The following table presents the effects of the revision to the Company’s previously reported consolidated statements of earnings (loss) and comprehensive income (loss) for the second quarter and first six months ended June 30, 2016 and the statements of equity and statements of cash flows for the first six months ended June 30, 2016:



	Three Months Ended June 30, 2016									Six Months Ended June 30, 2016
	As previously reported			Adjustments			As Revised			As previously reported			Adjustments			As Revised
	(In Millions)
Statements of Earnings (Loss):
Revenues:
Universal life and investment-type product policy fee income	$	915		$	(74	)	$	841		$	1,816		$	(160	)	$	1,656
Premiums	121			76			197			247			165			412
Increase (decrease in the fair value of the GMIB reinsurance contract asset	1,104			—			1,104			2,741			(8		)	2,733
Total Revenues	4,297			2			4,299			9,331			(3		)	9,328
Benefits and other deductions:
Policyholders' benefits	1,276			8			1,284			2,426			(24		)	2,402
Interest credited to Policyholder's Account Balances	349			(24		)	325			626			(56		)	570
Amortization of deferred policy acquisition costs, net	(74		)	—			(74		)	(84		)	10			(74		)
Total benefits and other deductions	2,721			(16		)	2,705			5,301			(70		)	5,231

Earnings (loss) from operations, before income taxes	1,576			18			1,594			4,030			67			4,097
Income tax (expense) benefit	(515		)	(8		)	(523		)	(1,249		)	(25		)	(1,274		)

Net earnings (loss)	1,061			10			1,071			2,781			42			2,823

Less: net (earnings) loss attributable to the noncontrolling interest	(92		)	1			(91		)	(209		)	1			(208		)
Net Earnings (Loss) Attributable to AXA Equitable	$	969		$	11		$	980		$	2,572		$	43		$	2,615

Statements of Comprehensive Income (Loss):

Net earnings (loss)	$	1,061		$	10		$	1,071		$	2,781		$	42		$	2,823
Comprehensive income (loss)	1,681			10			1,691			4,190			42			4,232
Less: Comprehensive (income) loss attributable to noncontrolling interest	$	(89	)	$	1		$	(88	)	$	(209	)	$	1		$	(208	)
Comprehensive Income (Loss) Attributable to AXA Equitable	$	1,592		$	11		$	1,603		$	3,981		$	43		$	4,024



Six Months Ended June 30, 2016	As previously reported		Adjustments			As Revised
	(In Millions)
Statements of Equity:
Retained earnings, beginning of year	$	8,958	$	(54	)	$	8,904
Net earnings (loss)	2,572		43			2,615
Retained earnings, end of period	11,030		(11		)	11,019
Total AXA Equitable’s equity, end of period	17,987		(11		)	17,976

Noncontrolling interest, beginning of year	3,086		(27		)	3,059
Net earnings (loss) attributable to noncontrolling interest	203		1			204
Noncontrolling interest, end of period	3,026		(26		)	3,000
Total Equity, End of Period	$	21,013	$	(37	)	$	20,976




Six Months Ended June 30, 2016	As previously reported			Adjustments			As Revised
	(In Millions)
Statements of Cash flows:
Cash flow from operating activities:
Net earnings (loss)	$	2,781		$	42		$	2,823
Universal life and investment-type product policy fee income	(1,816		)	160			(1,656		)
Interest credited to policyholders’ account balances	626			(56		)	570
(Increase) decrease in the fair value of the reinsurance contract asset	(2,741		)	8			(2,733		)
Changes in:							—
Future policy benefits	1,314			(11		)	1,303
Reinsurance recoverable	(92		)	(178		)	(270		)
Deferred Policy Acquisition costs	(84		)	10			(74		)
Current and deferred income taxes	985			25			1,010
Accounts payable and accrued expenses	—			—			—
Other	245			(48		)	197
Net cash provided by (used in) operating activities	$	(337	)	$	(48	)	$	(385	)

Cash flows from financing activities:
(Decrease) increase in overdrafts payable	—			48			48
Net cash provided by (used in) financing activities	$	4,016		$	48		$	4,064

The following table presents the effects of the revision to the Company's previously reported consolidated balance sheets as of December 31, 2016 and 2015:



