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, 2012		$	1,593	$	4,130	$	5,723
	Paid guarantee benefits		(128)		(38)		(166)
	Other changes in reserve		174		275		449
Balance at June 30, 2012		$	1,639	$	4,367	$	6,006

Balance at January 1, 2011		$	1,265	$	2,311	$	3,576
	Paid guarantee benefits		(87)		(17)		(104)
	Other changes in reserve		159		162		321
Balance at June 30, 2011		$	1,337	$	2,456	$	3,793

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

The June 30, 2012 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	$	12,599	$	225	$	108	$	479	$	13,411
		Separate Accounts	$	28,970	$	7,157	$	3,718	$	33,505	$	73,350
	Net amount at risk, gross		$	1,129	$	1,089	$	2,837	$	14,217	$	19,272
	Net amount at risk, net of
		amounts reinsured	$	1,129	$	672	$	1,925	$	5,827	$	9,553
	Average attained age
		of contractholders		49.3		63.5		69.1		64.3		53.5
	Percentage of contractholders
		over age 70		8.1%		28.3%		48.5%		29.8%		14.5%
	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	$	24	$	626	$	650
		Separate Accounts		N/A		N/A	$	2,486	$	45,194	$	47,680
	Net amount at risk, gross			N/A		N/A	$	2,051	$	10,089	$	12,140
	Net amount at risk, net of
		amounts reinsured		N/A		N/A	$	607	$	2,745	$	3,352
	Weighted average years remaining
		until annuitization		N/A		N/A		0.4		4.9		4.6
	Range of contractually specified
		interest rates		N/A		N/A		3%-6%		3%-6.5%		3%-6.5%

The GWBL, guaranteed minimum withdrawal benefits (“GMWB”), guaranteed minimum accumulation benefits (“GMAB”) and GIB, (collectively “GWBL and other features' liability”), not included above, was $334 million and $291 million at June 30, 2012 and December 31, 2011, respectively, which are 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

		June 30,		December 31,
		2012		2011

		(In Millions)

GMDB:
	Equity	$	49,575	$	46,207
	Fixed income		3,783		3,810
	Balanced		19,428		19,525
	Other		564		652
	Total	$	73,350	$	70,194

GMIB:
	Equity	$	31,823	$	29,819
	Fixed income		2,337		2,344
	Balanced		13,234		13,379
	Other		286		345
	Total	$	47,680	$	45,887

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, to the extent such risks are not reinsured. At June 30, 2012, the total account value and net amount at risk of the hedged variable annuity contracts were $37,422 million and $7,657 million, respectively, with the GMDB feature and $20,850 million and $2,755 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:

		Direct		Reinsurance
		Liability		Ceded		Net

		(In Millions)

Balance at January 1, 2012		$	470	$	(262)	$	208
	Other changes in reserves		50		(23)		27
Balance at June 30, 2012		$	520	$	(285)	$	235

Balance at January 1, 2011		$	375	$	(231)	$	144
	Other changes in reserves		13		(1)		12
Balance at June 30, 2011		$	388	$	(232)	$	156