 2006, respectively. The net receivable related to these contracts was approximately $3.4 million and $25.3 million at December 31, 2008 and 2007, respectively. Commissions, fees and other income included certain revenues for services provided to mutual funds managed by AllianceBernstein. These revenues are described below:
2008 2007 2006 -------------- -------------- --------------- (IN MILLIONS) Investment advisory and services fees.............. $ 870.5 $ 1,027.6 $ 841.0 Distribution revenues.............................. 378.4 473.4 421.0 Other revenues - shareholder servicing fees........ 99.0 103.6 97.2 Other revenues - other............................. 6.9 6.5 6.9 Institutional research services.................... 1.2 1.6 1.9
12) EMPLOYEE BENEFIT PLANS The Company (other than AllianceBernstein) sponsors qualified and non-qualified defined benefit plans covering substantially all employees (including certain qualified part-time employees), managers and certain agents. On December 31, 2007, the Company transferred the liability for a non-qualified defined benefit plan to AXA Financial in exchange for a non-cash capital contribution totaling $13.5 million. These pension plans are non-contributory and their benefits are based on a cash balance formula and/or, for certain participants, years of service and final average earnings over a specified period in the plans. AllianceBernstein maintains a qualified, non-contributory, defined benefit retirement plan covering current and former employees who were employed by AllianceBernstein in the United States prior to October 2, 2000. AllianceBernstein's benefits are based on years of credited service and average final base salary. The Company uses a December 31 measurement date for its pension and postretirement plans. F-41 The Company made cash contributions to its qualified pension plans of $35.6 million in 2008. Generally, the Company's funding policy (other than AllianceBernstein) is to make an annual aggregate contribution to its qualified pension plans of approximately $30.0 million unless the minimum contribution required by the Employee Retirement Income Security Act of 1974 ("ERISA") is greater; no significant cash contributions are expected to be required to satisfy the minimum funding requirements for 2009. AllianceBernstein's policy is to satisfy its funding obligation each year in an amount not less than the minimum required by ERISA and not greater than the maximum it can deduct for federal income tax purposes. AllianceBernstein currently estimates it will make a contribution to its qualified retirement plan of $22 million in 2009. Effective December 31, 2008, AllianceBernstein amended its qualified pension plan to eliminate all future accruals for future services and compensation increases. This amendment was considered a plan curtailment and resulted in a decrease in the Projected Benefit Obligation ("PBO") of approximately $13.1 million, which was offset against existing deferred losses in accumulated other comprehensive income (loss). In addition, as a result of all future service being eliminated, AllianceBernstein accelerated recognition of the existing prior service credit of $3.5 million in fourth quarter 2008. Components of net periodic pension expense for the Company's qualified and non-qualified plans were as follows:
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Service cost....................................... $ 41.6 $ 39.0 $ 37.6 Interest cost on PBO............................... 134.1 128.8 122.1 Expected return on assets.......................... (194.4) (191.0) (184.8) Curtailment gain recognized........................ (3.5) - - Net amortization and deferrals..................... 42.6 57.5 81.0 ----------------- ---------------- ----------------- Net Periodic Pension Expense....................... $ 20.4 $ 34.3 $ 55.9 ================= ================ =================
The plans' PBO under the Company's qualified and non-qualified plans were comprised of:
DECEMBER 31, ------------------------------------ 2008 2007 ---------------- ----------------- (IN MILLIONS) Benefit obligations, beginning of year................................. $ 2,222.1 $ 2,294.3 Service cost........................................................... 33.6 31.0 Interest cost.......................................................... 134.1 128.8 Plan amendments........................................................ - 8.2 Actuarial gains........................................................ (27.6) (73.6) Plan curtailment....................................................... (13.1) - Benefits paid.......................................................... (168.0) (166.6) ---------------- ----------------- Benefit Obligations, End of Year....................................... $ 2,181.1 $ 2,222.1 ================ =================
F-42 At December 31, 2006, the Company adopted SFAS No. 158, requiring recognition, in the consolidated balance sheet, of the funded status of its defined benefit pension plans, measured as the difference between plan assets at fair value and the PBO. The following table discloses the change in plan assets and the funded status of the Company's qualified and non-qualified plans:
DECEMBER 31, ----------------------------------- 2008 2007 ---------------- ----------------- (IN MILLIONS) Plan assets at fair value, beginning of year.............................. $ 2,415.7 $ 2,396.0 Actual return on plan assets.............................................. (813.6) 191.2 Contributions............................................................. 35.6 4.8 Benefits paid and fees.................................................... (177.3) (176.3) ---------------- ----------------- Plan assets at fair value, end of year.................................... 1,460.4 2,415.7 PBO....................................................................... 2,181.1 2,222.1 ---------------- ----------------- (Underfunding) Overfunding of Plan Assets Over PBO........................ $ (720.7) $ 193.6 ================ =================
Amounts recognized in the accompanying consolidated balance sheets to reflect the funded status of these plans were accrued pension costs of $720.7 million at December 31, 2008 and prepaid and accrued pension costs of $213.5 million and $19.9 million, respectively, at December 31, 2007. The aggregate PBOs and fair value of plan assets for pension plans with PBOs in excess of plan assets were $2,181.1 million and $1,460.4 million, respectively at December 31, 2008 and $76.7 million and $56.8 million, respectively, at December 31, 2007. The aggregate accumulated benefit obligation and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets were $2,137.7 million and $1,460.4 million, respectively, at December 31, 2008 and $65.0 million and $56.8 million, respectively, at December 31, 2007. The accumulated benefit obligations for all defined benefit pension plans were $2,137.7 million and $2,154.0 million at December 31, 2008 and 2007, respectively. The following table discloses the amounts included in accumulated other comprehensive income at December 31, 2008 that have not yet been recognized as components of net periodic pension cost:
DECEMBER 31, ---------------------------------------- 2008 2007 ------------------- ------------------- (IN MILLIONS) Unrecognized net actuarial loss .................................... $ 1,497.0 $ 575.8 Unrecognized prior service cost (credit)............................ 3.2 (4.9) Unrecognized net transition asset................................... (.6) (.8) ------------------- ------------------- Total ......................................................... $ 1,499.6 $ 570.1 =================== ===================
The estimated net actuarial loss, prior service credit, and net transition asset expected to be reclassified from accumulated other comprehensive income and recognized as components of net periodic pension cost over the next year are $97.3 million, $(4.2) million, and $(.1) million, respectively. The following table discloses the estimated fair value of plan assets and the percentage of estimated fair value to total plan assets for the qualified plans of the Company at December 31, 2008 and 2007.
DECEMBER 31, ---------------------------------------------------------- 2008 2007 --------------------------- --------------------------- (IN MILLIONS) ESTIMATED Estimated FAIR VALUE % Fair Value % ---------------- ---------- ----------------- ---------- Corporate and government debt securities........ $ 406.4 27.9 $ 414.3 17.1 Equity securities............................... 790.6 54.1 1,723.7 71.4 Equity real estate.............................. 244.5 16.7 277.7 11.5 Short-term investments ......................... 18.9 1.3 - - ---------------- ---------- ----------------- ---------- Total Plan Assets............................... $ 1,460.4 100.0 $ 2,415.7 100.0 ================ ========== ================= ==========
F-43 Qualified pension plan assets declined approximately $955.3 million from December 31, 2007 to December 31, 2008, primarily due to the steep decline and volatility in equity markets, particularly during the latter part of 2008. During fourth quarter 2008, a short term hedge program was executed by the AXA Equitable qualified pension plans to minimize further downside equity risk. The primary investment objective of the plans of the Company is to maximize return on assets, giving consideration to prudent risk. The asset allocation was designed with a long-term investment horizon, based on target investment of 65% equities, 25% fixed income and 10% real estate. Emphasis was given to equity investments, given their higher expected rate of return. Fixed income investments are included to provide less volatile return. Real estate investments offer diversity to the total portfolio and long-term inflation protection. In January 2009, the asset allocation strategy of the qualified defined benefit pension plans was revised to target 30%-40% equities, 50%-60% high quality bonds, and 10%-15% real estate and other investments. In anticipation of continued turbulence in the equity markets, management concluded it would be prudent to continue a hedging program for a period of one year, at which time the need for its continuance would be re-evaluated. The assumed discount rates for measurement of the benefit obligations at December 31, 2008 and 2007 each reflect the rates at which pension benefits then could be effectively settled. Specifically at December 31, 2008, projected nominal cash outflows to fund expected annual benefits payments under the Company's qualified and non-qualified pension and postretirement benefit plans were discounted using a published high-quality bond yield curve. The discount rate of 6.50% disclosed below as having been used to measure the benefits obligation at December 31, 2008 represents the level equivalent discount rate that produces the same present value measure of the benefits obligation as the aforementioned discounted cash flow analysis. The following table discloses the weighted-average assumptions used to measure the Company's pension benefit obligations and net periodic pension cost at and for the years ended December 31, 2008 and 2007.
2008 2007 ------------- ------------- Discount rate: Benefit obligation............................................... 6.50% 6.25% Periodic cost.................................................... 6.25% (1) 5.75% Rate of compensation increase: Benefit obligation and periodic cost............................. 6.00% 6.00% Expected long-term rate of return on plan assets (periodic cost)... 8.50% 8.50%
(1) For plans remeasured in second quarter 2008, periodic cost was recalculated using a discount rate of 6.75% for the remainder of the year. In developing the expected long-term rate of return assumption on plan assets, management considered the historical returns and future expectations for returns for each asset category of the plan portfolio. As noted above, in January 2009, the target asset allocation of the qualified pension plans was changed from the preceding years. Consequently, the long term rate of return assumption to be used for purpose of computing the expected return on plan assets component of pension expense, will be approximately 6.75% to reflect lower expected returns on the reallocated plan asset portfolio. Prior to 1987, the pension plan funded participants' benefits through the purchase of non-participating annuity contracts from AXA Equitable. Benefit payments under these contracts were approximately $17.3 million, $18.9 million and $20.3 million for 2008, 2007 and 2006, respectively. The following table sets forth an estimate of future benefits expected to be paid in each of the next five years, beginning January 1, 2009, and in the aggregate for the five years thereafter. These estimates are based on the same assumptions used to measure the respective benefit obligations at December 31, 2008 and include benefits attributable to estimated future employee service. F-44 PENSION BENEFITS -------------------- (IN MILLIONS) 2009..................... $ 182.1 2010..................... 192.8 2011..................... 194.2 2012..................... 195.5 2013..................... 194.2 Years 2014-2018.......... 953.3 AllianceBernstein maintains several unfunded deferred compensation plans for the benefit of certain eligible employees and executives. The AllianceBernstein Capital Accumulation Plan was frozen on December 31, 1987 and no additional awards have been made. For the active plans, benefits vest over a period ranging from 3 to 8 years and are amortized as compensation and benefit expense. ACMC, Inc. ("ACMC"), a subsidiary of the Company, is obligated to make capital contributions to AllianceBernstein in amounts equal to benefits paid under the Capital Accumulation Plan and the contractual unfunded deferred compensation arrangements. In connection with the acquisition of Bernstein, AllianceBernstein adopted the SCB Deferred Compensation Award Plan ("SCB Plan") and agreed to invest $96.0 million per annum for three years to fund purchases of AllianceBernstein Holding L.P. ("AllianceBernstein Holding") units or an AllianceBernstein sponsored money market fund in each case for the benefit of certain individuals who were stockholders or principals of Bernstein or hired to replace them. The Company has recorded compensation and benefit expenses in connection with these deferred compensation plans totaling $133.1 million, $289.1 million and $243.8 million for 2008, 2007 and 2006, respectively. 13) SHARE-BASED COMPENSATION AXA and AXA Financial sponsor various share-based compensation plans for eligible employees and associates of AXA Financial and its subsidiaries, including the Company. AllianceBernstein also sponsors its own unit option plans for certain of its employees. Activity in these share-based plans in the discussions that follow relates to awards granted to eligible employees and associates of AXA Financial and its subsidiaries under each of these plans in the aggregate, except where otherwise noted. For 2008, 2007 and 2006, respectively, the Company recognized compensation costs for share-based payment arrangements of $33.8 million, $81.2 million and $64.3 million before income taxes and minority interest. Effective January 1, 2006, the Company adopted SFAS No. 123(R), "Share-Based Payment", that required compensation costs for these programs to be recognized in the consolidated financial statements on a fair value basis. The Company recognized compensation costs of $27.0 million, $38.8 million and $24.8 million for employee stock options for 2008, 2007 and 2006, respectively. On April 1, 2008, approximately 3.0 million options to purchase AXA ordinary shares were granted under the terms of the Stock Option Plan at an exercise price of 21.51 euros. Approximately 2.2 million of those options have a four-year graded vesting schedule, with one-third vesting on each of the second, third and fourth anniversaries of the grant date, and approximately 0.8 million have a four-year cliff vesting term. In addition, approximately 0.5 million of the total options awarded on April 1, 2008 are further subject to conditional vesting terms that require the AXA ordinary share price to outperform the Euro Stoxx Insurance Index measured between April 1, 2008 and April 1, 2012. All of the options granted on April 1, 2008 have a ten-year contractual term. Beginning at the grant date, the total fair value of this award, net of expected forfeitures of approximately $14.8 million, is being charged to expense over the shorter of the vesting term or the period up to the date at which the participant becomes retirement eligible. In 2008, the Company recognized compensation expense of approximately $3.2 million in respect of the April 1, 2008 grant of options. F-45 The number of AXA ADRs authorized to be issued pursuant to option grants and, as further described below, restricted stock grants under The AXA Financial, Inc. 1997 Stock Incentive Plan (the "Stock Incentive Plan") is approximately 124.5 million less the number of shares issued pursuant to option grants under The AXA Financial, Inc. 1991 Stock Incentive Plan (the predecessor plan to the Stock Incentive Plan). A summary of the activity in the AXA, AXA Financial and AllianceBernstein option plans during 2008 follows:
Options Outstanding -------------------------------------------------------------------------------------------------------- AXA Ordinary Shares AXA ADRs AllianceBernstein Holding Units --------------------------------- -------------------------------- ----------------------------------- Weighted Weighted Weighted Number Average Number Average Number Average Outstanding Exercise Outstanding Exercise Outstanding Exercise (In Millions) Price (In Millions) Price (In Millions) Price --------------- ---------------- ---------------- -------------- --------------- ---------------- Options outstanding at January 1, 2008........ 10.3 (euro) 27.77 19.0 $ 22.64 7.3 $ 64.20 Options granted.......... 3.1 (euro) 21.40 - $ 36.11 - (2) $ 64.24 Options exercised......... - (euro) 20.44 (4.6) $ 24.87 (.3) $ 41.98 Options forfeited, net... (.2) (euro) 27.26 (2.1) $ 31.20 (.1) $ 67.67 Options expired........... - - (.2) 26.31 --------------- ---------------- --------------- Options Outstanding at December 31, 2008...... 13.2 (euro) 26.34 12.3 $ 20.40 6.7 $ 66.11 =============== ================ ================ ============== =============== =============== Aggregate Intrinsic Value(1)............... (euro) - $ 47.1 $ - ================ ============== =============== Weighted Average Remaining Contractual Term (in years)............. 7.73 3.93 6.3 =============== ================ =============== Options Exercisable at December 31, 2008...... 3.1 23.07 12.1 $ 20.30 3.3 $ 46.69 =============== ================ ================ ============== =============== =============== Aggregate Intrinsic Value(1)............... - $ 47.1 $ - ================ ============== =============== Weighted Average Remaining Contractual Term (in years)............. 6.58 3.89 3.2 =============== ================ ===============
(1) Intrinsic value, presented in millions, is calculated as the excess of the closing market price on December 31, 2008 of the respective underlying shares over the strike prices of the option awards. (2) AllianceBernstein grants totaled 13,825 units in 2008. Cash proceeds received from employee exercises of options to purchase AXA ADRs in 2008 was $113.4 million. The intrinsic value related to employee exercises of options to purchase AXA ADRs during 2008, 2007 and 2006 were $43.5 million, $141.4 million and $132.1 million, respectively, resulting in amounts currently deductible for tax purposes of $14.6 million, $48.0 million and $44.9 million, respectively, for the periods then ended. In 2008, 2007 and 2006, windfall tax benefits of approximately $10.0 million, $34.3 million and $34.8 million, respectively, resulted from employee exercises of stock option awards. At December 31, 2008, AXA Financial held 2.3 million AXA ADRs in treasury at a weighted average cost of approximately $24.91 per ADR, of which approximately 2.1 million were designated to fund future exercises of outstanding employee stock options and the remainder of approximately 0.2 million units was available for general corporate purposes, including funding other stock-based compensation programs. These AXA ADRs were obtained primarily by exercise of call options that had been purchased by AXA Financial beginning in fourth quarter 2004 to mitigate the U.S. dollar price and foreign exchange risks associated with funding exercises of employee stock options. Remaining outstanding and unexercised at December 31, 2008 are call options to purchase 8.6 million AXA ADRs at strike prices ranging from $31.39 to $32.37, each having a cap equal to approximately 150% of its strike price, at which time the option automatically would be exercised. These call options expire on November 23, 2009. During 2008, AXA Financial utilized approximately 2.5 million AXA ADRs from treasury to fund exercises of employee stock options. Outstanding employee options to purchase AXA ordinary shares began to become exercisable on March 29, F-46 2007, coincident with the second anniversary of the first award made in 2005, and exercises of these awards are funded by newly issued AXA ordinary shares. For the purpose of estimating the fair value of employee stock option awards, the Company applies the Black-Scholes-Merton formula. A Monte-Carlo simulation approach was used to model the fair value of the conditional vesting feature of the April 1, 2008 and May 10, 2007 awards of options to purchase AXA ordinary shares. Shown below are the relevant input assumptions used to derive the fair values of options awarded in 2008, 2007 and 2006, respectively. For employee stock options with graded vesting terms and service conditions granted on or after January 1, 2006, the Company elected under SFAS No. 123(R) to retain its practice of valuing these as singular awards and to change to the graded-vesting method of attribution, whereby the cost is recognized separately over the requisite service period for each individual one-third of the options vesting on the second, third and fourth anniversaries of the grant date.
