The Company has certain variable annuity contracts with GMDB, GMIB and GWBL features in-force that guarantee one of the following:

The following table summarizes the GMDB and GMIB liabilities, before reinsurance ceded, reflected in the General Account in future policy benefits and other policyholders' liabilities:

		GMDB		GMIB		Total

		(In Millions)

Balance at January 1, 2009		$	981	$	1,980	$	2,961
	Paid guarantee benefits		(249)		(58)		(307)
	Other changes in reserve		355		(364)		(9)
Balance at December 31, 2009			1,087		1,558		2,645
	Paid guarantee benefits		(208)		(45)		(253)
	Other changes in reserve		386		798		1,184
Balance at December 31, 2010			1,265		2,311		3,576
	Paid guarantee benefits		(203)		(47)		(250)
	Other changes in reserve		531		1,866		2,397
Balance at December 31, 2011		$	1,593	$	4,130	$	5,723

		GMDB

		(In Millions)

Balance at January 1, 2009		$	327
	Paid guarantee benefits		(86)
	Other changes in reserve		164
Balance at December 31, 2009			405
	Paid guarantee benefits		(81)
	Other changes in reserve		209
Balance at December 31, 2010			533
	Paid guarantee benefits		(81)
	Other changes in reserve		264
Balance at December 31, 2011		$	716

The GMIB reinsurance contracts are considered derivatives and are reported at fair value.

The December 31, 2011 values for variable annuity contracts in force on such date with GMDB and GMIB features are presented in the following table. For contracts with the GMDB feature, the net amount at risk in the event of death is the amount by which the GMDB benefits exceed related account values. For contracts with the GMIB feature, the net amount at risk in the event of annuitization is the amount by which the present value of the GMIB benefits exceeds related account values, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. Since variable annuity contracts with GMDB guarantees may also offer GMIB guarantees in the same contract, the GMDB and GMIB amounts listed are not mutually exclusive:

			Return
			of
			Premium		Ratchet		Roll-Up		Combo		Total

			(Dollars In Millions)
GMDB:
	Account values invested in:
		General Account	$	12,194	$	218	$	119	$	459	$	12,990
		Separate Accounts	$	27,460	$	6,878	$	3,699	$	32,157	$	70,194
	Net amount at risk, gross		$	1,642	$	1,400	$	2,944	$	14,305	$	20,291
	Net amount at risk, net of
		amounts reinsured	$	1,642	$	879	$	2,003	$	5,964	$	10,488
	Average attained age of
		contractholders		49.2		63.3		68.7		63.9		53.3
	Percentage of contractholders
		over age 70		2.8%		27.6%		47.2%		28.5%		10.4%
	Range of contractually
		specified interest rates		N/A		N/A		3% - 6%		3% - 6.5%		3% - 6.5%

GMIB:
	Account values invested in:
		General Account		N/A		N/A	$	26	$	583	$	609
		Separate Accounts		N/A		N/A	$	2,479	$	43,408	$	45,887
	Net amount at risk, gross			N/A		N/A	$	2,039	$	9,186	$	11,225
	Net amount at risk, net of
		amounts reinsured		N/A		N/A	$	603	$	2,520	$	3,123
	Weighted average years
		remaining until annuitization		N/A		N/A		0.4		5.3		4.9
	Range of contractually
		specified interest rates		N/A		N/A		3% - 6%		3% - 6.5%		3% - 6.5%

The GWBL and other guaranteed benefits related liability, not included above, was $227 million and $38 million at December 31, 2011 and 2010, respectively, which is accounted for as embedded derivatives. This liability reflects the present value of expected future payments (benefits) less the fees attributable to these features over a range of market consistent economic scenarios.

B) Separate Account Investments by Investment Category Underlying GMDB and GMIB Features

The total account values of variable annuity contracts with GMDB and GMIB features include amounts allocated to the guaranteed interest option, which is part of the General Account and variable investment options that invest through Separate Accounts in variable insurance trusts. The following table presents the aggregate fair value of assets, by major investment category, held by Separate Accounts that support variable annuity contracts with GMDB and GMIB benefits and guarantees. The investment performance of the assets impacts the related account values and, consequently, the net amount of risk associated with the GMDB and GMIB benefits and guarantees. Since variable annuity contracts with GMDB benefits and guarantees may also offer GMIB benefits and guarantees in each contract, the GMDB and GMIB amounts listed are not mutually exclusive:

Investment in Variable Insurance Trust Mutual Funds

	December 31,
	2011			2010

	(In Millions)
GMDB:
Equity	$	46,207	$	48,904
Fixed income		3,810		3,980
Balanced		19,525		22,230
Other		652		713
Total	$	70,194	$	75,827

GMIB:
Equity	$	29,819	$	31,837
Fixed income		2,344		2,456
Balanced		13,379		15,629
Other		345		370
Total	$	45,887	$	50,292

Beginning in 2003, AXA Equitable established a program intended to hedge certain risks associated first with the GMDB feature and, beginning in 2004, with the GMIB feature of the Accumulator® series of variable annuity products. The program has also been extended to cover other guaranteed benefits as they have been made available. This program currently utilizes derivative contracts, such as exchange-traded equity, currency and interest rate futures contracts, total return and/or equity swaps, interest rate swap and floor contracts, swaptions, variance swaps as well as equity options, that collectively are managed in an effort to reduce the economic impact of unfavorable changes in guaranteed benefits' exposures attributable to movements in the equity and fixed income markets. At the present time, this program hedges certain economic risks on products sold from 2001 forward, to the extent such risks are not reinsured. At December 31, 2011, the total account value and net amount at risk of the hedged variable annuity contracts were $36,090 million and $8,246 million, respectively, with the GMDB feature and $19,527 million and $2,545 million, respectively, with the GMIB feature.

These programs do not qualify for hedge accounting treatment. Therefore, gains (losses) on the derivatives contracts used in these programs, including current period changes in fair value, are recognized in net investment income (loss) in the period in which they occur, and may contribute to earnings (loss) volatility.

The no lapse guarantee feature contained in variable and interest-sensitive life insurance policies keeps them in force in situations where the policy value is not sufficient to cover monthly charges then due. The no lapse guarantee remains in effect so long as the policy meets a contractually specified premium funding test and certain other requirements.

The following table summarizes the no lapse guarantee liabilities reflected in the General Account in Future policy benefits and other policyholders' liabilities, and the related reinsurance ceded.

				Reinsurance
		Direct Liability		Ceded		Net

		(In Millions)

Balance at January 1, 2009		$	203	$	(153)	$	50
	Other changes in reserves		52		(21)		31
Balance at December 31, 2009			255		(174)		81
	Other changes in reserves		120		(57)		63
Balance at December 31, 2010			375		(231)		144
	Other changes in reserves		95		(31)		64
Balance at December 31, 2011		$	470	$	(262)	$	208