	As previously reported				Adjustments						As Revised
	December 31,				December 31,						December 31,
	2016		2015		2016			2015			2016		2015
	(In Millions)
Assets:
DAC	$	4,301	$	4,469	$	(45	)	$	15		$	4,256	$	4,484
Amounts due from reinsurers	4,635		4,466		—			21			4,635		4,487
Guaranteed minimum income benefit reinsurance asset, at fair value	10,309		10,570		—			8			10,309		10,578
Other assets	4,260		4,634		—			13			4,260		4,647
Total Assets	$	203,764	$	194,626	$	(45	)	$	57		$	203,719	$	194,683

Liabilities:
Policyholders' account balance	$	38,782	$	33,033	$	60		$	(120	)	$	38,842	$	32,913
Future policyholders' benefits and other policyholders' liabilities	25,358		24,531		77			296			25,435		24,827
Current and deferred taxes	3,816		4,647		(63		)	14			3,753		4,661
Other liabilities	2,108		2,586		—			(52		)	2,108		2,534
Total Liabilities	186,945		177,018		74			138			187,019		177,156
Equity:
Retained Earnings	7,983		8,958		(119		)	(54		)	7,864		8,904
AXA Equitable Equity	13,331		14,509		(119		)	(54		)	13,212		14,455
Noncontrolling interest	3,085		3,086		—			(27		)	3,085		3,059
Equity	16,416		17,595		(119		)	(81		)	16,297		17,514

Total Liabilities and Equity	$	203,764	$	194,626	$	(45	)	$	57		$	203,719	$	194,683

The following table presents the effects of the revision to the Company’s previously reported consolidated statements of earnings (loss), statements comprehensive income (loss), statements of equity and cash flows for the years ended December 31, 2016, 2015 and 2014:



	As previously reported									Adjustments									As Revised
	Year Ended December 31,									Year Ended December 31,									Year Ended December 31,
	2016			2015			2014			2016			2015			2014			2016			2015			2014
	(In Millions)
Statements of Earnings (Loss):
Revenues:
Universal life and investment-type product policy fee income	$	3,423		$	3,208		$	3,115		$	12		$	132		$	66		$	3,435		$	3,340		$	3,181
Premiums	880			854			874			(26		)	(26		)	(27		)	854			828			847
Increase (decrease in the fair value of the GMIB reinsurance contract asset	(261		)	(141		)	3,964			(8		)	—			(2		)	(269		)	(141		)	3,962
Total Revenues	9,705			9,819			15,640			(22		)	106			37			9,683			9,925			15,677
Benefits and other deductions:
Policyholders' benefits	2,893			2,799			3,708			(65		)	41			339			2,828			2,840			4,047
Interest credited to Policyholder's Account Balances	1,555			978			1,186			100			(72		)	(109		)	1,655			906			1,077
Amortization of deferred policy acquisition costs	162			(331		)	(413		)	60			18			39			222			(313		)	(374		)
Other operating costs and expenses	1,458			1,415			1,692			—			82			(24		)	1,458			1,497			1,668
Total benefits and other deductions	9,274			8,169			9,525			95			69			245			9,369			8,238			9,770

Earnings (loss) from operations, before income taxes	431			1,650			6,115			(117		)	37			(208		)	314			1,687			5,907
Income tax (expense) benefit	113			(186		)	(1,695		)	79			(11		)	74			192			(197		)	(1,621		)

Net earnings (loss)	544			1,464			4,420			(38		)	26			(134		)	506			1,490			4,286

Less: net (earnings) loss attributable to the noncontrolling interest	(469		)	(403		)	(387		)	(27		)	—			—			(496		)	(403		)	(387		)

Net Earnings (Loss) Attributable to AXA Equitable	$	75		$	1,061		$	4,033		$	(65	)	$	26		$	(134	)	$	10		$	1,087		$	3,899

Statements of Comprehensive Income (Loss):

Net earnings (loss)	$	544		$	1,464		$	4,420		$	(38	)	$	26		$	(134	)	$	506		$	1,490		$	4,286
Comprehensive income (loss)	306			554			5,345			(38		)	26			(134		)	268			580			5,211
Less: Comprehensive (income) loss attributable to noncontrolling interest	(452		)	(388		)	(358		)	(27		)	—			—			(479		)	(388		)	(358		)
Comprehensive Income (Loss) Attributable to AXA Equitable	$	(146	)	$	166		$	4,987		$	(65	)	$	26		$	(134	)	$	(211	)	$	192		$	4,853



