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SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
Schedule of error corrections and prior period adjustments
Revision of Prior Period Financial Statements

In 2017, management identified errors in its previous financial statements. These errors primarily related to errors in the calculation of policyholders’ benefit reserves for one of the Company’s variable annuity products with indexed-linked features and the calculation of DAC amortization for certain variable and interest sensitive life products. Management evaluated the impact of these errors both individually and in the aggregate and concluded they were not material to any previously reported annual and quarterly financial statements. In order to improve the consistency and comparability of the financial statements, management has voluntarily revised the consolidated balance sheet as of December 31, 2016 and 2015 and the related consolidated statements of income (loss), comprehensive income (loss), shareholders’ equity and of cash flows for the years ended December 31, 2016, 2015 and 2014 to include the revisions discussed above and all previously recorded out-of-period adjustments in each of the applicable periods for comparability purposes. The impacts of these revisions to each of the previously reported consolidated statements are disclosed below. This information has been corrected from the information previously presented in the third quarter 2017 Form 10-Q (the “Q3 2017 Form 10-Q”).

 
As Previously Reported
 
Impact of Revisions (1)
 
As Revised
 
December 31,
 
December 31,
 
December 31,
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
 
(In millions)
Assets:
 
 
 
 
 
 
 
 
 
 
 
Real estate held for production of income
$
45

 
$
—

 
$
11

 
$
—

 
$
56

 
$
—

Other equity investments
1,363

 
1,477

 
(40
)
 
(81
)
 
1,323

 
1,396

Trading securities, at fair value
9,134

 
6,805

 
—

 
81

 
9,134

 
6,886

Other invested assets
2,186

 
1,788

 
40

 
—

 
2,226

 
1,788

Total investments
58,416

 
52,527

 
11

 
—

 
58,427

 
52,527

DAC
4,301

 
4,469

 
6

 
105

 
4,307

 
4,574

Amounts due from reinsurers
4,635

 
4,466

 
19

 
37

 
4,654

 
4,503

Guaranteed minimum income benefit
reinsurance asset, at fair value
10,309

 
10,570

 
7

 
15

 
10,316

 
10,585

Other assets
4,260

 
4,634

 
—

 
13

 
4,260

 
4,647

Total Assets
$
203,764

 
$
194,626

 
$
43

 
$
170

 
$
203,807

 
$
194,796

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Policyholders' account balances
$
38,782

 
$
33,033

 
$
43

 
$
(138
)
 
$
38,825

 
$
32,895

Future policyholders' benefits and other policyholders' liabilities
25,358

 
24,531

 
145

 
355

 
25,503

 
24,886

Current and deferred taxes
3,816

 
4,647

 
(52
)
 
40

 
3,764

 
4,687

Other liabilities
2,108

 
2,586

 
—

 
(52
)
 
2,108

 
2,534

Total Liabilities
186,945

 
177,018

 
136

 
205

 
187,081

 
177,223

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
 
 
Retained Earnings
7,983

 
8,958

 
(104
)
 
(11
)
 
7,879

 
8,947

Accumulated other comprehensive income (loss)
7

 
228

 
—

 
3

 
7

 
231

AXA Equitable Equity
13,331

 
14,509

 
(104
)
 
(8
)
 
13,227

 
14,501

Noncontrolling interest
3,085

 
3,086

 
11

 
(27
)
 
3,096

 
3,059

Equity
16,416

 
17,595

 
(93
)
 
(35
)
 
16,323

 
17,560

 
 
 
 
 
 
 
 
 
 
 
 
Total Liabilities and Equity
$
203,764

 
$
194,626

 
$
43

 
$
170

 
$
203,807

 
$
194,796


(1)
In the Q3 2017 Form 10-Q the Company reported revisions to errors which were determined to be immaterial and presented information reflecting the impact of a change in accounting principle. This was presented in Note 2 to the financial statements of the Q3 2017 Form 10-Q.  The Company is now filing the Form 8-K to which this Exhibit 99.1 is attached to reflect the change in accounting principle as well as to correct errors in the previously issued financial statements. Subsequent to the filing of the Q3 2017 Form 10-Q, the Company identified certain additional errors that were not material to the previously disclosed financial information that impact the pre-change in accounting principle financial information that is being revised, as well as errors related to the impact of the change in accounting principle, and thus these figures differ from what was reported in the Q3 2017 Form 10-Q.
 