AXA Ordinary Shares AllianceBernstein Holding Units ------------------------------ ------------------------------- 2008 2007 2006 2008 2007 2006 -------- -------- -------- -------- -------- -------- Dividend yield.................... 7.12% 4.10% 3.48% 5.4% 5.6-5.7% 6% Expected volatility............... 34.7% 27.5% 28% 29.3% 27.7-30.8% 31% Risk-free interest rate........... 4.19% 4.40% 3.77% 3.2% 3.5-4.9% 4.9% Expected life in years............ 6.0 5.5 5.0 6.0 6.0-9.5 6.5 Weighted average fair value per option at grant date............ $5.70 $9.61 $7.45 $10.85 $15.96 $12.35
As of December 31, 2008, approximately $54.4 million of unrecognized compensation cost related to unvested employee stock option awards, net of estimated pre-vesting forfeitures, is expected to be recognized by the Company over a weighted average period of 5.57 years. Under the Stock Incentive Plan, AXA Financial grants restricted AXA ADRs to employees of its subsidiaries. Generally, all outstanding restricted AXA ADR awards have a 5-year cliff-vesting term. Under The Equity Plan for Directors (the "Equity Plan"), AXA Financial grants non-officer directors restricted AXA ADRs and unrestricted AXA ADRs annually. Similarly, AllianceBernstein awards restricted AllianceBernstein Holding units to independent directors of its General Partner. In addition, under its Century Club Plan, awards of restricted AllianceBernstein Holding units that vest ratably over three years are made to eligible AllianceBernstein employees whose primary responsibilities are to assist in the distribution of company-sponsored mutual funds. On December 19, 2008, in accordance with the terms of his employment agreement, AllianceBernstein awarded Mr. Kraus, Chairman and CEO of AllianceBernstein, approximately 2.7 million restricted AllianceBernstein Holding Units with a grant date fair value of $19.20 per Unit. These Units vest ratably over a 5-year period. For 2008, 2007 and 2006, respectively, the Company recognized compensation costs of $6.1 million, $8.6 million and $5.6 million for awards outstanding under these plans. The fair values of awards made under these plans are measured at the date of grant by reference to the closing price of the unrestricted shares and the result generally is attributed over the shorter of the requisite service period, the performance period, if any, or to the date at which retirement eligibility is achieved and subsequent service no longer is required for continued vesting of the award. F-47 At December 31, 2008, approximately 3.3 million restricted awards remain unvested, including restricted awards of AllianceBernstein Holding units. At December 31, 2008, approximately $56.3 million of unrecognized compensation cost related to these unvested awards, net of estimated pre-vesting forfeitures, is expected to be recognized over a weighted average period of 4.4 years. Restricted AXA ADRs vested in 2008, 2007 and 2006 had aggregate vesting date fair values of approximately $3.3 million, $7.0 million and $13.5 million, respectively. In 2007, 100,187 restricted AXA ADRs were granted, having an aggregate grant-date fair value of $4.5 million. The following table summarizes unvested restricted AXA ADR activity for 2008.
Weighted Shares of Average Restricted Grant Date Stock Fair Value ---------------- ----------------- Unvested as of January 1, 2008.......................................... 408,511 $ 29.67 Granted................................................................. 149,413 $ 37.68 Vested.................................................................. 96,822 $ 24.30 Forfeited............................................................... - ---------------- Unvested as of December 31, 2008........................................ 461,102 $ 31.92 ================
In January 2001, certain employees exchanged fully vested in-the-money AXA ADR options for tandem Stock Appreciation Rights/AXA ADR non-statutory options ("tandem SARs/NSOs") of then-equivalent intrinsic value. The Company recorded compensation expense for these fully-vested awards of $(5.5) million, zero and $6.1 million for 2008, 2007 and 2006, respectively, reflecting the impact in those periods of the change in the market price of the AXA ADR on the cash-settlement value of the SARs component of the outstanding tandem SARs/NSOs. The value of these tandem SARs/NSOs at December 31, 2008 and 2007 was $1.2 million and $17.7 million, respectively. At December 31, 2008, 0.4 million tandem SARs/NSOs were outstanding, having weighted average remaining contractual term of 0.6 years, and for which the SARs component had maximum value of $6.2 million. On February 17, 2009, approximately 0.2 million of these tandem SARs/NSOs expired out-of-the-money. During 2008, 2007 and 2006, respectively, approximately 0.7 million, 0.4 million and 2.8 million of these awards were exercised at an aggregate cash-settlement value of $9.2 million, $7.2 million and $41.2 million. On April 1, 2008, 66,372 Stock Appreciation Rights ("SARs") with a 4-year cliff-vesting schedule were granted to certain associates of AXA Financial subsidiaries. These SARs entitle the holder to a cash payment equal to any appreciation in the value of the AXA ordinary share over 21.51 Euros as of the date of exercise. At December 31, 2008, 0.3 million SARs were outstanding, having weighted average remaining contractual term of 7.56 years. The accrued value of SARs at December 31, 2008 and 2007 was $0.4 million and $3.5 million, respectively, and recorded as liabilities in the consolidated balance sheets. For 2008, 2007 and 2006, the Company recorded compensation expense for SARs of $(2.3) million, $1.1 million and $1.9 million, respectively, reflecting the impact in those periods of the changes in their fair values as determined by applying the Black Scholes-Merton formula and assumptions used to price employee stock option awards. On March 31, 2008, approximately 702,404 performance units earned under the AXA Performance Unit Plan 2006 were fully vested for total value of approximately $24.2 million, including incremental units earned from having exceeded targeted 2007 performance criteria by 0.68%. Distributions to participants were made on April 10, 2008, resulting in cash settlements of approximately 78% of these performance units for aggregate value of approximately $18.6 million and equity settlements of the remainder with approximately 153,494 restricted AXA ADRs for aggregate value of approximately $5.6 million. In 2008, the AXA Management Board awarded 995,031 unearned performance units to employees of AXA Financial subsidiaries. During each year that the performance unit awards are outstanding, a pro-rata portion of the units may be earned based on criteria measuring the performance of AXA and AXA Financial Group. The extent to which performance targets are met determines the number of performance units earned, which may vary between 0% and 130% of the number of performance units at stake. Performance units earned under the 2008 plan cliff-vest on the second anniversary of their date of award. When fully vested, the performance units earned will be settled in cash or, in some cases, a combination of cash (70%) and stock (30%), the latter equity portion having transfer restrictions for a two-year period. The price used to value the 2008 performance units at settlement will be the average opening price of the AXA ordinary share for the last F-48 20 trading days of the vesting period converted to U.S. dollars using the Euro to U.S. dollar exchange rate on March 31, 2010. For 2008, the Company recognized compensation expense of approximately $3.5 million in respect of the 2008 grants of performance units. For 2008, 2007 and 2006, the Company recognized compensation costs of $5.5 million, $11.6 million and $25.9 million, respectively, for performance units earned to date. The change in fair value of these awards is measured by the closing price of the underlying AXA ordinary shares or AXA ADRs with adjustment to reflect the impact of expected and actual pre-vesting forfeitures. The cost of performance unit awards are attributed over the shorter of the cliff-vesting period or to the date at which retirement eligibility is achieved. The value of performance units earned and reported in Other liabilities in the consolidated balance sheets at December 31, 2008 and 2007 was $17.3 million and $31.1 million, respectively. Approximately 720,872 outstanding performance units are at risk to achievement of 2008 performance criteria, including approximately 50% of the award granted on May 10, 2007. In 2008, eligible employees of AXA Financial's subsidiaries participated in AXA's global offering to purchase newly issued AXA stock, subject to plan limits, under the terms of AXA Shareplan 2008. Similar to the AXA Shareplan programs previously offered in 2001 through 2007, the plan offered two investment alternatives that, with limited exceptions, restrict the sale or transfer of the purchased shares for a period of five years. "Investment Option A" permitted participants to purchase AXA ADRs at a 20% formula discounted price. "Investment Option B" permitted participants to purchase AXA ordinary shares at a 14.25% formula discounted price on a leveraged basis with a guaranteed return of initial investment plus 75% of any appreciation in the value of the total shares purchased. The Company recognized compensation expense of $1.1 million in 2008, $27.7 million in 2007 and $22.1 million in 2006 in connection with each respective year's offering of AXA Shareplan, representing the aggregate discount provided to participants for their purchase of AXA stock under each of those plans, as adjusted for the post-vesting, five-year holding period. Participants in AXA Shareplans 2008, 2007 and 2006 primarily invested under Investment Option B for the purchase of approximately 6.5 million, 5.3 million and 5.0 million AXA ordinary shares, respectively. On July 1, 2007, under the terms of the AXA Miles Program 2007, the AXA Management Board granted 50 AXA Miles to every employee of AXA for purpose of enhancing long-term employee-shareholder engagement. Each AXA Mile represents the right to receive one unrestricted AXA ordinary share on July 1, 2011, conditional only upon continued employment with AXA at the close of the four-year cliff vesting period with exceptions for retirement, death, and disability. For AXA Financial participants, settlement of the right to receive each unrestricted AXA ordinary share will be made in the form of an AXA ADR. The grant date fair value of approximately 449,400 AXA Miles awarded to employees of AXA Financial's subsidiaries was approximately $19.4 million, measured as the market equivalent of a vested AXA ordinary share. Beginning on July 1, 2007, the total fair value of this award, net of expected forfeitures, is expensed over the shorter of the vesting term or to the date at which the participant becomes retirement eligible. For 2008 and 2007, respectively, the Company recognized compensation expense of approximately $1.9 million and $2.7 million in respect of this grant of AXA Miles. Provided certain performance targets are achieved, an additional allocation of 50 AXA Miles per employee will be considered for award in 2010 and 2011 under terms then-to-be-determined and approved by the AXA Management Board. In 1997, AllianceBernstein Holding established a long-term incentive compensation plan under which unit-based awards are made to key employees for terms established by AllianceBernstein Holding at the time of grant. These awards include options, restricted AllianceBernstein Holding units and phantom restricted AllianceBernstein Holding units, performance awards, and other AllianceBernstein Holding unit based awards. The aggregate number of AllianceBernstein Holding units subject to options granted or otherwise awarded under this plan, as amended in December 2006 to include awards made to select participants under the Special Option Program, may not exceed 41.0 million. At December 31, 2008, approximately 14.2 million options to purchase AllianceBernstein Holding units and 4.1 million other unit awards, net of forfeitures, were subject to the aggregate allowable maximum under this plan. F-49 14) NET INVESTMENT INCOME AND INVESTMENT GAINS (LOSSES), NET The sources of net investment income follow:
2008 2007 2006 ----------------- ---------------- --------------- (IN MILLIONS) Fixed maturities................................... $ 1,668.6 $ 1,728.5 $ 1,848.6 Mortgage loans on real estate...................... 251.7 233.5 245.9 Equity real estate................................. 95.3 93.6 88.2 Other equity investments........................... (110.9) 231.9 181.2 Policy loans....................................... 251.3 255.9 249.8 Short-term investments............................. 30.8 55.1 55.2 Derivative investments............................. 7,302.1 86.6 (302.4) Broker-dealer related receivables.................. 91.8 234.6 226.5 Trading securities................................. (343.5) 29.5 53.4 Other investment income............................ 1.6 56.1 43.9 ----------------- ---------------- --------------- Gross investment income.......................... 9,238.8 3,005.3 2,690.3 Investment expenses................................ (108.6) (122.5) (113.3) Interest expense................................... (36.5) (194.4) (187.8) ----------------- ---------------- --------------- Net Investment Income.............................. $ 9,093.7 $ 2,688.4 $ 2,389.2 ================= ================ ===============
For 2008, 2007 and 2006, respectively, net investment income included gains (losses) on derivatives of $7,302.1 million, $86.6 million and $(302.4) million of which $6,622.6 million, $16.4 million and $(249.5) million were realized gains (losses) on contracts closed during those years and $679.5 million, $70.2 million and $(52.9) million were unrealized gains (losses) on derivative positions at each respective year end. Investment (losses) gains, net including changes in the valuation allowances, follow:
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Fixed maturities................................... $ (367.3) $ (55.6) $ (11.5) Mortgage loans on real estate...................... 2.3 7.8 .2 Equity real estate................................. (1.6) 7.3 8.8 Other equity investments........................... 11.5 16.9 20.1 Other(1)........................................... 16.6 16.4 29.3 ----------------- ---------------- ----------------- Investment (Losses) Gains, Net..................... $ (338.5) $ (7.2) $ 46.9 ================= ================ =================
(1) In 2008, 2007 and 2006, respectively, AllianceBernstein issued units to its employees under long-term incentive plans. As a result of these transactions, the Company recorded non-cash realized gains of $9.9 million, $15.5 million and $28.0 million for 2008, 2007 and 2006, respectively. Writedowns of fixed maturities amounted to $285.9 million, $79.0 million and $27.4 million for 2008, 2007 and 2006, respectively. There were no writedowns of mortgage loans on real estate for 2008, 2007 and 2006. There were no writedowns of equity real estate for 2008, 2007 and 2006. For 2008, 2007 and 2006, respectively, proceeds received on sales of fixed maturities classified as available for sale amounted to $324.4 million, $1,554.6 million and $1,281.9 million. Gross gains of $3.3 million, $12.6 million and $33.9 million and gross losses of $94.5 million, $20.3 million and $24.5 million, respectively, were realized on these sales. The change in unrealized investment losses related to fixed maturities classified as available for sale for 2008, 2007 and 2006 amounted to $2,525.8 million, $376.4 million and $416.7 million, respectively. F-50 For 2008, 2007 and 2006, respectively, investment results passed through to certain participating group annuity contracts as interest credited to policyholders' account balances amounted to $47.7 million, $52.7 million and $57.8 million. Changes in unrealized gains (losses) reflect changes in fair value of only those fixed maturities and equity securities classified as available for sale and do not reflect any changes in fair value of policyholders' account balances and future policy benefits. The net unrealized investment gains (losses) included in the consolidated balance sheets as a component of accumulated other comprehensive income and the changes for the corresponding years, including Wind-up Annuities on a line-by-line basis, follow:
2008 2007 2006 ---------------- --------------- ---------------- (IN MILLIONS) Balance, beginning of year......................... $ 103.6 $ 282.2 $ 432.3 Changes in unrealized investment losses on investments............................ (2,608.8) (380.5) (431.4) Changes in unrealized investment gains (losses) attributable to: Participating group annuity contracts, Closed Block policyholder dividend obligation and other........................ (93.8) 15.0 90.9 DAC............................................ 582.0 83.5 85.8 Deferred income taxes.......................... 746.2 103.4 104.6 ---------------- --------------- ---------------- Balance, End of Year............................... $ (1,270.8) $ 103.6 $ 282.2 ================ =============== ================ Balance, end of year comprises: Unrealized investment (losses) gains on: Fixed maturities............................... $ (2,450.4) $ 155.5 $ 535.4 Other equity investments....................... (2.1) .8 1.4 ---------------- --------------- ---------------- Subtotal..................................... (2,452.5) 156.3 536.8 Unrealized investment gains (losses) attributable to: Participating group annuity contracts, Closed Block policyholder dividend obligation and other....................... (77.4) 16.4 1.4 DAC.......................................... 555.1 (26.9) (110.4) Deferred income taxes........................ 704.0 (42.2) (145.6) ---------------- --------------- ---------------- Total.............................................. $ (1,270.8) $ 103.6 $ 282.2 ================ =============== ================
15) INCOME TAXES A summary of the income tax expense in the consolidated statements of earnings follows:
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Income tax expense: Current (benefit) expense ....................... $ (319.7) $ 464.0 $ 438.6 Deferred expense (benefit)....................... 2,021.6 295.8 (14.1) ----------------- ---------------- ----------------- Total.............................................. $ 1,701.9 $ 759.8 $ 424.5 ================= ================ =================
F-51 The Federal income taxes attributable to consolidated operations are different from the amounts determined by multiplying the earnings before income taxes and minority interest by the expected Federal income tax rate of 35%. The sources of the difference and their tax effects follow:
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Expected income tax expense........................ $ 1,896.5 $ 939.0 $ 728.1 Minority interest.................................. (132.3) (227.3) (227.0) Separate Account investment activity............... (66.5) (52.0) (45.4) Non-taxable investment income...................... 26.1 (21.7) (23.1) Adjustment of tax audit reserves................... 9.9 21.5 (86.2) State income taxes................................. 20.5 50.2 38.0 AllianceBernstein income and foreign taxes......... (53.3) 40.2 32.9 Other.............................................. 1.0 9.9 7.2 ----------------- ---------------- ----------------- Income Tax Expense................................. $ 1,701.9 $ 759.8 $ 424.5 ================= ================ =================
