S-1/A

   AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL 19, 2016.


                                              REGISTRATION NO. 333-210276



                     SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C. 20549

                                  FORM S-1


                      PRE-EFFECTIVE AMENDMENT NO. 1 TO
           REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933



                   MONY LIFE INSURANCE COMPANY OF AMERICA
           (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

                                   ARIZONA
       (STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION)

                                    6311
          (PRIMARY STANDARD INDUSTRIAL CLASSIFICATION CODE NUMBER)

                                 86-0222062
                  (I. R. S. EMPLOYER IDENTIFICATION NUMBER)

                          525 WASHINGTON BOULEVARD
                        JERSEY CITY, NEW JERSEY 07310

  (ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER, INCLUDING AREA CODE,
                 OF REGISTRAT'S PRINCIPAL EXECUTIVE OFFICES)
            ---------------------


                                 SHANE DALY
                VICE PRESIDENT AND ASSOCIATE GENERAL COUNSEL
                   MONY LIFE INSURANCE COMPANY OF AMERICA
                          525 WASHINGTON BOULEVARD
                        JERSEY CITY, NEW JERSEY 07310
                               (212) 314-3912
(NAME, ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER, INCLUDING AREA CODE,
                            OF AGENT FOR SERVICE)

                PLEASE SEND COPIES OF ALL COMMUNICATIONS TO:
                             DODIE C. KENT, ESQ.
                      SUTHERLAND, ASBILL & BRENNAN LLP
                         1114 AVENUE OF THE AMERICAS
                        NEW YORK, NEW YORK 10036-7703
            ---------------------


If any of the securities being registered on this Form are to be offered on a
delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, check the following box: [x]

If this Form is filed to register additional securities for an offering
pursuant to Rule 462 (b) under the Securities Act, please check the following
box and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering. [ ]

If this Form is a post-effective amendment filed pursuant to Rule 462 (c) under
the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. [ ]

If this Form is a post-effective amendment filed pursuant to Rule 462 (d) under
the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of "large accelerated filer," "accelerated filer" and "smaller
reporting company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer [ ]    Accelerated filer [ ]     Non-accelerated filer
[x]     Smaller reporting company [ ]
                (Do not check if a smaller reporting company)

                       CALCULATION OF REGISTRATION FEE




===================================================================================================================================
                                                               PROPOSED MAXIMUM         PROPOSED MAXIMUM                 AMOUNT OF
        TITLE OF EACH CLASS OF               AMOUNT TO          OFFERING PRICE              AGGREGATE                  REGISTRATION
      SECURITIES TO BE REGISTERED          BE REGISTERED           PER UNIT              OFFERING PRICE                     FEE
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                           
Market Value Adjustment
   Interests under Flexible
   Premium Annuity Contracts . . .        $95,195,134(2)              (1)                       $                 $1
===================================================================================================================================



(1)  The securities are not issued in predetermined amounts or units.



(2)  Prior to the filing of this Registration Statement, $70,279,685 of units
     of interest under the annuity contracts registered under the Registration
     Statement File No. 333-186795 on Form S-1 on February 22, 2013 remained
     unregistered and unsold. The registration fee of $9,586.15 associated with
     those unsold units of interest was used as payment for the registration
     fee associated with the $95,195,134 units of interest registered hereunder
     pursuant to Rule 457(p), and such unsold units of interest were deemed
     deregistered.


The Registration hereby amends this registration statement on such date or
dates as may be necessary to delay its effective date until the registrant
shall file a further amendment which specifically states that this registration
statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933 or until the registration statement shall become
effective on such date as the Commission, acting pursuant to said Section 8(a),
may determine.
================================================================================




Guaranteed Interest Account with Market Value Adjustment under Flexible Payment
Variable Annuity Contracts

                                                   
PROSPECTUS                                            ISSUED BY
DATED MAY 1, 2016                                     MONY LIFE INSURANCE COMPANY OF AMERICA
                                                      OPERATIONS CENTER
                                                      5788 WIDEWATERS PARKWAY
                                                      SYRACUSE, NY 13214



MONY Life Insurance Company of America (the "Company") issues the Guaranteed
Interest Account with Market Value Adjustment described in this prospectus. The
Guaranteed Interest Account with Market Value Adjustment is available only
under certain variable annuity contracts that we offer.

This Contract is no longer being sold. This prospectus is used with current
contract owners only. We will continue to accept Purchase Payments under
existing Contracts. You should note that your contract features and charges,
and your investment options, may vary depending on your state and/or the date
on which you purchased your Contract. For more information about the particular
options, features and charges applicable to you, please contact your financial
professional and/or refer to your contract.

Among the many terms of the Guaranteed Interest Account with Market Value
Adjustment are:

     - Guaranteed interest to be credited for specific periods (referred to as
       "Accumulation Periods").

     - Three (3), five (5), seven (7) and ten (10) year Accumulation Periods
       are available.

     - Interest will be credited for the entire Accumulation Period on a daily
       basis. Different rates apply to each Accumulation Period and are
       determined by the Company from time to time at its sole discretion.

     - A Market Value Adjustment may be charged if part or all of the
       Guaranteed Interest Account with Market Value Adjustment is surrendered
       or transferred before the end of the Accumulation Period.

     - Potential purchasers should carefully consider the factors described in
       "Risk Factors" as well as the other information contained in this
       prospectus before allocating Purchase Payments or Fund Values to the
       Guaranteed Interest Account with Market Value Adjustment offered
       herein.


--------------------------------------------------------------------------------
THESE ARE ONLY SOME OF THE TERMS OF THE GUARANTEED INTEREST ACCOUNT WITH MARKET
VALUE ADJUSTMENT. PLEASE READ THIS PROSPECTUS AND THE PROSPECTUS FOR THE
VARIABLE ANNUITY CONTRACT CAREFULLY FOR MORE COMPLETE DETAILS OF THE
CONTRACT.
--------------------------------------------------------------------------------


THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED OF THESE
SECURITIES OR DETERMINED IF THIS PROSPECTUS IS ACCURATE OR COMPLETE. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. THE CONTRACTS ARE NOT
INSURED BY THE FDIC OR ANY OTHER AGENCY. THEY ARE NOT DEPOSITS OR OTHER
OBLIGATIONS OF ANY BANK AND ARE NOT BANK GUARANTEED. THEY ARE SUBJECT TO
INVESTMENT RISKS AND POSSIBLE LOSS OF PRINCIPAL.



  MLA-GIAMVA 05.16






                              TABLE OF CONTENTS


                                                                                                                    
1.  DEFINITIONS....................................................................................................      3
2.  SUMMARY........................................................................................................      4
    Purpose of the Guaranteed Interest Account with Market Value Adjustment........................................      4
    Purchase Payments..............................................................................................      4
    The Accumulation Periods.......................................................................................      4
    Crediting of interest..........................................................................................      4
    The Market Value Adjustment....................................................................................      5
    Transfers, Surrenders and Loans................................................................................      5
    Death benefit..................................................................................................      7
    Other provisions of the Contract...............................................................................      7
3.  RISK FACTORS...................................................................................................      7
4.  DESCRIPTION OF THE GUARANTEED INTEREST ACCOUNT WITH MARKET VALUE ADJUSTMENT....................................      7
    General........................................................................................................      7
    Allocations to the Guaranteed Interest Account with Market Value Adjustment....................................      8
    Specified Interest Rates and the Accumulation Periods..........................................................      8
    End of Accumulation Periods....................................................................................      9
    The Market Value Adjustment....................................................................................     10
    Contract charges...............................................................................................     11
    Guaranteed Interest Account at annuitization...................................................................     11
5.  FEDERAL TAX STATUS.............................................................................................     11
    Introduction...................................................................................................     11
    Taxation of annuities in general...............................................................................     12
    Retirement plans...............................................................................................
    Tax treatment of the Company...................................................................................
6.  INVESTMENTS....................................................................................................     18
7.  CONTRACTS AND THE DISTRIBUTION OF THE GUARANTEED INTEREST ACCOUNT WITH MARKET VALUE ADJUSTMENT.................     18
8.  MONY LIFE INSURANCE COMPANY OF AMERICA.........................................................................     21
9.  LEGAL PROCEEDINGS..............................................................................................     21
10. ADDITIONAL INFORMATION.........................................................................................     22
APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA






  2




1. DEFINITIONS

ACCUMULATION PERIOD -- Currently 3, 5, 7 and 10 years. The Accumulation Period
starts on the Business Day and falls on, or next follows the date the Purchase
Payment is transferred into the Guaranteed Interest Account with Market Value
Adjustment and ends on the monthly Contract Anniversary immediately prior to
the last day of that Accumulation Period.

ANNUITANT -- The person upon whose continuation of any life annuity payment
depends.

ANNUITY STARTING DATE -- Attainment of age 95, or at the discretion of the
Owner of the Contract, a date that is at least ten years from the Effective
Date of the Contract.

BUSINESS DAY -- Our "business day" is generally any day the New York Stock
Exchange is open for regular trading and generally ends at 4.00 p.m. Eastern
Time (or as of an earlier close of regular trading). A Business Day does not
include a day on which the New York Stock Exchange is not open due to emergency
conditions determined by the Securities and Exchange Commission. We may also
close early due to such emergency conditions.

CASH VALUE -- The Contract's Fund Value, less (1) any applicable Surrender
Charge, (2) any outstanding debt, and (3) any applicable Market Value
Adjustment.

