8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported) — November 4, 2003

THE MONY GROUP INC.

(Exact name of Registrant as specified in its charter)

DELAWARE (State or other jurisdiction of Incorporation) 1-14603 (Commission File Number) 13-3976138 (IRS Employer Identification No.)

1740 Broadway New York, New York (Address of principal executive offices) 10019 (Zip Code)

(212) 708-2000

(Registrant’s telephone number, including area code)

Item 5. Other Events.

On November 4, 2003, The MONY Group Inc. issued a News Release reporting its financial results for the quarter ended September 30, 2003 and made available supplemental statistical information with respect to such financial results.

Item 12. Results of Operations and Financial Condition.

On November 4, 2003, The MONY Group Inc. issued a News Release reporting its financial results for the quarter ended September 30, 2003 and made available supplemental statistical information with respect to such financial results. Copies of the News Release and the Statistical Supplement are attached as Exhibits 99.1 and 99.2 to this Report. The information set forth under this “Item 12. Results of Operations and Financial Condition,” including Exhibits 99.1 and 99.2, is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934. The information contained in Exhibits 99.1 and 99.2 to this Report is also intended to be furnished under “Item 9. Regulation FD Disclosure.”

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, The MONY Group Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

THE MONY GROUP INC.
By:	/s/    Richard Daddario
	Richard Daddario Executive Vice President and Chief Financial Officer

Date:    November 4, 2003

Exhibit Index

99.1	News Release of The MONY Group Inc., dated November 4, 2003.
99.2	Presentation entitled “The MONY Group Inc. Statistical Supplement as of and for the Three and Nine-Month Periods Ended September 30, 2003 and 2002.”

EX-99.1

The MONY Group Inc. 1740 Broadway New York, NY 10019 212 708 2472 212 708 2399 Fax News Release MEDIA CONTACTS: Mary Taylor 212 708 2250 INVESTOR CONTACT: Jay Davis 212 708 2917

The MONY Group Inc. Reports Third Quarter Results

NEW YORK — November 4, 2003 — The MONY Group Inc. (NYSE: MNY) today reported results for the third quarter and first nine months of 2003.

Net income for the quarter ended September 30, 2003 was $5.3 million or $0.11 per share and included the following items on an after-tax basis:

• $4.3 million or $0.09 per share of venture capital income;

• $3.4 million or $0.07 per share of realized gains from investments.

• $2.4 million or $0.05 per share of expenses related to the pending acquisition of The MONY Group Inc. by AXA Financial Inc.;

• Adjusted operating income (which excludes the above items) was zero. Adjusted operating earnings would have been $0.08 per share were it not for charges related to market value adjustments on certain products and the acceleration of deferred acquisition costs amortization caused by realized gains.

“This past quarter reflects improved life insurance, accumulation and retail brokerage sales and we are pleased with the improvement” said Michael I. Roth, chairman and CEO, The MONY Group. “Competitive pressures and issues of scale continue to challenge our ability to generate appropriate levels of earnings, which is why, among other reasons we believe that the announced AXA transaction represents the best opportunity for our shareholders.”

On September 17, 2003, The MONY Group Inc. and AXA Financial Inc. announced that their Boards of Directors had unanimously approved a definitive agreement for AXA Financial to acquire The MONY Group in a cash transaction valued at approximately $1.5 billion. The transaction is subject to MONY shareholder, certain required regulatory approvals, and other customary conditions. It is expected to close in the first quarter of 2004.

The company’s preliminary estimate of adjusted results for the third quarter, from which dividends may be paid under the merger agreement with AXA Financial, is approximately $4 million or $0.08 per share. The final number is subject to review by PricewaterhouseCoopers under agreed upon procedures and will be higher or lower than the estimated $4 million or $0.08 per share for the third quarter depending on the company’s adjusted results in the fourth quarter. There is a substantial risk that the MONY stockholders may receive little or no dividend.

The company’s net income for the first nine months of 2003 was $33.6 million or $.71 per share, and included the following items on an after-tax basis:

• $7.9 million or $0.17 per share of adjusted operating income

• $3.6 million or $0.08 per share of expenses related to the pending acquisition of The MONY Group Inc. by AXA Financial Inc.;

• $5.9 million or $0.13 per share of after tax venture capital income; and

• $23.4 million or $0.49 per share of after-tax realized gains from investments.

Third Quarter and First Nine Months of 2002

For the third quarter of 2002, the company reported a net loss of $30.2 million or $0.64 per share, which was comprised of:

• An adjusted operating loss of $1.7 million or $0.04 per share for the quarter, which included an $8 million or $0.17 per share charge resulting from accelerated amortization of deferred acquisition costs and increased death benefit reserves;

• Venture capital losses amounting to $5.1 million or $0.11 per share;

• Net realized losses on investments of $23.4 million or $0.49 per share.

For the first nine months of 2002, the company reported a net loss of $26.9 million or $0.56 per share, which included:

• Adjusted operating income of $17.7 million or $0.37 per share, which included $10.1 million or $0.21 per share charge for accelerated amortization of deferred policy acquisition costs and increased guaranteed minimum death benefit reserves, and $4.5 million or $0.09 per share in fees and interest related to litigation;

• A venture capital loss of $4.9 million or $0.10 per share

• Realized losses on investments of $39.7 million or $0.83 per share.

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[An earnings summary is as follows:]

($ in million except share data and per share amount)
($ millions After Tax)	Three Months Ended 9/30/03		Three Months Ended 9/30/02		Nine Months Ended 9/30/03		Nine Months Ended 9/30/02
Net Income (Loss)	5.3		(30.2	)	33.6		(26.9	)
Net Realized (Gains) Losses From Investments	(3.4	)	23.4		(23.4	)	39.7
Adjusted Operating Income Including Venture Capital	1.9		(6.8	)	10.2		12.8
Net (Income) Loss from Venture Capital	(4.3	)	5.1		(5.9	)	4.9
Merger Related Expenses (4)	2.4		—		3.6		—
Adjusted Operating Income(1) (3) (5)	—		(1.7	)	7.9		17.7
Diluted Per Share Amounts:(2):
Net Income (Loss)	0.11		(0.64	)	0.71		(0.56	)
Net Realized (Gains) Losses From Investments	(0.07	)	0.49		(0.49	)	0.83
Adjusted Operating Income Including Venture Capital	0.04		(0.15	)	0.22		0.27
Net (Income) Loss from Venture Capital	(0.09	)	0.11		(0.13	)	0.10
Merger Related Expenses(4)	0.05		—		0.08		—
Adjusted Operating Income(1) (3) (5)	—		(0.04	)	0.17		0.37
Share Data(2):
Weighted Average Shares Outstanding	46,970,155		47,414,250		46,964,214		47,804,872
Plus: Incremental from assumed conversion of dilutive securities	1,044,246		—		364,595		—
Weighted-average shares used in dilutive per share calculations	48,014,401		47,414,250		47,328,809		47,804,872

(1)In addition to reporting and measuring the company’s results of operations based on net income/(loss) as determined in accordance with generally accepted accounting principles (GAAP), the company also reports what it refers to as “adjusted operating income”, which, while derived from our results in accordance with GAAP, represents a non-GAAP financial measure. The company generally defines “adjusted operating income” as net income/(loss) determined in accordance with GAAP excluding after -tax net realized gains/(losses) and the net after-tax results from the company’s venture capital investments. These items will fluctuate from period to period depending on the prevailing interest rate and economic environment, and are not necessarily indicative of the overall operating trends in our core operations. In addition, for the three and nine-month periods ended September 30, 2003 the company has excluded expenses incurred in connection with its pending acquisition by AXA Financial Inc. in calculating its “adjusted operating income” because such expenses are not indicative of overall operating trends in the company’s core operations. The company also reports “adjusted operating income including the net after-tax results from the company’s venture capital investments” which is also a non-GAAP financial measure. Both the company and many users of its financial information use these non-GAAP financial measures to evaluate the company’s operating performance.

(2)587,795 and 1,315,776 incremental shares from the assumed conversion of dilutive securities were not included in the computation of per share amounts for the three and nine-month periods ended September 30, 2002 because their inclusion would be anti-dilutive.

(3) Results for the nine month period ended September 30, 2003 include a gain from an insurance settlement from the events of September 11, 2001 of $2.6 million or $0.05 per share, which was recognized during the first quarter of 2003.

(4) Results for the nine month period ended September 30, 2003 include expenses of $1.2 million or $0.03 per share related to the company’s pending acquisition by AXA Financial Inc. that were incurred and recognized during the second quarter of 2003.

(5) Results for the nine month period ended September 30, 2002 include interest and litigation fees of $4.5 million or $0.10 per share related to a dispute regarding the sale of real estate in 1999.

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Highlights:

• Sales of the company’s proprietary life products excluding COLI increased to $38 million compared with $31 million for the year-ago period. The increase reflects growth in sales through its MONY Partners wholesaling operation, and US Financial Life’s brokerage channel.

• Accumulation assets under management were $8.9 billion at September 30, 2003, compared with $7.7 billion at December 31, 2002 and $8.7 billion at June 30, 2003.

• Accumulation assets raised in the 2003 third quarter increased by 16 percent to $445 million from $382 million in the third quarter of 2002. The increase was due primarily to increased sales of Enterprise mutual funds by third-party broker-dealers.

• Average productivity for the company’s career agency system increased approximately 7% through the first nine months of 2003. As part of its plan to improve the productivity and profitability of its career system, the company has enhanced its focus on high-performing financial professionals and on capturing its career agents’ nonproprietary sales through its MONY Securities Corp. and MONY Brokerage Inc. subsidiaries. The increase in non-proprietary sales offset a decline in proprietary sales.

• MONY Life Insurance Company, The MONY Group’s principal operating subsidiary, launched new offerings aimed at the small business and corporate market segments. Its new “individual K” product is a turnkey offering designed to meet the retirement needs of self-employed individuals and features a choice of funding options and investment strategies. Its new Corporate Strategies Group Variable Universal Life product enhances the company’s strong position in the COLI marketplace and offers a range of applications and investment options.

Business Segments

Protection Segment

Through its protection segment, The MONY Group sells a wide range of life insurance products (including whole, term, universal, variable universal, survivorship universal, group universal life and interest sensitive whole life) to higher-income individuals, particularly small business owners, family builders and pre-retirees as well as corporations through its U.S. Financial Life Insurance Company (USFL) and MONY Life Insurance Company subsidiaries.

Excluding sales of corporate-owned life insurance (COLI) and bank-owned life insurance (BOLI), new life sales were $38 million in the 2003 third quarter vs. $31 million in the 2002 third quarter. Total new life sales for the third quarter of 2003 were $73 million compared to $109 million for the third quarter of 2002 which included $50 million in premiums from the sale of a single BOLI case

Excluding sales of corporate-owned life insurance (COLI) and bank-owned life insurance (BOLI), new life sales were $112 million in the first nine months of 2003 vs. $94 million in the

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year-ago period. For the first nine months of 2003, total new life sales were $208 million compared with $219 million in the year-ago period.

The brokerage channel, including MONY Partners, generated $9 million in proprietary new life sales vs. $4 million in the prior-year quarter. U.S. Financial Life Insurance Co. (USFL) sales for the third quarter of 2003 increased to $17 million from $11 million during the third quarter of 2002. The career agency system generated $17 million in proprietary new life sales during the third quarter of 2003, compared with $16 million in the 2002 third quarter.

For the first nine months of 2003, the brokerage channel generated $26 million in proprietary new life sales compared to $7 million in the first nine months of 2002. Comparing the first nine months of 2003 to 2002, USFL sales were $48 million vs. $38 million. The career agency system generated $43 million in proprietary new life sales in the first nine months of 2003 compared with $50 million in the year-ago period.