The Company recognized a net tax benefit in 2006 of $117.7 million related to the settlement of an Internal Revenue Service's ("IRS") audit of the 1997-2001 tax years, partially offset by additional tax reserves established for subsequent tax periods. Of the net tax benefit of $117.7 million, $111.9 million related to the continuing operations and $5.8 million to the discontinued Wind-up Annuities. On August 16, 2007, the IRS issued Revenue Ruling 2007-54 that purported to change accepted industry and IRS interpretations of the statutes governing the computation of the Separate Account dividends received deduction ("DRD"). This ruling was suspended on September 25, 2007 in Revenue Ruling 2007-61 and the U.S. Department of the Treasury (the "Treasury") indicated that it would address the computational issues in a regulation project. Any regulations that the Treasury ultimately proposes for issuance in this area will be subject to public notice and comment, at which time insurance companies and other members of the public will have the opportunity to raise legal and practical questions about the content, scope and application of such regulations. The ultimate timing and substance of any such regulations are unknown, but they could result in the elimination of some or all of the Separate Account DRD tax benefit that the Company receives. The components of the net deferred income taxes are as follows:
DECEMBER 31, 2008 December 31, 2007 --------------------------------- --------------------------------- ASSETS LIABILITIES Assets Liabilities --------------- ---------------- --------------- --------------- (IN MILLIONS) Compensation and related benefits...... $ 297.1 $ - $ - $ 35.4 Reserves and reinsurance............... - 1,465.8 1,312.2 - DAC.................................... - 2,209.5 - 2,735.5 Unrealized investment gains............ 683.6 - - 42.5 Investments............................ - 741.0 - 1,044.2 Other.................................. - 47.0 81.5 - --------------- ---------------- --------------- --------------- Total.................................. $ 980.7 $ 4,463.3 $ 1,393.7 $ 3,857.6 =============== ================ =============== ===============
As a result of the implementation of FIN 48 as of January 1, 2007, the Company recognized a $44.8 million decrease in the amount of unrecognized tax benefits, which was accounted for as an increase to the January 1, 2007 balance of retained earnings. The total amount of unrecognized tax benefits at January 1, 2007 was $371.3 million. Of that total, $276.9 million would affect the effective tax rate and $94.4 million are tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, other than interest and penalties, the change in timing of the deduction would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority. At December 31, 2008, the total amount of unrecognized tax benefits was $506.6 million of which $372.6 million would affect the effective rate and $134.0 million was temporary in nature. At December 31, 2007, the total amount of unrecognized tax benefits was $412.2 million of which $301.9 million would affect the effective rate and $110.3 million was temporary in nature. F-52 The Company recognizes accrued interest and penalties related to unrecognized tax benefits in tax expense. Interest and penalties included in the amounts of unrecognized tax benefits at December 31, 2008 and 2007 were $77.3 million and $68.6 million, respectively. Tax expense for 2008 and 2007, respectively, reflected $8.7 million and $22.5 million in interest related to unrecognized tax benefits. A reconciliation of unrecognized tax benefits (excluding interest and penalties) follows:
2008 2007 --------------- --------------- (IN MILLIONS) Balance, beginning of year................................................ $ 343.6 $ 325.2 Additions for tax positions of prior years................................ 81.3 19.2 Reductions for tax positions of prior years............................... (4.9) (1.5) Additions for tax positions of current years.............................. .9 3.4 Reductions for tax positions of current years............................. - (.3) Settlements with tax authorities.......................................... 7.7 (2.4) Reductions as a result of a lapse of the applicable statute of limitations - - --------------- --------------- Balance, End of Year...................................................... $ 428.6 $ 343.6 =============== ===============
The IRS completed its examination of the Company's 2002 and 2003 Federal corporate income tax returns and issued its Revenue Agent's Report in second quarter 2008. The Company has appealed an issue to the Appeals Office of the IRS. In addition, AllianceBernstein settled various examinations by the state and local tax authorities. The impact of these completed audits on the Company's financial statements was a net benefit of $14.6 million. IRS examinations for years subsequent to 2003 are expected to commence in 2009. It is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next twelve months due to the conclusion of the current IRS proceedings and the additions of new issues for open tax years. The possible change in the amount of unrecognized tax benefits cannot be estimated at this time. 16) DISCONTINUED OPERATIONS The Company's discontinued operations include Wind-up Annuities, equity real estate held-for-sale and disposal of businesses. The following tables reconcile the (Losses) earnings from discontinued operations, net of income taxes and Gains (losses) on disposal of discontinued operations, net of income taxes to the amounts reflected in the consolidated statements of earnings for the three years ended December 31, 2008:
2008 2007 2006 ------------- ------------ ------------- (IN MILLIONS) (LOSSES) EARNINGS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES: Wind-up Annuities............................................. $ (27.5) $ (.1) $ 30.2 Real estate held-for-sale..................................... 1.4 (6.8) 1.1 Disposal of business - Enterprise............................. - 1.0 (.1) ------------- ------------ ------------- Total......................................................... $ (26.1) $ (5.9) $ 31.2 ============= ============ ============= GAINS (LOSSES) ON DISPOSAL OF DISCONTINUED OPERATIONS, NET OF INCOME TAXES: Real estate held for sale..................................... $ 6.3 $ 3.2 $ - Disposal of business - Enterprise............................. - (.4) (1.9) ------------- ------------ ------------- Total......................................................... $ 6.3 $ 2.8 $ (1.9) ============= ============ =============
Disposal of Businesses ---------------------- In accordance with their October 2006 agreement, during 2007, AXA Financial and its subsidiaries, AXA Equitable, Enterprise Capital Management, Inc. ("Enterprise") and Enterprise Fund Distributors, Inc., ("EFD") transferred to Goldman Sachs Asset Management L.P. ("GSAM") assets of the business of serving F-53 as sponsor of and investment manager to 27 of the 31 funds of AXA Enterprise Multimanager Funds Trust, AXA Enterprise Funds Trust and The Enterprise Group of Funds, Inc. (collectively, the "AXA Enterprise Funds") and completed the reorganization of such funds to corresponding mutual funds managed by GSAM. In 2008, AXA Financial completed the reorganization and/or liquidation of the remaining four mutual funds in AXA Enterprise Funds of the remaining funds which together had approximately $661.9 million in assets under management as of December 31, 2007. AXA Financial has since entered into agreements to transfer the remaining funds. As a result of management's disposition plan, AXA Enterprise Funds advisory contracts were reported as Discontinued Operations. In 2007 and 2006, respectively, $0.7 million pre-tax ($0.4 million post-tax) and $3.0 million pre-tax ($1.9 million post-tax) of transaction costs were recorded as a result of the disposition of the funds; no additional costs were reported for 2008. Proceeds received in 2007 on the disposition of the AXA Enterprise Funds totaled $26.3 million. In 2008 and 2007, respectively, impairments of zero and $0.7 million pre-tax ($0.4 million post-tax) were recorded on intangible assets associated with AXA Enterprise Funds investment management contracts based upon estimated fair value. At December 31, 2008 and 2007 there were no assets or liabilities related to these operations. Wind-up Annuities In 1991, management discontinued the business of Wind-up Annuities, the terms of which were fixed at issue, which were sold to corporate sponsors of terminated qualified defined benefit plans, and for which a premium deficiency reserve and an allowance for future losses based upon projected future cash flows had been established. The Company's quarterly process for evaluating the need for an allowance for future losses involves comparison of the current period's results of Wind-up Annuities to previous projections and re-estimation of future expected losses, if appropriate, to determine whether an adjustment is required. Investment and benefit cash flow projections are updated annually as part of the Company's annual planning process. The assumptions and estimates for 2006 resulted in a release of the allowance. If the Company's analysis in any given period indicates that an allowance for future losses is not necessary, any current period Wind-up Annuities' operating losses or earnings are recognized as (Losses) earnings from discontinued operations, net of income taxes in the consolidated statements of earnings. At December 31, 2008, no allowance for future losses was necessary based upon projections of reasonably assured future net investing and operating cash flows. The determination of projected future cash flows involves numerous estimates and subjective judgments regarding the expected performance of invested assets held by Wind-up Annuities and the expected run-off of Wind-up Annuities liabilities. There can be no assurance the projected future cash flows will not differ from the cash flows ultimately realized. To the extent actual results or future projections of Wind-up Annuities are lower than management's current estimates and assumptions and result in operating losses not being offset by reasonably assured future net investing and operating cash flows, an allowance for future losses may be necessary. In particular, to the extent income, sales proceeds and holding periods for equity real estate differ from management's previous assumptions, establishment of a loss allowance liability may result. F-54 Summarized financial information for Wind-up Annuities follows:
DECEMBER 31, -------------------------------------- 2008 2007 ----------------- ----------------- (IN MILLIONS) BALANCE SHEETS Fixed maturities, available for sale, at estimated fair value (amortized cost of $661.8 and $696.3).............................. $ 602.1 $ 705.0 Equity real estate................................................... 162.2 165.0 Other invested assets................................................ 2.5 4.0 ----------------- ----------------- Total investments.................................................. 766.8 874.0 Cash and cash equivalents............................................ - - Other assets......................................................... 77.1 27.3 ----------------- ----------------- Total Assets......................................................... $ 843.9 $ 901.3 ================= ================= Policyholders liabilities............................................ $ 723.4 $ 756.1 Other liabilities.................................................... 120.5 145.2 ----------------- ----------------- Total Liabilities.................................................... $ 843.9 $ 901.3 ================= =================
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) STATEMENTS OF EARNINGS Investment income (net of investment expenses of $19.3, $19.6 and $19.0).............. $ 64.0 $ 64.9 $ 71.3 Investment (losses) gains, net..................... (4.8) (.8) 6.0 Policy fees, premiums and other income............. .1 .2 - ----------------- ---------------- ----------------- Total revenues..................................... 59.3 64.3 77.3 ----------------- ---------------- ----------------- Benefits and other deductions...................... 101.7 80.0 84.7 Losses charged to the allowance for future losses................................ - (15.6) (7.4) ----------------- ---------------- ----------------- Pre-tax loss from operations....................... (42.4) (.1) - Pre-tax (loss from strengthening) earnings from releasing the allowance for future losses........ - - 37.1 Income tax benefit (expense)....................... 14.9 - (6.9) ----------------- ---------------- ----------------- (Losses) Earnings from Wind-up Annuities........... $ (27.5) $ (.1) $ 30.2 ================= ================ =================
Income tax expense for Wind-up Annuities in 2006 included a $5.8 million tax benefit in connection with the settlement of an IRS audit of the 1997-2001 tax years. Real Estate Held-For-Sale ------------------------- In 2007, two real estate properties with a total book value of $172.7 million that had been previously reported in equity real estate were reclassified as real estate held-for-sale. Prior periods were restated to reflect these properties as discontinued operations. In third quarter 2007, one of the held-for-sale properties was sold resulting in a gain of $4.9 million ($3.2 million post-tax). At December 31, 2008 and 2007, equity real estate held-for-sale was zero and $121.7 million, respectively, and was included in Other assets. F-55 17) ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive (loss) income represents cumulative gains and losses on items that are not reflected in earnings. The balances for the past three years follow:
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Unrealized (losses) gains on investments........... $ (1,270.8) $ 103.6 $ 282.2 Defined benefit pensions plans..................... (964.8) (371.5) (449.5) ----------------- ---------------- ----------------- Total Accumulated Other Comprehensive Loss............................... $ (2,235.6) $ (267.9) $ (167.3) ================= ================ =================
The components of other comprehensive loss for the past three years follow:
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Net unrealized losses on investments: Net unrealized losses arising during the year....................................... $ (2,533.5) $ (357.8) $ (416.6) Losses reclassified into net earnings during the year................................ (75.3) (22.7) (14.8) ----------------- ---------------- ----------------- Net unrealized losses on investments............... (2,608.8) (380.5) (431.4) Adjustments for policyholders liabilities, DAC and deferred income taxes.................. 1,234.4 201.9 281.3 ----------------- ---------------- ----------------- Change in unrealized losses, net of adjustments.... (1,374.4) (178.6) (150.1) Change in defined benefits pension plans........... (593.3) 78.0 - ----------------- ---------------- ----------------- Total Other Comprehensive Loss..................... $ (1,967.7) $ (100.6) $ (150.1) ================= ================ =================
18) COMMITMENTS AND CONTINGENT LIABILITIES Debt Maturities --------------- At December 31, 2008, aggregate maturities of the long-term debt, including any current portion of long-term debt, based on required principal payments at maturity were none for 2009-2013 and $200.0 million thereafter. Leases ------ The Company has entered into operating leases for office space and certain other assets, principally information technology equipment and office furniture and equipment. Future minimum payments under non-cancelable operating leases for 2009 and the four successive years are $203.7 million, $199.3 million, $194.7 million, $197.9 million, $205.2 million and $2,356.1 million thereafter. Minimum future sublease rental income on these non-cancelable operating leases for 2009 and the four successive years is $5.3 million, $5.4 million, $4.7 million, $3.3 million, $3.2 million and $10.6 million thereafter. At December 31, 2008, the minimum future rental income on non-cancelable operating leases for wholly owned investments in real estate for 2009 and the four successive years is $102.5 million, $102.7 million, $103.2 million, $105.4 million, $106.6 million and $631.9 million thereafter. The Company has entered into capital leases for certain information technology equipment. Future minimum payments under non-cancelable capital leases for 2009 and the four successive years is $0.9 million, $0.9 million, $0.5 million, $0.4 million, $0.2 million and $0.1 million thereafter. F-56 Guarantees and Other Commitments -------------------------------- The Company provides certain guarantees or commitments to affiliates, investors and others. At December 31, 2008, these arrangements include commitments by the Company to provide equity financing of $711.3 million to certain limited partnerships under certain conditions. Management believes the Company will not incur material losses as a result of these commitments. AXA Equitable is the obligor under certain structured settlement agreements it had entered into with unaffiliated insurance companies and beneficiaries. To satisfy its obligations under these agreements, AXA Equitable owns single premium annuities issued by previously wholly owned life insurance subsidiaries. AXA Equitable has directed payment under these annuities to be made directly to the beneficiaries under the structured settlement agreements. A contingent liability exists with respect to these agreements should the previously wholly owned subsidiaries be unable to meet their obligations. Management believes the need for AXA Equitable to satisfy those obligations is remote. The Company had $59.8 million of undrawn letters of credit related to reinsurance at December 31, 2008. AXA Equitable had $15.0 million in commitments under existing mortgage loan agreements at December 31, 2008. In February 2002, AllianceBernstein signed a $125.0 million agreement with a commercial bank under which it guaranteed certain obligations of SCBL incurred in the ordinary course of its business in the event SCBL is unable to meet these obligations. During 2008, AllianceBerstein was not required to perform under the agreement and at December 31, 2008 had no liability outstanding in connection with the agreement. 