As Previously Reported
 
Impact of Revisions (1)
 
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 Income (Loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Policy charges and fee income
$
3,423

 
$
3,208

 
$
3,115

 
$
194

 
$
323

 
$
242

 
$
3,617

 
$
3,531

 
$
3,357

Premiums
880

 
854

 
874

 
(26
)
 
(26
)
 
(27
)
 
854

 
828

 
847

Net derivative gains (losses)
(1,280
)
 
(208
)
 
5,409

 
43

 
(140
)
 
(65
)
 
(1,237
)
 
(348
)
 
5,344

Total revenues
9,148

 
9,833

 
15,480

 
211

 
157

 
150

 
9,359

 
9,990

 
15,630

Benefits and other deductions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Policyholders' benefits
2,913

 
2,743

 
3,579

 
174

 
126

 
453

 
3,087

 
2,869

 
4,032

Interest credited to Policyholder's Account Balances
978

 
1,048

 
1,155

 
101

 
(75
)
 
(126
)
 
1,079

 
973

 
1,029

Amortization of deferred policy acquisition costs, net
162

 
(331
)
 
(413
)
 
97

 
17

 
29

 
259

 
(314
)
 
(384
)
Other operating costs and expenses
1,458

 
1,415

 
1,692

 
—

 
82

 
(24
)
 
1,458

 
1,497

 
1,668

Total benefits and other deductions
8,717

 
8,183

 
9,365

 
372

 
150

 
332

 
9,089

 
8,333

 
9,697

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from operations, before income taxes
431

 
1,650

 
6,115

 
(161
)
 
7

 
(182
)
 
270

 
1,657

 
5,933

Income tax (expense) benefit
113

 
(186
)
 
(1,695
)
 
95

 
(7
)
 
58

 
208

 
(193
)
 
(1,637
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
544

 
1,464

 
4,420

 
(66
)
 
—

 
(124
)
 
478

 
1,464

 
4,296

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less: net (income) loss attributable to the noncontrolling interest
(469
)
 
(403
)
 
(387
)
 
(27
)
 
5

 
5

 
(496
)
 
(398
)
 
(382
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to AXA Equitable
$
75

 
$
1,061

 
$
4,033

 
$
(93
)
 
$
5

 
$
(119
)
 
$
(18
)
 
$
1,066

 
$
3,914

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Comprehensive Income (Loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
544

 
$
1,464

 
$
4,420

 
$
(66
)
 
$
—

 
$
(124
)
 
$
478

 
$
1,464

 
$
4,296

Change in unrealized gains (losses), net of reclassification adjustment
(217
)
 
(881
)
 
969

 
(3
)
 
3

 
—

 
(220
)
 
(878
)
 
969

Total other comprehensive income (loss), net of income taxes
(238
)
 
(910
)
 
925

 
(3
)
 
3

 
—

 
(241
)
 
(907
)
 
925

Comprehensive income (loss)
306

 
554

 
5,345

 
(69
)
 
3

 
(124
)
 
237

 
557

 
5,221

Less: Comprehensive (income) loss attributable to noncontrolling interest
(452
)
 
(388
)
 
(358
)
 
(27
)
 
5

 
5

 
(479
)
 
(383
)
 
(353
)
Comprehensive income (loss) attributable to AXA Equitable
$
(146
)
 
$
166

 
$
4,987

 
$
(96
)
 
$
8

 
$
(119
)
 
$
(242
)
 
$
174

 
$
4,868


(1)
In the Q3 2017 Form 10-Q the Company reported revisions to errors which were determined to be immaterial and presented information reflecting the impact of a change in accounting principle. This was presented in Note 2 to the financial statements of the Q3 2017 Form 10-Q.  The Company is now filing the Form 8-K to which this Exhibit 99.1 is attached to reflect the change in accounting principle as well as to correct errors in the previously issued financial statements. Subsequent to the filing of the Q3 2017 Form 10-Q, the Company identified certain additional errors that were not material to the previously disclosed financial information that impact the pre-change in accounting principle financial information that is being revised, as well as errors related to the impact of the change in accounting principle, and thus these figures differ from what was reported in the Q3 2017 Form 10-Q.