Sales of corporate-owned life insurance (COLI) and bank-owned life insurance (BOLI) through COLI/BOLI brokers were $30 million during the third quarter of 2003. This compares with $78 million in the third quarter of 2002, during which period the company generated $50 million in premiums from the sale of a single BOLI case. For the first nine months of 2003, sales of COLI and BOLI through the brokerage channel were $91 million vs. $124 million in the year-ago period.

Accumulation Segment

The MONY Group distributes proprietary annuities and retail mutual funds through its career agency system, member companies and third-party broker-dealers.

New accumulation assets raised in the 2003 third quarter increased to $445 million from $382 million in the third quarter of 2002. For the first nine months of 2003, accumulation assets raised were $1.35 billion vs. $1.29 billion in the first nine months of 2002.

Sales of the company’s annuity products were $129 million during the third quarter of 2003 compared with $133 million for the third quarter of 2002. Variable annuity sales increased to $103 million from $85 million in the year-ago period. The company reduced its marketing effort in the sale of fixed annuities as competitive pricing would have compromised MONY’s margins. As a result, fixed annuity sales were $26 million compared with $48 million in the third quarter of 2002.

The brokerage channel including MONY Partners reported sales of proprietary fixed and variable annuities of $12 and $10 million, in the third quarter of 2003. While the brokerage channel including MONY Partners was not yet actively marketing the company’s variable annuity product, fixed annuity sales were $27 million in the 2002 third quarter. Career agency sales of proprietary fixed and variable annuities were $14 and $93 million, respectively, vs. $21 million and $85 million, respectively, in the 2002 third quarter.

For the first nine months of 2003, total sales of the company’s annuity products were $416 million compared with $365 million during the first nine months of 2002. Fixed annuity sales were $124 million, and variable annuity sales were $292 million, compared with $48 million and $317 million, respectively, in the year-ago period.

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The brokerage channel including MONY Partners generated $51 and $23 million of proprietary fixed and variable annuity product sales, respectively, through the brokerage channel in the first nine months of 2003. Career agency sales of proprietary fixed and variable annuities were $73 and $269 million, respectively. For the first nine months of 2002, career agency sales of proprietary fixed and variable annuities were $21 and $314 million, respectively. For the first nine months of 2002, brokerage channel sales of proprietary fixed and variable annuities were $27 and $3 million, respectively.

The Enterprise Group of Funds had 2003 third quarter and nine-month sales of $316 million and $935 million, respectively, compared with $249 million and $928 million for the year-ago periods. Enterprise mutual fund sales through third party broker-dealers were $272 million compared with $205 million on quarter-over-quarter basis and were $792 million vs $745 million for the respective 2003 and 2002 nine-month periods.

Retail Brokerage & Investment Banking Segment

The Retail Brokerage and Investment Banking segment includes securities brokerage, trading, investment banking, trust and asset management services for high net worth individuals and small to mid-size business owner clients primarily through MONY’s Advest and MONY Securities Corp. subsidiaries.

The Retail Brokerage & Investment Banking Segment had revenues of $99 million in the third quarter of 2003 compared with $95 million in the year-ago period.

Revenues at Advest were $84 million, level in the third quarter of 2003 compared with third quarter of 2002. Retail commission increases at ADVEST were offset by decreases in fixed income and municipal bond commissions. Revenues at MONY Securities were $14 million in the third quarter of 2003 compared with $10 million in the third quarter of 2002.

For the first nine months of 2003, the Retail Brokerage & Investment Banking segment’s revenues were $288 million vs. $271 million for the first nine months of 2002.

Other Segment

Revenues for MONY Brokerage Inc., which include sales by the company’s career agents of certain nonproprietary protection and other products, and which are reported in the company’s “Other Products” segment, rose to $5.7 million in the 2003 third quarter from $3.6 million in the year-ago period. For the first nine months of 2003, MONY Brokerage Inc. revenues were $16.9 million, more than double the $8.4 million reported in the first nine months of 2002.

Business Outlook

Since the announcement on September 17^th regarding AXA’s proposed acquisition of The MONY Group, the two companies have formed joint integration teams to facilitate the integration of MONY and AXA Financial into a single world-class corporation. In addition, on October 14, The MONY Group filed its preliminary proxy statement in connection with its acquisition with the Securities and Exchange Commission.

“We believe the proposed acquisition by AXA Financial maximizes value for our shareholders,” said Michael I. Roth, chairman and CEO, The MONY Group. “As the process of combining our two companies continues to move forward, we remain focused on achieving our business objectives and on meeting the needs of our customers.”

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Forward Looking Statements

This release contains forward-looking statements concerning the Company’s operations, economic performance, prospects and financial condition. Forward-looking statements include statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions and include all statements concerning the Company’s operations, economic performance, prospects and financial condition for 2003 and following years. The Company claims the protection afforded by the safe harbor for forward-looking statements as set forth in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to many risks and uncertainties. Actual results could differ materially from those anticipated by forward-looking statements due to a number of important factors including the following: satisfaction of the closing conditions set forth in the merger agreement among the Company, AXA Financial, Inc. and AIMA Acquisition Co., including approval of the Company’s shareholders and regulatory approvals; a significant delay in the expected completion of the contemplated merger; the Company could experience losses, including venture capital losses; the Company could be subjected to further downgrades by rating agencies of our senior debt ratings and the claims-paying and financial-strength ratings of our insurance subsidiaries; the Company could be required to take a goodwill impairment charge relating to its investment in Advest if the market deteriorates; the Company could have to accelerate amortization of deferred policy acquisition costs if market conditions deteriorate; the Company could be required to recognize in its earnings “other than temporary impairment” charges on its investments in fixed maturity and equity securities held by it; the Company could have to write off investments in certain securities if the issuers’ financial condition deteriorates; recent improvements in the equities markets may not be sustained into the future; actual death-claim experience could differ from the Company’s mortality assumptions; the Company could have liability from as-yet-unknown litigation and claims; larger settlements or judgments than we anticipate could result in pending cases due to unforeseen developments; and changes in laws, including tax laws, could affect the demand for the Company’s products. The Company does not undertake to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Conference Call

The MONY Group Inc. will host a conference call on Tuesday, November 4, 2003 commencing at 9:00 AM (Eastern Standard Time) to discuss its third quarter 2003 results. To participate in the call, U.S. participants should dial 800 231 5571 and Canadian and other international participants should dial 973 935 8504. Participants should dial into the call 10 minutes early to facilitate a timely connection. A simultaneous webcast of the call will also be available on The MONY Group’s website at www.mony.com/investorrelations.

A replay of the call will be available for those in the U.S. at 877 519 4471

The replay for Canadian and other international participants is 973 341 3080.

The password for the replay is 41 89 127

This press release, the Company’s quarterly financial supplement and other financial documents may be accessed at www.mony.com/investorrelations.

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About The MONY Group Inc.

The MONY Group Inc. (NYSE: MNY), with approximately $55 billion in assets under management and administration, provides life insurance, annuities, mutual funds, brokerage, asset management, business & estate planning, trust and investment banking products and services to individual and institutional clients through several member companies. The MONY Group focuses primarily on offering customized financial solutions through multiple distribution channels, including a career network, brokerage general agencies, financial advisors, brokers, and other complementary channels. The MONY Group’s (www.mony.com) member companies include The Advest Group, Inc., MONY Life Insurance Company, MONY Life Insurance Company of America, Matrix Capital Markets Group Inc., Enterprise Capital Management, Inc., U.S. Financial Life Insurance Company, MONY Securities Corporation and Trusted Securities Advisors Corp.

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SUPPLEMENTARY FINANCIAL INFORMATION

To assist interested parties in analyzing the Company’s consolidated financial results attached is the following supplemental information:

Exhibit I presents certain summary consolidated income statement data of The MONY Group prepared in accordance with generally accepted accounting principles for the three-month and nine month periods ended September 30, 2003, and 2002, along with a reconciliation of the company’s consolidated net income determined in accordance with generally accepted accounting principles to “adjusted operating income” and “adjusted operating income/(loss) including the net after-tax results from venture capital investments”. Both “adjusted operating income” and “adjusted operating income/(loss) including the net after-tax results from venture capital investments” represent non-GAAP financial measures. Both the company and many users of its financial information use these non-GAAP measures to evaluate the company’s operating performance.

Exhibit II presents certain summary consolidated balance sheet data of The MONY Group as of September 30, 2003, including book value per share excluding accumulated comprehensive income. Book value per share excluding accumulated comprehensive income is a statistic that many users of financial information consider when assessing the fair market value of a company.

Exhibit III presents information regarding new business generated by the company for the three month and nine month periods ended September 30, 2003 and 2002. Management uses this information to measure its periodic sales production. The amounts presented with respect to life insurance sales represent annualized statutory-basis premiums. Annualized statutory-basis premiums in the Protection Products segment represent the total premium scheduled to be collected on a policy or contract over a twelve-month period. Pursuant to the terms of certain of the policies and contracts issued by the company, premiums and deposits may be paid or deposited on a monthly, quarterly, or semi-annual basis. Annualized statutory-basis premium does not apply to single premium paying business. All premiums received on COLI and BOLI business and single premium paying policies during the periods presented are included. Statutory basis premiums are used in lieu of GAAP basis premiums because, in accordance with statutory accounting practices, revenues from all classes of long-duration contracts are measured on the same basis, whereas GAAP provides different revenue recognition rules for different classes of long-duration contracts. The amounts presented with respect to annuity and mutual fund sales represent deposits made by customers during the periods presented.

The information presented in Exhibit III should not be viewed as a substitute for revenues determined in accordance with GAAP. Revenues in accordance with GAAP related to product sales are generated from both current and prior period sales that are in-force during the reporting period. For protection products GAAP recognizes premium revenue when due from a

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policyholder. For accumulation products, GAAP revenues are a function of fee based charges applied to a contractholder’s account balance. Because of how revenues are recognized in accordance with GAAP, we do not believe GAAP revenues are meaningful in assessing the periodic sales production of a life insurance company and, accordingly, a reconciliation to GAAP revenues would not be meaningful.