19) LITIGATION A putative class action entitled Stefanie Hirt, et al. v. The Equitable Retirement Plan for Employees, Managers and Agents, et al. was filed in the District Court for the Southern District of New York in August 2001 against The Equitable Retirement Plan for Employees, Managers and Agents (the "Retirement Plan") and The Officers Committee on Benefit Plans of Equitable Life, as Plan Administrator. The action was brought by five participants in the Retirement Plan and purports to be on behalf of "all Plan participants, whether active or retired, their beneficiaries and Estates, whose accrued benefits or pension benefits are based on the Plan's Cash Balance Formula". The complaint challenged the change, effective January 1, 1989, in the pension benefit formula from a final average pay formula to a cash balance formula. Plaintiffs alleged that the change to the cash balance formula violated ERISA by reducing the rate of accruals based on age, failed to comply with ERISA's notice requirements and improperly applied the formula to retroactively reduce accrued benefits. The relief sought includes a declaration that the cash balance plan violated ERISA, an order enjoining the enforcement of the cash balance formula, reformation and damages. In April 2002, plaintiffs filed a motion seeking to certify a class of "all Plan participants, whether active or retired, their beneficiaries and Estates, whose accrued benefits or pension benefits are based on the Plan's Cash Balance Formula". Also in April 2002, plaintiffs agreed to dismiss with prejudice their claim that the change to the cash balance formula violated ERISA by improperly applying the formula to retroactively reduce accrued benefits. That claim was dismissed. In March 2003, plaintiffs filed an amended complaint elaborating on the remaining claims in the original complaint and adding additional class and individual claims alleging that the adoption and announcement of the cash balance formula and the subsequent announcement of changes in the application of the cash balance formula failed to comply with ERISA. By order dated May 2003, the District Court, as requested by the parties, certified the case as a class action, including a sub-class of all current and former Plan participants, whether active, inactive or retired, their beneficiaries or estates, who were subject to a 1991 change in application of the cash balance formula. In September 2006, the district court granted summary judgment in favor of the defendants. The court ruled that (a) the cash balance provisions of the Equitable Plan do not violate the age discrimination provisions of ERISA, (b) while the notice of plan changes provided to participants in 1990 was not adequate, the notice of plan changes provided to participants in 1992 satisfied the ERISA notice requirements regarding delivery and content, and (c) the claims of the named plaintiffs are barred by statute of limitations. The Court found that other individual class members were not precluded from asserting claims for additional benefit accruals from January 1991 through January 1993 to the extent that such individuals could show that the statute of limitations did not bar their claims. In October 2006, plaintiffs filed a notice of appeal and defendants filed a cross appeal. In July 2008, the Court of Appeals affirmed the lower court's decision that the cash balance plan does not violate the age discrimination provisions of ERISA and that plaintiffs' claims also were barred by the statute of limitations. F-57 In September 2008, the Court of Appeals denied plaintiffs motion for rehearing. The time for plaintiffs to make an appeal to the United States Supreme Court has expired. In April 2004, a purported nationwide class action lawsuit was filed in the Circuit Court for Madison County, Illinois entitled Matthew Wiggenhorn v. Equitable Life Assurance Society of the United States. The lawsuit alleges that AXA Equitable uses stale prices for the foreign securities within the investment divisions of its variable insurance products. The complaint further alleges that AXA Equitable's use of stale pricing diluted the returns of the purported class. The complaint also alleges that AXA Equitable breached its fiduciary duty to the class by allowing market timing in general within AXA Equitable's variable insurance products, thereby diluting the returns of the class. In June 2005, this case was transferred by the Judicial Panel on Multidistrict Litigation to the U.S. District Court in Maryland, where other market-timing related litigation is pending. In June 2005, plaintiff filed an amended complaint. In July 2005, AXA Equitable filed a motion to dismiss the amended complaint. In June 2006, AXA Equitable's motion to dismiss the amended complaint was granted and, in June 2006, plaintiff appealed. As of April 2007, the appeal was fully briefed. In October 2008, oral arguments on the appeal were held. In January 2009, the Fourth Circuit Court of Appeals affirmed the District Court's decision to dismiss the amended complaint. A putative class action entitled Eagan et al. v. AXA Equitable Life Insurance Company was filed in the District Court for the Central District of California in December 2006 against AXA Equitable as plan sponsor and fiduciary for an ERISA retiree health plan. The action was brought by two plan participants on behalf of all past and present employees and agents who received retiree medical benefits from AXA Equitable at any time after January 1, 2004, or who will receive such benefits in 2006 or later, excluding certain retired agents. Plaintiffs allege that AXA Equitable's adoption of a revised version of its retiree health plan in 1993 (the "1993 Plan") was not authorized or effective. Plaintiffs contend that AXA Equitable has therefore breached the retiree health plan by imposing the terms of the 1993 Plan on plaintiffs and other retirees. Plaintiffs allege that, even if the 1993 Plan is controlling, AXA Equitable has violated the terms of the retiree health plan by imposing health care costs and coverages on plaintiffs and other retirees that are not authorized under the 1993 Plan. Plaintiffs also allege that AXA Equitable breached fiduciary duties owed to plaintiffs and retirees by allegedly misrepresenting and failing to disclose information to them. The plaintiffs seek compensatory damages, restitution and injunctive relief prohibiting AXA Equitable from violating the terms of the applicable plan, together with interest and attorneys' fees. In March 2007, AXA Equitable filed a motion to dismiss. In July 2007, the plaintiffs filed an amended complaint that (i) redefined the scope of the class to now include all retired employee and independent contractor agents formerly employed by AXA Equitable who received medical benefits after December 1, 2000 or who will receive such benefits in the future, excluding certain retired agents, and (ii) eliminated the claim based on a breach of fiduciary duty and certain claims related to health care costs. In September 2007, AXA Equitable filed its answer to the amended complaint. The original trial date of May 2009 has been stayed, and the Court has not set a new trial date. In January 2009, AXA Equitable filed a motion to dismiss the complaint for lack of subject matter jurisdiction. In February 2009, the Court denied AXA Equitable's motion to dismiss the complaint. AXA Equitable and/or AXA Advisors LLC is currently the subject of four putative class actions pending in Federal court alleging certain wage and hour violations with regard to certain sales personnel. The cases were filed between July 2006 and September 2007. Each of the cases seek substantially the same relief under essentially the same theories of recovery: violation of the Fair Labor Standards Act for failure to pay minimum wage and overtime and violation of similar provisions under state labor laws in the respective states. In September 2007, the parties agreed to consolidate all four pending cases in the Northern District of California. The cases include the following: Meola v. AXA Advisors and AXA Equitable; Lennon v. AXA Advisors, et al.; Bolea v. AXA Advisors, LLC and AXA Equitable, et. al.; and Dhruv v. AXA Advisors, LLC, et al. Plaintiffs seek compensatory damages, restitution of all wages improperly withheld or deducted, punitive damages, penalties, and attorneys' fees. In February 2009, the parties filed a proposed settlement agreement with the Court. In March 2009, the Court preliminarily denied without prejudice the parties' motion for preliminary approval of the settlement. The Court requested that the parties refile the motion revising certain portions of the proposed notices by the end of March 2009. F-58 ALLIANCEBERNSTEIN LITIGATION Market Timing-Related Matters In October 2003, a purported class action complaint entitled Hindo, et al. v. AllianceBernstein Growth & Income Fund, et al. ("Hindo Complaint") was filed against AllianceBernstein, AllianceBernstein Holding, AllianceBernstein Corporation, AXA Financial, certain investment company funds (the "U.S. Funds") distributed by AllianceBernstein Investments, Inc., a wholly-owned subsidiary of AllianceBernstein, the registrants and issuers of those funds, certain officers of AllianceBernstein (the "AllianceBernstein defendants"), and certain other unaffiliated defendants, as well as unnamed Doe defendants. The Hindo Complaint alleges that certain defendants failed to disclose that they improperly allowed certain hedge funds and other unidentified parties to engage in "late trading" and "market timing" of U.S. Fund securities, violating various securities laws. Following October 2003, additional lawsuits making factual allegations generally similar to those in the Hindo Complaint were filed in various Federal and state courts against AllianceBernstein and certain other defendants. In September 2004, plaintiffs filed consolidated amended complaints with respect to four claim types: mutual fund shareholder claims; mutual fund derivative claims; derivative claims brought on behalf of AllianceBernstein Holding; and claims brought under ERISA by participants in the Profit Sharing Plan for Employees of AllianceBernstein. In April 2006, AllianceBernstein and attorneys for the plaintiffs in the mutual fund shareholder claims, mutual fund derivative claims, and ERISA claims entered into a confidential memorandum of understanding containing their agreement to settle these claims. The agreement will be documented by a stipulation of settlement and will be submitted for court approval at a later date. The settlement amount ($30 million), which AllianceBernstein previously accrued and disclosed, has been disbursed. The derivative claims brought on behalf of AllianceBernstein Holding, in which plaintiffs seek an unspecified amount of damages, remain pending. ----------------------------------- Although the outcome of litigation generally cannot be predicted with certainty, management intends to vigorously defend against the allegations made by the plaintiffs in the actions described above and believes that the ultimate resolution of the litigations described above involving AXA Equitable and/or its subsidiaries should not have a material adverse effect on the consolidated financial position of the Company. Management cannot make an estimate of loss, if any, or predict whether or not any of the litigations described above will have a material adverse effect on the Company's consolidated results of operations in any particular period. In addition to the type of matters described above, a number of lawsuits have been filed against life and health insurers in the jurisdictions in which AXA Equitable and its respective insurance subsidiaries do business involving insurers' sales practices, alleged agent misconduct, alleged failure to properly supervise agents, contract administration and other matters. Some of the lawsuits have resulted in the award of substantial judgments against other insurers, including material amounts of punitive damages, or in substantial settlements. In some states, juries have substantial discretion in awarding punitive damages. AXA Equitable and AXA Life, like other life and health insurers, from time to time are involved in such litigations. Some of these actions and proceedings filed against AXA Equitable and its subsidiaries have been brought on behalf of various alleged classes of claimants and certain of these claimants seek damages of unspecified amounts. While the ultimate outcome of such matters cannot be predicted with certainty, in the opinion of management no such matter is likely to have a material adverse effect on the Company's consolidated financial position or results of operations. However, it should be noted that the frequency of large damage awards, including large punitive damage awards that bear little or no relation to actual economic damages incurred by plaintiffs in some jurisdictions, continues to create the potential for an unpredictable judgment in any given matter. F-59 20) INSURANCE GROUP STATUTORY FINANCIAL INFORMATION AXA Equitable is restricted as to the amounts it may pay as dividends to AXA Financial. Under the New York Insurance Law, a domestic life insurer may, without prior approval of the Superintendent, pay a dividend to its shareholders not exceeding an amount calculated based on a statutory formula. Payment of dividends in 2009 would require the insurer to file notice of its intent to declare such dividends with the Superintendent who then has 30 days to disapprove the distribution. This formula would not permit AXA Equitable to pay shareholder dividends during 2009. For 2008, 2007 and 2006, the Insurance Group statutory net (loss) income totaled $(1,074.8) million, $605.8 million and $532.3 million, respectively. Statutory surplus, capital stock and Asset Valuation Reserve ("AVR") totaled $3,588.1 million and $7,812.0 million at December 31, 2008 and 2007, respectively. In both 2007 and 2006, AXA Equitable paid shareholder dividends of $600.0 million; no dividends were paid in 2008. At December 31, 2008, AXA Equitable, in accordance with various government and state regulations, had $59.5 million of securities on deposit with such government or state agencies. In fourth quarter 2008, AXA Equitable issued two $500.0 million surplus notes to AXA Financial. The notes, both of which mature on December 1, 2018, have a fixed interest rate of 7.1%. The accrual and payment of interest expense and principal related to surplus notes require approval from the State of New York Insurance Department (the "NYID"). Interest expense in 2009 will approximate $71.0 million. At December 31, 2008 and for the year then ended, there were no differences in net income and capital and surplus resulting from practices prescribed and permitted by the NYID and those prescribed by NAIC Accounting Practices and Procedures effective at December 31, 2008. Accounting practices used to prepare statutory financial statements for regulatory filings of stock life insurance companies differ in certain instances from U.S. GAAP. The differences between statutory surplus and capital stock determined in accordance with Statutory Accounting Principles ("SAP") and total shareholder's equity under U.S. GAAP are primarily: (a) the inclusion in SAP of an AVR intended to stabilize surplus from fluctuations in the value of the investment portfolio; (b) future policy benefits and policyholders' account balances under SAP differ from U.S. GAAP due to differences between actuarial assumptions and reserving methodologies; (c) certain policy acquisition costs are expensed under SAP but deferred under U.S. GAAP and amortized over future periods to achieve a matching of revenues and expenses; (d) under SAP, income taxes are provided on the basis of amounts currently payable with limited recognition of deferred tax assets while under U.S. GAAP, deferred taxes are recorded for temporary differences between the financial statements and tax basis of assets and liabilities where the probability of realization is reasonably assured; (e) the valuation of assets under SAP and U.S. GAAP differ due to different investment valuation and depreciation methodologies, as well as the deferral of interest-related realized capital gains and losses on fixed income investments; (f) the valuation of the investment in AllianceBernstein and AllianceBernstein Holding under SAP reflects a portion of the market value appreciation rather than the equity in the underlying net assets as required under U.S. GAAP; (g) the provision for future losses of the discontinued Wind-Up Annuities business as only required under U.S. GAAP; (h) reporting the surplus notes as a component of surplus in SAP but as a liability in U.S. GAAP; (i) computer software development costs are capitalized under U.S. GAAP but expensed under SAP; and (j) certain assets, primarily pre-paid assets, are not admissible under SAP but are admissible under U.S. GAAP. The following reconciles the Insurance Group's statutory change in surplus and capital stock and statutory surplus and capital stock determined in accordance with accounting practices prescribed by the NYID with net earnings and shareholder's equity on a U.S. GAAP basis. F-60
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Net change in statutory surplus and capital stock.................................... $ (3,414.3) $ 71.7 $ 1,386.5 Change in AVR...................................... (808.4) (167.2) 279.3 ----------------- ---------------- ----------------- Net change in statutory surplus, capital stock and AVR.......................................... (4,222.7) (95.5) 1,665.8 Adjustments: Future policy benefits and policyholders' account balances............................... 3.2 415.1 (144.3) DAC.............................................. (2,089.9) 620.1 674.1 Deferred income taxes............................ (4,116.6) (677.8) 517.3 Valuation of investments......................... 3,695.4 2.8 2.6 Valuation of investment subsidiary............... 5,046.4 461.7 (2,122.7) Change in fair value of guaranteed minimum income benefit reinsurance contracts.......... 1,566.8 6.9 (14.8) Pension adjustment.............................. 1,389.7 - - Premiums and benefits ceded to AXA Bermuda...... 2,846.7 - - Issuance of surplus notes....................... (1,000.0) - - Shareholder dividends paid...................... - 600.0 600.0 Changes in non-admitted assets................... 136.9 19.4 (57.4) Other, net....................................... (12.6) (150.3) (72.6) U.S. GAAP adjustments for Wind-up Annuities ..... (16.7) 31.2 28.8 ----------------- ---------------- ----------------- Consolidated Net Earnings ......................... $ 3,226.6 $ 1,233.6 $ 1,076.8 ================= ================ ================= DECEMBER 31, --------------------------------------------------------- 2008 2007 2006 ----------------- ---------------- ------------------ (IN MILLIONS) Statutory surplus and capital stock................ $ 3,155.0 $ 6,569.3 $ 6,497.6 AVR................................................ 433.1 1,242.7 1,409.9 ----------------- ---------------- ------------------ Statutory surplus, capital stock and AVR........... 3,588.1 7,812.0 7,907.5 Adjustments: Future policy benefits and policyholders' account balances............................... (1,487.3) (2,270.2) (2,574.1) DAC.............................................. 7,482.0 9,019.3 8,316.5 Deferred income taxes............................ (4,585.1) (1,089.3) (627.1) Valuation of investments......................... (2,312.5) 457.1 867.9 Valuation of investment subsidiary............... 588.1 (4,458.3) (4,920.0) Fair value of GMIB reinsurance contracts......................... 4,821.7 124.7 117.8 Deferred cost of insurance ceded to AXA Bermuda................................ 3,495.8 - - Non-admitted assets.............................. 1,144.0 1,014.5 994.5 Issuance of surplus notes........................ (1,524.9) (524.8) (524.8) Adjustment to initially apply SFAS No.158, net of income taxes........................... - - (449.5) Other, net....................................... 141.3 76.0 433.6 U.S. GAAP adjustments for Wind-up Annuities...... 12.4 1.5 (59.9) ----------------- ---------------- ------------------ Consolidated Shareholder's Equity.................. $ 11,363.6 $ 10,162.5 $ 9,482.4 ================= ================ ==================
F-61 21) BUSINESS SEGMENT INFORMATION The following tables reconcile segment revenues and earnings from continuing operations before income taxes to total revenues and earnings as reported on the consolidated statements of earnings and segment assets to total assets on the consolidated balance sheets, respectively.