CODE -- The Internal Revenue Code of 1986, as amended.

COMPANY -- MONY Life Insurance Company of America, the issuer of the Contract.
"We," "us," and "our" also refers to the Company.

CONTRACT -- Individual Flexible Payment Variable Annuity Contract.

CONTRACT ANNIVERSARY -- An anniversary of the Effective Date of the Contract.

CONTRACT YEAR -- Any period of twelve (12) months commencing with the Effective
Date and each Contract Anniversary hereafter.

EFFECTIVE DATE -- The date the Contract begins as shown in the Contract.

FUND VALUE -- The aggregate dollar value as of any Business Day of all amounts
accumulated under each of the Subaccounts, the Guaranteed Interest Account, and
the Loan Account of the Contract.

GENERAL ACCOUNT -- The General Account of the Company, which consists of all of
the Company's assets other than those assets allocated to the Company's
separate accounts.

GOOD ORDER -- Instructions that we receive at the Operations Center within the
prescribed time limits, if any, specified in the Contract for the transaction
requested. The instructions must be on the appropriate form or in a form
satisfactory to us that includes all the information necessary to execute the
requested transaction, and must be signed by the individual authorized to make
the transaction. To be in "Good Order," instructions must be sufficiently clear
so that we do not need to exercise any discretion to follow such
instructions.

GUARANTEED INTEREST ACCOUNT -- An account which is part of the General
Account.

LOAN -- Available under a Contract issued under Section 401(k) of the Code,
subject to availability. To be considered a Loan: (1) the term must be no more
than five years, (2) repayments must be at least quarterly and substantially
level, and (3) the amount is limited to dollar amounts specified by the Code,
not to exceed 50% of the Fund Value.

LOAN ACCOUNT -- A part of the General Account where Fund Value is held as
collateral for a Loan. An Owner may transfer Fund Value in the Subaccounts
and/or Guaranteed Interest Account with Market Value Adjustment to the Loan
Account.

MARKET VALUE ADJUSTMENT OR MVA -- An amount added to or deducted from the
amount surrendered or transferred from the Guaranteed Interest Account with
Market Value Adjustment for Contracts issued in certain states.

MONTHLY CONTRACT ANNIVERSARY -- The date of each month corresponding to the
Effective Date of the Contract. For example, for a Contract with a June 15
Effective Date, the Monthly Contract Anniversary is the 15th of each month. If
a Contract's Effective Date falls on the 29th, 30th or 31st day of a month, the
Monthly Contract Anniversary will be the earlier of that day or the last day of
the particular month in question.

OWNER -- The person so designated in the application to whom all rights,
benefits, options, and privileges apply while the Annuitant is living. If a
Contract has been absolutely assigned, the assignee becomes the Owner.

PURCHASE PAYMENT -- An amount paid to the Company by the Owner or on the
Owner's behalf as consideration for the benefits provided by the Contract.



  3



SUBACCOUNT -- A division of MONY America Variable Account A, the separate
account supporting the Contracts.

SURRENDER CHARGE -- A deferred sales load, expressed as a percentage of Fund
Value surrendered.


2. SUMMARY

This summary provides you with a brief overview of the more important aspects
of the Contract's Guaranteed Interest Account with Market Value Adjustment. It
is not intended to be complete. More detailed information is contained in this
prospectus on the pages following this summary and in the Contract. This
summary and the entire prospectus will describe only the Guaranteed Interest
Account with Market Value Adjustment. Other parts of the Contract are described
in the Contract and in the prospectus for that Contract. Before allocating your
Purchase Payments to the Guaranteed Interest Account with Market Value
Adjustment, We urge you to read both prospectuses carefully.


PURPOSE OF THE GUARANTEED INTEREST ACCOUNT WITH MARKET VALUE ADJUSTMENT

The Guaranteed Interest Account with Market Value Adjustment is designed to
provide you with an opportunity to receive a guaranteed fixed rate of interest.
You can choose the period of time over which the guaranteed fixed rate of
interest will be paid. That period of time is known as the Accumulation
Period.

The Guaranteed Interest Account with Market Value Adjustment is also designed
to provide you with the opportunity to transfer part or all of the Guaranteed
Interest Account with Market Value Adjustment to the Subaccounts available to
you under the Contract. It is also designed to provide you with the opportunity
to surrender part or all of the Guaranteed Interest Account with Market Value
Adjustment before the end of the Accumulation Period. If you ask us to transfer
or surrender part or all of the Guaranteed Interest Account, we may apply a
MVA. This adjustment may be positive, negative, or zero.


PURCHASE PAYMENTS

The Purchase Payments you make for the Contract are received by the Company.
Currently earnings on those Purchase Payments are not subject to taxes imposed
by the U.S. Government or any state or local government.

You may allocate all or part of your Purchase Payments to the Guaranteed
Interest Account with Market Value Adjustment.


THE ACCUMULATION PERIODS

There are 4 different Accumulation Periods currently available: a 3-year
Accumulation Period, a 5-year Accumulation Period, a 7-year Accumulation Period
and a 10-year Accumulation Period. You may allocate initial or additional
Purchase Payments made under the Contract to one or more Accumulation Periods.
You may also ask us to transfer Fund Values from the Subaccounts available
under the Contract to one or more of the Accumulation Periods subject to any
applicable MVA. There is no minimum amount required for allocation or transfer
to an Accumulation Period. (See "Allocations to the Guaranteed Interest Account
with Market Value Adjustment.")

Each Accumulation Period starts on the Business Day that falls on, or next
follows, the date on which allocations are made and Purchase Payments are
received or Fund Values are transferred. Each Accumulation Period ends on the
Monthly Contract Anniversary immediately prior to the 3, 5, 7 or 10 year
anniversary of the start of the Accumulation Period (the "Maturity Date"). This
means that the Accumulation Period for a 3, 5, 7 or 10 year Accumulation Period
may be up to 31 days shorter than 3, 5, 7 or 10 years, respectively. (See
"Specified Interest Rates and the Accumulation Periods.")


CREDITING OF INTEREST

The Company will credit amounts allocated to an Accumulation Period with
interest at an annual rate not less than 3.50%. This interest rate is referred
to as the "Specified Interest Rate." It will be credited for the duration of
the Accumulation Period. Specified Interest Rates for each Accumulation Period
are declared periodically at the sole discretion of the Company. (See
"Specified Interest Rates and the Accumulation Periods.")

At least 15 days and at most 45 days prior to the Maturity Date of an
Accumulation Period, Owners having Fund Values allocated to such Accumulation
Periods will be notified of the impending Maturity Date. Owners will then have
the option of directing the surrender or transfer (including transfers for the
purpose of obtaining a Loan) of the Fund Value within 30 days before the end of
the Accumulation Period without application of any MVA.



  4



The Specified Interest Rate will be credited to amounts allocated to an
Accumulation Period, so long as such allocations are neither surrendered nor
transferred prior to the Maturity Date for the Allocation Period. The Specified
Interest Rate is credited daily, providing an annual effective yield. (See
"Specified Interest Rates and the Accumulation Periods.")


THE MARKET VALUE ADJUSTMENT

Amounts that are surrendered or transferred (including transfers for the
purpose of obtaining a Loan) from an Accumulation Period more than 30 days
before the Maturity Date will be subject to an MVA. An MVA will not apply upon
annuitization or upon payment of a death benefit. The MVA is determined through
the use of a factor, which is known as the MVA Factor. This factor is discussed
in detail in the section entitled "The Market Value Adjustment." The MVA could
cause an increase or decrease or no change at all in the amount of the
distribution from an Accumulation Period.


TRANSFERS, SURRENDERS AND LOANS

When you as Owner request that Contract Fund Value from the Guaranteed Interest
Account with Market Value Adjustment be transferred to MONY America Variable
Account A, surrendered, loaned to you, or used to pay any charge imposed in
accordance with the Contract, you should tell the Company the source of Fund
Value, by Accumulation Period, of amounts to be transferred, surrendered,
loaned, or used to pay charges. We will not process the surrender unless you
tell us the source by Accumulation Period to use. If you do not specify an
Accumulation Period, your transaction will be processed using the Accumulation
Periods in the order in which money was most recently allocated.


TRANSFERS

Transfers may be made from the Guaranteed Interest Account with Market Value
Adjustment at any time, but, if they are made before the end of the 3, 5, 7 or
10 year Accumulation Period there will be a Market Value Adjustment for
Contracts issued in most states. If the transfer request is received in Good
Order within 30 days before the end of the Accumulation Period, no Market Value
Adjustment will apply. If multiple Accumulation Periods are in effect, your
transfer request must specify from which Accumulation Period(s) we are to make
the transfer.

Contracts issued in Maryland, Massachusetts, New Jersey, Oklahoma, Oregon,
Pennsylvania, South Carolina, Texas and Washington with Fund Value must
maintain a minimum Fund Value in the Guaranteed Interest Account with Market
Value Adjustment of $2,500.


SURRENDERS

The Owner may elect to make a surrender of all or part of the Contract's Fund
Value provided it is:

     -  on or before the annuity payments start, and

     -  during the lifetime of the Annuitant.

Any such election shall specify the amount of the surrender. The surrender will
be effective on the date a proper written request is received by the Company at
its Operations Center in Good Order.

The amount of the surrender may be equal to the Contract's Cash Value, which is
its Fund Value less:

     (1)  any applicable Surrender Charge, and

     (2)  any applicable Market Value Adjustment.