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Exhibit I

THE MONY GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENT

($ in millions, except share data and per share amounts)	Three Months Ended September 30,					Nine Months Ended September 30,
	2003		2002			2003			2002
Revenues:
Premiums	164.7			160.5			505.3			494.8
Universal life and investment-type product policy fees	52.3			54.6			159.8			156.1
Net investment income	188.3			170.1			564.5			541.7
Net realized gains/(losses) on investments	5.0			(41.2	)		36.6			(69.1	)
Group Pension Profits	—			6.8			—			22.0
Retail brokerage and investment banking	106.8			109.1			310.3			297.5
Other income	44.4			24.9			132.6			92.4
	561.5			484.8			1,709.1			1,535.4
Benefits and Expenses:
Benefits to policyholders	201.7			195.3			609.3			585.5
Interest credited to policyholders’ account balances	35.7			30.0			103.5			85.8
Amortization of deferred policy acquisition costs	34.0			49.7			93.8			120.5
Dividends to policyholders	52.0			53.5			174.3			171.8
Other operating costs and expenses	232.2			202.7			688.4			613.2
	555.6			531.2			1,669.3			1,576.8
Income from continuing operations before income taxes	5.9			(46.4	)		39.8			(41.4	)
Income tax expense (benefit)	0.4			(16.2	)		10.0			(14.5	)
Income (loss) from continuing operations	5.5			(30.2	)		29.8			(26.9	)
Discontinued operations:
(Loss) income from real estate to be disposed of, net of income tax (benefit) expense of $(0.1) million and $2.0 million for the three and nine-month periods ended September 30, 2003, respectively.	(0.2	)		—			3.8			—
Net Income (Loss)	5.3			(30.2	)		33.6			(26.9	)
Reconciliation of Net income (loss) to “Adjusted Operating Income)” and to “Adjusted Operating Income/(Loss) including net after-tax results from venture capital investments and merger related expenses”
Net Income (Loss)	5.3		$	(30.2	)	$	33.6		$	(26.9	)
Adjustments:
Net realized (gains)/losses from investments (after-tax)	(3.4	)		23.4			(23.4	)		39.7
Adjusted Operating Income Including Net After-Tax Results From Venture Capital Investments and Merger Related Expenses	1.9			(6.8	)		10.2			12.8
Merger Related Expenses (After-Tax)	2.4			—			3.6			—
Net After-Tax (Income) Loss From Venture Capital Investments	(4.3	)		5.1			(5.9	)		4.9
Adjusted Operating Income (see Note 2)	0.0		$	(1.7	)	$	7.9		$	17.7
Diluted Per Share Amounts:
Net Income (Loss)	0.11		$	(0.64	)	$	0.71		$	(0.56	)
Adjusted Operating Income (Loss) Including Net After-Tax Results From Venture Capital Investments and Merger Related Expenses	0.04		$	(0.15	)	$	0.22		$	0.27
Adjusted Operating Income (see Note 2)	0.00		$	(0.04	)	$	0.17		$	0.37
Share Data (see Note 1):
Weighted-average Shares Outstanding	46,970,155			47,414,250			46,964,214			47,804,872
Plus: Incremental Shares from Assumed Conversion of Diluted Securities	1,044,246			—			364,595			—
Weighted-average Shares used in Diluted Per Share Calculations	48,014,401			47,414,250			47,328,809			47,804,872

Note 1: 587,795 and 1,315,776 incremental shares from the assumed conversion of dilutive securities were not included in the computation of per share amounts for the three and nine-month periods ended September 30, 2002 because their inclusion would be anti-dilutive.

Note 2: Results for the nine-month period ended September 30, 2003 include a gain from an insurance settlement from the events of September 11, 2001 of $2.6 million or $0.05 per share, which was recognized during the first quarter of 2003.

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Exhibit II

SUMMARY CONSOLIDATED BALANCE SHEET DATA

($ in millions, except per share amounts)

	As of September 30, 2003
Assets:
Invested assets (including cash and cash equivalents)	$	13,368.8
Separate account assets		4,446.5
Other assets		2,921.6
Total assets	$	20,736.9
Liabilities:
Policyholders’ liabilities	$	11,358.6
Separate account liabilities		4,443.5
Short-term debt		7.0
Long-term debt		876.3
Other liabilities		2,020.9
Total liabilities		18,706.3
Shareholders’ equity:
Equity		1,974.9
Accumulated comprehensive income		55.7
Total shareholders’ equity		2,030.6
Total liabilities and shareholders’ equity	$	20,736.9
Per share amounts:
Diluted book value per share	$	41.68
Diluted book value per share (Ex. Accumulated Comprehensive Income)	$	40.53

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Exhibit III

SEGMENT INFORMATION

The following chart presents MONY’s protection and accumulation sales for the quarter as well as revenue generated from the company’s retail brokerage and investment banking segment.

	Three-Month Period Ended 9/30/03		Three-Month Period Ended 9/30/02		Nine-Month Period Ended 9/30/03		Nine-Month Period Ended 9/30/02
New Business ($ millions)
Protection Products
Career Agency System 5	$	17.2	$	15.7	$	43.4	$	49.7
U.S. Financial Life Insurance Company		16.8		10.9		47.9		37.8
MONY Partners Brokerage and Other 5		9.0		3.9		25.6		6.9
COLI/BOLI		30.1		78.2		91.4		124.3
Total New Life Insurance Premiums	$	73.1	$	108.7	$	208.3	$	218.7
Accumulation Products
Variable Annuities 1	$	103	$	85	$	292	$	317
Fixed Annuities 2		26		48		124		48
Career Agency System – Mutual Funds		44		44		143		183
Third Party Distribution – Mutual Funds		272		205		792		745
Total Accumulation	$	445	$	382	$	1,351	$	1,293
Revenues ($ millions)
Retail Brokerage & Investment Banking
Advest 3	$	84.0	$	84.2	$	249.0	$	236.4
MONY Securities Corp.		13.8		10.4		36.0		33.0
Other		1.1		0.5		2.7		1.3
Total Revenue	$	98.9	$	95.1	$	287.7	$	270.7
Other Products
MONY Brokerage Inc. 4	$	5.7	$	3.6	$	16.9	$	8.4

¹ $93 million and $85 million sold through the career agency system, and $10 million and $0.0 million sold through the brokerage channel in the three month periods ended September 30, 2003 and 2002, respectively. $269 million and $314 million sold through the career agency system, and $23 million and $3 million sold through the brokerage channel in the nine month periods ended September 30, 2003 and 2002, respectively.

² $14 million and $21 million sold through the career agency system, and $12 million and $27 million sold through the brokerage channel in the three month periods ended September 30, 2003 and 2002, respectively. $73 million and $21 million sold through the career agency system, and $51 million and $27 million sold through the brokerage channel in the nine month periods ended September 30, 2003 and 2002, respectively. MONY Life’s fixed annuity was introduced in June 2002.

³ Excludes interest income of $7.9 million, $14.1 million, $22.5 million and $26.9 million for the three and nine-month periods ended September 30, 2003 and 2002, respectively.

⁴ MONY Brokerage Inc. includes sales by the company’s career agents of certain nonproprietary protection and other products.

⁵ Includes BOLI sales of $3.1 million and $3.3 million sold through the career system and BOLI sales of $1.8 million sold through the brokerage system in the three and nine month periods ended September 30, 2003, respectively. BOLI sales through the career and brokerage systems were not significant for the three and nine month periods ended September 30, 2002.

13

EX-99.2

Exhibit 99.2

TABLE OF CONTENTS

Preface:

The following information should be read in conjunction with the financial information of the Company, which has been filed with the Securities and Exchange Commission. All financial information herein is calculated in accordance with generally accepted accounting principles unless otherwise noted.

All amounts included herein are unaudited. Certain total amounts herein cannot be recalculated due to rounding.

	Wall Street Analyst Coverage Data	2
	Corporate Offices, Principal Subsidiaries and Ratings	3
	Summary Financial Information	4-5
	Consolidated Results
Exhibit 1	Consolidated Income Statement Data	6
	Protection Products Segment
Exhibit 2	Protection Products Segment Description	7
Exhibit 3	Protection Income Statement Data	8
Exhibit 4A	Group Pension Data	9
Exhibit 4B	Closed Block Data	10
Exhibit 4C	Fixed Maturities by Credit Quality—Closed Block	11
Exhibit 5	Premiums and Inforce	12
Exhibit 6	GAAP Premiums and Deposits	13
	Accumulation Products Segment
Exhibit 7	Accumulation Products Segment Description	14
Exhibit 8	Accumulation Income Statement Data	15
Exhibit 9	Accumulation Assets Under Management	16
	Retail Brokerage and Investment Banking
Exhibit 10	Retail Brokerage and Investment Banking Segment Description	17
Exhibit 11	Retail Brokerage and Investment Banking Income Statement Data	18
Exhibit 12	Income Statement Detail and Advest Data	19
	Other Products/Reconciling Segment
Exhibit 13	Other/Reconciling Products Segment Description	20
Exhibit 14	Other/Reconciling Income Statement Data	21
	Investments
Exhibit 15	Investments	22
Exhibit 16	Invested Assets	23
Exhibit 17	Investment Results	24
Exhibit 18A	Fixed Maturities by Credit Quality	25
Exhibit 18B	Fixed Maturities by Industry	26
Exhibit 18C	Venture Capital Partnership Investments	27
Exhibit 19	Mortgages at Carrying Value	28
Exhibit 20A	Equity Real Estate	29
Exhibit 20B	Mortgages and Real Estate	30

WALL STREET ANALYST COVERAGE DATA

Brokerage	Analyst	Telephone
Credit Suisse First Boston	Thomas Gallagher	(212) 538-2010
Deutsche Bank Securities Inc.	Vanessa Wilson	(212) 469-7351
Dowling & Partners Securities, LLC	Len Savage	(203) 359-8860
Fox-Pitt, Kelton Inc.	Jonathan Joseph	(212) 687-8600
Goldman Sachs	Joan Zief	(212) 902-6778
Keefe, Bruyette & Woods, Inc.	Jukka Lipponen	(860) 722-5905
Langen McAlenney	Robert Glasspiegel	(860) 724-1203
Lehman Brothers Inc.	E. Stewart Johnson	(212) 526-8190

Investor Information Line

Contact: Jay Davis

Tel (212) 708-2917

E-mail jdavis@mony.com

Visit our internet site at www.mony.com

2

CORPORATE OFFICES, PRINCIPAL SUBSIDIARIES

MONY Life Insurance Company	Trusted Securites Advisors Corp.
1740 Broadway	7760 France Avenue South, Suite 420
New York, NY 10019	Minneapolis, MN 55435
MONY Life Insurance Company of America	The Advest Group, Inc.
1740 Broadway	90 State House Square
New York, NY 10019	Hartford, CT 06103
U.S. Financial Life Insurance Company	Matrix Capital Markets Group Inc.
10290 Alliance Road	11 South 12th Street
Cincinnati, OH 45242	Suite 325
	Richmond, VA 23219
Enterprise Capital Management, Inc.
3343 Peachtree Road, NE, Suite 450	Lebenthal & Co., Inc.
Atlanta, GA 30326	120 Broadway
	New York, NY 10271
MONY Securities Corporation
1740 Broadway
New York, NY 10019

CORPORATE RATINGS

CLAIMS PAYING ABILITY/ FINANCIAL STRENGTH RATINGS (1)	SENIOR DEBT RATINGS (2)
Standard & Poors	Standard & Poors
A+	BBB+
A.M. Best (3)	A.M. Best
A	bbb+
Moody’s	Moody’s
A2	Baa2
Fitch	Fitch
A+	BBB+

(1) MONY Life Insurance Company and MONY Life Insurance Company of America

(2) The MONY Group Inc.

(3) MONY Life Insurance Company, MONY Life Insurance Company of America, and U.S. Financial Life Insurance Company

3

(Unaudited)

SUMMARY FINANCIAL INFORMATION

	Three-Months Ended September 30,						Nine-Months Ended September 30,
	2003			2002			2003			2002
	($ millions, except per share amounts)
CONSOLIDATED INCOME STATEMENT DATA :
Net Income/(Loss)	$	5.3		$	(30.2	)	$	33.6		$	(26.9	)
Net realized (gains)/losses from investments		(3.4	)		23.4			(23.4	)		39.7
Adjusted operating income including net results from venture capital investments:		1.9			(6.8	)		10.2			12.8
Merger related expenses		2.4			—			3.6
Net (income)/loss from venture capital investments		(4.3	)		5.1			(5.9	)		4.9
Adjusted operating income (1)(2)(3)(4):	$	—			(1.7	)	$	7.9		$	17.7
PER SHARE CALCULATIONS:
NET INCOME/(LOSS) PER SHARE:
Basic	$	0.11		$	(0.64	)	$	0.72		$	(0.56	)
Diluted	$	0.11		$	(0.64	)	$	0.71		$	(0.56	)
ADJUSTED OPERATING INCOME INCLUDING NET RESULTS FROM VENTURE CAPITAL INVESTMENTS :
Basic	$	0.04		$	(0.15	)	$	0.22		$	0.27
Diluted	$	0.04		$	(0.15	)	$	0.22		$	0.27
ADJUSTED OPERATING INCOME(1)(2)(3):
Basic	$	(0.00	)	$	(0.04	)	$	0.17		$	0.37
Diluted	$	(0.00	)	$	(0.04	)	$	0.17		$	0.37
Share Data
Weighted-average shares outstanding used in basic per share calculations		46,970,155			47,414,250			46,964,214			47,804,872
Plus: Incremental shares from assumed conversion of dilutive securities (5)		1,044,246			—			364,595			—
Weighted-average shares used in diluted per share calculations		48,014,401			47,414,250			47,328,809			47,804,872
OTHER DATA:
Employee count		3,266			3,498
Career agent count (Domestic and International)		1,584			1,631
US Financial Life Brokerage General Agencies		225			224
Trusted Advisors Registered Representatives		481			511
Active Enterprise Selling Agreements		428			452
Advest Financial Advisors		498			518

(1) In addition to reporting and measuring the company’s results of operations based on net income/(loss) as determined in accordance with generally accepted accounting principles (GAAP), the company also reports what it refers to as “adjusted operating income/(loss)”, which, while derived from our results in accordance with GAAP, represents a non-GAAP financial measure. The company generally defines “adjusted operating income/(loss)” as net income/(loss) determined in accordance with GAAP excluding after –tax net realized gains/(losses) and the net after-tax results from venture capital investments. These items will fluctuate from period to period depending on the prevailing interest rate and economic environment, and are not necessarily indicative of the overall operating trends in our core operations. In addition, for the three and nine-month periods ended September 30, 2003 the company has excluded expenses incurred in connection with its pending acquisition by AXA Financial Inc. in calculating its “adjusted operating income” because such expenses are not indicative of overall operating trends in the company’s core operations. The company also reports “adjusted operating income including the net after-tax results from venture capital investments” which is also a non-GAAP financial measure. Both the company and the many users of its financial information use these non-GAAP financial measures to evaluate the company’s operating performance.