2008 2007 2006 ----------------- ---------------- ------------------ (IN MILLIONS) SEGMENT REVENUES: Insurance.......................................... $ 15,115.1 $ 6,938.0 $ 5,966.9 Investment Management (1).......................... 3,542.7 4,561.8 4,002.7 Consolidation/elimination.......................... (76.5) (91.4) (90.0) ----------------- ---------------- ------------------ Total Revenues..................................... $ 18,581.3 $ 11,408.4 $ 9,879.6 ================= ================ ==================
(1) Intersegment investment advisory and other fees of approximately $93.3 million, $128.9 million and $120.8 million for 2008, 2007 and 2006, respectively, are included in total revenues of the Investment Management segment.
SEGMENT EARNINGS FROM CONTINUING 2008 2007 2006 OPERATIONS BEFORE INCOME ----------------- ----------------- ----------------- TAXES AND MINORITY INTEREST: (IN MILLIONS) Insurance.......................................... $ 4,486.5 $ 1,298.9 $ 881.9 Investment Management.............................. 932.2 1,400.5 1,198.4 Consolidation/elimination.......................... (.4) - - ----------------- ----------------- ----------------- Total Earnings from Continuing Operations before Income Taxes and Minority Interest....... $ 5,418.3 $ 2,699.4 $ 2,080.3 ================= ================= =================
DECEMBER 31, ------------------------------------- 2008 2007 ----------------- ----------------- (IN MILLIONS) SEGMENT ASSETS: Insurance.......................................... $ 123,757.2 $ 144,962.2 Investment Management.............................. 12,520.2 14,962.7 Consolidation/elimination.......................... (11.2) 1.1 ----------------- ----------------- Total Assets....................................... $ 136,266.2 $ 159,926.0 ================= =================
In accordance with SEC regulations, securities with a fair value of $2,547.9 million and $2,333.2 million have been segregated in a special reserve bank custody account at December 31, 2008 and 2007, respectively for the exclusive benefit of securities broker-dealer or brokerage customers under Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). F-62 22) QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The quarterly results of operations for 2008 and 2007 are summarized below:
THREE MONTHS ENDED ---------------------------------------------------------------------------- MARCH 31 JUNE 30 SEPTEMBER 30 DECEMBER 31 ----------------- ----------------- ------------------ ---------------- (IN MILLIONS) 2008 ---- Total Revenues................ $ 3,792.6 $ 2,411.1 $ 3,387.4 $ 8,990.2 ================= ================= ================== ================ Earnings from Continuing Operations.................. $ 600.1 $ 510.2 $ 96.6 $ 2,039.5 ================= ================= ================== ================ Net Earnings.................. $ 607.4 $ 510.6 $ 96.6 $ 2,012.0 ================= ================= ================== ================ 2007 ---- Total Revenues................ $ 2,677.9 $ 2,608.2 $ 2,938.5 $ 3,183.8 ================= ================= ================== ================ Earnings from Continuing Operations....... $ 295.7 $ 232.0 $ 356.6 $ 352.4 ================= ================= ================== ================ Net Earnings.................. $ 299.6 $ 218.2 $ 362.4 $ 353.4 ================= ================= ================== ================
F-63 PART C OTHER INFORMATION ----------------- Item 24. Financial Statements and Exhibits --------------------------------- (a) The following Financial Statements are included in Part B of the Registration Statement: The financial statements of AXA Equitable Life Insurance Company and Separate Account A are included in the Statement of Additional Information. (b) Exhibits. The following exhibits correspond to those required by paragraph (b) of item 24 as to exhibits in Form N-4: 1. (a) Resolutions of the Board of Directors of The Equitable Life Assurance Society of the United States ("Equitable") authorizing the establishment of the Registrant, previously filed with Registration Statement No. 2-30070 on October 27, 1987, refiled electronically on July 10, 1998, and incorporated herein by reference. (b) Resolutions of the Board of Directors of Equitable dated October 16, 1986 authorizing the reorganization of Separate Accounts A, C, D, E, J and K into one continuing separate account, previously filed with Registration Statement No. 2-30070 on April 24, 1995, refiled electronically on July 10, 1998, and incorporated herein by reference. 2. Not applicable. 3. (a) Sales Agreement among Equitable, Separate Account A and Equitable Variable Life Insurance Company, as principal underwriter for the Hudson River Trust, previously filed with Registration Statement No. 2-30070 on April 24, 1995, refiled electronically on July 10, 1998, and incorporated herein by reference. (b) Sales Agreement, dated as of July 22, 1992, among Equitable, Separate Account A and Equitable Variable Life Insurance Company, as principal underwriter for the Hudson River Trust, previously filed with Registration Statement No. 2-30070 on April 26, 1993, refiled electronically on July 10, 1998, and incorporated herein by reference. C-1 (c) Distribution and Servicing Agreement among Equico Securities, Inc. (now AXA Advisors LLC), Equitable and Equitable Variable Life Insurance Company, dated as of May 1, 1994, previously filed with Registration Statement No. 2-30070 on February 14, 1995, refiled electronically on July 10, 1998, and incorporated herein by reference. (d) Distribution Agreement dated as of January 1, 1995 by and between The Hudson River Trust and Equico Securities, Inc. (now AXA Advisors LLC), previously filed with Registration Statement No. 2-30070 on April 24, 1995, refiled electronically on July 10, 1998, and incorporated herein by reference. (e) Sales Agreement, dated as of January 1, 1995, by and among Equico Securities, Inc. (now AXA Advisors LLC), Equitable, Separate Account A, Separate Account No. 301 and Separate Account No. 51, previously filed with Registration Statement No. 2-30070 on April 24, 1995, refiled electronically on July 10, 1998, and incorporated herein by reference. (f) Distribution Agreement for services by The Equitable Life Assurance Society of the United States to AXA Network, LLC and its subsidiaries dated January 1, 2000, previously filed with Registration Statement File No. 2-30070 on April 25, 2001, and incorporated herein by reference. (g) Distribution Agreement for services by AXA Network LLC and its subsidiaries to The Equitable Life Assurance Society of the United States dated January 1, 2000, previously filed with Registration Statement File No. 2-30070 on April 25, 2001, and incorporated herein by reference. (h) General Agent Sales Agreement dated January 1, 2000, between The Equitable Life Assurance Society of the United States and AXA Network, LLC and its subsidiaries, previously filed with Registration Statement No. 2-30070 on April 19, 2004, and incorporated herein by reference. (i) First Amendment to General Agent Sales Agreement dated January 1, 2000, between The Equitable Life Assurance Society of the United States and AXA Network, LLC and its subsidiaries, previously filed with Registration Statement No. 2-30070 on April 19, 2004, and incorporated herein by reference. (j) Second Amendment to General Agent Sales Agreement dated January 1, 2000, between The Equitable Life Assurance Society of the United States and AXA Network, LLC and its subsidiaries, previously filed with Registration Statement No. 2-30070 on April 19, 2004, and incorporated herein by reference. (k) (i) Form of Distribution Agreement dated as of January 1, 1998 among The Equitable Life Assurance Society of the United States (now AXA Equitable Life Insurance Company) for itself and as depositor on behalf of certain Separate Accounts, and Equitable Distributors, Inc. (now AXA Distributors, LLC), incorporated herein by reference to Exhibit 3(b) to the Registration Statement on Form N-4 (File No. 333-05593), filed on May 1, 1998. (k) (ii) Form of First Amendment (dated January 1, 2001) to Distribution Agreement dated January 1, 1998, previously filed with Registration Statement No. 2-30070 on December 30, 2004, and incorporated herein by reference. (l) Form of Brokerage General Agent Sales Agreement with Schedule and Amendment to Brokerage General Agent Sales Agreement among [Brokerage General Agent] and AXA Distributors, LLC, AXA Distributors Insurance Agency, LLC, AXA Distributors Insurance Agency of Alabama, LLC, and AXA Distributors Insurance Agency of Massachusetts, LLC, incorporated herein by reference to Exhibit No. 3.(i) to Registration Statement (File No. 333-05593) on Form N-4, filed on April 20, 2005. (m) Form of Wholesale Broker-Dealer Supervisory and Sales Agreement among [Broker-Dealer] and AXA Distributors, LLC, incorporated herein by reference to Exhibit No. 3.(j) to Registration Statement (File No. 333-05593) on Form N-4, filed on April 20, 2005. (n) Third Amendment to General Agent Sales Agreement dated as of January 1, 2000 by and between The Equitable Life Assurance Society of the United States and AXA Network, LLC and its subsidiaries incorporated herein by reference to this Registration Statement on Form N-4 (File No. 333-127445), filed on August 11, 2005. (o) Fourth Amendment to General Agent Sales Agreement dated as of January 1, 2000 by and between The Equitable Life Assurance Society of the United States and AXA Network, LLC and its subsidiaries incorporated herein by reference to this Registration Statement on Form N-4 (File No. 333-127445), filed on August 11, 2005. (p) Fifth Amendment, dated as of November 1, 2006, to General Agent Sales Agreement dated as of January 1, 2000 by and between The Equitable Life Assurance Society of the United States and AXA Network, LLC and its subsidiaries incorporated herein by reference to Registration Statement on Form N-4 (File No. 2-30070) to Exhibit 4(p), filed on April 24, 2007. (q) Sixth Amendment, dated as of February 15, 2008, to General Agent Sales Agreement dated as of January 1, 2000 by and between AXA Equitable Life Insurance Company (formerly known as The Equitable Life Assurance Society of the United States) and AXA Network, LLC and its subsidiaries, incorporated herein by reference to Registration Statement on Form N-4 (File No. 2-30070) to Exhibit 3(q), filed on April 20, 2009. (r) Seventh Amendment, dated as of February 15, 2008, to General Agent Sales Agreement dated as of January 1, 2000 by and between AXA Equitable Life Insurance Company (formerly known as The Equitable Life Assurance Society of the United States) and AXA Network, LLC and its subsidiaries, incorporated herein by reference to Registration Statement on Form N-4 (File No. 2-30070) to Exhibit 3(r), filed on April 20, 2009. (s) Eighth Amendment, dated as of November 1, 2008, to General Agent Sales Agreement dated as of January 1, 2000 by and between AXA Equitable Life Insurance Company (formerly known as The Equitable Life Assurance Society of the United States) and AXA Network, LLC and its subsidiaries, incorporated herein by reference to Registration Statement on Form N-4 (File No. 2-30070) to Exhibit 3(s), filed on April 20, 2009. 4. (a) Form of endorsement applicable to Non-Qualified contracts no. E-2005IML-NQ incorporated herein by reference to this Registration Statement on Form N-4 (File No. 333-127445) filed on November 16, 2005. (b) Form of endorsement applicable to ROTH IRA contracts no. E-2005IML-ROTH incorporated herein by reference to this Registration Statement on Form N-4 (File No. 333-127445) filed on November 16, 2005. (c) Form of endorsement applicable to IRA contracts no. E-2005IML-IRA incorporated herein by reference to this Registration Statement on Form N-4 (File No. 333-127445) filed on November 16, 2005. (d) Form of endorsement applicable to TSA contracts no. E-2005IML-TSA incorporated herein by reference to this Registration Statement on Form N-4 (File No. 333-127445) filed on November 16, 2005. (e) Form of flexible premium deferred variable annuity certificate no. 2006RIFL2-FR-B(NY) incorporated herein by reference to this Registration Statement on Form N-4 (File No. 333-141292) filed on July 13, 2007. (f) Form of data page no. 2006RIFLFR DP(NY) incorporated herein by reference to this Registration Statement on Form N-4 (File No. 333-141292) filed on July 13, 2007. (g) Form of guaranteed minimum death benefit (GMDB) rider annual ratchet to age 85 no. 2006GMDB-RIFLFR(NY) incorporated herein by reference to this Registration Statement on Form N-4 (File No. 333-141292) filed on July 13, 2007. C-2 5. (a) Form of Deferred Variable Annuity Application for IRA and NQ (Form No. 180-3005), previously filed with Registration Statement No. 333-137052 on Form N-4 on December 6, 2006, and incorporated herein by reference. (b) Form of Deferred Variable Annuity Application for TSA (Form No. 180-3006), previously filed with Registration Statement No. 333-137052 on Form N-4 on December 6, 2006, and incorporated herein by reference. (c) Form of Enrollment Form (Form 180-3007)incorporated herein by reference to this Registration Statement on Form N-4 (File No. 333-141292) filed on July 13, 2007. 6. (a) Copy of the Restated Charter of Equitable, as amended January 1, 1997, previously filed with Registration Statement on Form N-4 (File No. 2-30070) on April 28, 1997. (b) Restated Charter of AXA Equitable, as amended December 6, 2004, incorporated herein by reference to Exhibit No. 3.2 to Form 10-K, (File No. 000-20501), filed on March 31, 2005. (c) By-Laws of Equitable, as amended November 21, 1996, previously filed with Registration Statement on Form N-4 (File No. 2-30070) on April 28, 1997. (d) By-Laws of AXA Equitable, as amended September 7, 2004, incorporated herein by reference to Exhibit No. 6.(c) to Registration Statement on Form N-4, (File No. 333-05593), filed on April 20, 2006. 7. Form of Reinsurance Agreement between The Equitable Life Assurance Society of the United States and Reinsurance Company previously filed with Registration Statement on Form N-4 (File No. 2-30070) on April 25, 2001. 8. (a) Form of Participation Agreement among EQ Advisors Trust, Equitable, Equitable Distributors, Inc. and EQ Financial Consultants, Inc. (now AXA Advisors, LLC), incorporated herein by reference to the EQ Advisors Trust Registration Statement on Form N-1A (File Nos. 33-17217 and 811-07953), filed on August 28, 1997. (b) Form of Participation Agreement among AXA Premier VIP Trust, Equitable Distributors, Inc., AXA Distributors, LLC., and AXA Advisors, LLC, incorporated herein by reference to Registration Statement on Form N-4 (File No. 2-30070), filed on December 5, 2001. (c) Form of Participation Agreement among The Equitable Life Assurance Society of the United States, The Universal Institutional Funds, Inc. and Morgan Stanley Investment Management Inc., incorporated herein by reference to Exhibit No. 1-A(9)(d) to Registration Statement on Form S-6, File No. 333-17663, filed on October 8, 2002. C-3 9. (a) Opinion and Consent of William J. Evers, Vice President and Counsel of AXA Equitable Life Insurance Company as to the legality of the securities being registered incorporated herein by reference to this Registration Statement on Form N-4 (File No. 333-141292) filed on July 13, 2007. (b) Opinion and Consent of Dodie Kent, Esq. Vice President and Associate General Counsel of AXA Equitable, as to the legality of the securities being registered incorporated herein by reference to this Registration Statement on Form N-4 (File No. 333-141292) filed on April 21, 2008. (c) Opinion and Consent of Dodie Kent, Esq. Vice-President and Associate General Counsel of AXA Equitable, as to the legality of the securities being registered is filed herewith. 10. (a) Consent of PricewaterhouseCoopers LLP (b) Powers of Attorney are filed herewith. 11. Not applicable. 12. Not applicable. C-4 Item 25. Directors and Officers of AXA Equitable. Set forth below is information regarding the directors and principal officers of AXA Equitable. AXA Equitable's address is 1290 Avenue of Americas, New York, New York 10104. The business address of the persons whose names are preceded by an asterisk is that of AXA Equitable. POSITIONS AND NAME AND PRINCIPAL OFFICES WITH BUSINESS ADDRESS AXA EQUITABLE ---------------- ------------- DIRECTORS Henri de Castries Director AXA 25, Avenue Matignon 75008 Paris, France Denis Duverne Director AXA 25, Avenue Matignon 75008 Paris, France Charlynn Goins Director 30 Beekman Place, Apt. 8A New York, NY 10022 Anthony J. Hamilton Director AXA UK plc 5 Old Broad Street London, England EC2N 1AD Mary R. (Nina) Henderson Director Henderson Advisory Consulting 425 East 86th Street Apt 12-C New York, NY 10028 James F. Higgins Director Morgan Stanley Harborside Financial Center Plaza Two, Second Floor Jersey City, NJ 07311 Peter S. Kraus Director Alliance Bernstein Corporation 1345 Avenue of the Americas New York, NY 10105 Scott D. Miller Director SSA & Company 315 East Hopkins Avenue Suite 401 Aspen, CO 81611 Joseph H. Moglia Director TD Ameritrade Holding Corporation 4211 South 102nd Street Omaha, NE 68127 Lorie A. Slutsky Director The New York Community Trust 909 Third Avenue New York, NY 10022 Ezra Suleiman Director Princeton University Corwin Hall Princeton, NJ 08544 Peter J. Tobin Director 1 Briarwood Lane Denville, NJ 07834 OFFICER-DIRECTORS ----------------- *Christopher M. Condron Chairman of the Board, President, Chief Executive Officer and Director OTHER OFFICERS -------------- *Harvey Blitz Senior Vice President *Kevin R. Byrne Executive Vice President, Chief Investment Officer and Treasurer *Alvin H. Fenichel Senior Vice President and Chief Accounting Officer *Jennifer Blevins Executive Vice President *Mary Beth Farrell Executive Vice President *Mary Fernald Senior Vice President and Chief Underwriting Officer *David Kam Senior Vice President and Actuary *William J. McDermott Executive Vice President *Richard S. Dziadzio Executive Vice President and Chief Financial Officer *Barbara Goodstein Executive Vice President *Andrew J. McMahon Executive Vice President *Claude Methot Executive Vice President *Andrew Raftis Senior Vice President and Auditor *Kevin E. Murray Executive Vice President and Chief Information Officer *James F. Mullery Senior Vice President *Anne M. Katcher Senior Vice President and Senior Actuary *Anthony F. Recine Senior Vice President, Chief Compliance Officer and Associate General Counsel *Karen Field Hazin Vice President, Secretary and Associate General Counsel *Dave S. Hattem Senior Vice President and Deputy General Counsel *Richard V. Silver Executive Vice President and General Counsel *Michel Perrin Senior Vice President and Actuary *Naomi J. Weinstein Vice President *Charles A. Marino Executive Vice President and Chief Actuary *James A. Shepherdson Executive Vice President Item 26. Persons Controlled by or Under Common Control with the Insurance Company or Registrant. Separate Account No. A of AXA Equitable Life Insurance Company (the "Separate Account") is a separate account of AXA Equitable. AXA Equitable, a New York stock life insurance company, is a wholly owned subsidiary of AXA Financial, Inc. (the "Holding Company"), a publicly traded company. AXA owns 100% of the Holding Company's outstanding common stock. AXA is able to exercise significant influence over the operations and capital structure of the Holding Company and its subsidiaries, including AXA Equitable. AXA, a French company, is the holding company for an international group of insurance and related financial services companies. The AXA Organizational Charts 2008 are incorporated herein by reference to Exhibit 26 to Registration Statement (File No. 2-30070) on Form N-4, filed April 20, 2009. C-9 AXA FINANCIAL, INC. - SUBSIDIARY ORGANIZATION CHART : Q4-2008 ------------------------------------------------------------- AS OF : DECEMBER 31, 2008