 
As Previously Reported
 
Impact of Revisions (1)
 
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

 
$
(11
)
 
$
(16
)
 
$
55

 
$
8,947

 
$
8,793

 
$
5,260

Stockholder dividends
(1,050
)
 
(912
)
 
(429
)
 
—

 
—

 
48

 
(1,050
)
 
(912
)
 
(381
)
Net income (loss)
75

 
1,061

 
4,033

 
(93
)
 
5

 
(119
)
 
(18
)
 
1,066

 
3,914

Retained earnings, end of period
7,983

 
8,958

 
8,809

 
(104
)
 
(11
)
 
(16
)
 
7,879

 
8,947

 
8,793

Accumulated other comprehensive income (loss), beginning of year
228

 
351

 
(603
)
 
3

 
—

 
—

 
231

 
351

 
(603
)
Other comprehensive income (loss)
(221
)
 
(895
)
 
954

 
(3
)
 
3

 
—

 
(224
)
 
(892
)
 
954

Accumulated other comprehensive income (loss), end of year
7

 
228

 
351

 
—

 
3

 
—

 
7

 
231

 
351

Total AXA Equitable’s equity, end of period
13,331

 
14,509

 
15,119

 
(104
)
 
(8
)
 
(16
)
 
13,227

 
14,501

 
15,103

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noncontrolling interest, beginning of year
3,086

 
2,989

 
2,903

 
(27
)
 
(22
)
 
31

 
3,059

 
2,967

 
2,934

Net income (loss) attributable to noncontrolling interest
464

 
403

 
387

 
27

 
(5
)
 
(5
)
 
491

 
398

 
382

Dividend of AB Units by AXA Equitable to AXA Financial
—

 
145

 
48

 
—

 
—

 
(48
)
 
—

 
145

 
—

Other changes in noncontrolling interest
104

 
132

 
143

 
11

 
—

 
—

 
115

 
132

 
143

Noncontrolling interest, end of year
3,085

 
3,086

 
2,989

 
11

 
(27
)
 
(22
)
 
3,096

 
3,059

 
2,967

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Equity, End of Period
$
16,416

 
$
17,595

 
$
18,108

 
$
(93
)
 
$
(35
)
 
$
(38
)
 
$
16,323

 
$
17,560

 
$
18,070

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Cash flows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash flow from operating activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
544

 
$
1,464

 
$
4,420

 
$
(66
)
 
$
—

 
$
(124
)
 
$
478

 
$
1,464

 
$
4,296

Policy charges and fee income
(3,423
)
 
(3,208
)
 
(3,115
)
 
(194
)
 
(323
)
 
(242
)
 
(3,617
)
 
(3,531
)
 
(3,357
)
Interest credited to policyholders’ account balances
978

 
1,048

 
1,155

 
101

 
(75
)
 
(126
)
 
1,079

 
973

 
1,029

Net derivative (gains) loss
1,280

 
208

 
(5,409
)
 
(43
)
 
140

 
65

 
1,237

 
348

 
(5,344
)
Amortization of deferred cost of reinsurance asset
159

 
39

 
302

 
—

 
82

 
(10
)
 
159

 
121

 
292

Changes in:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Future policy benefits
803

 
878

 
1,518

 
(30
)
 
165

 
292

 
773

 
1,043

 
1,810

Deferred Policy Acquisition costs
162

 
(331
)
 
(413
)
 
97

 
17

 
29

 
259

 
(314
)
 
(384
)
Reinsurance recoverable
(534
)
 
(916
)
 
(488
)
 
230

 
(13
)
 
174

 
(304
)
 
(929
)
 
(314
)
Current and deferred income taxes
(771
)
 
258

 
1,448

 
(95
)
 
7

 
(58
)
 
(866
)
 
265

 
1,390

Other
31

 
111

 
(98
)
 
—

 
(80
)
 
39

 
31

 
31

 
(59
)
Net cash provided by (used in) operating activities
$
(461
)
 
$
(244
)
 
$
(639
)
 
$
—

 
$
(80
)
 
$
39

 
$
(461
)
 
$
(324
)
 
$
(600
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Policyholders' accounts balance deposits
$
9,342

 
$
5,757

 
$
6,011

 
$
404

 
$
—

 
$
—

 
$
9,746

 
$
5,757

 
$
6,011

Policyholders' accounts balance transfer (to) from Separate Accounts
1,606

 
1,045

 
815

 
(404
)
 
—

 
—

 
1,202

 
1,045

 
815

(Decrease) increase in overdrafts payable
(85
)
 
—

 
—

 
—

 
80

 
(39
)
 
(85
)
 
80

 
(39
)
Net cash provided by (used in) financing activities
$
5,751

 
$
3,034

 
$
3,843

 
$
—

 
$
80

 
$
(39
)
 