(2) Results for the nine-months ended September 30, 2003 include expenses of $1.2 million or $0.03 per share related to the company’s pending acquisition by AXA Financial Inc. that were incurred and recognized during the second quarter of 2003.

(3) Results for the nine-months ended September 30, 2003 include a gain from an insurance settlement from the events of September 11, 2001 of $2.6 million or $0.05 per share which was recognized during the first quarter of 2003.

(4) The adjusted operating income for the nine-months ended September 30, 2002 includes interest and litigation fees of $4.5 million, or $0.10 per share, related to a dispute regarding the sale of real estate in 1999.

(5) 587,795 and 1,315,776 incremental shares from assumed conversion of dilutive securities were not included in the computation of per share amounts for the three and nine-month periods ended September 30, 2002, because to do so would be antidilutive.

4

(Unaudited)

SUMMARY FINANCIAL INFORMATION—CONTINUED

	September 30, 2003			December 31, 2002
	($ millions)
CONSOLIDATED BALANCE SHEET DATA
Invested assets (including cash and cash equivalents)	$	13,368.8		$	12,744.6
Separate accounts assets		4,446.5			4,140.6
Other assets		2,921.6			2,991.2
Total Assets	$	20,736.9		$	19,876.4
Policyholders’ liabilities	$	11,358.6		$	11,018.8
Separate account liabilities		4,443.5			4,137.6
Short term debt		7.0			7.0
Long term debt		876.3			876.3
Other liabilities		2,020.9			1,838.2
Total Liabilities		18,706.3			17,877.9
Equity, excluding accumulated comprehensive income		1,974.9			1,938.6
Accumulated comprehensive income (ACI)		55.7			59.9
Total Shareholders’ Equity		2,030.6			1,998.5
Total Liabilities and Shareholders’ Equity	$	20,736.9		$	19,876.4
SHARE DATA:
Diluted book value per share	$	41.68		$	42.54
Diluted book value per share (excluding accumulated comprehensive income)	$	40.53		$	41.26
CAPITALIZATION:
Long term debt	$	876.3		$	876.3
Shareholders’ Equity (Excluding ACI)		1,974.9			1,938.6
Total capitalization	$	2,851.2		$	2,814.9
Debt as Percent of Total Capitalization		30.7	%		31.1	%
STATUTORY DATA (1):
Capital and Surplus	$	834.3		$	906.4
Asset Valuation Reserve (AVR)		230.9			211.7
Total Capital and Surplus plus AVR	$	1,065.2		$	1,118.1

(1) The statutory data presented above represents that of MONY Life, the principal insurance company subsidiary of the MONY Group and direct or indirect parent of all of MONY Group’s insurance subsidiaries. The sufficiency of MONY Life’s statutory capital and surplus is a significant factor in determining its and its subsidiaries claims paying ability ratings. Refer to page 3 herein for MONY Life’s claims paying ability ratings, as well as those of its insurance subsidiaries. Statutory basis surplus is computed on the basis of Statutory Accounting Practices, which are those accounting principles or practices prescribed or permitted by an insurer’s domiciliary state. Statutory Accounting Practices are set forth in the insurance laws, regulations and administrative rulings of each state, publications of the National Association of Insurance Commissioners and other documents.

The objectives of Statutory Accounting Practices differ from Generally Accepted Accounting Principles. Statutory Accounting Practices are designed to address the concerns of regulators. Generally Accepted Accounting Principles are designed to meet the varying needs of different users of financial statements. Statutory Accounting Practices are generally considered to be more conservative than Generally Accepted Accounting Principles and attempt to determine at the financial statement date an insurer’s ability to pay claims in the future. Generally Accepted Accounting Principles, on the other hand, stress measurement of earnings of a business from period to period, by matching revenues and expenses.

5

Exhibit 1

(Unaudited)

CONSOLIDATED INCOME STATEMENT DATA (1)

	Three-Months Ended September 30,						Nine-Months Ended September 30,
	2003			2002			2003		2002
	($ millions)						($ millions)
REVENUES:
Premiums	$	164.7		$	160.5		$	505.3	$	494.8
Universal life and investment-type product policy fees		52.3			54.6			159.8		156.1
Net investment income		188.3			170.1			564.5		541.7
Net realized gains/(losses) on investments		5.0			(41.2	)		36.6		(69.1	)
Group Pension Profits		—			6.8			—		22.0
Retail brokerage and investment banking revenues		106.8			109.1			310.3		297.5
Other income		44.4			24.9			132.6		92.4
		561.5			484.8			1,709.1		1,535.4
BENEFITS AND EXPENSES:
Benefits to policyholders		201.7			195.3			609.3		585.5
Interest credited to policyholders account balances		35.7			30.0			103.5		85.8
Amortization of deferred policy acquisition costs		34.0			49.7			93.8		120.5
Dividends to policyholders		52.0			53.5			174.3		171.8
Other operating costs and expenses		232.2			202.7			688.4		613.2
		555.6			531.2			1,669.3		1,576.8
Income/(loss) from continuing operations before income tax		5.9			(46.4	)		39.8		(41.4	)
Income tax expense/(benefit)		0.4			(16.2	)		10.0		(14.5	)
Net income/(loss) from continuing operations		5.5			(30.2	)		29.8		(26.9	)
Discontinued operations: (Loss)/income from real estate to be disposed of, net of income tax (benefit)/expense of $(0.1) million and 2.0 million, respectively		(0.2	)		—			3.8		—
Net income/(loss)	$	5.3		$	(30.2	)	$	33.6	$	(26.9	)

(1) These income statements present the consolidated results of operations of the Company for the periods indicated as will be reported on the Company’s filings with the Securities and Exchange Commission.

6

Exhibit 2

PROTECTION PRODUCTS SEGMENT

The “Protection Products” segment represents a wide range of individual life insurance products, including whole life, term life, universal life, variable universal life, last survivor variable life and group universal life. Also included in the Protection Products segment are the: (i) assets and liabilities transferred pursuant to the Group Pension Transaction, as well as the Group Pension Profits, in 2002, (ii) the Closed Block assets and liabilities, as well as the contribution from the Closed Block, and (iii) the Company’s disability income insurance business which was transferred in the DI Transaction.

7

Exhibit 3

(Unaudited)

PROTECTION PRODUCTS SEGMENT

INCOME STATEMENT DATA

	Three-Months Ended September 30,						Nine-Months Ended September 30,
	2003			2002			2003			2002
	($ millions)						($ millions)
REVENUES:
Premiums	$	158.2		$	155.9		$	483.7		$	480.8
Universal life and investment-type product policy fees		44.1			42.9			130.5			118.4
Net investment income		154.0			146.0			459.2			445.1
Group Pension Profits		—			6.8			—			22.0
Other income		7.3			(11.2	)		27.7			(8.0	)
Total revenues		363.6			340.4			1,101.1			1,058.3
BENEFITS AND EXPENSES:
Benefits to policyholders		184.9			174.5			559.7			534.0
Interest credited to policyholder account balances		19.5			15.8			55.5			46.2
Amortization of deferred policy acquisition costs		30.5			32.5			86.1			89.6
Dividends to policyholders		51.5			52.9			172.7			170.0
Other operating costs and expenses		64.0			42.4			197.1			152.3
Total benefits and expenses		350.4			318.1			1,071.1			992.1
Pre-tax income from continuing operations excluding net realized gains/(losses) on investments		13.2			22.3			30.0			66.2
Net realized gains/(losses) on investments		2.1			(31.3	)		20.3			(49.9	)
Pre-tax income/(loss) from continuing operations		15.3			(9.0	)		50.3			16.3
Discontinued operations—pre-tax		(0.3	)		—			4.9			—
Pre-tax income/(loss)	$	15.0		$	(9.0	)	$	55.2		$	16.3
RECONCILIATION OF “PRE-TAX INCOME FROM CONTINUING OPERATIONS EXCLUDING NET REALIZED GAINS/(LOSSES) ON INVESTMENTS” TO “ADJUSTED OPERATING INCOME INCLUDING NET RESULTS FROM VENTURE CAPITAL INVESTMENTS”
Pre-tax income from continuing operations excluding net realized gains/(losses) on investments	$	13.2		$	22.3		$	30.0		$	66.2
Change in policyholder dividend liability resulting from closed block realized gains/(losses)		(0.4	)		(5.1	)		6.2			(8.0	)
Pre-tax adjusted operating income including net results of venture capital investments	$	12.8		$	17.2		$	36.2		$	58.2
	Three-Months Ended September 30,						Nine-Months Ended September 30,
	2003			2002			2003			2002
	($ millions)						($ millions)
Pre-tax adjusted operating income including net results of venture capital investments	$	12.8		$	17.2		$	36.2		$	58.2
Net (gains)/losses from venture capital investments		(3.7	)		6.5			(5.2	)		6.2
Pre-tax adjusted operating income (1)	$	9.1		$	23.7		$	31.0		$	64.4

(1) The pre-tax adjusting operating income for the nine-months ended September 30, 2002 includes interest and litigation fees of $5.5 million.

8

Exhibit 4A

(Unaudited)

GROUP PENSION PROFIT

SUMMARY INCOME STATEMENT

	Three-Months Ended September 30,					Nine-Months Ended September 30,
INCOME STATEMENT DATA (1):	2003		2002			2003		2002
	($ millions)					($ millions)
REVENUES:
Policy product fees	$	—	$	4.4		$	—	$	13.7
Net investment income		—		21.8			—		67.6
Net realized gains on investments		—		(0.3	)		—		(0.2	)
Total revenues		—		25.9			—		81.1
BENEFITS AND EXPENSES:
Interest credited to policyholder account balances		—		15.8			—		48.2
Other operating costs and expenses		—		3.3			—		10.9
Total benefits and expenses		—		19.1			—		59.1
Group Pension Profits	$	—	$	6.8		$	—	$	22.0

(1) As explained in the notes to MONY Group’s consolidated financial statements included in its 2002 Form 10K, in accordance with GAAP, the Group Pension Transaction did not constitute a sale because the Company retained substantially all the risks and rewards associated with the business transferred to Aegon. Accordingly, over the life of the transaction the Company was required to reflect the transferred assets and liabilities on its balance sheet under separate captions entitled “Assets transferred in Group Pension Transaction” and “Liabilities transferred in Group Pension Transaction”. As a result of the expiration of the transaction at December 31, 2002 and the recognition of earnings from the Final Value Payment from Aegon, the Company has no further interest in the transferred assets and liabilities and, accordingly, such assets and liabilities are no longer reflected on its balance sheet. In addition, the Company has no interest in the revenues and expenses from such business subsequent to December 31, 2002.