State of State of Type of Incorp. or Principal Federal Subsidiary Domicile Operation Tax ID # ---------- -------- --------- ---------- ------------------------------------------ AXA Financial, Inc. (Notes 1 & 2) ** DE NY 13-3623351 ------------------------------------------------------------------------------------------------------------------------------------ MONY Agricultural Investment Advisers, Inc. Operating DE CO 75-2961816 ------------------------------------------------------------------------------------------------------------------------------- MONY Capital Management, Inc. Operating DE NY 13-4194065 ------------------------------------------------------------------------------------------------------------------------------- MONY Asset Management, Inc. Operating DE NY 13-4194080 ------------------------------------------------------------------------------------------------------------------------------- AXA Equitable Financial Services, LLC (Notes 2 &16) DE NY 52-2197822 ------------------------------------------------------------------------------------------------------------------------------- AXA Financial (Bermuda) Ltd.* Insurance Bermuda Bermuda 14-1903564 ---------------------------------------------------------------------------------------------------------------------------- AXA Distribution Holding Corporation (Note 2) DE NY 13-4078005 ---------------------------------------------------------------------------------------------------------------------------- AXA Advisors, LLC (Note 5) DE NY 13-4071393 ------------------------------------------------------------------------------------------------------------------------- AXA Network, LLC (Note 6) Operating DE NY 06-1555494 ------------------------------------------------------------------------------------------------------------------------- AXA Network of Alabama, LLC Operating AL AL 06-1562392 ---------------------------------------------------------------------------------------------------------------------- AXA Network of Connecticut, Maine and New York, LLC Operating DE NY 13-4085852 ---------------------------------------------------------------------------------------------------------------------- AXA Network Insurance Agency of Massachusetts, LLC Operating MA MA 04-3491734 ---------------------------------------------------------------------------------------------------------------------- AXA Network of Nevada, Inc. Operating NV NV 13-3389068 ---------------------------------------------------------------------------------------------------------------------- AXA Network of Puerto Rico, Inc. Operating P.R. P.R. 66-0577477 ---------------------------------------------------------------------------------------------------------------------- AXA Network Insurance Agency of Texas, Inc. Operating TX TX 75-2529724 ---------------------------------------------------------------------------------------------------------------------------- AXA Equitable Life Insurance Company (Note 2 & 9) * Insurance NY NY 13-5570651 ---------------------------------------------------------------------------------------------------------------------------- Equitable Deal Flow Fund, L.P. Investment DE NY 13-3385076 ------------------------------------------------------------------------------------------------------------------------- Equitable Managed Assets, L.P. Investment DE NY 13-3385080 ------------------------------------------------------------------------------------------------------------------------- Real Estate Partnership Equities (various) Investment ** - ------------------------------------------------------------------------------------------------------------------------- Equitable Holdings, LLC (Notes 3 & 4) HCO NY NY 22-2766036 ------------------------------------------------------------------------------------------------------------------------- See Attached Listing A ------------------------------------------------------------------------------------------------------------------------- ACMC, Inc. (Note 4) HCO DE NY 13-2677213 ------------------------------------------------------------------------------------------------------------------------- EVSA, Inc. Investment DE PA 23-2671508 ---------------------------------------------------------------------------------------------------------------------------- AXA Equitable Life and Annuity Company * (Note 10,17 & 18) Insurance NY NY 13-3198083 ---------------------------------------------------------------------------------------------------------------------------- MONY Life Insurance Company * Insurance NY NY 13-1632487 ---------------------------------------------------------------------------------------------------------------------------- See Attached Listing C ---------------------------------------------------------------------------------------------------------------------- Parent's Number of Percent of Shares Ownership Comments Owned or Control (e.g., Basis of Control) ----- ---------- ------------------------ AXA Financial, Inc. (Notes 1 & 2) ** ----------------------------------------------------------------------------------------------------------------------------- MONY Agricultural Investment Advisers, Inc. 100.00% ------------------------------------------------------------------------------------------------------------------------ MONY Capital Management, Inc. 100.00% ------------------------------------------------------------------------------------------------------------------------ MONY Asset Management, Inc. 100.00% ------------------------------------------------------------------------------------------------------------------------ AXA Equitable Financial Services, LLC (Notes 2 &16) - 100.00% ------------------------------------------------------------------------------------------------------------------------ AXA Financial (Bermuda) Ltd.* 250,000 100.00% --------------------------------------------------------------------------------------------------------------------- AXA Distribution Holding Corporation (Note 2) 1,000 100.00% --------------------------------------------------------------------------------------------------------------------- AXA Advisors, LLC (Note 5) - 100.00% ------------------------------------------------------------------------------------------------------------------ AXA Network, LLC (Note 6) - 100.00% ------------------------------------------------------------------------------------------------------------------ AXA Network of Alabama, LLC - 100.00% --------------------------------------------------------------------------------------------------------------- AXA Network of Connecticut, Maine and New York, LLC - 100.00% --------------------------------------------------------------------------------------------------------------- AXA Network Insurance Agency of Massachusetts, LLC - 100.00% --------------------------------------------------------------------------------------------------------------- AXA Network of Nevada, Inc. 100.00% --------------------------------------------------------------------------------------------------------------- AXA Network of Puerto Rico, Inc. 100.00% --------------------------------------------------------------------------------------------------------------- AXA Network Insurance Agency of Texas, Inc. 1,050 100.00% --------------------------------------------------------------------------------------------------------------------- AXA Equitable Life Insurance Company (Note 2 & 9) * 2,000,000 100.00% NAIC # 62944 --------------------------------------------------------------------------------------------------------------------- Equitable Deal Flow Fund, L.P. - - G.P & L.P. ------------------------------------------------------------------------------------------------------------------ Equitable Managed Assets, L.P. - - G.P. ------------------------------------------------------------------------------------------------------------------ Real Estate Partnership Equities (various) - - ** ------------------------------------------------------------------------------------------------------------------ Equitable Holdings, LLC (Notes 3 & 4) - 100.00% ------------------------------------------------------------------------------------------------------------------ See Attached Listing A ------------------------------------------------------------------------------------------------------------------ ACMC, Inc. (Note 4) 5,000,000 100.00% ------------------------------------------------------------------------------------------------------------------ EVSA, Inc. 50 100.00% --------------------------------------------------------------------------------------------------------------------- AXA Equitable Life and Annuity Company * (Note 10,17 & 18) 100.00% --------------------------------------------------------------------------------------------------------------------- MONY Life Insurance Company * 100.00% --------------------------------------------------------------------------------------------------------------------- See Attached Listing C ---------------------------------------------------------------------------------------------------------------
Page 1 of 7 AXA FINANCIAL, INC. - SUBSIDIARY ORGANIZATION CHART : Q4-2008 ------------------------------------------------------------- * Affiliated Insurer ** Information relating to Equitable's Real Estate Partnership Equities is disclosed in Schedule BA, Part 1 of AXA Equitable Life's Annual Statement, which has been filed with the N.Y.S. Insurance Department. *** All subsidiaries are corporations, except as otherwise noted. 1. The Equitable Companies Incorporated changed its name to AXA Financial, Inc. on Sept. 3, 1999. 2. Effective Sept. 20, 1999, AXA Financial, Inc. transferred ownership of Equitable Life to AXA Client Solutions, LLC, which was formed on July 19, 1999. Effective January 1, 2002, AXA Client Solutions, LLC transferred ownership of Equitable Life and AXA Distribution Holding Corp. to AXA Financial, Inc. Effective May 1, 2002, AXA Client Solutions, LLC changed its name to AXA Financial Services, LLC. Effective June 1, 2002, AXA Financial, Inc. transferred ownership of Equitable Life and AXA Distribution Holding Corp. to AXA Financial Services, LLC. Effective November 30, 2007, the name of AXA Financial Services, LLC was changed to AXA Equitable Financial Services, LLC. 3. Equitable Holding Corp. was merged into Equitable Holdings, LLC on Dec. 19, 1997. 4. In October 1999, AllianceBernstein Holding L.P. ("AllianceBernstein Holding L.P.") reorganized by transferring its business and assets to AllianceBernstein L.P., a newly formed private partnership ("AllianceBernstein"). As of December 31, 2008, AXF's subsidiaries own 62.38% of the issued and outstanding units of limited partnership interest in AllianceBernstein (the "AllianceBernstein Units"), as follows: AXA Financial Bermuda, held directly 57,211,519 AllianceBernstein Units (21.48%), AXA Equitable Life directly own 29,100,290 AllianceBernstein Units (10.92%), ACMC, Inc. own 66,220,822 AllianceBernstein Units (24.86%), and As of December 31, 2008, MONY owns 6,841,642 (2.57%) AllianceBernstein Units and MLOA owns 2,587,472 (.97%) AlianceBernstein Units AllianceBernstein Corporation also own a 1% general partnership interest in AllianceBernstein L.P. In addition, ACMC, Inc. own 722,178 units (0.27%), representing assignments of beneficial ownership of limited partnership interests in AllianceBernstein Holding (the "AllianceBernstein Holding Units"). AllianceBernstein Corporation own 822,178 units of general partnership interest (0.31%), in AllianceBernstein Holding L.P. AllianceBernstein Holding Units are publicly traded on the New York Stock exchange. 5. EQ Financial Consultants (formerly, Equico Securities, Inc.) was merged into AXA Advisors, LLC on Sept. 20, 1999. AXA Advisors, LLC was transferred from Equitable Holdings, LLC to AXA Distribution Holding Corporation on Sept. 21, 1999. 6. Effective March 15, 2000, Equisource of New York, Inc. and 14 of its subsidiaries were merged into AXA Network, LLC, which was then sold to AXA Distribution Holding Corp. EquiSource of Alabama, Inc. became AXA Network of Alabama, LLC. EquiSource Insurance Agency of Massachusetts, Inc. became AXA Network Insurance Agency of Massachusetts, LLC. Equisource of Nevada, Inc., of Puerto Rico, Inc., and of Texas, Inc., changed their names from "EquiSource" to become "AXA Network", respectively. Effective February 1, 2002, Equitable Distributors Insurance Agency of Texas, Inc. changed its name to AXA Distributors Insurance Agency of Texas, Inc. Effective February 13, 2002 Equitable Distributors Insurance Agency of Massachusetts, LLC changed its name to AXA Distributors Insurance Agency of Massachusetts, LLC. 7. Effective June 6, 2000, Frontier Trust Company was sold by ELAS to AXF and merged into Frontier Trust Company, FSB. 8. Effective June 1, 2001, Equitable Structured Settlement Corp was transferred from ELAS to Equitable Holdings, LLC. 9. Effective September 2004, The Equitable Life Assurance Society of the United States changed its name to AXA Equitable Life Insurance Company. 10. Effective September 2004, The Equitable of Colorado changed its name to AXA Life and Annuity Company. 11. Effective February 18, 2005, MONY Realty Capital, Inc. was sold. 12. Effective May 26, 2005, Matrix Capital Markets Group was sold. 12. Effective May 26, 2005, Matrix Private Equities was sold. 13. Effective December 2, 2005, Advest Group was sold. 14. Effective February 24, 2006, Alliance Capital Management Corporation changed its name to AllianceBernstein Corporation. 15. Effective July 11, 2007, Frontier Trust Company, FSB was sold. 16. Effective November 30, 2007, AXA Financial Services, LLC changed its name to AXA Equitable Financial Services, LLC. 17. Effective August 1, 2008, AXA Equitable Life Insurance Company tranferred ownership of AXA Life and Annuity Company to AXA Equitable Financial Services, LLC. 18. Effective September 22, 2008, AXA Life and Annuity Company changed its name to AXA Equitable Life and Annuity Company. Page 2 of 7 AXA FINANCIAL, INC. - SUBSIDIARY ORGANIZATION CHART : Q4-2008 ------------------------------------------------------------- Dissolved: - On November 3, 2000, Donaldson, Lufkin & Jenrette, Inc. was sold to Credit Suisse Group. - 100 Federal Street Funding Corporation was dissolved August 31, 1998. - 100 Federal Street Realty Corporation was dissolved December 20, 2001. - CCMI Corp. was dissolved on October 7, 1999. - ELAS Realty, Inc. was dissolved January 29, 2002. - EML Associates, L.P. was dissolved March 27, 2001. - EQ Services, Inc. was dissolved May 11, 2001. - Equitable BJVS, Inc. was dissolved October 3, 1999. - Equitable Capital Management Corp. became ECMC, LLC on November 30, 1999. - Equitable JV Holding Corp. was dissolved on June 1, 2002.F142 - Equitable JVS II, Inc. was dissolved December 4, 1996 - Equitable Underwriting & Sales Agency (Bahamas) Ltd. was dissolved on December 31, 2000. - EREIM LP Associates (L.P.) was dissolved March 27, 2001. - EREIM Managers Corporation was dissolved March 27, 2001. - EVLICO East Ridge, Inc. was dissolved Jan. 13, 2001 - EVLICO, Inc. was dissolved in 1999. - Franconom, Inc. was dissolved on December 4, 2000. - GP/EQ Southwest, Inc. was dissolved October 21, 1997 - HVM Corp. was dissolved on Feb. 16, 1999. - ML/EQ Real Estate Portfolio, L.P. was dissolved March 27, 2001. - Prime Property Funding, Inc. was dissolved in Feb. 1999. - Sarasota Prime Hotels, Inc. became Sarasota Prime Hotels, LLC. - Six-Pac G.P., Inc. was dissolved July 12,1999 - Paramount Planners, LLC., a direct subsidiary of AXA Distribution Holding Corporation, was dissolved on December 5, 2003 - Equitable Rowes Wharf, Inc. was dissolved October 12, 2004 - ECLL Inc. was dissolved July 15, 2003 - MONY Realty Partners, Inc. was dissolved February 2005. - Wil-Gro, Inc. was dissolved June, 2005. - Sagamore Financial LLC was dissolved August 31, 2006. - Equitable JVS was dissolved August, 2007. - Astor Times Square Corp. dissolved as of April 2007. - Astor/Broadway Acquisition Corp. dissolved as of August 2007. - PC Landmark, Inc. has been administratively dissolved. - EJSVS, Inc. has been administratively dissolved. - STCS, Inc. was dissolved on August 15, 2007. Page 3 of 7 AXA FINANCIAL, INC. - SUBSIDIARY ORGANIZATION CHART : Q4-2008 ------------------------------------------------------------- LISTING A - EQUITABLE HOLDINGS, LLC -----------------------------------
State of State of Type of Incorp. or Principal Federal Subsidiary Domicile Operation Tax ID # ---------- -------- --------- --------- AXA Financial, Inc. ------------------------------------------------------------------------------ AXA Equitable Financial Services, LLC (Note 2) ------------------------------------------------------------------------- AXA Equitable Life Insurance Company * ---------------------------------------------------------------------- Equitable Holdings, LLC ------------------------------------------------------------------------------------------------------------------------- ELAS Securities Acquisition Corporation Operating DE NY 13-3049038 ---------------------------------------------------------------------------------------------------------------------- Equitable Casualty Insurance Company * Operating VT VT 06-1166226 ---------------------------------------------------------------------------------------------------------------------- ECMC, LLC (See Note 4 on Page 2) Operating DE NY 13-3266813 ---------------------------------------------------------------------------------------------------------------------- Equitable Capital Private Income & Equity Partnership II, L.P. Investment DE NY 13-3544879 ---------------------------------------------------------------------------------------------------------------------- AllianceBernstein Corporation (See Note 4 on Page 2) Operating DE NY 13-3633538 ---------------------------------------------------------------------------------------------------------------------- See Attached Listing B ---------------------------------------------------------------------------------------------------------------------- AXA Distributors, LLC Operating DE NY 52-2233674 ---------------------------------------------------------------------------------------------------------------------- AXA Distributors Insurance Agency of Alabama, LLC Operating DE AL 52-2255113 ------------------------------------------------------------------------------------------------------------------- AXA Distributors Insurance Agency, LLC Operating DE CT, ME,NY 06-1579051 ------------------------------------------------------------------------------------------------------------------- AXA Distributors Insurance Agency of Massachusetts, LLC Operating MA MA 04-3567096 ------------------------------------------------------------------------------------------------------------------- AXA Distributors Insurance Agency of Texas, Inc. Operating TX TX 74-3006330 ---------------------------------------------------------------------------------------------------------------------- J.M.R. Realty Services, Inc. Operating DE NY 13-3813232 ---------------------------------------------------------------------------------------------------------------------- Equitable Structured Settlement Corp. (See Note 8 on Page 2) Operating DE NJ 22-3492811 ---------------------------------------------------------------------------------------------------------------------- Parent's