The surrender may also be for a lesser amount (a "partial surrender").
Requested partial surrenders that would leave a Cash Value of less than $1,000
are treated and processed as a full surrender. In such case, the entire Cash
Value will be paid to the Owner. For a partial surrender, any Surrender Charge
or any applicable Market Value Adjustment will be in addition to the amount
requested by the Owner. A partial surrender may reduce your death benefit
proportionately by the same percentage that the surrender (including any
Surrender Charge and any Market Value Adjustment, if applicable) reduced Fund
Value.

A surrender will result in the cancellation of units of the particular
Subaccounts and the withdrawal of amounts credited to the Guaranteed Interest
Account with Market Value Adjustment Accumulation Periods as chosen by the
Owner. The aggregate value of the surrender will be equal to the dollar amount
of the surrender plus, if applicable, any Surrender Charge and any applicable
Market Value Adjustment. For a partial surrender, the Company will cancel


  5



units of the particular Subaccounts and withdraw amounts from the Guaranteed
Interest Account with Market Value Adjustment Accumulation Period under the
allocation specified by the Owner. The unit value will be calculated as of the
end of the Business Day the surrender request is received in Good Order. The
Owner can specify partial surrender allocations by either amount or percentage.
Allocations by percentage must be in whole percentages (totaling 100%). The
minimum percentage of allocation for a partial surrender is 10% of any
Subaccount or Guaranteed Interest Account with Market Value Adjustment
designated by the Owner. The request will not be accepted if:

     - there is insufficient Fund Value in the Guaranteed Interest Account with
       Market Value Adjustment or a Subaccount to provide for the requested
       allocation against it, or

     - the request is incomplete or incorrect or otherwise not in Good Order.

Any Surrender Charge will be allocated against the Guaranteed Interest Account
with Market Value Adjustment and each Subaccount in the same proportion that
each allocation bears to the total amount of the partial surrender. Contracts
issued in Maryland, the Commonwealth of Massachusetts, New Jersey, Oklahoma,
Oregon, the Commonwealth of Pennsylvania, South Carolina, Texas and Washington
must maintain a minimum Fund Value in the Guaranteed Interest Account with
Market Value Adjustment of $2,500.

The amount of any surrender, death benefit, or transfer payable from MONY
America Variable Account A amount will be paid in accordance with the
requirements of the Investment Company Act of 1940, as amended (the "1940
Act"). However, the Company may be permitted to postpone such payment under the
1940 Act. Postponement is currently permissible only for any period during
which:

     (1)  the New York Stock Exchange is closed other than customary weekend
          and holiday closings, or

     (2)  trading on the New York Stock Exchange is restricted as determined by
          the Securities and Exchange Commission, or

     (3)  an emergency exists as a result of which disposal of securities held
          by the Fund is not reasonably practicable or it is not reasonably
          practicable to determine the value of the net assets of the Fund.

Any surrender involving payment from amounts credited to the Guaranteed
Interest Account with Market Value Adjustment may be postponed, at the option
of the Company, for up to 6 months from the date the request for a surrender is
received by the Company in Good Order. Surrenders involving payment from the
Guaranteed Interest Account with Market Value Adjustment may in certain
circumstances and in certain states also be subject to a Market Value
Adjustment, in addition to a Surrender Charge.

The tax results of a surrender should be carefully considered. (See "Federal
tax status.")

Please note: If mandated under applicable law, we may be required to reject a
Purchase Payment. In addition, we may also be required to block an Owner's
account and thereby refuse to honor any request for transfers, partial
surrenders, Loans or death benefits until instructions are secured from the
appropriate regulator. We may also be required to provide additional
information about your account to government regulators.


LOANS

Qualified Contracts issued under Section 401(k) plan under the Code will have a
loan provision (except in the case of Contracts issued in Vermont) under which
a Loan can be taken using the Contract as collateral for the Loan. All of the
following conditions apply in order for the amount to be considered a loan,
rather than a (taxable) partial surrender:

     - The term of the Loan generally must be 5 years or less.

     - Repayments are required at least quarterly and must be substantially
       level.

     - The Loan amount is limited to certain dollar amounts as specified by the
       IRS.

The Owner (Plan Trustee) must certify that these conditions are satisfied.
Loans could have tax consequences. (See "Federal tax status.")

In any event, the maximum outstanding Loan on a Contract is 50% of the Fund
Value in the Subaccounts and/or the Guaranteed Interest Account with Market
Value Adjustment. Loans are not permitted before the end of the right to return
contract period. In requesting a Loan, the Owner must specify the Subaccounts
from which Fund Value equal to the amount of the Loan requested will be taken.
Loans from the Guaranteed Interest Account with Market Value Adjustment are not
taken until Fund Value in the Subaccounts is exhausted. If in order to provide
the Owner with the amount of the Loan requested, and Fund Values must be taken
from the Guaranteed Interest Account with Market


  6



Value Adjustment, then the Owner must specify the Accumulation Periods from
which Fund Values equal to such amount will be taken. If the Owner fails to
specify Subaccounts and Accumulation Periods, the request for a Loan will be
returned to the Owner.

Values are transferred to a Loan Account that earns interest at an annual rate
of 3.50%. The annual loan interest rate charged on outstanding Loans will be 6%
in arrears. Any interest not paid when due will be added to the Loan and bear
interest at the 6% annual rate.

Loan repayments must be specifically earmarked as loan repayment and will be
allocated to the Subaccounts and/or the Guaranteed Interest Account with Market
Value Adjustment using the most recent payment allocation on record. Otherwise,
we will treat the payment as a net Purchase Payment.


DEATH BENEFIT

Upon payment of a death benefit, if there are funds allocated to the Guaranteed
Interest Account with Market Value Adjustment at the time of death, any
applicable Market Value Adjustment will be waived.


OTHER PROVISIONS OF THE CONTRACT

This summary and this prospectus do not describe the other provisions of the
Contract. Please refer to the prospectus for MONY America Variable Account A
and to the Contract for the details of these provisions.


3. RISK FACTORS

Potential purchasers should carefully consider the factors described in this
section as well as the other information contained in this prospectus before
allocating Purchase Payments or Fund Values to the Guaranteed Interest Account
with Market Value Adjustment offered herein. Such Risk factors include:

     (i)  the risk of losses on real estate and commercial mortgage loans,

     (ii) other risks relating to the Company's investment portfolio that could
          affect the profitability of the Company,

     (iii) the risk that interest rate changes could make certain of the
           Company's products less profitable to the Company or less attractive
           to customers,

     (iv) risks with respect to certain sales practice litigation that could
          result in substantial judgments against the Company,

     (v)  the risk of increased surrenders of certain annuities as the
          Surrender Charges with respect to such annuities expire that could
          eliminate sources of revenues (charges under the annuities) and/or
          exhaust the Company's liquid assets and force the Company to
          liquidate other assets, perhaps on unfavorable terms,

     (vi) risks associated with certain economic and market factors,

     (vii) the risk of variations in claims experience that could be different
           than the assumptions management used in pricing the Company's
           products,

     (viii) risks related to certain insurance regulatory matters -- i.e., that
            certain issues raised during examinations of the Company could have
            a material impact on the Company,

     (ix) risks of competition,

     (x)  risks with respect to claims paying ability ratings and financial
          strength ratings that could adversely affect the Company's ability to
          compete, and

     (xi) risks of potential adoption of new federal income tax legislation
          that could adversely affect the Company and its ability to compete
          with non-insurance products and the demand for certain insurance
          products.


4. DESCRIPTION OF THE GUARANTEED INTEREST ACCOUNT WITH MARKET VALUE
ADJUSTMENT

GENERAL

The Guaranteed Interest Account with Market Value Adjustment is an allocation
option available under certain variable annuity contracts issued by the
Company. Not all of the variable annuity contracts issued by the Company offer
the Guaranteed Interest Account with Market Value Adjustment, nor is the
Guaranteed Interest Account with Market Value Adjustment available in every
state jurisdiction. The variable annuity contract that offers the Guaranteed
Interest Account with Market Value Adjustment clearly discloses whether the
Guaranteed Interest Account with Market


  7



Value Adjustment is available as an allocation choice to the Owner. If the
Guaranteed Interest Account with Market Value Adjustment is available under a
variable annuity issued by the Company, the prospectus for the variable annuity
contract and this prospectus must be read carefully together in the same manner
that prospectuses for underlying mutual funds must be read with the prospectus
for the contracts.

The guarantees associated with the Guaranteed Interest Account with Market
Value Adjustment are borne exclusively by the Company. The guarantees
associated with the Guaranteed Interest Account with Market Value Adjustment
are legal obligations of the Company. Fund Values allocated to the Guaranteed
Interest Account with Market Value Adjustment are held in the General Account
of the Company. Amounts allocated to the General Account of the Company are
subject to the liabilities arising from the business the Company conducts. The
Company has sole investment discretion over the investment of the assets of its
General Account. Owners having allocated amounts to a particular Accumulation
Period of the Guaranteed Interest Account with Market Value Adjustment,
however, will have no claim against any particular assets of the Company.

The Guaranteed Interest Account with Market Value Adjustment provides for a
Specified Interest Rate, which is a guaranteed interest rate that will be
credited as long as any amount allocated to the Guaranteed Interest Account
with Market Value Adjustment is not distributed for any reason prior to the
Maturity Date of the particular Accumulation Period chosen by the Owner.
Generally, a 3-year Accumulation Period offers guaranteed interest at a
Specified Interest Rate over three years, a 5-year Accumulation Period offers
guaranteed interest at a Specified Interest Rate over five years, and so on.
Because the Maturity Date is the Monthly Contract Anniversary immediately prior
to the 3, 5, 7 or 10 year anniversary of the start of the Accumulation Period,
the Accumulation Period may be up to 31 days shorter than the 3, 5, 7 or 10
years, respectively.