	As previously reported									Adjustments									As Revised
	Year Ended December 31,									Year Ended December 31,									Year Ended December 31,
	2016			2015			2014			2016			2015			2014			2016			2015			2014
	(In Millions)
Statements of Equity:
Capital in excess of par value, beginning of year	$	5,321		$	5,957		$	5,934		$	—		$	—		$	(26	)	$	5,321		$	5,957		$	5,908
Deferred tax on dividend of AB Units	—			(35		)	(26		)	—			—			26			—			(35		)	—
Capital in excess of par value, end of year	5,339			5,321			5,957			—			—			—			5,339			5,321			5,957

Retained earnings, beginning of year	$	8,958		$	8,809		$	5,205		$	(54	)	$	(80	)	$	6		$	8,904		$	8,729		$	5,211
Stockholder dividends	(1,050		)	912			(429		)	—			—			48			$	(1,050	)	$	912		$	(381	)
Net earnings (loss)	75			1,061			4,033			(65		)	26			(134		)	10			1,087			3,899
Retained earnings, end of period	7,983			8,958			8,809			(119		)	(54		)	(80		)	7,864			8,904			8,729

Total AXA Equitable’s equity, end of period	13,331			14,509			15,119			(119		)	(54		)	(80		)	13,212			14,455			15,039

Noncontrolling interest, beginning of year	3,086			2,989			2,903			(27		)	(27		)	21			3,059			2,962			2,924
Net earnings (loss) attributable to noncontrolling interest	464			403			387			27			—			—			491			403			387
Dividend of AB Units by AXA Equitable to AXA Financial	—			145			48			—			—			(48		)	—			145			—
Noncontrolling interest, end of year	3,085			3,086			2,989			—			(27		)	(27		)	3,085			3,059			2,962

Total Equity, End of Period	$	16,416		$	17,595		$	18,108		$	(119	)	$	(81	)	$	(107	)	$	16,297		$	17,514		$	18,001

Statements of Cash flows:
Cash flow from operating activities:
Net earnings (loss)	$	544		$	1,464		$	4,420		$	(38	)	$	26		$	(134	)	$	506		$	1,490		$	4,286
Universal life and investment-type product policy fee income	(3,423		)	(3,208		)	(3,115		)	(12		)	(132		)	(66		)	(3,435		)	(3,340		)	(3,181		)
Interest credited to policyholders’ account balances	1,555			978			1,186			100			(72		)	(109		)	1,655			906			1,077
(Increase) decrease in the fair value of the reinsurance contract asset	261			141			(3,964		)	8			—			2			269			141			(3,962		)
Amortization of deferred cost of reinsurance asset	159			39			302			—			82			(24		)	159			121			278
Changes in:
Future policy benefits	783			934			1,647			(65		)	41			339			718			1,001			2,013
Deferred Policy Acquisition costs	162			(331		)	(413		)	60			18			39			222			(313		)	(374		)
Current and deferred income taxes	(771		)	258			1,448			(79		)	11			(74		)	(850		)	269			1,374
Other	31			111			(98		)	—			82			39			31			193			(59		)
Net cash provided by (used in) operating activities	$	(461	)	$	(244	)	$	(639	)	$	(26	)	$	82		$	39		$	(487	)	$	(162	)	$	(600	)

Cash flows from financing activities:
Policyholders' accounts balance deposits	$	9,342		$	5,757		$	6,011		$	404		$	484		$	494		$	9,746		$	6,241		$	6,505
Policyholders' accounts balance transfer (to) from Separate Accounts	1,606			1,045			815			(404		)	(484		)	(494		)	1,202			561			321
(Decrease) increase in overdrafts payable	(85		)	—			—			—			(82		)	(39		)	(85		)	(82		)	(39		)



	As previously reported						Adjustments								As Revised
	Year Ended December 31,						Year Ended December 31,								Year Ended December 31,
	2016		2015		2014		2016		2015			2014			2016		2015		2014
	(In Millions)
Net cash provided by (used in) financing activities	$	5,751	$	3,034	$	3,843	$	—	$	(82	)	$	(39	)	$	5,751	$	2,952	$	3,804