Number of Percent of Shares Ownership Comments Owned or Control (e.g., Basis of Control) ----- ---------- ------------------------ AXA Financial, Inc. ------------------------------------------------------------------------------------------------------------------------------------ AXA Equitable Financial Services, LLC (Note 2) ------------------------------------------------------------------------------------------------------------------------------- AXA Equitable Life Insurance Company * ---------------------------------------------------------------------------------------------------------------------------- Equitable Holdings, LLC ------------------------------------------------------------------------------------------------------------------------- ELAS Securities Acquisition Corporation 500 100.00% ---------------------------------------------------------------------------------------------------------------------- Equitable Casualty Insurance Company * 1,000 100.00% ---------------------------------------------------------------------------------------------------------------------- ECMC, LLC (See Note 4 on Page 2) - 100.00% ---------------------------------------------------------------------------------------------------------------------- Equitable Capital Private Income & Equity ECMC is G.P. Partnership II, L.P. - - ("Deal Flow Fund II") ---------------------------------------------------------------------------------------------------------------------- AllianceBernstein Corporation (See Note 4 on Page 2) 100 100.00% ---------------------------------------------------------------------------------------------------------------------- See Attached Listing B ---------------------------------------------------------------------------------------------------------------------- AXA Distributors, LLC - 100.00% ---------------------------------------------------------------------------------------------------------------------- AXA Distributors Insurance Agency of Alabama, LLC - 100.00% ------------------------------------------------------------------------------------------------------------------- AXA Distributors Insurance Agency, LLC - 100.00% ------------------------------------------------------------------------------------------------------------------- AXA Distributors Insurance Agency of Massachusetts, LLC - 100.00% ------------------------------------------------------------------------------------------------------------------- AXA Distributors Insurance Agency of Texas, Inc. 1,000 100.00% ---------------------------------------------------------------------------------------------------------------------- J.M.R. Realty Services, Inc. 1,000 100.00% ---------------------------------------------------------------------------------------------------------------------- Equitable Structured Settlement Corp. (See Note 8 on Page 2) 100 100.00% ----------------------------------------------------------------------------------------------------------------------
* Affiliated Insurer Equitable Investment Corp merged into Equitable Holdings, LLC on November 30, 1999. Equitable Capital Management Corp. became ECMC, LLC on November 30, 1999. Effective March 15, 2000, Equisource of New York, Inc. and its subsidiaries were merged into AXA Network, LLC, which was then sold to AXA Distribution Holding Corp. Effective January 1, 2002, Equitable Distributors, Inc. merged into AXA Distributors, LLC. Page 4 of 7 AXA FINANCIAL, INC. - SUBSIDIARY ORGANIZATION CHART : Q4-2008 LISTING B - ALLIANCEBERNSTEIN CORPORATION
State of State of Type of Incorp. or Principal Federal Subsidiary Domicile Operation Tax ID # ---------- -------- --------- ---------- AXA Financial, Inc. -------------------------------------------------------------------------- AXA Equitable Financial Services, LLC (Note 2) --------------------------------------------------------------------- AXA Equitable Life Insurance Company* ------------------------------------------------------------------ Equitable Holdings, LLC --------------------------------------------------------------- AllianceBernstein Corporation ---------------------------------------------------------------------------------------------------------------------- AllianceBernstein Holding L.P. (See Note 4 on Page 2) HCO (NYSE: AB) DE NY 13-3434400 ------------------------------------------------------------------------------------------------------------------- AllianceBernstein L.P. (See Note 4 on Page 2) Operating DE NY 13-4064930 ------------------------------------------------------------------------------------------------------------------- AllianceBernstein Trust Company, LLC Operating NH NY ---------------------------------------------------------------------------------------------------------------- Cursitor Alliance LLC HCO DE MA 22-3424339 ---------------------------------------------------------------------------------------------------------------- Alliance Capital Management LLC HCO DE NY - ---------------------------------------------------------------------------------------------------------------- Sanford C. Bernstein & Co., LLC Operating DE NY 13-4132953 ---------------------------------------------------------------------------------------------------------------- AllianceBernstein Corporation of Delaware HCO DE NY 13-2778645 ---------------------------------------------------------------------------------------------------------------- ACAM Trust Company Private Ltd. Operating India India - ------------------------------------------------------------------------------------------------------------- AllianceBernstein (Argentina) S.R.L. Operating Argentina Argentina - ------------------------------------------------------------------------------------------------------------ ACM Software Services Ltd. Operating DE NY 13-3910857 ------------------------------------------------------------------------------------------------------------- Alliance Barra Research Institute, Inc. HCO DE NY 13-3548918 ------------------------------------------------------------------------------------------------------------- AllianceBernstein Japan Inc. HCO DE Japan - ------------------------------------------------------------------------------------------------------------- AllianceBernstein Japan Ltd. Operating Japan Japan - ------------------------------------------------------------------------------------------------------------- AllianceBernstein Invest. Management Australia Limited Operating Australia Australia - ------------------------------------------------------------------------------------------------------------- AllianceBernstein Global Derivatives Corp. Operating DE NY 13-3626546 ------------------------------------------------------------------------------------------------------------- AllianceBernstein Investimentos (Brazil) Ltda. Operating Brazil Brazil - ------------------------------------------------------------------------------------------------------------- AllianceBernstein Limited Operating U.K. U.K. - ------------------------------------------------------------------------------------------------------------- ACM Bernstein GmbH Operating Germany Germany - ---------------------------------------------------------------------------------------------------- AllianceBernstein Services Limited Operating U.K. U.K. - ------------------------------------------------------------------------------------------------------------- AllianceBernstein (Luxembourg) S.A. Operating Lux. Lux. - ------------------------------------------------------------------------------------------------------------- AllianceBernstein (France) SAS Operating France France - ------------------------------------------------------------------------------------------------------------- ACMBernstein (Deutschland) GmbH Operating Germany Germany - ------------------------------------------------------------------------------------------------------------- AllianceBernstein (Mexico) S. de R.L. de C.V. Operating Mexico Mexico - ------------------------------------------------------------------------------------------------------------- AllianceBernstein Australia Limited Operating Australia Australia - ------------------------------------------------------------------------------------------------------------- AllianceBernstein Canada, Inc. Operating Canada Canada 13-3630460 ------------------------------------------------------------------------------------------------------------- AllianceBernstein New Zealand Limited Operating New Zealand New Zealand - ------------------------------------------------------------------------------------------------------------- Parent's Number of Percent of Shares Ownership Comments Owned or Control (e.g., Basis of Control) ----- ---------- ---------------------------- AXA Financial, Inc. -------------------------------------------------------------------------------- AXA Equitable Financial Services, LLC (Note 2) --------------------------------------------------------------------------- AXA Equitable Life Insurance Company* ------------------------------------------------------------------------ Equitable Holdings, LLC --------------------------------------------------------------------- AllianceBernstein Corporation owns 1% GP interest in AllianceBernstein L.P. and 100,000 GP units in AllianceBernstein Holding L.P. ------------------------------------------------------------------ AllianceBernstein Holding L.P. (See Note 4 on Page 2) --------------------------------------------------------------- AllianceBernstein L.P. (See Note 4 on Page 2) --------------------------------------------------------------- AllianceBernstein Trust Company, LLC 100.00% Sole member interest ------------------------------------------------------------ Cursitor Alliance LLC 100.00% ------------------------------------------------------------ Alliance Capital Management LLC 100.00% ------------------------------------------------------------ Sanford C. Bernstein & Co., LLC 100.00% ------------------------------------------------------------ AllianceBernstein Corporation of Delaware 10 100.00% ------------------------------------------------------------ ACAM Trust Company Private Ltd. 100.00% --------------------------------------------------------- AllianceBernstein (Argentina) S.R.L. 99.00% AllianceBernstein Oceanic Corporation owns 1% --------------------------------------------------------- ACM Software Services Ltd. 100.00% --------------------------------------------------------- Alliance Barra Research Institute, Inc. 1,000 100.00% --------------------------------------------------------- AllianceBernstein Japan Inc. --------------------------------------------------------- AllianceBernstein Japan Ltd. 100.00% --------------------------------------------------------- AllianceBernstein Invest. Management Australia Limited 100.00% --------------------------------------------------------- AllianceBernstein Global Derivatives Corp. 1,000 100.00% --------------------------------------------------------- AllianceBernstein Investimentos (Brazil) Ltda. 99.00% AllianceBernstein Oceanic Corporation owns 1% --------------------------------------------------------- AllianceBernstein Limited 250,000 100.00% --------------------------------------------------------- ACM Bernstein GmbH 100.00% ------------------------------------------------ AllianceBernstein Services Limited 1,000 100.00% --------------------------------------------------------- AllianceBernstein (Luxembourg) S.A. 3,999 99.98% AllianceBernstein Oceanic Corporation owns .025% --------------------------------------------------------- AllianceBernstein (France) SAS 100.00% --------------------------------------------------------- ACMBernstein (Deutschland) GmbH 100.00% --------------------------------------------------------- AllianceBernstein (Mexico) S. de R.L. de C.V. 100.00% --------------------------------------------------------- AllianceBernstein Australia Limited 50.00% 3rd party (NMFM) owns 50% --------------------------------------------------------- AllianceBernstein Canada, Inc. 18,750 100.00% --------------------------------------------------------- AllianceBernstein New Zealand Limited 50.00% 3rd party (NMFM) owns 50% ---------------------------------------------------------
Page 5 of 7 AXA FINANCIAL, INC. - SUBSIDIARY ORGANIZATION CHART : Q4-2008 LISTING B - ALLIANCEBERNSTEIN CORPORATION
State of State of Type of Incorp. or Principal Federal Subsidiary Domicile Operation Tax ID # ---------- -------- --------- --------- AXA Financial, Inc. --------------------------------------------------------------------------------- AXA Equitable Financial Services, LLC (Note 2) ---------------------------------------------------------------------------- AXA Equitable Life Insurance Company* ------------------------------------------------------------------------- Equitable Holdings, LLC ---------------------------------------------------------------------- AllianceBernstein Corporation ------------------------------------------------------------------- AllianceBernstein L.P. ---------------------------------------------------------------- AllianceBernstein Corporation of Delaware (Cont'd) ---------------------------------------------------------------------------------------------------------------- AllianceBernstein Investment Research (Proprietary) Limited Operating So Africa So Africa - ------------------------------------------------------------------------------------------------------------- AllianceBernstein (Singapore) Ltd. Operating Singapore Singapore - ------------------------------------------------------------------------------------------------------------- Alliance Capital (Mauritius) Private Ltd. HCO Mauritius Mauritius - ------------------------------------------------------------------------------------------------------------- Alliance Capital Asset Management (India) Private Ltd. Operating India India - ---------------------------------------------------------------------------------------------------- AllianceBernstein Invest. Res. & Manage. (India) Pvt. Operating India India - ------------------------------------------------------------------------------------------------------------- AllianceBernstein Oceanic Corporation HCO DE NY 13-3441277 ------------------------------------------------------------------------------------------------------------- Alliance Capital Real Estate, Inc. Operating DE NY 13-3441277 ------------------------------------------------------------------------------------------------------------- Alliance Corporate Finance Group Incorporated. Operating DE NY 52-1671668 ------------------------------------------------------------------------------------------------------------- Alliance Eastern Europe, Inc. HCO DE NY 13-3802178 ------------------------------------------------------------------------------------------------------------- AllianceBernstein ESG Venture Management, L.P. HCO DE NY - ------------------------------------------------------------------------------------------------------------- AllianceBernstein Venture Fund 1, L.P. Fund DE NY - ------------------------------------------------------------------------------------------------------------- AllianceBernstein Invest. Management (Korea) Ltd. Operating Korea Korea - ------------------------------------------------------------------------------------------------------------- AllianceBernstein Investments, Inc. Operating DE NY 13-3191825 ------------------------------------------------------------------------------------------------------------- AllianceBernstein Investor Services, Inc. Operating DE TX 13-3211780 ------------------------------------------------------------------------------------------------------------- AllianceBernstein Hong Kong Limited Operating Hong Kong Hong Kong - ------------------------------------------------------------------------------------------------------------- AllianceBernstein Taiwan Limited Operating Taiwan Taiwan - ---------------------------------------------------------------------------------------------------- ACM New-Alliance (Luxembourg) S.A. Operating Lux. Lux. - ------------------------------------------------------------------------------------------------------------- Sanford C. Bernstein Limited Operating U.K. U.K. - ------------------------------------------------------------------------------------------------------------- Sanford C. Bernstein (CREST Nominees) Ltd. Operating U.K. U.K. - ------------------------------------------------------------------------------------------------------------- Sanford C. Bernstein Proprietary Limited Inactive Australia Australia - ------------------------------------------------------------------------------------------------------------- Whittingdale Holdings Ltd. HCO U.K. U.K. - ------------------------------------------------------------------------------------------------------------- ACM Investments Limited Operating U.K. U.K. - ---------------------------------------------------------------------------------------------------- AllianceBernstein Fixed Income Limited Operating U.K. U.K. - ---------------------------------------------------------------------------------------------------- Parent's Number of Percent of Shares Ownership Comments Owned or Control (e.g., Basis of Control) ----- ---------- ------------------------ AXA Financial, Inc. ----------------------------------------------------------------------------- AXA Equitable Financial Services, LLC (Note 2) ------------------------------------------------------------------------- AXA Equitable Life Insurance Company* ---------------------------------------------------------------------- Equitable Holdings, LLC ------------------------------------------------------------------- AllianceBernstein Corporation ---------------------------------------------------------------- AllianceBernstein L.P. ------------------------------------------------------------- AllianceBernstein Corporation of Delaware (Cont'd) ------------------------------------------------------------ AllianceBernstein Investment Research (Proprietary) Limited 100.00% --------------------------------------------------------- AllianceBernstein (Singapore) Ltd. 100.00% --------------------------------------------------------- Alliance Capital (Mauritius) Private Ltd. 100.00% --------------------------------------------------------- Alliance Capital Asset Management 75.00% 3rd party (Ankar Capital (India) Private Ltd. India Pvt. Ltd.) owns 25% ------------------------------------------------ AllianceBernstein Invest. Res. & Manage. (India) Pvt. 100.00% --------------------------------------------------------- AllianceBernstein Oceanic Corporation 1,000 100.00% --------------------------------------------------------- Alliance Capital Real Estate, Inc. 100.00% --------------------------------------------------------- Alliance Corporate Finance Group Incorporated. 1,000 100.00% --------------------------------------------------------- Alliance Eastern Europe, Inc. 100.00% --------------------------------------------------------- AllianceBernstein ESG Venture Management, L.P. 100.00% General Partner to EGG Funds --------------------------------------------------------- AllianceBernstein Venture Fund 1, L.P. 10.00% GP Interest --------------------------------------------------------- AllianceBernstein Invest. Management (Korea) Ltd. 100.00% --------------------------------------------------------- AllianceBernstein Investments, Inc. 100 100.00% --------------------------------------------------------- AllianceBernstein Investor Services, Inc. 100 100.00% --------------------------------------------------------- AllianceBernstein Hong Kong Limited 100.00% --------------------------------------------------------- AllianceBernstein Taiwan Limited 99.00% Others own 1% ------------------------------------------------ ACM New-Alliance (Luxembourg) S.A. 99.00% AllianceBernstein Oceanic Corporation owns 1% --------------------------------------------------------- Sanford C. Bernstein Limited 100.00% --------------------------------------------------------- Sanford C. Bernstein (CREST Nominees) Ltd. 100.00% --------------------------------------------------------- Sanford C. Bernstein Proprietary Limited 100.00% Inactive --------------------------------------------------------- Whittingdale Holdings Ltd. 100.00% --------------------------------------------------------- ACM Investments Limited 100.00% ------------------------------------------------ AllianceBernstein Fixed Income Limited 100.00% ------------------------------------------------