Refer to the notes to MONY Group’s consolidated financial statements filed with the SEC on Form 10-K for the year ended December 31, 2002 for further information.

9

Exhibit 4B

(Unaudited)

CLOSED BLOCK INCOME STATEMENT

	Three-Months Ended September 30,						Nine-Months Ended September 30,
	2003			2002			2003		2002
	($ millions)						($ millions)
REVENUES:
Premiums	$	112.4		$	119.4		$	345.0	$	367.4
Net investment income		98.6			100.9			301.5		297.7
Net realized gains/(losses) on investments		(0.4	)		(5.1	)		6.2		(8.0	)
Other income		0.4			0.7			1.1		1.6
Total revenues		211.0			215.9			653.8		658.7
BENEFITS AND EXPENSES:
Benefits to policyholders		133.2			135.8			404.8		410.6
Interest credited to policyholders account balances		2.2			2.1			6.6		6.3
Amortization of deferred policy acquisition costs		12.4			12.9			33.2		37.1
Dividends to policyholders		51.5			54.0			171.5		170.2
Operating costs and expenses		2.0			1.3			4.7		4.5
Total benefits and expenses		201.3			206.1			620.8		628.7
Contribution from the Closed Block	$	9.7		$	9.8		$	33.0	$	30.0

CLOSED BLOCK ASSETS AND LIABILITIES

	September 30,		December 31,
	2003		2002
	($ millions)
BALANCE SHEET DATA :
Assets:
General Account
Fixed maturities	$	4,299.4	$	4,160.9
Mortgage loans on real estate		625.3		633.6
Real estate to be disposed of		10.6		8.3
Other invested assets		17.4		0.9
Policy loans		1,085.2		1,119.0
Cash and cash equivalents		86.0		59.2
Premiums receivable		6.4		11.1
Deferred policy acquisition costs		377.1		430.5
Other assets		208.9		210.5
Total closed block assets	$	6,716.3	$	6,634.0
Liabilities:
General Account
Future policy benefits	$	6,915.3	$	6,901.4
Policyholders’ account balances		289.8		291.6
Other policyholders’ liabilities		141.0		159.1
Other liabilities		404.8		328.0
Total closed block liabilities	$	7,750.9	$	7,680.1

10

Exhibit 4C

(Unaudited)

FIXED MATURITIES BY CREDIT QUALITY—CLOSED BLOCK

PUBLIC FIXED MATURITIES BY CREDIT QUALITY

		As of September 30, 2003						As of December 31, 2002
NAIC Rating	Rating Agency Equivalent Designation	Amortized Cost		% of Total		Estimated Fair Value		Amortized Cost		% of Total		Estimated Fair Value
		($ millions)						($ millions)
1	Aaa/Aa/A	$	1,885.1	76.0	%	$	2,022.2	$	1,626.7	73.6	%	$	1,771.1
2	Baa		468.7	19.0	%		506.2		464.5	20.3	%		489.7
3	Ba		72.3	3.0	%		78.3		100.4	4.1	%		99.8
4	B		40.5	1.6	%		43.1		41.0	1.7	%		40.5
5	Caa and lower		7.4	0.4	%		10.3		6.0	0.3	%		6.0
6	In or near default		0.0	0.0	%		0.0		—	0.0	%		—
	Subtotal		2,474.0	100.0	%		2,660.1		2,238.6	100.0	%		2,407.1
	Redeemable preferred stock		—	0.0	%		—		—	0.0	%		—
	Total Public Fixed Maturities	$	2,474.0	100.0	%	$	2,660.1	$	2,238.6	100.0	%	$	2,407.1

PRIVATE FIXED MATURITIES BY CREDIT QUALITY

		As of September 30, 2003						As of December 31, 2002
NAIC Rating	Rating Agency Equivalent Designation	Amortized Cost		% of Total		Estimated Fair Value		Amortized Cost		% of Total		Estimated Fair Value
		($ millions)						($ millions)
1	Aaa/Aa/A	$	453.3	30.5	%	$	499.1	$	658.9	40.8	%	$	716.2
2	Baa		799.7	52.6	%		862.9		707.7	44.0	%		772.5
3	Ba		166.6	10.9	%		178.0		179.7	10.5	%		183.4
4	B		40.0	2.5	%		41.4		49.3	2.5	%		44.7
5	Caa and lower		23.4	1.5	%		25.1		16.3	0.9	%		15.0
6	In or near default		26.9	2.0	%		32.8		22.7	1.3	%		22.0
	Subtotal		1,509.9	100.0	%		1,639.3		1,634.6	100.0	%		1,753.8
	Redeemable preferred stock		—	0.0	%		—		—	0.0	%		—
	Total Private Fixed Maturities	$	1,509.9	100.0	%	$	1,639.3	$	1,634.6	100.0	%	$	1,753.8

TOTAL FIXED MATURITIES BY CREDIT QUALITY

		As of September 30, 2003						As of December 31, 2002
NAIC Rating	Rating Agency Equivalent Designation	Amortized Cost		% of Total		Estimated Fair Value		Amortized Cost		% of Total		Estimated Fair Value
		($ millions)						($ millions)
1	Aaa/Aa/A	$	2,338.4	58.6	%	$	2,521.3	$	2,285.6	59.8	%	$	2,487.3
2	Baa		1,268.4	31.8	%		1,369.1		1,172.2	30.3	%		1,262.2
3	Ba		238.9	6.0	%		256.3		280.1	6.8	%		283.2
4	B		80.5	2.0	%		84.5		90.3	2.1	%		85.2
5	Caa and lower		30.8	0.8	%		35.4		22.3	0.5	%		21.0
6	In or near default		26.9	0.8	%		32.8		22.7	0.5	%		22.0
	Subtotal		3,983.9	100.0	%		4,299.4		3,873.2	100.0	%		4,160.9
	Redeemable preferred stock		—	0.0	%		—		—	0.0	%		—
	Total Fixed Maturities	$	3,983.9	100.0	%	$	4,299.4	$	3,873.2	100.0	%	$	4,160.9

11

Exhibit 5

(Unaudited)

PROTECTION PRODUCTS SEGMENT

NEW ANNUALIZED AND SINGLE PREMIUMS AND INFORCE

	Three-Months Ended September 30,				Nine-Months Ended September 30,
	2003		2002		2003		2002
	($ millions)				($ millions)
PROTECTION BUSINESS SALES (3)(4):
Traditional life	$	0.8	$	1.7	$	3.4	$	3.3
Term		15.0		10.8		43.1		32.2
Universal life		17.1		8.5		44.0		27.5
Variable universal life		4.8		9.0		16.4		29.7
Corporate owned life insurance		34.9		78.2		98.0		124.7
Group universal life		0.5		0.5		3.4		1.3
Total	$	73.1	$	108.7	$	208.3	$	218.7

	As of
	September 30, 2003		December 31, 2002
Insurance In Force ($ in millions except number of policies)
Traditional Life (1):
Number of policies (in thousands)		831.0		839.1
GAAP life reserves	$	7,508.0	$	7,447.0
Face amounts	$	90,757.8	$	82,598.6
Universal Life:
Number of policies (in thousands)		75.0		74.0
GAAP life reserves	$	824.3	$	765.4
Face amounts	$	11,660.4	$	10,790.2
Variable Universal Life (2):
Number of policies (in thousands)		67.3		68.0
GAAP life reserves	$	1,087.8	$	880.3
Face amounts	$	18,668.8	$	18,790.2
Group Universal Life:
Number of policies (in thousands)		39.7		41.8
GAAP life reserves	$	73.2	$	70.3
Face amounts	$	1,529.2	$	1,497.3
Total:
Number of policies (in thousands)		1,013.0		1,022.9
GAAP life reserves	$	9,493.3	$	9,163.0
Face amounts	$	122,616.2	$	113,676.3

(1) Consists of whole life and term policies

(2) Includes corporate owned life insurance

(3) See Preface

(4) The amounts presented with respect to life insurance sales represent annualized statutory-basis premiums. Annualized statutory-basis premiums in the Protection Products segment represent the total premium scheduled to be collected on a policy or contract over a twelve-month period. Pursuant to the terms of certain of the policies and contracts issued by the company, premiums and deposits may be paid or deposited on a monthly, quarterly, or semi-annual basis. Annualized statutory-basis premium does not apply to corporate-owned and bank-owned life insurance (COLI and BOLI) single premium paying business. All premiums received on COLI and BOLI business and single premium paying policies during the periods presented are included. Statutory basis premiums are used in lieu of GAAP basis premiums because, in accordance with statutory accounting practices, revenues from all classes of long-duration contracts are measured on the same basis, whereas GAAP provides different revenue recognition rules for different classes of long-duration contracts.

The information presented should not be viewed as a substitute for revenues determined in accordance with GAAP. Revenues in accordance with GAAP related to product sales are generated from both current and prior period sales that are in-force during the reporting period. For protection products GAAP recognizes premium revenue when due from a policyholder. Because of how revenues are recognized in accordance with GAAP, we do not believe GAAP revenues are meaningful in assessing the periodic sales production of a life insurance company and, accordingly, a reconciliation to GAAP revenues would not be meaningful.

12

Exhibit 6

(Unaudited)

PROTECTION PRODUCTS SEGMENT

GAAP DIRECT PREMIUMS AND DEPOSITS BY PRODUCT

	Three-Months Ended September 30,						Nine-Months Ended September 30,
	2003			2002			2003			2002
	($ millions)						($ millions)
LIFE INSURANCE:
GAAP Premiums:
Traditional Life (1):
First year & single	$	45.0		$	42.8		$	134.8		$	128.4
Renewal		143.3			142.2			436.2			434.6
Total Direct Premiums		188.3			185.0			571.0			563.0
Less Ceded Premiums		(30.1	)		(29.1	)		(87.3	)		(82.2	)
Total GAAP Premiums	$	158.2		$	155.9		$	483.7		$	480.8
Deposits:
Universal Life:
First year & single	$	15.8		$	9.4		$	51.3		$	27.1
Renewal		21.4			24.3			69.3			71.9
Total	$	37.2		$	33.7		$	120.6		$	99.0
Variable Universal Life:
First year & single	$	5.4		$	10.5		$	18.7		$	37.2
Renewal		28.4			28.0			85.4			81.5
Total	$	33.8		$	38.5		$	104.1		$	118.7
Corporate Sponsored Variable Universal Life:
First year & single	$	29.8		$	70.5		$	73.5		$	101.8
Renewal		1.8			4.7			28.4			27.2
Total	$	31.6		$	75.2		$	101.9		$	129.0
Group Universal Life:
First year & single	$	0.5		$	0.3		$	3.3		$	1.1
Renewal		2.5			2.6			7.5			7.9
Total	$	3.0		$	2.9		$	10.8		$	9.0

(1) Consists of whole life and term policies; includes disability income insurance premiums of $15.0 million and $15.7 million for the three-month periods ended September 30, 2003 and 2002, respectively, and $45.5 million and $47.9 million for the nine-month periods ended September 30, 2003 and 2002, respectively, which is 100% reinsured and no longer offered by the Company.

13

Exhibit 7

ACCUMULATION PRODUCTS SEGMENT

The Accumulation Products segment represents fixed annuities, single premium deferred annuities, immediate annuities, flexible payment variable annuities and proprietary retail mutual funds.