$
5,751

 
$
3,114

 
$
3,804
Schedule of accounting changes
The following table presents the effects of the accounting change to the Company's previously reported consolidated balance sheet as of December 31, 2016 and 2015 and the related consolidated statements of income (loss), comprehensive income (loss), shareholders’ equity and of cash flows for the years ended December 31, 2016, 2015 and 2014. This information has been corrected from the information previously presented in the Q3 2017 Form 10-Q:

 
As Previously Reported and Adjusted Herein
 
Impact of Accounting Change (1)
 
As Revised
 
December 31,
 
December 31,
 
December 31,
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
 
(In millions)
Assets:
 
 
 
 
 
 
 
 
 
 
 
DAC
4,307

 
4,574

 
545

 
565

 
4,852

 
5,139

Total Assets
$
203,807

 
$
194,796

 
$
545

 
$
565

 
$
204,352

 
$
195,361

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Future policyholders' benefits and other policyholders' liabilities
25,503

 
24,886

 
3,436

 
3,588

 
28,939

 
28,474

Current and deferred taxes
3,764

 
4,687

 
(1,013
)
 
(1,058
)
 
2,751

 
3,629

Total Liabilities
187,081

 
177,223

 
2,423

 
2,530

 
189,504

 
179,753

 
 
 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
 
 
Retained Earnings
7,879

 
8,947

 
(1,874
)
 
(1,949
)
 
6,005

 
6,998

Accumulated other comprehensive income (loss)
7

 
231

 
(4
)
 
(16
)
 
3

 
215

AXA Equitable Equity
13,227

 
14,501

 
(1,878
)
 
(1,965
)
 
11,349

 
12,536

Equity
16,323

 
17,560

 
(1,878
)
 
(1,965
)
 
14,445

 
15,595

 
 
 
 
 
 
 
 
 
 
 
 
Total Liabilities and Equity
$
203,807

 
$
194,796

 
$
545

 
$
565

 
$
204,352

 
$
195,361


(1)
In the Q3 2017 Form 10-Q the Company reported revisions to errors which were determined to be immaterial and presented information reflecting the impact of a change in accounting principle. This was presented in Note 2 to the financial statements of the Q3 2017 Form 10-Q.  The Company is now filing the Form 8-K to which this Exhibit 99.1 is attached to reflect the change in accounting principle as well as to correct errors in the previously issued financial statements. Subsequent to the filing of the Q3 2017 Form 10-Q, the Company identified certain additional errors that were not material to the previously disclosed financial information that impact the pre-change in accounting principle financial information that is being revised, as well as errors related to the impact of the change in accounting principle, and thus these figures differ from what was reported in the Q3 2017 Form 10-Q.

 
As Previously Reported and Adjusted Herein
 
Impact of Accounting Change (1)
 
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 Income (Loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Policy charges and fee income
$
3,617

 
$
3,531

 
$
3,357

 
$
(273
)
 
$
(240
)
 
$
(207
)
 
$
3,344

 
$
3,291

 
$
3,150

Net derivative gains (losses)
(1,237
)
 
(348
)
 
5,344

 
74

 
(727
)
 
(1,789
)
 
(1,163
)
 
(1,075
)
 
3,555

Total revenues
9,359

 
9,990

 
15,630

 
(199
)
 
(967
)
 
(1,996
)
 
9,160

 
9,023

 
13,634

Benefits and other deductions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Policyholders' benefits
3,087

 
2,869

 
4,032

 
(342
)
 
(412
)
 
(324
)
 
2,745

 
2,457

 
3,708

Amortization of deferred policy acquisition costs
259

 
(314
)
 
(384
)
 
28

 
60

 
34

 
287

 
(254
)
 
(350
)
Total benefits and other deductions
9,089

 
8,333

 
9,697

 
(314
)
 
(352
)
 
(290
)
 
8,775

 
7,981

 
9,407

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from operations, before income taxes
270

 
1,657

 
5,933

 
115

 
(615
)
 
(1,706
)
 
385

 
1,042

 
4,227

Income tax (expense) benefit
208

 
(193
)
 
(1,637
)
 
(40
)
 
216

 
597

 
168

 
23

 
(1,040
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
478

 
1,464

 
4,296

 
75

 
(399
)
 
(1,109
)
 
553

 
1,065

 
3,187

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to AXA Equitable
$
(18
)
 
$
1,066

 
$
3,914

 
$
75

 
$
(399
)
 
$
(1,109
)
 
$
57

 
$
667

 
$
2,805

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Comprehensive Income (Loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
478

 
$
1,464

 
$
4,296

 
$
75

 
$
(399
)
 