Although the Specified Interest Rate will continue to be credited as long as
Fund Value remains in an Accumulation Period of the Guaranteed Interest Account
with Market Value Adjustment prior to the Maturity Date of that Accumulation
Period, surrenders or transfers (including transfers to the Loan Account as a
result of a request by the Owner for a Loan) will be subject to a Market Value
Adjustment, as described below. Market Value Adjustments do not apply upon
annuitization or upon payment of a death benefit.


ALLOCATIONS TO THE GUARANTEED INTEREST ACCOUNT WITH MARKET VALUE ADJUSTMENT
There are three sources from which allocations to the Guaranteed Interest
Account with Market Value Adjustment may be made:

     (1)  an initial Purchase Payment made under a Contract may be wholly or
          partially allocated to the Guaranteed Interest Account with Market
          Value Adjustment;

     (2)  a subsequent or additional Purchase Payment made under a Contract may
          be partially or wholly allocated to the Guaranteed Interest Account
          with Market Value Adjustment; and

     (3)  amounts transferred from Subaccounts available under the Contract may
          be wholly or partially allocated to the Guaranteed Interest Account
          with Market Value Adjustment.

There is no minimum amount of any allocation of either Purchase Payments or
transfers of Fund Value to the Guaranteed Interest Account with Market Value
Adjustment. The Contract provides that the prior approval of the Company is
required before it will accept a Purchase Payment where, with that Purchase
Payment, cumulative Purchase Payments made under the Contract held by the
Owner, less the amount of any prior partial surrenders and their Surrender
Charges, the MVA, and any debt, exceed $1,500,000. This limit applies to the
aggregate of Fund Values in the Guaranteed Interest Account with Market Value
Adjustment, the Subaccounts and the Loan Account of the Contract.


SPECIFIED INTEREST RATES AND THE ACCUMULATION PERIODS

SPECIFIED INTEREST RATES

The Specified Interest Rate, at any given time, is the rate of interest
guaranteed by the Company to be credited to allocations made to the
Accumulation Period for the Guaranteed Interest Account with Market Value
Adjustment chosen by the Owner, so long as no portion of the allocation is
distributed for any reason prior to the Maturity Date of the Accumulation
Period. Different Specified Interest Rates may be established for the four
different Accumulation Periods which are currently available (3, 5, 7 and 10
years).

The Company declares Specified Interest Rates for each of the available
Accumulation Periods from time to time. Normally, new Specified Interest Rates
will be declared monthly; however, depending on interest rate fluctuations,
declarations of new Specified Interest Rates may occur more or less frequently.
The Company observes no specific method in the establishment of the Specified
Interest Rates, but generally will attempt to declare Specified Interest


  8



Rates which are related to interest rates associated with fixed-income
investments available at the time and having durations and cash flow attributes
compatible with the Accumulation Periods then available for the Guaranteed
Interest Account with Market Value Adjustment. In addition, the establishment
of Specified Interest Rates may be influenced by other factors, including
competitive considerations, administrative costs and general economic trends.
The Company has no way of predicting what Specified Interest Rates may be
declared in the future and there is no guarantee that the Specified Interest
Rate for any of the Accumulation Periods will exceed the guaranteed minimum
effective annual interest rate of 3.50%. OWNERS BEAR THE RISK THAT THE
SPECIFIED INTEREST RATE WILL NOT EXCEED THE GUARANTEED MINIMUM RATE.

The period of time during which a particular Specified Interest Rate is in
effect for new allocations to the then available Accumulation Periods is
referred to as the "Investment Period." All allocations made to an Accumulation
Period during an Investment Period are credited with the Specified Interest
Rate in effect. An Investment Period ends only when a new Specified Interest
Rate relative to the Accumulation Period in question is declared. Subsequent
declarations of new Specified Interest Rates have no effect on allocations made
to Accumulation Periods during prior Investment Periods. All such prior
allocations will be credited with the Specified Interest Rate in effect when
the allocation was made for the duration of the Accumulation Period selected.

Information concerning the Specified Interest Rates in effect for the various
Accumulation Periods can be obtained by contacting an agent of the Company who
is also a registered representative of AXA Advisors, LLC or by calling the
following toll free telephone number: (800) 487-6669.

The Specified Interest Rate is credited on a daily basis to allocations made to
an Accumulation Period elected by the Owner, resulting in an annual effective
yield which is guaranteed by the Company, unless amounts are surrendered,
transferred or paid out on death of Annuitant from that Accumulation Period for
any reason prior to the Maturity Date for that Accumulation Period. The
Specified Interest Rate will be credited for the entire Accumulation Period. If
amounts are surrendered or transferred from the Accumulation Period for any
reason prior to the Maturity Date, a Market Value Adjustment will be applied to
the amount surrendered or transferred.


ACCUMULATION PERIODS

For each Accumulation Period, the Specified Interest Rate in effect at the time
of the allocation to that Accumulation Period is guaranteed. An Accumulation
Period always ends on a Maturity Date, which is the Monthly Contract
Anniversary immediately prior to the 3, 5, 7 or 10 year anniversary of the
start of the Accumulation Period. Therefore, the Specified Interest Rate may be
credited for up to 31 days less than the full 3, 5, 7 or 10 years.

For example, if the Effective Date of a Contract is August 10, 2000 and an
allocation is made to a 10 year Accumulation Period on August 15, 2000 and the
funds for a new Purchase Payment are received in Good Order on that day, the
Accumulation Period will begin on August 15, 2000 and end on August 10, 2010,
during which period the Specified Interest Rate will be credited.

All Accumulation Periods for the 3, 5, 7 and 10 year Accumulation Periods,
respectively, will be determined in a manner consistent with the foregoing
example.


END OF ACCUMULATION PERIODS

At least fifteen days and at most forty-five days prior to the end of an
Accumulation Period, the Company will send notice to the Owner of the impending
Maturity Date. The notice will include the projected Fund Value held in the
Accumulation Period on the Maturity Date and will specify the various options
Owners may exercise with respect to the Accumulation Period:

     (1)  During the thirty-day period before the Maturity Date, the Owner may
          wholly or partially surrender the Fund Value held in that
          Accumulation Period without a Market Value Adjustment; however,
          Surrender Charges under the Contract, if applicable, will be
          assessed.

     (2)  During the thirty-day period before the Maturity Date, the Owner may
          wholly or partially transfer the Fund Value held in that Accumulation
          Period, without a Market Value Adjustment, to any Subaccount then
          available under the Contract or may elect that the Fund Value held in
          that Accumulation Period be held for an additional Accumulation
          Period of the same number of years or for another Accumulation Period
          of a different number of years which may at the time be available. A
          confirmation of any such transfer or election will be sent
          immediately after the transfer or election is processed.

     (3)  If the Owner does not make an election within thirty days following
          the Maturity Date, the entire Fund Value held in the maturing
          Accumulation Period will be transferred to an Accumulation Period of
          the same number


  9



          of years as the Accumulation Period which matured. The start of the
          new Accumulation Period is the ending date of the previous
          Accumulation Period. However, if that period would extend beyond the
          Annuity Starting Date of the Contract or if that period is not then
          made available by the Company, the Fund Value held in the maturing
          Accumulation Period will be automatically transferred to the Money
          Market Subaccount at the end of the Maturity Period. A confirmation
          will be sent immediately after the automatic transfer is executed.

During the thirty-day period following the Maturity Date, and prior to any of
the transactions set forth in (1), (2), or (3) above, the Specified Value held
in the maturing Accumulation Period will continue to be credited with the
Specified Interest Rate in effect before the Maturity Date.


THE MARKET VALUE ADJUSTMENT

GENERAL INFORMATION REGARDING THE MVA

A surrender or transfer (including a transfer to the Loan Account as a result
of a request by the Owner for a Loan) from the Guaranteed Interest Account with
Market Value Adjustment prior to the Maturity Date of that particular
Accumulation Period, will be subject to a Market Value Adjustment. A Market
Value Adjustment will not apply upon annuitization or upon payment of a death
benefit. The Market Value Adjustment is determined by the multiplication of an
MVA Factor (see "The MVA Factor" below) by the Specified Value, or the portion
of the Specified Value being surrendered or transferred (including transfers
for the purpose of obtaining a Loan). The Specified Value is the amount of the
allocation of Purchase Payments and transfers of Fund Value to an Accumulation
Period of the Guaranteed Interest Account with Market Value Adjustment, plus
interest accrued at the Specified Interest Rate minus prior distributions. The
Market Value Adjustment may either increase or decrease the amount of the
distribution. It will not apply to requests for transfer or full or partial
surrenders received at our Operations Center in Good Order within 30 days
before the end of the applicable Accumulation Period.

The Market Value Adjustment is intended to approximate, without duplicating,
the experience of the Company when it liquidates assets in order to satisfy
contractual obligations. Such obligations arise when Owners request surrenders
or transfers (including transfers for the purpose of obtaining a Loan). When
liquidating assets, the Company may realize either a gain or a loss.