14

Exhibit 8

(Unaudited)

ACCUMULATION PRODUCTS SEGMENT

INCOME STATEMENT DATA

	Three-Months Ended September 30,						Nine-Months Ended September 30,
	2003			2002			2003			2002
	($ millions)						($ millions)
REVENUES:
Premiums	$	4.3		$	2.3		$	15.2		$	7.1
Universal life and investment-type product policy fees		9.1			11.6			29.6			36.3
Net investment income		23.1			18.4			70.6			60.1
Other income		26.5			21.6			75.2			73.2
Total revenues		63.0			53.9			190.6			176.7
BENEFITS AND EXPENSES:
Benefits to policyholders		9.9			10.8			34.1			29.4
Interest credited to policyholder account balances		14.4			12.0			41.7			33.2
Amortization of deferred policy acquisition costs		3.5			17.2			7.7			30.9
Dividends to policyholders		0.3			0.4			0.9			1.0
Other operating costs and expenses		29.7			29.0			89.2			88.4
Total benefits and expenses		57.8			69.4			173.6			182.9
Pre-tax income/(loss) from continuing operations excluding net realized gains/(losses) on investments		5.2			(15.5	)		17.0			(6.2	)
Net realized gains/(losses) on investments		2.5			(7.3	)		9.1			(14.5	)
Pre-tax income/(loss) from continuing operations		7.7			(22.8	)		26.1			(20.7	)
Discontinued operations - pre-tax		—			—			0.6			—
Pre-tax income/(loss)	$	7.7		$	(22.8	)	$	26.7		$	(20.7	)
	Three-Months Ended September 30,						Nine-Months Ended September 30,
	2003			2002			2003			2002
	($ millions)						($ millions)
Pre-tax adjusted operating income including net results of venture capital investments	$	5.2		$	(15.5	)	$	17.0		$	(6.2	)
Net (gains)/losses from venture capital investments		(1.9	)		1.1			(2.4	)		1.1
Pre-tax adjusted operating income (1)	$	3.3		$	(14.4	)	$	14.6		$	(5.1	)

(1) The pre-tax adjusting operating income for the nine-months ended September 30, 2002 includes interest and litigation fees of $1.0 million.

15

Exhibit 9

(Unaudited)

ACCUMULATION PRODUCTS SEGMENT

ASSETS UNDER MANAGEMENT

	As of
	September 30, 2003		September 30, 2002		December 31, 2002
	($ billions)
ACCUMULATION SEGMENT:
Assets under management
Individual variable annuities	$	3.5	$	3.1	$	3.2
Individual fixed annuities		1.0		0.7		0.8
Proprietary retail mutual funds		4.4		3.5		3.7
	$	8.9	$	7.3	$	7.7

	Three-Months Ended September 30,						Nine-Months Ended September 30,
	2003			2002			2003			2002
	($ millions)						($ millions)
RECONCILIATION IN ACCOUNT VALUE:
VARIABLE ANNUITY:
Beginning account value	$	3,459.9		$	3,526.7		$	3,244.9		$	3,867.5
Sales (1)(2)		102.8			85.3			291.8			316.7
Market appreciation		81.4			(326.1	)		333.2			(665.1	)
Mortality and expense		(9.8	)		(9.5	)		(27.9	)		(30.9	)
Surrenders and withdrawals		(98.9	)		(126.8	)		(306.6	)		(338.6	)
	$	3,535.4		$	3,149.6		$	3,535.4		$	3,149.6
ENTERPRISE GROUP OF FUNDS:
Beginning account value	$	4,303.8		$	4,020.5		$	3,695.3		$	4,396.6
Sales(2)		315.8			248.1			1,105.4			927.2
Dividends reinvested		5.5			5.5			17.7			16.2
Market appreciation		53.2			(517.8	)		366.5			(996.4	)
Redemptions		(251.2	)		(267.7	)		(757.8	)		(855.0	)
Ending account value	$	4,427.1		$	3,488.6		$	4,427.1		$	3,488.6

(1) Includes in 2003, the assumed management of $0.2 billion of money market funds previously managed by a third party.

(2) The amounts presented with respect to annuity and mutual fund sales represent deposits made by customers during the periods presented. The information presented should not be viewed as a substitute for revenues determined in accordance with GAAP. Revenues in accordance with GAAP related to product sales are generated from both current and prior period sales that are in-force during the reporting period. For accumulation products, GAAP revenues are a function of fee based charges applied to a contractholder’s account balance. Because of how revenues are recognized in accordance with GAAP, we do not believe GAAP revenues are meaningful in assessing the periodic sales production of a life insurance company and, accordingly, a reconciliation to GAAP revenues would not be meaningful.

16

Exhibit 10

RETAIL BROKERAGE AND INVESTMENT BANKING

The Retail Brokerage and Investment Banking segment is comprised of results of the Company’s subsidiaries, The Advest Group, Inc. (“AGI”), Matrix Capital Markets Group (“Matrix”) and MONY Securities Corp. (“MSC”). AGI, through its subsidiaries, provides diversified financial services including securities brokerage, trading, investment banking, trust and asset management. Matrix is a middle market investment bank specializing in merger and acquisition services for a middle market client base. MSC is a broker dealer which transacts customer trades primarily in securities and mutual funds. In addition to selling the Company’s proprietary investment products, MSC provides customers of the Company’s protection and accumulation products access to other non-proprietary investment products (including stocks, bonds, limited partnership interests, tax-exempt unit investment trusts and other investment securities).

17

Exhibit 11

(Unaudited)

RETAIL BROKERAGE AND INVESTMENT BANKING

INCOME STATEMENT DATA

	Three-Months Ended September 30,					Nine-Months Ended September 30,
	2003		2002			2003		2002
	($ millions)					($ millions)
REVENUES:
Net investment income	$	—	$	(5.1	)	$	0.1	$	0.3
Retail brokerage and investment banking		106.8		109.1			310.3		297.5
Other income		—		(0.3	)		4.0		0.7
Total revenues		106.8		103.7			314.4		298.5
BENEFITS AND EXPENSES:
Other operating costs and expenses		104.1		102.2			309.9		297.1
Total benefits and expenses		104.1		102.2			309.9		297.1
Pre-tax income from continuing operations excluding net realized gains/(losses) on investments		2.7		1.5			4.5		1.4
Net realized gains/(losses) on investments		—		—			—		—
Pre-tax income from continuing operations	$	2.7	$	1.5		$	4.5	$	1.4

18

Exhibit 12

(Unaudited)

RETAIL BROKERAGE AND INVESTMENT BANKING

INCOME STATEMENT DETAIL

	Three-Months Ended September 30,				Nine-Months Ended September 30,
	2003		2002		2003		2002
	($ millions)				($ millions)
REVENUES:
Commissions	$	45.2	$	39.3	$	122.8	$	124.7
Interest		8.0		9.0		22.6		27.1
Principal transactions		30.0		31.7		95.1		79.0
Asset management and administration		13.6		14.9		39.2		41.0
Investment banking		7.3		7.5		24.2		20.6
Other		2.7		1.3		10.5		6.1
Total revenues		106.8		103.7		314.4		298.5
EXPENSES:
Compensation		64.8		62.6		185.2		179.5
Interest		3.0		5.7		9.0		16.2
Other		36.3		33.9		115.7		101.4
Total expenses		104.1		102.2		309.9		297.1
Pre-tax income/(loss)	$	2.7	$	1.5	$	4.5	$	1.4

	ADVEST—NET INTEREST Three-Months Ended								ADVEST— NET INTEREST Nine-Months Ended
	September 30, 2003				September 30, 2002				September 30, 2003				September 30, 2002
	($ millions)								($ millions)
Net Interest Income—
Interest Income:
Brokerage customers	$	3.0	37.5	%	$	3.6	40.0	%	$	8.9	39.4	%	$	11.7	43.2	%
Stock borrowed		0.3	3.8	%		1.2	13.2	%		1.6	7.1	%		3.6	13.3	%
Investments		0.1	1.3	%		0.1	1.1	%		0.1	0.4	%		0.2	0.7	%
Security inventory		3.9	48.8	%		3.3	36.7	%		9.7	42.9	%		8.5	31.3	%
Other		0.7	8.6	%		0.8	9.0	%		2.3	10.2	%		3.1	11.5	%
	$	8.0	100.0	%	$	9.0	100.0	%	$	22.6	100.0	%	$	27.1	100.0	%
Interest Expense:
Stock loaned		1.9	63.4	%		3.8	66.7	%		5.4	60.1	%		9.9	61.1	%
Brokerage customers		1.0	33.3	%		1.6	28.1	%		3.1	34.4	%		4.7	29.0	%
Borrowings		0.1	3.3	%		0.3	5.2	%		0.4	4.4	%		1.3	8.0	%
Other		—	0.0	%		—	0.0	%		0.1	1.1	%		0.3	1.9	%
		3.0	100.0	%		5.7	100.0	%		9.0	100.0	%		16.2	100.0	%
Net interest income	$	5.0	62.5	%	$	3.3	36.7	%	$	13.6	60.2	%	$	10.9	40.2	%

ADVEST STATISTICAL DATA

	September 30, 2003
Client Assets ( in millions) *	$	34,885.0
Number of Client Accounts (in thousands)		268

* Includes assets managed under fee-based programs of approximately $6,538 million.

19

Exhibit 13

OTHER PRODUCTS SEGMENT

The Company’s Other Products segment primarily consists of an insurance brokerage operation and the Run-Off businesses. The insurance brokerage operation provides the Company’s career agency sales force with access to non-variable life, annuity, small group health and specialty insurance products written by other carriers to meet the insurance and investment needs of its customers. The Run-Off Businesses primarily consist of group life and health insurance as well as the group pension business that was not included in the Group Pension Transaction.

RECONCILING AMOUNTS

The reconciling amounts include certain benefits for the Company’s benefit plans, the results of the holding companies and certain non-recurring items.

20

Exhibit 14

(Unaudited)

OTHER PRODUCTS SEGMENT AND RECONCILING ITEMS

INCOME STATEMENT DATA

	Three-Months Ended September 30,						Nine-Months Ended September 30,
	2003			2002			2003			2002
	($ millions)						($ millions)
REVENUES:
Premiums	$	2.2		$	2.3		$	6.4		$	6.9
Universal life and investment-type product policy fees		(0.9	)		0.1			(0.3	)		1.4
Net investment income		11.2			10.8			34.6			36.2
Other income		10.6			14.8			25.7			26.5
Total revenues		23.1			28.0			66.4			71.0
BENEFITS AND EXPENSES:
Benefits to policyholders		6.9			10.0			15.5			22.1
Interest credited to policyholder account balances		1.8			2.2			6.3			6.4
Amortization of deferred policy acquisition costs		—			—			—			—
Dividends to policyholders		0.2			0.2			0.7			0.8
Other operating costs and expenses		34.4			29.1			92.2			75.4
Total benefits and expenses		43.3			41.5			114.7			104.7
Pre-tax loss from continuing operations excluding net realized gains/(losses) on investments		(20.2	)		(13.5	)		(48.3	)		(33.7	)
Net realized gains/(losses) on investments		0.4			(2.6	)		7.2			(4.7	)
Pre-tax loss from continuing operations		(19.8	)		(16.1	)		(41.1	)		(38.4	)
Discontinued operations—pre-tax		—			—			0.3			—
Pre-tax loss	$	(19.8	)	$	(16.1	)	$	(40.8	)	$	(38.4	)
	Three-Months Ended September 30,						Nine-Months Ended September 30,
	2003			2002			2003			2002
	($ millions)						($ millions)
Pre-tax adjusted operating loss including net results of venture capital investments	$	(20.2	)	$	(13.5	)	$	(48.3	)	$	(33.7	)
Merger related expenses (2)		3.6			—			5.5			—
Net (gains)/losses from venture capital investments		(1.3	)		0.3			(1.6	)		0.3
Pre-tax adjusted operating loss (1)	$	(17.9	)	$	(13.2	)	$	(44.4	)	$	(33.4	)

(1) The pre-tax adjusting operating income for the nine-months ended September 30, 2002 includes interest and litigation fees of $0.3 million.