$
(1,109
)
 
$
553

 
$
1,065

 
$
3,187

Change in unrealized gains (losses), net of reclassification adjustment
(220
)
 
(878
)
 
969

 
12

 
50

 
(57
)
 
(208
)
 
(828
)
 
912

Total other comprehensive income (loss), net of income taxes
(241
)
 
(907
)
 
925

 
12

 
50

 
(57
)
 
(229
)
 
(857
)
 
868

Comprehensive income (loss)
237

 
557

 
5,221

 
87

 
(349
)
 
(1,166
)
 
324

 
208

 
4,055

Comprehensive income (loss) attributable to AXA Equitable
$
(242
)
 
$
174

 
$
4,868

 
$
87

 
$
(349
)
 
$
(1,166
)
 
$
(155
)
 
$
(175
)
 
$
3,702


(1)
In the Q3 2017 Form 10-Q the Company reported revisions to errors which were determined to be immaterial and presented information reflecting the impact of a change in accounting principle. This was presented in Note 2 to the financial statements of the Q3 2017 Form 10-Q.  The Company is now filing the Form 8-K to which this Exhibit 99.1 is attached to reflect the change in accounting principle as well as to correct errors in the previously issued financial statements. Subsequent to the filing of the Q3 2017 Form 10-Q, the Company identified certain additional errors that were not material to the previously disclosed financial information that impact the pre-change in accounting principle financial information that is being revised, as well as errors related to the impact of the change in accounting principle, and thus these figures differ from what was reported in the Q3 2017 Form 10-Q.

 
As Previously Reported and Adjusted Herein
 
Impact of Accounting Change (1)
 
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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retained earnings, beginning of year
$
8,947

 
$
8,793

 
$
5,260

 
$
(1,949
)
 
$
(1,550
)
 
$
(441
)
 
$
6,998

 
$
7,243

 
$
4,819

Stockholder dividends
(1,050
)
 
(912
)
 
(381
)
 
—

 
—

 
—

 
(1,050
)
 
(912
)
 
(381
)
Net income (loss)
(18
)
 
1,066

 
3,914

 
75

 
(399
)
 
(1,109
)
 
57

 
667

 
2,805

Retained earnings, end of period
7,879

 
8,947

 
8,793

 
(1,874
)
 
(1,949
)
 
(1,550
)
 
6,005

 
6,998

 
7,243

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated other comprehensive income (loss), beginning of year
231

 
351

 
(603
)
 
(16
)
 
(66
)
 
(9
)
 
215

 
285

 
(612
)
Other comprehensive income (loss)
(224
)
 
(892
)
 
954

 
12

 
50

 
(57
)
 
(212
)
 
(842
)
 
897

Accumulated other comprehensive income (loss), end of year
7

 
231

 
351

 
(4
)
 
(16
)
 
(66
)
 
3

 
215

 
285

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total AXA Equitable’s equity, end of period
13,227

 
14,501

 
15,103

 
(1,878
)
 
(1,965
)
 
(1,616
)
 
11,349

 
12,536

 
13,487

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Equity, End of Period
$
16,323

 
$
17,560

 
$
18,070

 
$
(1,878
)
 
$
(1,965
)
 
$
(1,616
)
 
$
14,445

 
$
15,595

 
$
16,454

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Cash flows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash flow from operating activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
478

 
$
1,464

 
$
4,296

 
$
75

 
$
(399
)
 
$
(1,109
)
 
$
553

 
$
1,065

 
$
3,187

Policy charges and fee income
(3,617
)
 
(3,531
)
 
(3,357
)
 
273

 
240

 
207

 
(3,344
)
 
(3,291
)
 
(3,150
)
Net derivative (gains) loss
1,237

 
348

 
(5,344
)
 
(74
)
 
727

 
1,789

 
1,163

 
1,075

 
(3,555
)
Changes in:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Future policy benefits
773

 
1,043

 
1,810

 
(342
)
 
(412
)
 
(324
)
 
431

 
631

 
1,486

Deferred Policy Acquisition costs
259

 
(314
)
 
(384
)
 
28

 
60

 
34

 
287

 
(254
)
 
(350
)
Current and deferred income taxes
(866
)
 
265

 
1,390

 
40

 
(216
)
 
(597
)
 
(826
)
 
49

 
793

Net cash provided by (used in) operating activities
$
(461
)
 
$
(324
)
 
$
(600
)
 
$
—

 
$
—

 
$
—

 
$
(461
)
 
$
(324
)
 
$
(600
)