If prevailing interest rates are higher at the time of a surrender or transfer
(including transfers for the purpose of obtaining a Loan) than the Specified
Interest Rate in effect at the time the Accumulation Period commences, the
Company will realize a loss when it liquidates assets in order to process a
surrender or transfer (including transfers for the purpose of obtaining a
Loan); therefore, application of the Market Value Adjustment under such
circumstances will decrease the amount of the surrender or transfer (including
transfers for the purpose of obtaining a Loan).

Generally, if prevailing interest rates are lower than the Specified Interest
Rate in effect at the time the Accumulation Period commences, the Company will
realize a gain when it liquidates assets in order to process a surrender or
transfer (including transfers for the purpose of obtaining a Loan); therefore,
application of the MVA under such circumstances will generally increase the
amount of the surrender or transfer (including transfers for the purpose of
obtaining a Loan).

The Company measures the relationship between prevailing interest rates and the
Specified Interest Rates it declares through the MVA Factor. The MVA Factor is
described more fully below.


THE MVA FACTOR

The formula for determining the MVA Factor is:

                         [(1+a)/(1+b)]/((n-t)/12)/-1

Where:

    
                a    =        the Specified Interest Rate for the Accumulation Period from which the surrender, transfer or
                          Loan is to be taken;

                b    =        the Specified Interest Rate declared at the time a surrender or transfer is requested for an
                          Accumulation Period equal to the time remaining in the Accumulation Period from which the
                          surrender or transfer (including transfer to the Loan Account as a result of a request by the
                          Owner for a Loan) is requested, plus 0.25%;

                n    =        the Accumulation Period from which the surrender or transfer occurs in months; and

                t    =        the number of elapsed months (or portion thereof) in the Accumulation Period from which
                          the surrender or transfer occurs.


                


 10



If an Accumulation Period equal to the time remaining is not issued by the
Company, the rate will be an interpolation between two available Accumulation
Periods. If two such Accumulation Periods are not available, we will use the
rate for the next closest available Accumulation Period.

If the Company is no longer declaring rates on new payments, we will use
Treasury yields adjusted for investment risk as the basis for the Market Value
Adjustment.

The MVA Factor shown above also accounts for some of the administrative and
processing expenses incurred when fixed-interest investments are liquidated.
This is represented in the addition of 0.25% in the MVA Factor.

The MVA Factor will be multiplied by that portion of the Fund Value being
surrendered, transferred, or distributed for any other reason. If the result is
greater than 0, a gain will be realized by the Owner; if less than 0, a loss
will be realized. If the MVA Factor is exactly 0, no gain or loss will be
realized by the Owner.


CONTRACT CHARGES

The Contracts under which the Guaranteed Interest Account with Market Value
Adjustment are made available have various fees and charges, some of which may
be assessed against allocations made to the Guaranteed Interest Account with
Market Value Adjustment.

Surrender Charges, if applicable, will be assessed against full or partial
surrenders from the Guaranteed Interest Account with Market Value Adjustment.
If any such surrender occurs prior to the Maturity Date for any particular
Accumulation Period elected by the Owner, the amount surrendered will be
subject to a Market Value Adjustment in addition to Surrender Charges. The
variable annuity prospectus fully describes the Surrender Charges. Please refer
to the variable annuity prospectus for complete details regarding the Surrender
Charges under the Contracts.

Mortality and expense risk charges which may be assessed under Contracts will
not be assessed against any allocation to the Guaranteed Interest Account with
Market Value Adjustment. Such charges apply only to the Fund Value allocated to
the Subaccounts.


GUARANTEED INTEREST ACCOUNT AT ANNUITIZATION

On the Annuity Starting Date, the Contract's Cash Value, including the
Specified Value of all Accumulation Periods of the Guaranteed Interest Account
with Market Value Adjustment, will be applied to provide an annuity or any
other option previously chosen by the Owner and permitted by the Company.
Because the Annuity Starting Date will always coincide with or follow the
Maturity Date of any Guaranteed Interest Account with Market Value Adjustment,
no Market Value Adjustment will apply at annuitization. For more information
about annuitization and annuity options, please refer to the prospectus for
MONY America Variable Account A and to the Contract.


5. FEDERAL TAX STATUS

INTRODUCTION

The following discussion of the federal income tax treatment of the Contract is
not exhaustive, does not purport to cover all situations, and is not intended
as tax advice. The federal income tax treatment of the Contract is unclear in
certain circumstances, and you should always consult a qualified tax adviser
regarding the application of law to individual circumstances. This discussion
is based on the Code, Treasury Department regulations, and interpretations
existing on the date of this prospectus. These authorities, however, are
subject to change by Congress, the Treasury Department, and judicial
decisions.


This discussion does not address Federal estate, gift, or generation skipping
transfer taxes, or any state or local tax consequences associated with the
purchase of the Contract. In addition, THE COMPANY MAKES NO GUARANTEE REGARDING
ANY TAX TREATMENT -- FEDERAL, STATE OR LOCAL -- OF ANY CONTRACT OR OF ANY
TRANSACTION INVOLVING A CONTRACT.


THE COMPANY'S TAX STATUS

The Company is taxed as a life insurance company under the Code. The assets
underlying the Guaranteed Interest Account with Market Value Adjustment are
owned by the Company, and the income derived from such assets will be
includible in the Company's income for federal income tax purposes.



 11



TAXATION OF ANNUITIES IN GENERAL

TAX DEFERRAL DURING ACCUMULATION PERIOD

Under existing provisions of the Code, except as described below, any increase
in an Owner's Fund Value is generally not taxable to the Owner until received,
either in the form of annuity payments as contemplated by the Contracts, or in
some other form of distribution.

NONNATURAL OWNER

As a general rule, Contracts held by "nonnatural persons" such as a
corporation, trust or other similar entity, as opposed to a natural person, are
not treated as annuity contracts for federal tax purposes. The income on such
Contracts (as defined in the tax law) is taxed as ordinary income that is
received or accrued by the Owner of the Contract during the taxable year. There
are several exceptions to this general rule for nonnatural Owners. First,
Contracts will generally be treated as held by a natural person if the nominal
owner is a trust or other entity which holds the Contract as an agent for a
natural person. Thus, if a group Contract is held by a trust or other entity as
an agent for certificate owners who are individuals, those individuals should
be treated as owning an annuity for federal income tax purposes. However, this
special exception will not apply in the case of any employer who is the nominal
owner of a Contract under a non-qualified deferred compensation arrangement for
its employees.

In addition, exceptions to the general rule for nonnatural Owners will apply
with respect to:

     (1)  Contracts acquired by an estate of a decedent by reason of the death
          of the decedent;

     (2)  certain Qualified Contracts;

     (3)  Contracts purchased by employers upon the termination of certain
          Qualified Plans;

     (4)  certain Contracts used in connection with structured settlement
          agreements; and

     (5)  Contracts purchased with a single purchase payment when the annuity
          starting date is no later than a year from purchase of the Contract
          and substantially equal periodic payments are made, not less
          frequently than annually, during the annuity period.

DELAYED ANNUITY PAYMENT DATES

If the date annuity payments start under the Contract occurs (or is scheduled
to occur) at a time when the Annuitant has reached an advanced age (E.G., past
age 95), it is possible that the Contract would not be treated as an annuity
for federal income tax purposes. In that event, the income and gains under the
Contract could be currently includable in the Owner's income.

The remainder of this discussion assumes that the Contract will be treated as
an annuity contract for federal income tax purposes.

TAXATION OF SURRENDERS AND PARTIAL SURRENDERS

In the case of a partial surrender, amounts you receive are generally
includable in income to the extent your "cash surrender value" before the
partial surrender exceeds your "investment in the contract" (defined below).
All amounts includable in income with respect to the Contract are taxed as
ordinary income; no amounts are taxed at the special lower rates applicable to
long term capital gains and corporate dividends. Amounts received under an
automatic withdrawal plan are treated for tax purposes as partial surrenders,
not annuity payments. In the case of a surrender, amounts received are
includable in income to the extent they exceed the "investment in the
contract." For these purposes, the "investment in the contract" at any time
equals the total of the Purchase Payments made under the Contract to that time
(to the extent such payments were neither deductible when made nor excludable
from income as, for example, in the case of certain contributions to Qualified
Contracts) less any amounts previously received from the Contract which were
not includable in income.

As described elsewhere in this prospectus, the cost of the enhanced death
benefit option is reflected in the mortality and expense risk charge. It is
possible that the portion of the mortality and expense risk charge that
represents the cost of the enhanced death benefit option could be treated for
federal tax purposes as a partial surrender from the Contract. If the Contract
has additional riders, charges (or some portion thereof) for such riders could
be treated for federal tax purposes as partial surrenders from the Contract.

There is some uncertainty regarding the treatment of the Market Value
Adjustment for purposes of determining the amount includible in income as a
result of any partial surrender, surrender, assignment, pledge, or transfer
without adequate consideration. Congress has given the IRS regulatory authority
to address this uncertainty. However, as of the date of this Prospectus, the
IRS has not issued any regulations addressing these determinations. Similarly,
if the


 12



Contract is issued with a Guaranteed Minimum Income Benefit Rider, the
Guaranteed Annuitization Value might be used by the IRS for purposes of
determining the amount includible in income as a result of any partial
surrender, surrender, assignment, pledge, or transfer without adequate
consideration. In that event, the amount treated as income could be higher.

Surrenders and partial surrenders may be subject to a 10% penalty tax. (See
"Penalty Tax on Premature Distributions.") Surrenders and partial surrenders
may also be subject to federal income tax withholding requirements. (See
"Federal Income Tax Withholding.")