(2) Results for the nine-month period ended September 30, 2003 include merger related expenses of $1.9 million related to the company’s pending acquisition by AXA Financial, Inc. that were incurred and recognized during the second quarter of 2003.

21

INVESTMENTS

ALL INVESTMENT DATA PRESENTED IN THE FOLLOWING SECTION

INCLUDES INVESTED ASSETS IN THE CLOSED BLOCK

22

Exhibit 16

(Unaudited)

CONSOLIDATED GAAP INVESTED ASSETS

	As of September 30, 2003				As of December 31, 2002
	Carrying Value		% of Total		Carrying Value		% of Total
	($ millions)
INVESTED ASSETS
Fixed Maturities, Available for Sale		8,362.4	66.8	%	$	7,971.1	66.3	%
Fixed Maturities, Held to Maturity		0.1	0.0	%		0.1	0.0	%
Equity Securities, Available for Sale		253.9	2.0	%		249.0	2.1	%
Mortgage Loans on Real Estate		1,856.4	14.8	%		1,877.4	15.6	%
Policy Loans		1,184.2	9.5	%		1,212.5	10.1	%
Real Estate to be Disposed Of		0.5	0.0	%		26.8	0.2	%
Real Estate Held for Investment		179.4	1.4	%		180.2	1.5	%
Other Invested Assets		120.0	1.0	%		110.8	0.9	%
Cash and Cash Equivalents		559.2	4.5	%		390.0	3.3	%
Invested Assets, excluding Trading Securities	$	12,516.1	100.0	%	$	12,017.9	100.0	%

The Exhibit above includes invested assets in the Closed Block and excludes Trading Securities in Advest.

23

Exhibit 17

(Unaudited)

INVESTMENT RESULTS BY ASSET CATEGORY

	Three Months Ended September 30, 2003					Three Months Ended September 30, 2002					Nine Months Ended September 30, 2003					Nine Months Ended September 30, 2002					Year Ended December 31, 2002					Year Ended December 31, 2001
	Yield (2)		Amount			Yield (2)		Amount			Yield (1)		Amount			Yield (1)		Amount			Yield (1)		Amount			Yield (1)		Amount
	($ millions)					($ millions)					($ millions)					($ millions)					($ millions)					($ millions)
FIXED MATURITIES (4)
Investment Income	6.6	%	$	128.5		6.6	%	$	120.4		6.8	%	$	389.4		6.9	%	$	369.5		6.9	%	$	491.0		7.3	%	$	492.5
Realized Gains (losses)	0.2	%		4.0		-0.3	%		(4.9	)	0.5	%		30.2		-0.3	%		(16.6	)	-1.1	%		(79.3	)	0.0	%		(2.6	)
Total	6.8	%	$	132.5		6.3	%	$	115.5		7.3	%	$	419.6		6.6	%	$	352.9		5.8	%	$	411.7		7.3	%	$	489.9
Ending Assets			$	7,794.5				$	7,429.5				$	7,794.5				$	7,429.5				$	7,453.4				$	6,829.2
EQUITY SECURITIES
Investment Income	10.4	%	$	6.8		-10.8	%	$	(7.3	)	5.1	%	$	9.6		-2.9	%	$	(5.9	)	2.9	%	$	7.9		-10.8	%	$	(33.9	)
Realized Gains (losses)	-3.0	%		(2.0	)	-24.6	%		(16.7	)	-2.6	%		(4.9	)	-10.7	%		(22.2	)	-14.1	%		(38.7	)	-2.5	%		(7.8	)
Total	7.4	%	$	4.8		-35.4	%	$	(24.0	)	2.5	%	$	4.7		-13.6	%	$	(28.1	)	-11.2	%	$	(30.8	)	-13.3	%	$	(41.7	)
Ending Assets			$	253.9				$	252.4				$	253.9				$	252.4				$	249.0				$	299.2
MORTGAGE LOANS
Investment Income	7.6	%	$	35.2		7.7	%	$	33.8		7.7	%	$	107.7		7.8	%	$	103.5		7.5	%	$	138.9		7.8	%	$	139.8
Realized Gains (losses)	0.7	%		3.3		0.6	%		2.8		1.0	%		14.3		0.1	%		1.2		-0.2	%		(3.0	)	0.5	%		9.3
Total	8.3	%	$	38.5		8.3	%	$	36.6		8.7	%	$	122.0		7.9	%	$	104.7		7.3	%	$	135.9		8.3	%	$	149.1
Ending Assets			$	1,856.4				$	1,741.3				$	1,856.4				$	1,741.3				$	1,877.4				$	1,809.7
REAL ESTATE (3)
Investment Income	-1.7	%	$	(0.8	)	3.5	%	$	2.0		4.0	%	$	5.9		7.8	%	$	13.0		7.4	%	$	16.2		4.3	%	$	9.5
Realized Gains (losses)	-1.2	%		(0.5	)	-41.1	%		(23.3	)	5.1	%		7.4		-20.3	%		(33.7	)	-16.9	%		(36.9	)	-2.4	%		(5.4	)
Total	-2.9	%	$	(1.3	)	-37.6	%	$	(21.3	)	9.1	%	$	13.3		-12.5	%	$	(20.7	)	-9.5	%	$	(20.7	)	1.9	%	$	4.1
Ending Assets			$	179.9				$	213.1				$	179.9				$	213.1				$	206.9				$	230.8
POLICY LOANS
Investment Income	6.7	%	$	19.8		6.9	%	$	20.7		6.6	%	$	59.4		7.0	%	$	63.6		6.9	%	$	84.8		6.9	%	$	86.5
Realized Gains (losses)	0.0	%		—		0.0	%		—		0.0	%		—		0.0	%		—		0.0	%		—		0.0	%		—
Total	6.7	%	$	19.8		6.9	%	$	20.7		6.6	%	$	59.4		7.0	%	$	63.6		6.9	%	$	84.8		6.9	%	$	86.5
Ending Assets			$	1,184.2				$	1,206.7				$	1,184.2				$	1,206.7				$	1,212.5				$	1,229.0
CASH AND CASH EQUIVALENTS
Investment Income	1.1	%	$	1.3		2.6	%	$	2.8		1.3	%	$	4.2		2.2	%	$	7.6		2.1	%	$	9.3		4.4	%	$	29.3
Realized Gains (losses)	0.0	%		0.0		0.0	%		(0.0	)	0.0	%		(0.0	)	0.0	%		(0.0	)	0.0	%		(0.0	)	-0.1	%		(0.8	)
Total	1.1	%	$	1.3		2.6	%	$	2.8		1.3	%	$	4.2		2.2	%	$	7.6		2.1	%	$	9.3		4.3	%	$	28.5
Ending Assets			$	559.2				$	451.1				$	559.2				$	451.1				$	390.0				$	441.0
OTHER INVESTED ASSETS
Investment Income	12.0	%	$	3.6		9.8	%	$	3.2		11.7	%	$	9.8		12.6	%	$	12.1		16.1	%	$	18.3		8.4	%	$	9.1
Realized Gains (losses)	0.2	%		0.1		2.8	%		0.9		-5.8	%		(4.8	)	2.3	%		2.2		0.1	%		0.1		-4.7	%		(5.0	)
Total	12.2	%	$	3.7		12.6	%	$	4.1		5.9	%	$	5.0		14.9	%	$	14.3		16.2	%	$	18.4		3.7	%	$	4.1
Ending Assets			$	120.0				$	140.5				$	120.0				$	140.5				$	110.8				$	116.7
TOTAL BEFORE INVESTMENT EXPENSES AND DISCONTINUED OPERATIONS
Investment Income	6.6	%	$	194.4		6.2	%	$	175.6		6.7	%	$	586.0		6.7	%	$	563.4		6.9	%	$	766.6		6.6	%	$	732.8
Realized Gains (losses)	0.2	%		4.9		-1.4	%		(41.2	)	0.5	%		42.2		-0.8	%		(69.1	)	-1.4	%		(157.8	)	-0.1	%		(12.3	)
Total	6.8	%	$	199.3		4.8	%	$	134.4		7.2	%	$	628.2		5.9	%	$	494.3		5.5	%	$	608.8		6.5	%	$	720.5
Ending Assets			$	11,948.1				$	11,434.6				$	11,948.1				$	11,434.6				$	11,500.0				$	10,955.6
Other Fee Income	0.0	%	$	0.1		0.1	%	$	2.2		0.0	%	$	0.6		0.1	%	$	6.5		0.0	%	$	1.3		0.0	%	$	5.3
Investment expense	-0.2	%	$	(6.4	)	-0.3	%	$	(7.7	)	-0.2	%	$	(21.9	)	-0.3	%	$	(28.2	)	-0.3	%	$	(29.6	)	-0.4	%	$	(46.1	)
Discontinued Operations - Income (5)	-158.1	%	$	(0.2	)	0.0	%	$	—		1.5	%	$	0.2		0.0	%	$	—		2.5	%	$	1.0		0.0	%	$	—
Discontinued Operations - Realized Gains (Losses) (6)	-90.2	%	$	(0.1	)	0.0	%	$	—		55.1	%	$	5.6		0.0	%	$	—		-12.8	%	$	(4.8	)	0.0	%	$	—
TOTAL AFTER INVESTMENT EXPENSES AND DISCONTINUED OPERATIONS
Investment Income	6.4	%	$	188.3		6.0	%	$	170.1		6.4	%	$	564.5		6.5	%	$	541.7		6.6	%	$	737.3		6.2	%	$	692.1
Realized Gains (losses)	0.2	%		5.0		-1.5	%		(41.2	)	0.4	%		36.6		-0.9	%		(69.1	)	-1.4	%		(153.0	)	-0.1	%		(12.3	)
Total	6.6	%	$	193.3		4.5	%	$	128.9		6.8	%	$	601.1		5.6	%	$	472.6		5.2	%	$	584.3		6.1	%	$	679.8
Ending Assets				11,948.1					11,434.6					11,948.1					11,434.6					11,500.0					10,955.6
Net unrealized gains (losses) on fixed maturities				568.0					484.2					568.0					484.2					517.9					146.9
Total invested assets			$	12,516.1				$	11,918.8				$	12,516.1				$	11,918.8				$	12,017.9				$	11,102.5

(1) Yields are based on annual average asset carrying values, excluding unrealized gains (losses) in the fixed maturity asset category.

(2) Yields are based on quarterly average asset carrying values, excluding unrealized gains (losses) in the fixed maturity asset category.

(3) Equity real estate income is shown net of operating expenses, depreciation and minority interest and includes net income classified as discontinued operations.

(4) Trading portfolio balances of $852.6 million at 9/30/2003, $726.7 million at 12/31/2002, $851.0 million at 9/30/2002 and $724.0 million at 12/31/2001 and results from both are excluded from the yield calculation.

(5) Income from real estate available for sale is reclassified as discontinued operations (FAS 144).

(6) Realized gains (losses) from real estate available for sale is reclassified as discontinued operations (FAS 144).

The Exhibit above includes invested assets in the Closed Block and excludes Trading Securities in Advest.