Page 6 of 7 AXA FINANCIAL, INC. - SUBSIDIARY ORGANIZATION CHART : Q4-2008 LISTING C - MONY
State of State of Type of Incorp. or Principal Federal Subsidiary Domicile Operation Tax ID # ---------- -------- --------- --------- AXA Financial, Inc. -------------------------------------------------------------------------------------------------------------------------------- MONY Agricultural Investment Advisers, Inc. Operating DE CO 75-2961816 --------------------------------------------------------------------------------------------------------------------------- MONY Capital Management, Inc. Operating DE NY 13-4194065 --------------------------------------------------------------------------------------------------------------------------- MONY Asset Management, Inc. Operating DE NY 13-4194080 --------------------------------------------------------------------------------------------------------------------------- AXA Equitable Financial Services, LLC (Note 2) --------------------------------------------------------------------------------------------------------------------------- AXA Equitable Life Insurance Company * ------------------------------------------------------------------------------------------------------------------------ MONY Life Insurance Company * Insurance NY NY 13-1632487 ------------------------------------------------------------------------------------------------------------------------ MONY International Holdings, LLC HCO DE NY 13-3790446 --------------------------------------------------------------------------------------------------------------------- MONY International Life Insurance Co. Seguros de Vida S.A.* Insurance Argentina Argentina 98-0157781 ------------------------------------------------------------------------------------------------------------------ MONY Financial Resources of the Americas Limited HCO Jamaica Jamaica ------------------------------------------------------------------------------------------------------------------ MBT, Ltd. Operating Cayman Islands Cayman Islands 98-0152047 ------------------------------------------------------------------------------------------------------------------ MONY Consultoria e Corretagem de Seguros Ltda. Operating Brazil Brazil --------------------------------------------------------------------------------------------------------------- MONY Life Insurance Company of the Americas, Ltd.* Insurance Cayman Islands Cayman Islands 98-0152046 --------------------------------------------------------------------------------------------------------------------- MONY Life Insurance Company of America* Insurance AZ NY 86-0222062 --------------------------------------------------------------------------------------------------------------------- U.S. Financial Life Insurance Company * Insurance OH OH 38-2046096 --------------------------------------------------------------------------------------------------------------------- MONY Financial Services, Inc. HCO DE NY 11-3722370 --------------------------------------------------------------------------------------------------------------------- Financial Marketing Agency, Inc. Operating OH OH 31-1465146 ------------------------------------------------------------------------------------------------------------------ MONY Brokerage, Inc. Operating DE PA 22-3015130 ------------------------------------------------------------------------------------------------------------------ MBI Insurance Agency of Ohio, Inc. Operating OH OH 31-1562855 --------------------------------------------------------------------------------------------------------------- MBI Insurance Agency of Alabama, Inc. Operating AL AL 62-1699522 --------------------------------------------------------------------------------------------------------------- MBI Insurance Agency of Texas, Inc. Operating TX TX 74-2861481 --------------------------------------------------------------------------------------------------------------- MBI Insurance Agency of Massachusetts, Inc. Operating MA MA 06-1496443 --------------------------------------------------------------------------------------------------------------- MBI Insurance Agency of Washington, Inc. Operating WA WA 91-1940542 --------------------------------------------------------------------------------------------------------------- MBI Insurance Agency of New Mexico, Inc. Operating NM NM 62-1705422 ------------------------------------------------------------------------------------------------------------------ 1740 Ventures, Inc. Operating NY NY 13-2848244 ------------------------------------------------------------------------------------------------------------------ Enterprise Capital Management, Inc. Operating GA GA 58-1660289 ------------------------------------------------------------------------------------------------------------------ Enterprise Fund Distributors, Inc. Operating DE GA 22-1990598 ------------------------------------------------------------------------------------------------------------------ MONY Assets Corp. HCO NY NY 13-2662263 ------------------------------------------------------------------------------------------------------------------ MONY Benefits Management Corp. Operating DE NY 13-3363383 --------------------------------------------------------------------------------------------------------------- 1740 Advisers, Inc. Operating NY NY 13-2645490 ------------------------------------------------------------------------------------------------------------------ MONY Securities Corporation Operating NY NY 13-2645488 ------------------------------------------------------------------------------------------------------------------ Trusted Insurance Advisers General Agency Corp. Operating MN NY 41-1941465 --------------------------------------------------------------------------------------------------------------- Trusted Investment Advisers Corp. Operating MN NY 41-1941464 --------------------------------------------------------------------------------------------------------------- Parent's Number of Percent of Shares Ownership Comments Owned or Control (e.g., Basis of Control) ----- ---------- ------------------------ AXA Financial, Inc. ----------------------------------------------------------------- MONY Agricultural Investment Advisers, Inc. 100.00% ------------------------------------------------------------ MONY Capital Management, Inc. 100.00% ------------------------------------------------------------ MONY Asset Management, Inc. 100.00% ------------------------------------------------------------ AXA Equitable Financial Services, LLC (Note 2) ------------------------------------------------------------ AXA Equitable Life Insurance Company * --------------------------------------------------------- MONY Life Insurance Company * 100.00% --------------------------------------------------------- MONY International Holdings, LLC 100.00% ------------------------------------------------------ MONY International Life Insurance Co. Seguros de Vida S.A.* 100.00% --------------------------------------------------- MONY Financial Resources of the Americas Limited 99.00% --------------------------------------------------- MBT, Ltd. 100.00% --------------------------------------------------- MONY Consultoria e Corretagem de Seguros Ltda. 99.00% ------------------------------------------------ MONY Life Insurance Company of the Americas, Ltd.* 100.00% ------------------------------------------------------ MONY Life Insurance Company of America* 100.00% ------------------------------------------------------ U.S. Financial Life Insurance Company * 405,000 100.00% ------------------------------------------------------ MONY Financial Services, Inc. 1,000 100.00% ------------------------------------------------------ Financial Marketing Agency, Inc. 99 99.00% --------------------------------------------------- MONY Brokerage, Inc. 1,500 100.00% --------------------------------------------------- MBI Insurance Agency of Ohio, Inc. 5 100.00% ------------------------------------------------ MBI Insurance Agency of Alabama, Inc. 1 100.00% ------------------------------------------------ MBI Insurance Agency of Texas, Inc. 10 100.00% ------------------------------------------------ MBI Insurance Agency of Massachusetts, Inc. 5 100.00% ------------------------------------------------ MBI Insurance Agency of Washington, Inc. 1 100.00% ------------------------------------------------ MBI Insurance Agency of New Mexico, Inc. 1 100.00% --------------------------------------------------- 1740 Ventures, Inc. 1,000 100.00% --------------------------------------------------- Enterprise Capital Management, Inc. 500 100.00% --------------------------------------------------- Enterprise Fund Distributors, Inc. 1,000 100.00% --------------------------------------------------- MONY Assets Corp. 200,000 100.00% --------------------------------------------------- MONY Benefits Management Corp. 9,000 100.00% ------------------------------------------------ 1740 Advisers, Inc. 14,600 100.00% --------------------------------------------------- MONY Securities Corporation 7,550 100.00% --------------------------------------------------- Trusted Insurance Advisers General Agency Corp. 1,000 100.00% ------------------------------------------------ Trusted Investment Advisers Corp. 1 100.00% ------------------------------------------------
- As of February 18, 2005, MONY Realty Capital, Inc. was sold. - As of February 2005, MONY Realty Partners, Inc. was dissolved - MONY Financial Resources of the Americas Limited, is 99% owned by MONY International Holdings, LLC and an individual holds one share of it stock for Jamaican regulatory reasons. - MONY Consultoria e Corretagem de Seguros Ltda., is 99% owned by MONY International Holdings, LLC and an individual holds one share of it stock for Brazilian regulatory reasons. - Financial Marketing Agency, Inc., is 99% owned by MONY International Holdings, LLC and an individual in Ohio holds one share of it stock for regulatory reasons. - Enterprise Accumulation Trust was merged into EQAT on July 9, 2004 - MONY Series Funds, Inc. was merged into EQAT on July 9, 2004 - As of August 31, 2006, Sagamore Financial LLC was dissolved - MONY Benefits Service Corp. was sold on January 26, 2007. - As of November 30, 2007, MONY Holdings LLC merged into AXA Equitable Financial Services, LLC. - MONY Bank & Trust Company of the Americas, Ltd. changed its name to MBT Ltd. Page 7 of 7 Item 27. Number of Contractowners As of February 28, 2009, there are 0 Qualified Contractholders and 0 Non-Qualified Contractholders of the contracts are offered under Separate Account A. Item 28. Indemnification (a) Indemnification of Directors and Officers The By-Laws of AXA Equitable Life Insurance Company("AXA Equitable") provide, in Article VII, as follows: 7.4 Indemnification of Directors, Officers and Employees. (a) To the extent permitted by the law of the State of New York and subject to all applicable requirements thereof: (i) any person made or threatened to be made a party to any action or proceeding, whether civil or criminal, by reason of the fact that he or she, or his or her testator or intestate, is or was a director, officer or employee of the Company shall be indemnified by the Company; (ii) any person made or threatened to be made a party to any action or proceeding, whether civil or criminal, by reason of the fact that he or she, or his or her testator or intestate serves or served any other organization in any capacity at the request of the Company may be indemnified by the Company; and (iii) the related expenses of any such person in any of said categories may be advanced by the Company. (b) To the extent permitted by the law of the State of New York, the Company may provide for further indemnification or advancement of expenses by resolution of shareholders of the Company or the Board of Directors, by amendment of these By-Laws, or by agreement. (Business Corporation Law ss. 721-726; Insurance Law ss. 1216) The directors and officers of AXA Equitable are insured under policies issued by X.L. Insurance Company, Arch Insurance Company, Endurance Insurance Company, U.S. Specialty Insurance, St. Paul Travelers, Zurich Insurance Company and ACE Insurance Company. The annual limit on such policies is $150 million, and the policies insure the officers and directors against certain liabilities arising out of their conduct in such capacities. (b) Indemnification of Principal Underwriters To the extent permitted by law of the State of New York and subject to all applicable requirements thereof, AXA Advisors, LLC has undertaken to indemnify each of its directors and officers who is made or threatened to be made a party to any action or proceeding, whether civil or criminal, by reason of the fact the director or officer, or his or her testator or intestate, is or was a director or officer of AXA Advisors, LLC. (c) Undertaking Insofar as indemnification for liability arising under the Securities Act of 1933 ("Act") may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. C-14 Item 29. Principal Underwriters (a) AXA Advisors, LLC, an affiliate of AXA Equitable, MONY Life Insurance Company and MONY Life Insurance Company of America, is a principal underwriter for Separate Accounts 49 and FP of AXA Equitable, EQ Advisors Trust and AXA Premier VIP Trust, and of MONY Variable Account A, MONY Variable Account L, MONY America Variable Account A and MONY America Variable Account L. In addition, AXA Advisors is a principal underwriter for AXA Equitable's Separate Accounts 45, 301 and I, and MONY's Variable Account S, MONY America Variable Account S, and Keynote Series Account. The principal business address of AXA Advisors, LLC is 1290 Avenue of the Americas, NY, NY 10104. (b) Set forth below is certain information regarding the directors and principal officers of AXA Advisors, LLC. The business address of the persons whose names are preceded by an asterisk is that of AXA Advisors, LLC. NAME AND PRINCIPAL POSITIONS AND OFFICES WITH UNDERWRITER BUSINESS ADDRESS (AXA ADVISORS LLC) ---------------- -------------------------------------- *Harvey E. Blitz Director and Senior Vice President *Andrew J. McMahon Chairman of the Board and Director *Christine Nigro President and Director *Richard S. Dziadzio Director *Barbara Goodstein Director *James A. Shepherdson Director *William Degnan Senior Vice President Jeffrey Green Senior Vice President 4251 Crums Mill Road Harrisburg, PA 17112 *Kevin R. Byrne Executive Vice President and Treasurer *Mark D. Godofsky Senior Vice President and Controller *Patricia Roy Chief Compliance Officer *Philip Pescatore Chief Risk Officer *Mary Beth Farrell Director and Vice Chairman *Camille Joseph Varlack Assistant Vice President, Secretary and Counsel *Francesca Divone Assistant Secretary (c) The information under "Distribution of the Contracts" in the Prospectus and Statement of Additional Information forming a part of this Registration Statement is incorporated herein by reference. C-15 Item 30. Location of Accounts and Records The records required to be maintained by Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 to 31a-3 thereunder are maintained by AXA Equitable at 1290 Avenue of the Americas, New York, NY 10104, 135 West 50th Street, New York, NY 10020 and 200 Plaza Drive, Secaucus, NJ 07096. Item 31. Management Services Not applicable. Item 32. Undertakings The Registrant hereby undertakes: (a) to file a post-effective amendment to this registration statement as frequently as is necessary to ensure that the audited financial statements in the registration statement are never more than 16 months old for so long as payments under the variable annuity contracts may be accepted; (b) to include either (1) as part of any application to purchase a contract offered by the prospectus, a space that an applicant can check to request a Statement of Additional Information, or (2) a postcard or similar written communication affixed to or included in the prospectus that the applicant can remove to send for a Statement of Additional Information; (c) to deliver any Statement of Additional Information and any financial statements required to be made available under this Form promptly upon written or oral request. AXA Equitable hereby represents that the fees and charges deducted under the contracts described in this Registration Statement, in the aggregate, in such case, are reasonable in relation to the services rendered, the expenses to be incurred, and the risks assumed by AXA Equitable under the respective contracts. The Registrant hereby represents that it is relying on the November 28, 1988 no-action letter (Ref. No. IP-6-88) relating to variable annuity contracts offered as funding vehicles for retirement plans meeting the requirements of Section 403(b) of the Internal Revenue Code. Registrant further represents that it complies with the provisions of paragraphs (1) - (4) of that letter. C-16 SIGNATURES As required by the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has caused this Registration Statement to be signed on its behalf, in the City and State of New York, on the 20th day of April, 2009. SEPARATE ACCOUNT A OF AXA EQUITABLE LIFE INSURANCE COMPANY (Registrant) By: AXA Equitable Life Insurance Company (Depositor) By: /s/ Dodie Kent -------------------------------------------- Vice President and Associate General Counsel C-17 SIGNATURES As required by the Securities Act of 1933 and the Investment Company Act of 1940, the Depositor, has caused this Registration Statement to be signed on its behalf, in the City and State of New York, on this 20th day of April, 2009. AXA EQUITABLE LIFE INSURANCE COMPANY (Depositor) By: /s/ Dodie Kent -------------------------------------------- Dodie Kent Vice President and Associate General Counsel AXA Equitable Life Insurance Company As required by the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the date indicated: PRINCIPAL EXECUTIVE OFFICERS: *Christopher M. Condron Chairman of the Board, President, Chief Executive Officer and Director PRINCIPAL FINANCIAL OFFICER: *Richard S. Dziadzio Executive Vice President and Chief Financial Officer PRINCIPAL ACCOUNTING OFFICER: *Alvin H. Fenichel Senior Vice President and Chief Accounting Officer *DIRECTORS: Christopher M. Condron Anthony J. Hamilton Joseph H. Moglia Henri de Castries Mary R. (Nina) Henderson Lorie A. Slutsky Denis Duverne James F. Higgins Ezra Suleiman Charlynn Goins Scott D. Miller Peter J. Tobin *By: /s/ Dodie Kent ------------------- Dodie Kent Attorney-in-Fact April 20, 2009 C-18 EXHIBIT INDEX -------------- EXHIBIT NO. TAG VALUE ----------- --------- 9.(c) Opinion and Consent of Counsel EX-99.9c 10.(a) Consent of PricewaterhouseCoopers LLP EX-99.10a 10.(b) Powers of Attorney EX-99.10b