CLOSED BLOCK (Tables)

12 Months Ended

Dec. 31, 2016

Summarized financial information for the AXA Equitable Closed Block is as follows:



	December 31,
	2016		2015
	(In millions)
CLOSED BLOCK LIABILITIES:
Future policy benefits, policyholders’ account balances and other	$	7,179	$	7,363
Policyholder dividend obligation	52		81
Other liabilities	43		100
Total Closed Block liabilities	7,274		7,544
ASSETS DESIGNATED TO THE CLOSED BLOCK:
Fixed maturities, available for sale, at fair value (amortized cost of $3,884 and $4,426)	4,025		4,599
Mortgage loans on real estate	1,623		1,575
Policy loans	839		881
Cash and other invested assets	444		49
Other assets	181		258
Total assets designated to the Closed Block	7,112		7,362
Excess of Closed Block liabilities over assets designated to the Closed Block	162		182
Amounts included in accumulated other comprehensive income (loss):
Net unrealized investment gains (losses), net of policyholder dividend obligation of $(52) and $(81)	100		103
Maximum Future Income To Be Recognized From Closed Block Assets and Liabilities	$	262	$	285

AXA Equitable’s Closed Block revenues and expenses follow:



	2016			2015			2014
	(In millions)
REVENUES:
Premiums and other income	$	212		$	236		$	246
Investment income (loss)	349			368			378
Net investment gains (losses)	(1		)	2			(4		)
Total revenues	560			606			620
BENEFITS AND OTHER DEDUCTIONS:
Policyholders’ benefits and dividends	522			550			570
Other operating costs and expenses	4			4			4
Total benefits and other deductions	526			554			574
Net revenues, before income taxes	34			52			46
Income tax (expense) benefit	(12		)	(18		)	(16		)
Net Revenues (Losses)	$	22		$	34		$	30

A reconciliation of AXA Equitable’s policyholder dividend obligation follows:



	December 31,
	2016			2015
	(In millions)
Balances, beginning of year	$	81		$	201
Unrealized investment gains (losses)	(29		)	(120		)
Balances, End of year	$	52		$	81