TAXATION OF ANNUITY PAYMENTS

Normally, the portion of each annuity income payment taxable as ordinary income
equals the excess of the payment over the exclusion amount. The exclusion
amount is determined by multiplying (1) the payment by (2) the ratio of the
"investment in the contract" (defined above) you allocate to the settlement
option, adjusted for any period certain or refund feature, to the total
expected amount of annuity income payments for the term of the Contract
(determined under Treasury Department regulations).

Once the total amount of the investment in the contract is excluded using the
above formula, annuity income payments will be fully taxable. If annuity income
payments cease because of the death of the Annuitant and before the total
amount of the investment in the contract is recovered, the unrecovered amount
generally will be allowed as a deduction.

There may be special income tax issues present in situations where the Owner
and the Annuitant are not the same person and are not married to one another
within the meaning of federal law. You should consult a tax advisor in those
situations.

Annuity income payments may be subject to federal income tax withholding
requirements. (See "Federal Income Tax Withholding.")

TAXATION OF PROCEEDS PAYABLE UPON DEATH

Prior to the date annuity payments start, we may distribute amounts from a
Contract because of the death of an Owner or, in certain circumstances, the
death of the Annuitant. Such proceeds are includable in income as follows:

     (1)  if distributed in a lump sum or under Settlement Option 1 (described
          above), they are taxed in the same manner as a surrender, as
          described above; or

     (2)  if distributed under Settlement Options 2, 3, 3A, or 4 (described
          above), they are taxed in the same manner as annuity income payments,
          as described above.

After the date annuity payments start, if a guaranteed period exists under a
life income settlement option and the payee dies before the end of that period,
payments we make to the Beneficiary for the remainder of that period are
includable in income as follows:

     (1)  if received in a lump sum, they are included in income to the extent
          that they exceed the unrecovered investment in the contract at that
          time; or

     (2)  if distributed in accordance with the existing settlement option
          selected, they are fully excluded from income until the remaining
          investment in the contract is deemed to be recovered, and all annuity
          income payments thereafter are fully includable in income.

Proceeds payable on death may be subject to federal income tax withholding
requirements. (See "Federal Income Tax Withholding.")

The Company may be liable for payment of the generation skipping transfer tax
under certain circumstances. In the event that the Company determines that such
liability exists, an amount necessary to pay the generation skipping transfer
tax may be subtracted from the proceeds.

ASSIGNMENTS, PLEDGES, AND GRATUITOUS TRANSFERS


Other than in the case of Qualified Contracts (which generally cannot be
assigned or pledged), any assignment or pledge of (or agreement to assign or
pledge) any portion of the Fund Value is treated for federal income tax
purposes as a surrender of such amount or portion. If the entire Fund Value is
assigned or pledged, subsequent increases in the Fund Value are also treated as
withdrawals for as long as the assignment or pledge remains in place. The
investment in the contract is increased by the amount includable as income with
respect to such assignment or pledge, though it is not affected by any other
aspect of the assignment or pledge (including its release). If an Owner
transfers a Contract without adequate consideration to a person other than the
Owner's spouse (or to a former



 13



spouse incident to divorce), the Owner will be required to include in income
the difference between the "cash surrender value" and the investment in the
contract at the time of transfer. In such case, the transferee's "investment in
the contract" will increase to reflect the increase in the transferor's income.
The exceptions for transfers to the Owner's spouse (or to a former spouse) are
limited to individuals that are treated as spouses under federal law.

PENALTY TAX ON PREMATURE DISTRIBUTIONS

Where we have not issued the Contract in connection with a Qualified Plan,
there generally is a 10% penalty tax on the amount of any payment from the
Contract, E.G., surrenders, partial surrenders, annuity payments, death
proceeds, assignments, pledges and gratuitous transfers, that is includable in
income unless the payment is:

     (a)  received on or after the Owner reaches age 59 1/2;

     (b)  attributable to the Owner's becoming disabled (as defined in the tax
          law);

     (c)  made on or after the death of the Owner or, if the Owner is not an
          individual, on or after the death of the primary annuitant (as
          defined in the tax law);

     (d)  made as part of a series of substantially equal periodic payments
          (not less frequently than annually) for the life (or life expectancy)
          of the Owner or the joint lives (or joint life expectancies) of the
          Owner and a designated beneficiary (as defined in the tax law); or

     (e)  made under a Contract purchased with a single Purchase Payment when
          the annuity starting date is no later than a year from purchase of
          the Contract and substantially equal periodic payments are made, not
          less frequently than annually, during the annuity period.

Certain other exceptions to the 10% penalty tax not described herein also may
apply. (Similar rules, discussed below, apply in the case of certain Qualified
Contracts.)

AGGREGATION OF CONTRACTS

In certain circumstances, the IRS may determine the amount of an annuity income
payment or a surrender from a Contract that is includable in income by
combining some or all of the annuity contracts a person owns that were not
issued in connection with Qualified Plans. For example, if a person purchases a
Contract offered by this Prospectus and also purchases at approximately the
same time an immediate annuity issued by the Company (or its affiliates), the
IRS may treat the two contracts as one contract. In addition, if a person
purchases two or more deferred annuity contracts from the same insurance
company (or its affiliates) during any calendar year, all such contracts will
be treated as one contract for purposes of determining whether any payment that
was not received as an annuity (including surrenders prior to the date annuity
payments start) is includable in income. The effects of such aggregation are
not always clear; however, it could affect the amount of a surrender or an
annuity payment that is taxable and the amount which might be subject to the
10% penalty tax described above.


MEDICARE HOSPITAL INSURANCE TAX ON CERTAIN DISTRIBUTIONS



Effective for tax years beginning after December 31, 2012, a Medicare hospital
insurance tax of 3.8% will apply to some types of investment income. This tax
will apply to all taxable distributions from nonqualified annuities. This tax
only applies to taxpayers with "modified adjusted gross income" above $250,000
in the case of married couples filing jointly, $125,000 in the case of married
couples filing separately, and $200,000 for all others. For more information
regarding this tax and whether it may apply to you, please consult your tax
advisor.


LOSS OF INTEREST DEDUCTION WHERE CONTRACT IS HELD BY OR FOR THE BENEFIT OF
CERTAIN NONNATURAL PERSONS

In the case of Contracts issued after June 8, 1997, to a nonnatural taxpayer
(such as a corporation or a trust), or held for the benefit of such an entity,
that entity's general interest deduction under the Code may be limited. More
specifically, a portion of its otherwise deductible interest may not be
deductible by the entity, regardless of whether the interest relates to debt
used to purchase or carry the Contract. However, this interest deduction
disallowance does not affect Contracts where the income on such Contracts is
treated as ordinary income that the Owner received or accrued during the
taxable year. Entities that have purchased the Contract, or entities that will
be Beneficiaries under a Contract, should consult a tax adviser.



 14



QUALIFIED RETIREMENT PLANS

IN GENERAL

The Contracts are also designed for use in connection with certain types of
retirement plans which receive favorable treatment under the Code. Numerous
special tax rules apply to the participants in Qualified Plans and to Contracts
used in connection with Qualified Plans. Therefore, we make no attempt in this
prospectus to provide more than general information about use of the Contract
with the various types of Qualified Plans. State income tax rules applicable to
Qualified Plans and Qualified Contracts often differ from federal income tax
rules, and this prospectus does not describe any of these differences. THOSE
WHO INTEND TO USE THE CONTRACT IN CONNECTION WITH QUALIFIED PLANS SHOULD SEEK
COMPETENT ADVICE.

The tax rules applicable to Qualified Plans vary according to the type of plan
and the terms and conditions of the plan itself. For example, for surrenders,
automatic withdrawals, partial surrenders, and annuity income payments under
Qualified Contracts, there may be no "investment in the contract" and the total
amount received may be taxable. Both the amount of the contribution that you
and/or your employer may make, and the tax deduction or exclusion that you
and/or your employer may claim for such contribution, are limited under
Qualified Plans.

In the case of Qualified Contracts, special rules apply to the time at which
distributions must commence and the form in which the distributions must be
paid. For example, the length of any guarantee period may be limited in some
circumstances to satisfy certain minimum distribution requirements under the
Code. Due to the presence of a Market Value Adjustment there may be in some
circumstances uncertainty as to the amount of required minimum distributions.
Furthermore, failure to comply with minimum distribution requirements
applicable to Qualified Plans will result in the imposition of an excise tax.
This excise tax generally equals 50% of the amount by which a minimum required
distribution exceeds the actual distribution from the Qualified Plan. In the
case of Individual Retirement Accounts or Annuities (IRAs), distributions of
minimum amounts (as specified in the tax law) must generally commence by April
1 of the calendar year following the calendar year in which the Owner attains
age 70 1/2. In the case of certain other Qualified Plans, distributions of such
minimum amounts must generally commence by the later of this date or April 1 of
the calendar year following the calendar year in which the employee retires.
The death benefit and the Guaranteed Minimum Income Benefit Rider under your
Contract and certain other benefits that the IRS may characterize as "other
benefits" for purposes of the regulations under Code Section 401(a)(9), may
increase the amount of the minimum required distribution that must be taken
from your Contract.