24

Exhibit 18A

(Unaudited)

FIXED MATURITIES BY CREDIT QUALITY

PUBLIC FIXED MATURITIES BY CREDIT QUALITY

NAIC Rating	Rating Agency Equivalent Designation	As of September 30, 2003						Year Ended December 31, 2002
		Amortized Cost		% of Total		Estimated Fair Value		Amortized Cost		% of Total		Estimated Fair Value
		($ millions)						($ millions)
1	Aaa/Aa/A	$	3,712.1	75.2	%	$	3,944.3	$	3,277.5	73.6	%	$	3,531.4
2	Baa		949.7	19.7	%		1,030.1		920.1	20.4	%		977.2
3	Ba		154.6	3.2	%		168.4		201.9	4.2	%		204.2
4	B		62.6	1.3	%		69.5		65.1	1.4	%		65.7
5	Caa and lower		21.8	0.6	%		29.6		17.6	0.4	%		17.7
6	In or near default		0.9	0.0	%		1.0		0.9	0.0	%		0.9
	Subtotal		4,901.7	100.0	%		5,242.9		4,483.1	100.0	%		4,797.1
	Redeemable preferred stock		1.0	0.0	%		1.0		1.0	0.0	%		1.0
	Total Public Fixed Maturities	$	4,902.7	100.0	%	$	5,243.9	$	4,484.1	100.0	%	$	4,798.1
PRIVATE FIXED MATURITIES BY CREDIT QUALITY
NAIC Rating	Rating Agency Equivalent Designation	As of September 30, 2003						Year Ended December 31, 2002
		Amortized Cost		% of Total		Estimated Fair Value		Amortized Cost		% of Total		Estimated Fair Value
		($ millions)						($ millions)
1	Aaa/Aa/A	$	736.0	25.8	%	$	806.1	$	943.2	32.4	%	$	1,027.3
2	Baa		1,492.9	51.6	%		1,607.6		1,400.6	47.9	%		1,519.0
3	Ba		452.3	15.1	%		471.2		402.2	12.8	%		406.3
4	B		109.8	3.6	%		112.6		111.3	3.3	%		106.3
5	Caa and lower		29.2	1.0	%		29.7		31.2	0.9	%		29.7
6	In or near default		35.6	1.6	%		50.8		34.7	1.1	%		35.0
	Subtotal		2,855.8	98.7	%		3,078.0		2,923.2	98.4	%		3,123.6
	Redeemable preferred stock		36.0	1.3	%		40.6		46.0	1.6	%		49.5
	Total Private Fixed Maturities	$	2,891.8	100.0	%	$	3,118.6	$	2,969.2	100.0	%	$	3,173.1
TOTAL FIXED MATURITIES BY CREDIT QUALITY
NAIC Rating	Rating Agency Equivalent Designation	As of September 30, 2003						Year Ended December 31, 2002
		Amortized Cost		% of Total		Estimated Fair Value		Amortized Cost		% of Total		Estimated Fair Value
		($ millions)						($ millions)
1	Aaa/Aa/A	$	4,448.1	56.8	%	$	4,750.4	$	4,220.7	57.2	%	$	4,558.7
2	Baa		2,442.6	31.5	%		2,637.7		2,320.7	31.3	%		2,496.2
3	Ba		606.9	7.6	%		639.6		604.1	7.7	%		610.5
4	B		172.4	2.2	%		182.1		176.4	2.2	%		172.0
5	Caa and lower		51.0	0.7	%		59.3		48.8	0.6	%		47.4
6	In or near default		36.5	0.7	%		51.8		35.6	0.4	%		35.9
	Subtotal		7,757.5	99.5	%		8,320.9		7,406.3	99.4	%		7,920.7
	Redeemable preferred stock		37.0	0.5	%		41.6		47.0	0.6	%		50.5
	Total Fixed Maturities	$	7,794.5	100.0	%	$	8,362.5	$	7,453.3	100.0	%	$	7,971.2

The Exhibit above includes invested assets in the Closed Block and excludes Trading Securities in Advest.

25

Exhibit 18B

(Unaudited)

FIXED MATURITIES BY INDUSTRY

	As of September 30, 2003
	($ millions)
Industry	Public		%		Private		%		Total		%
Consumer Goods & Services	$	700.7	13.4	%	$	947.0	30.4	%	$	1,647.7	19.7	%
Government & Agency		1,205.9	23.0	%		0.0	0.0	%		1,205.9	14.4	%
Other Manufacturing		151.7	2.9	%		679.6	21.8	%		831.3	9.9	%
Public Utilities		485.1	9.3	%		299.1	9.6	%		784.2	9.4	%
Non-Government—Asset/Mortgage Backed		410.7	7.8	%		207.6	6.7	%		618.3	7.4	%
Banks		498.3	9.5	%		63.5	2.0	%		561.8	6.7	%
Transportation/Aerospace		322.3	6.2	%		189.6	6.1	%		511.9	6.1	%
Financial Services		310.8	5.9	%		160.7	5.1	%		471.5	5.6	%
Mortgage Backed—Government & Agency		458.0	8.7	%		0.8	0.0	%		458.8	5.5	%
Energy		237.0	4.5	%		170.7	5.5	%		407.7	4.9	%
Nat/Res/Manuf(non-energy)		121.7	2.3	%		201.9	6.5	%		323.6	3.9	%
Other		158.9	3.0	%		23.4	0.7	%		182.3	2.2	%
Media/Adver/Printing		62.9	1.2	%		100.0	3.2	%		162.9	2.0	%
Telecommunications		86.5	1.7	%		12.6	0.4	%		99.1	1.2	%
Cable Television		18.1	0.3	%		50.2	1.6	%		68.3	0.8	%
Bank Holding Companies		15.3	0.3	%		11.9	0.4	%		27.2	0.3	%
Total	$	5,243.9	100.0	%	$	3,118.6	100.0	%	$	8,362.5	100.0	%
	As of December 31, 2002
	($ millions)
Industry	Public		%		Private		%		Total		%
Consumer Goods & Services	$	592.5	12.3	%	$	865.1	27.3	%	$	1,457.6	18.3	%
Government & Agency		1,025.0	21.4	%		0.0	0.0	%		1,025.0	12.9	%
Other Manufacturing		185.4	3.9	%		662.6	20.9	%		848.0	10.6	%
Public Utilities		470.2	9.8	%		292.3	9.2	%		762.5	9.6	%
Non-Government—Asset/Mortgage Backed		493.4	10.3	%		215.0	6.8	%		708.4	8.9	%
Banks		252.7	5.3	%		299.0	9.5	%		551.7	6.9	%
Transportation/Aerospace		491.0	10.2	%		45.3	1.4	%		536.3	6.7	%
Financial Services		332.2	6.9	%		186.5	5.9	%		518.7	6.5	%
Mortgage Backed—Government & Agency		243.1	5.1	%		196.5	6.2	%		439.6	5.5	%
Energy		106.6	2.2	%		212.8	6.7	%		319.4	4.0	%
Nat/Res/Manuf(non-energy)		306.9	6.4	%		1.0	0.0	%		307.9	3.9	%
Other		50.4	1.1	%		112.6	3.5	%		163.0	2.0	%
Media/Adver/Printing		144.5	3.0	%		16.7	0.5	%		161.2	2.0	%
Telecommunications		86.8	1.8	%		13.7	0.4	%		100.5	1.3	%
Cable Television		17.4	0.3	%		31.9	1.0	%		49.3	0.6	%
Bank Holding Companies		0.0	0.0	%		22.1	0.7	%		22.1	0.3	%
Total	$	4,798.1	100.0	%	$	3,173.1	100.0	%	$	7,971.2	100.0	%

The Exhibit above includes invested assets in the Closed Block and excludes Trading Securities in Advest.

26

Exhibit 18C

(Unaudited)

VENTURE CAPITAL PARTNERSHIP INVESTMENTS

VENTURE CAPITAL PARTNERSHIP INVESTMENTS (1):

	As of September 30, 2003		As of December 31, 2002
	($ in millions)		($ in millions)
Equity Method
Public common stock	$	32.1	$	27.7
Private common stock		57.1		64.3
Sub-total		89.2		92.0
Fair Value Method
Public common stock		18.9		15.2
Private common stock		75.0		79.0
Sub-total		93.9		94.2
Total Venture Capital Partnership Investments	$	183.1	$	186.2

(1) Includes other net assets included on partnerships’ financial statements (e.g. cash, receivables, misc. payables, etc.)

VENTURE CAPITAL PARTNERSHIP INVESTMENTS BY SECTOR:

	As of September 30, 2003				As of December 31, 2002
	($ millions)		%		($ millions)		%
Information Technology	$	96.6	52.8	%	$	97.8	52.5	%
Domestic LBO		36.5	19.9	%		36.8	19.8	%
Life Sciences		10.7	5.8	%		10.7	5.8	%
Telecommunications		4.2	2.3	%		4.5	2.4	%
International LBO		15.5	8.5	%		13.3	7.1	%
Merchant Banking		4.3	2.3	%		5.8	3.1	%
Other		15.3	8.4	%		17.3	9.3	%
Total Venture Capital Partnership Investments by Sector	$	183.1	100.0	%	$	186.2	100.0	%

27

Exhibit 19

(Unaudited)

PROBLEM, POTENTIAL PROBLEM AND RESTRUCTURED COMMERCIAL

MORTGAGES AT CARRYING VALUE

	As of September 30, 2003			As of December 31, 2002
	($ millions)
Total Commercial Mortgages	$	1,515.8		$	1,570.5
Problem commercial mortgages (1)		18.8			—
Potential problem commercial mortgages		23.6			104.7
Restructured commercial mortgages		8.9			20.4
Total problem, potential problem and restructured commercial mortgages	$	51.3		$	125.1
Total problem, potential problem and restructured commercial mortgages as % of total commercial mortgages		3.4	%		8.0	%
Valuation allowances/writedowns (2)
Potential problem loans	$	0.3		$	6.6
Restructured loans		2.1			8.0
Total valuation allowances/writedowns	$	2.4		$	14.6
Total valuation allowances as a percent of problem, potential problem and restructured commercial mortgages at carrying value before valuation allowances and writedowns		4.5	%		10.5	%

(1) Problem commercial mortgages include delinquent loans and mortgage loans in foreclosure.

(2) Includes impairment writedowns recorded prior to adoption of SFAS No. 114, Accounting by Creditors for Impairment of a Loan.

The Exhibit above includes invested assets in the Closed Block.

28

Exhibit 20A

(Unaudited)

EQUITY REAL ESTATE

	As of September 30, 2003		As of December 31, 2002
	($ millions)
TYPE
Real estate	$	151.2	$	173.8
Subtotal		151.2		173.8
Foreclosed		28.7		33.1
Total	$	179.9	$	206.9

29

Exhibit 20B

(Unaudited)

MORTGAGES AND REAL ESTATE

	As of September 30, 2003				As of December 31, 2002
	($ millions)				($ millions)
Geographic Region
Southeast	$	398.0	19.5	%	$	457.2	21.9	%
West		368.2	18.1	%		367.1	17.6	%
Northeast		283.8	13.9	%		261.9	12.6	%
Mountain		377.9	18.6	%		392.4	18.8	%
Midwest		365.3	17.9	%		367.8	17.7	%
Southwest		243.1	12.0	%		238.0	11.4	%
	$	2,036.3	100	%	$	2,084.4	100	%
	As of September 30, 2003				As of December 31, 2002
	($ millions)				($ millions)
Property Type:
Office Buildings	$	902.9	44.3	%	$	924.2	44.3	%
Agricultural		341.2	16.8	%		308.3	14.8	%
Hotel		288.1	14.2	%		274.3	13.2	%
Retail		134.7	6.6	%		142.9	6.9	%
Industrial		165.1	8.1	%		188.2	9.0	%
Other		108.6	5.3	%		123.2	5.9	%
Apartment Buildings		95.7	4.7	%		123.3	5.9	%
	$	2,036.3	100	%	$	2,084.4	100	%

The Exhibit above includes invested assets in the Closed Block.

30