SUBSEQUENT EVENTS	3 Months Ended
Mar. 31, 2013
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS The Company has evaluated the effects of events subsequent to March 31, 2013, and through the date we filed our consolidated financial statements with the United States Securities and Exchange Commission. All accounting and disclosure requirements related to subsequent events are included in our consolidated financial statements. On April 10, 2013, the Company entered into a Master Agreement (the “Master Agreement”) with AXA Financial, Inc. (“AXA”) and AXA Equitable Financial Services, LLC. Pursuant to the Master Agreement, the Company has agreed to acquire the stock of MONY Life Insurance Company (“MONY”) from AXA and to enter into a reinsurance agreement (the “Reinsurance Agreement”) pursuant to which it will reinsure on a 100% indemnity reinsurance basis certain business (the “MLOA Business”) of MONY Life Insurance Company of America (“MLOA”). The aggregate purchase price for MONY is expected to be approximately $693 million, subject to a monthly reduction of $2.5 million for each month that elapses between July 1, 2013 and the closing date of the acquisition. The purchase price includes approximately $303 million of adjusted statutory capital and surplus and approximately $60 million of deferred tax assets, and will be subject to a customary post-closing adjustment. The ceding commission for the reinsurance of the MLOA Business is expected to be approximately $373 million, subject to a monthly reduction of $1 million for each month that elapses between July 1, 2013 and the closing date of the acquisition, and will be subject to a customary post-closing adjustment. The entry into the Reinsurance Agreement will occur at, and is conditioned on the concurrent consummation of, the closing of the acquisition of the shares of MONY. The transaction, which is expected to close in the second half of 2013, is subject to receipt of insurance regulatory approvals and satisfaction of other customary closing conditions. Prior to the closing, AXA will cause MONY to transfer its subsidiaries, MLOA, U.S. Financial Life Insurance Company, MONY International Holdings, LLC and MONY Financial Services, Inc., none of which are being sold to the Company as part of the acquisition, to another subsidiary of AXA, and to effect certain other pre-closing restructuring transactions. On March 22, 2013, the Company declared a dividend to its parent, PLC, in the amount of the total shareowner’s equity of Shades Creek Captive Insurance Company (“Shades Creek”), then a wholly owned subsidiary of the Company. Commensurate with this declaration, the Company recorded a dividend payable in the amount of $93.9 million, reported as a non-cash financing transaction in the consolidated condensed cash flow statements, which is equal to the book value of the Company’s investment in Shades Creek’s Equity. The effective date of the dividend was April 1, 2013. Accordingly, as of April 1, 2013, Shades Creek became a direct wholly owned insurance subsidiary of PLC.

16. SUBSEQUENT EVENTS

The Company has evaluated the effects of events subsequent to March 31, 2013, and through the date we filed our consolidated financial statements with the United States Securities and Exchange Commission. All accounting and disclosure requirements related to subsequent events are included in our consolidated financial statements.

On April 10, 2013, the Company entered into a Master Agreement (the “Master Agreement”) with AXA Financial, Inc. (“AXA”) and AXA Equitable Financial Services, LLC. Pursuant to the Master Agreement, the Company has agreed to acquire the stock of MONY Life Insurance Company (“MONY”) from AXA and to enter into a reinsurance agreement (the “Reinsurance Agreement”) pursuant to which it will reinsure on a 100% indemnity reinsurance basis certain business (the “MLOA Business”) of MONY Life Insurance Company of America (“MLOA”). The aggregate purchase price for MONY is expected to be approximately $693 million, subject to a monthly reduction of $2.5 million for each month that elapses between July 1, 2013 and the closing date of the acquisition. The purchase price includes approximately $303 million of adjusted statutory capital and surplus and approximately $60 million of deferred tax assets, and will be subject to a customary post-closing adjustment. The ceding commission for the reinsurance of the MLOA Business is expected to be approximately $373 million, subject to a monthly reduction of $1 million for each month that elapses between July 1, 2013 and the closing date of the acquisition, and will be subject to a customary post-closing adjustment. The entry into the Reinsurance Agreement will occur at, and is conditioned on the concurrent consummation of, the closing of the acquisition of the shares of MONY.

The transaction, which is expected to close in the second half of 2013, is subject to receipt of insurance regulatory approvals and satisfaction of other customary closing conditions. Prior to the closing, AXA will cause MONY to transfer its subsidiaries, MLOA, U.S. Financial Life Insurance Company, MONY International Holdings, LLC and MONY Financial Services, Inc., none of which are being sold to the Company as part of the acquisition, to another subsidiary of AXA, and to effect certain other pre-closing restructuring transactions.

On March 22, 2013, the Company declared a dividend to its parent, PLC, in the amount of the total shareowner’s equity of Shades Creek Captive Insurance Company (“Shades Creek”), then a wholly owned subsidiary of the Company. Commensurate with this declaration, the Company recorded a dividend payable in the amount of $93.9 million, reported as a non-cash financing transaction in the consolidated condensed cash flow statements, which is equal to the book value of the Company’s investment in Shades Creek’s Equity. The effective date of the dividend was April 1, 2013. Accordingly, as of April 1, 2013, Shades Creek became a direct wholly owned insurance subsidiary of PLC.