As described earlier in this prospectus, certain Qualified Contracts issued
under a Code Section 401(k) plan will have a loan provision under which a loan
can be taken using the Contract as collateral for the loan. In general, loans
from Qualified Contracts are taxable distributions unless certain requirements
are satisfied. For example, the loan, by its terms, generally must be repaid
within 5 years, repayments are required at least quarterly and must be
substantially level, and the loan amount is limited to certain dollar amounts
specified by the IRS. These dollar limits take into account other recent loans
you have had under the plan. If these requirements are not satisfied when the
loan is received or while the loan is outstanding, it could result in a taxable
distribution from the Qualified Contract. The plan may also require the loan to
be repaid upon severance from employment. PLEASE CONSULT YOUR PLAN
ADMINISTRATOR AND/OR TAX ADVISER REGARDING THE TREATMENT OF LOANS IN THESE
CIRCUMSTANCES.

There may be a 10% penalty tax on the taxable amount of payments from certain
Qualified Contracts. There are exceptions to this penalty tax which vary
depending on the type of Qualified Plan. In the case of an IRA, exceptions
provide that the penalty tax does not apply to a payment:

     (a)  received on or after the date the Owner reaches age 59 1/2;

     (b)  received on or after the Owner's death or because of the Owner's
          disability (as defined in the tax law); or

     (c)  made as part of a series of substantially equal periodic payments
          (not less frequently than annually) for the life (or life expectancy)
          of the Owner or for the joint lives (or joint life expectancies) of
          the Owner and his designated beneficiary (as defined in the tax
          law).

These exceptions generally apply to taxable distributions from other Qualified
Plans (although, in the case of plans qualified under section 401, exception
"c" above for substantially equal periodic payments applies only if the Owner
has separated from service). In addition, the penalty tax does not apply to
certain distributions from IRAs which are used for qualified first time home
purchases or for higher education expenses. You must meet special conditions to
be eligible for these two exceptions to the penalty tax. Those wishing to take
a distribution from an IRA for these purposes should consult their tax advisor.
Certain other exceptions to the 10% penalty tax not described herein also may
apply.



 15



Owners, Annuitants, and Beneficiaries are cautioned that the rights of any
person to any benefits under Qualified Plans may be subject to the terms and
conditions of the plans themselves, regardless of the terms and conditions of
the Contract. In addition, the Company shall not be bound by terms and
conditions of Qualified Plans to the extent such terms and conditions
contradict the Contract, unless the Company consents.

Following are brief descriptions of various types of Qualified Plans in
connection with which the Company may issue a Contract.

INDIVIDUAL RETIREMENT ACCOUNTS AND ANNUITIES

Section 408 of the Code permits eligible individuals to contribute to an
individual retirement program known as an IRA. If you use this Contract in
connection with an IRA, the Owner and Annuitant generally must be the same
individual and generally may not be changed. IRAs are subject to limits on the
amounts that may be contributed and deducted, on the persons who may be
eligible, and on the time when distributions must commence. Also, subject to
the direct rollover and mandatory withholding requirements (discussed below),
you may "roll over" distributions from certain Qualified Plans on a
tax-deferred basis into an IRA. Contracts may also be issued in connection with
a "Simplified Employee Pension" or "SEP IRA" under Section 408(i) of the
Code.

However, you may not use the Contract in connection with a "Coverdell Education
Savings Account" (formerly known as an "Education IRA") under Section 530 of
the Code, or a "Simple IRA" under Section 408(p) of the Code.

ROTH IRAS

Section 408A of the Code permits eligible individuals to contribute to a type
of IRA known as a "Roth IRA." Roth IRAs are generally subject to the same rules
as non-Roth IRAs, but differ in several respects. Among the differences is
that, although contributions to a Roth IRA are not deductible, "qualified
distributions" from a Roth IRA will be excludable from income.

A qualified distribution is a distribution that satisfies two requirements.
First, the distribution must be made in a taxable year that is at least five
years after the first taxable year for which a contribution to any Roth IRA
established for the Owner was made. Second, the distribution must be either (1)
made after the Owner attains the age of 59 1/2; (2) made after the Owner's
death; (3) attributable to the Owner being disabled; or (4) a qualified
first-time homebuyer distribution within the meaning of Section 72(t)(2)(F) of
the Code. In addition, distributions from Roth IRAs need not commence when the
Owner attains age 70 1/2. A Roth IRA may accept a "qualified rollover
contribution" from (1) a non-Roth IRA, (2) a "designated Roth account"
maintained under a Qualified Plan, and (3) certain Qualified Plans of eligible
individuals.

Special rules apply to rollovers to Roth IRAs from Qualified Plans and from
designated Roth accounts under Qualified Plans. You should seek competent
advice before making such a rollover.

IRA TO IRA ROLLOVERS AND TRANSFERS

A rollover contribution is a tax-free movement of amounts from one IRA to
another within 60 days after you receive the distribution. In particular, a
distribution from a non-Roth IRA generally may be rolled over tax-free within
60 days to another non-Roth IRA, and a distribution from a Roth IRA generally
may be rolled over tax-free within 60 days to another Roth IRA. A distribution
from a Roth IRA may not be rolled over (or transferred) tax-free to a non-Roth
IRA.

A rollover from any one of your IRAs (including IRAs you have with another
company) to another IRA is allowed only once within a one-year period. This
limitation applies on an aggregate basis and applies to all types of your IRAs,
meaning that you cannot make an IRA to IRA rollover if you have made such a
rollover involving any of your IRAs in the preceding one-year period. For
example, a rollover between your Roth IRAs would preclude a separate rollover
within the one-year period between your non-Roth IRAs, and vice versa. The
one-year period begins on the date that you receive the IRA distribution, not
the date it is rolled over into another IRA.

If the IRA distribution does not satisfy the rollover rules, it may be (1)
taxable in the year distributed, (2) subject to a 10% tax on early
distributions, and (3) treated as a regular contribution to the recipient IRA,
which could result in an excess contribution subject to an additional tax.

If you inherit an IRA from your spouse, you generally can roll it over into an
IRA established for you, or you can choose to make the inherited IRA your own.
If you inherited an IRA from someone other than your spouse, you cannot roll it
over, make it your own, or allow it to receive rollover contributions.

A rollover from one IRA to another is different from a direct
trustee-to-trustee transfer of your IRA assets from one IRA trustee to another
IRA trustee. A "trustee-to-trustee" transfer is not considered a rollover and
is not subject to the 60-day rollover requirement or the one rollover per year
rule. In addition, a rollover between IRAs is different from direct


 16



rollovers from certain Qualified Plans to non-Roth IRAs and "qualified rollover
contributions" to Roth IRAs, both of which are subject to special rules.

PENSION AND PROFIT-SHARING PLANS

Section 401(a) of the Code permits employers to establish various types of
tax-favored retirement plans for employees. The Self-Employed Individuals' Tax
Retirement Act of 1962, as amended, commonly referred to as "H.R. 10" or
"Keogh," permits self-employed individuals also to establish such tax-favored
retirement plans for themselves and their employees. Such retirement plans may
permit the purchase of the Contract in order to provide benefits under the
plans. These types of plans may be subject to rules under Sections 401(a)(11)
and 417 of the Code that provide rights to a spouse or former spouse of a
participant. In such a case, the participant may need the consent of the spouse
or former spouse to change settlement options, to elect an automatic withdrawal
option, or to make a partial or full surrender of the Contract.

DIRECT ROLLOVERS

If your Contract is used in connection with a pension or profit-sharing plan
qualified under Section 401(a) of the Code, or is used with an eligible
deferred compensation plan that has a government sponsor and that is qualified
under Section 457(b) of the Code, any "eligible rollover distribution" from the
Contract will be subject to direct rollover and mandatory withholding
requirements. An eligible rollover distribution generally is any taxable
distribution from a qualified pension plan under Section 401(a) of the Code or
an eligible Section 457(b) deferred compensation plan that has a government
sponsor, excluding certain amounts (such as minimum distributions required
under Section 401(a)(9) of the Code, distributions which are part of a "series
of substantially equal periodic payments" made for life or a specified period
of 10 years or more, or hardship distributions as defined in the tax law).

Under these requirements, federal income tax equal to 20% of the eligible
rollover distribution will be withheld from the amount of the distribution.
Unlike withholding on certain other amounts distributed from the Contract,
discussed below, you cannot elect out of withholding with respect to an
eligible rollover distribution. However, this 20% withholding will not apply
if, instead of receiving the eligible rollover distribution, you elect to have
it directly transferred to certain eligible retirement plans (such as an IRA).
Prior to receiving an eligible rollover distribution, you will receive a notice
(from the plan administrator or the Company) explaining generally the direct
rollover and mandatory withholding requirements and how to avoid the 20%
withholding by electing a direct transfer.

FEDERAL INCOME TAX WITHHOLDING

IN GENERAL

The Company will withhold and remit to the federal government a part of the
taxable portion of each distribution made under a Contract unless the
distributee notifies the Company at or before the time of the distribution that
he or she elects not to have any amounts withheld. In certain circumstances,
the Company may be required to withhold tax. The withholding rates applicable
to the taxable portion of periodic annuity payments (other than eligible
rollover distributions) are the same as the withholding rates generally
applicable to payments of wages. A 10% withholding rate applies to the taxable
portion of non-periodic payments (including surrenders prior to the date
annuity payments start) and conversions of, or rollovers from, non-Roth IRAs
and Qualified Plans to Roth IRAs. Regardless of whether you elect not to have
federal income tax withheld, you are still liable for payment of federal income
tax on the taxable portion of the payment. As discussed above, the withholding
rate applicable to eligible rollover distributions is 20%.

NONRESIDENT ALIENS AND FOREIGN CORPORATIONS

The discussion above provides general information regarding federal withholding
tax consequences to annuity contract owners or beneficiaries that are U.S.
citizens or residents. Owners or beneficiaries that are not U.S. citizens or
residents will generally be subject to U.S. federal withholding tax on taxable
distributions from annuity contracts at a 30% rate, unless a lower treaty rate
applies. Owners or beneficiaries that are not U.S. citizens or residents are
advised to consult with a tax advisor regarding federal tax withholding with
respect to the distributions from a Contract.

FATCA WITHHOLDING

If the payee of a distribution from the Contract is a foreign financial
institution ("FFI") or a non-financial foreign entity ("NFFE") within the
meaning of the Code as amended by the Foreign Account Tax Compliance Act
("FATCA"), the distribution could be subject to U.S. federal withholding tax on
the taxable amount of the distribution at a 30% rate irrespective of the status
of any beneficial owner of the Contract or the distribution. The rules relating
to FATCA are complex, and a tax advisor should be consulted if an FFI or NFFE
is or may be designated as a payee with respect to the Contract.



 17




6. INVESTMENTS

Amounts allocated to the Guaranteed Interest Account with Market Value
Adjustment are transferred to the General Account of the Company. Amounts
allocated to the General Account of the Company are subject to the liabilities
arising from the business the Company conducts. This is unlike amounts
allocated to the Subaccounts of the Variable Account A, which are not subject
to the liabilities arising from the business the Company conducts.

The Company has sole investment discretion over the investment of the assets of
the General Account. We will invest these amounts primarily in investment-grade
fixed income securities including: securities issued by the U.S. Government or
its agencies or instrumentalities, which issues may or may not be guaranteed by
the U.S. Government; debt securities that have an investment grade, at the time
of purchase, within the four highest grades assigned by Moody's Investor
Services, Inc., Standard & Poor's Corporation, or any other nationally
recognized rating service; mortgage-backed securities collateralized by real
estate mortgage loans or securities collateralized by other assets, that are
insured or guaranteed by the Federal Home Loan Mortgage Association, the
Federal National Home Mortgage Association, or the Government National Mortgage
Association, or that have an investment grade at the time of purchase within
the four highest grades described above; commercial and agricultural mortgage
loans; other debt instruments; commercial paper; cash or cash equivalents.

Variable Annuity Owners having allocated amounts to a particular Accumulation
Period of the Guaranteed Interest Account with Market Value Adjustment will not
have a direct or indirect interest in these investments, nor will they have a
claim against any particular assets of the Company. The overall investment
performance of the General Account will not increase or decrease their claim
against the Company.

There is no specific formula for establishing Specified Interest Rates. The
Specified Interest Rates declared by the Company for the various Accumulation
Periods will not necessarily correspond to the performance of any group of
assets of the General Account. We will consider certain factors in determining
these rates, such as regulatory and tax environment, sales commissions,
administrative expenses borne by us, and competitive factors. The Company's
management will make the final determination of these rates. However, the
Specified Interest Rate will never be less than 3.50%.


7. CONTRACTS AND THE DISTRIBUTION OF THE GUARANTEED INTEREST ACCOUNT WITH
MARKET VALUE ADJUSTMENT

Interests in the Guaranteed Interest Account with Market Value Adjustment are
only available through certain Contracts issued by the Company. The appropriate
variable annuity prospectus and statement of additional information also
contain information regarding the distribution of the Contracts.

The Contracts are distributed by both AXA Advisors, LLC ("AXA Advisors") and
AXA Distributors, LLC ("AXA Distributors") (together, the "Distributors"). The
Distributors serve as principal underwriters of MONY America Variable Account
A. The offering of the Contracts is intended to be continuous.


AXA Advisors is an affiliate of the Company, and AXA Distributors is an
indirect wholly owned subsidiary of the Company. The Distributors are under the
common control of AXA Financial, Inc. Their principal business address is 1290
Avenue of the Americas, New York, NY 10104. The Distributors are registered
with the SEC as broker-dealers and are members of the Financial Industry
Regulatory Authority, Inc. ("FINRA"). Both broker-dealers also act as
distributors for the Company's life and annuity products.


The Contracts are sold by financial professionals of AXA Advisors and its
affiliates. The Contracts are also sold by financial professionals of
unaffiliated broker-dealers that have entered into selling agreements with the
Distributors ("Selling broker-dealers").

The Company pays compensation to both Distributors based on contracts sold. The
Company may also make additional payments to the Distributors, and the
Distributors may, in turn, make additional payments to certain Selling
broker-dealers. All payments will be in compliance with all applicable FINRA
rules and other laws and regulations.

Although the Company takes into account all of its distribution and other costs
in establishing the level of fees and charges under its Contracts, none of the
compensation paid to the Distributors or the Selling broker-dealers discussed
in this section of the prospectus are imposed as separate fees or charges under
your Contract. The Company, however, intends to recoup amounts it pays for
distribution and other services through the fees and charges of the Contract
and payments it receives for providing administrative, distribution and other
services to the Portfolios. For information about the fees and charges under
the Contract, see "Summary of the Contract" and "Charges and deductions"
earlier in this prospectus.

COMPENSATION PAID TO THE DISTRIBUTORS  The Company pays compensation to the
Distributors based on Purchase Payments made on the Contracts sold through the
Distributors ("contribution-based compensation"). The


 18



contribution-based compensation will generally not exceed 6.50% of total
Purchase Payments made under the Contracts, plus, starting in the second
Contract Year, up to 0.25% of the cash value of the Contracts ("asset-based
compensation"). The Distributors, in turn, may pay a portion of the
compensation received from the Company to the Distributors financial
professional and/or the Selling broker-dealer making the sale. This
compensation may be made in the form of a marketing allowance and may be
calculated as a percentage of contributions, a percentage of assets under
management or a flat fee. The compensation paid by the Distributors varies
among financial professionals and among Selling broker-dealers. The
Distributors also pay a portion of the compensation it receives to its
managerial personnel. When a Contract is sold by a Selling broker-dealer, the
Selling broker-dealer, not the Distributors, determines the amount and type of
compensation paid to the Selling broker-dealer's financial professional for the
sale of the Contract. Therefore, you should contact your financial professional
for information about the compensation he or she receives and any related
incentives, as described below.

AXA Advisors may receive compensation, and, in turn, pay its financial
professionals a portion of such fee, from third party investment advisors to
whom its financial professionals refer customers for professional management of
the assets within their contract.

AXA Advisors also pays its financial professionals and managerial personnel
other types of compensation including service fees, expense allowance payments
and health and retirement benefits. AXA Advisors also pays its financial
professionals, managerial personnel and Selling broker-dealers sales bonuses
(based on selling certain products during specified periods) and persistency
bonuses. AXA Advisors may offer sales incentive programs to financial
professionals and Selling broker-dealers who meet specified production levels
for the sales of both the Company's Contracts and Contracts offered by other
companies. These incentives provide non-cash compensation such as stock options
awards and/or stock appreciation rights, expense-paid trips, expense-paid
education seminars and merchandise.

The Company also pays AXA Distributors compensation to cover its operating
expenses and marketing services under the terms of the Company's distribution
agreements with AXA Distributors.

DIFFERENTIAL COMPENSATION PAID BY AXA ADVISORS.  In an effort to promote the
sale of the Company's products, AXA Advisors may pay its financial
professionals and managerial personnel a greater percentage of
contribution-based compensation and/or asset-based compensation for the sale of
the Company's contract than it pays for the sale of a Contract or other
financial product issued by a company other than the Company. AXA Advisors may
pay higher compensation on certain products in a class than others based on a
group or sponsored arrangement, or between older and newer versions or series
of the same contract. This practice is known as providing "differential
compensation." Differential compensation may involve other forms of
compensation to AXA Advisors personnel. Certain components of the compensation
paid to managerial personnel are based on whether the sales involve the
Company's Contracts. Managers earn higher compensation (and credits toward
awards and bonuses) if the financial professionals they manage sell a higher
percentage of the Company's Contracts than products issued by other companies.
Other forms of compensation provided to its financial professionals include
health and retirement benefits, expense reimbursements, marketing allowances
and contribution-based payments, known as "overrides." For tax reasons, AXA
Advisors financial professionals qualify for health and retirement benefits
based solely on their sales of the Company's Contracts and products sponsored
by affiliates.

The fact that AXA Advisors financial professionals receive differential
compensation and additional payments may provide an incentive for those
financial professionals to recommend the Company's Contract over a Contract or
other financial product issued by a company not affiliated with the Company.
However, under applicable rules of FINRA, AXA Advisors financial professionals
may only recommend to you products that they reasonably believe are suitable
for you based on the facts that you have disclosed as to your other security
holdings, financial situation and needs. In making any recommendation,
financial professionals of AXA Advisors may nonetheless face conflicts of
interest because of the differences in compensation from one product category
to another, and because of differences in compensation among products in the
same category. For more information, contact your financial professional.

ADDITIONAL PAYMENTS BY AXA DISTRIBUTORS TO SELLING BROKER-DEALERS.  AXA
Distributors may pay, out of its assets, certain Selling broker-dealers and
other financial intermediaries additional compensation in recognition of
services provided or expenses incurred. AXA Distributors may also pay certain
Selling broker-dealers or other financial intermediaries additional
compensation for enhanced marketing opportunities and other services (commonly
referred to as "marketing allowances"). Services for which such payments are
made may include, but are not limited to, the preferred placement of the
Company's products on a company and/or product list; sales personnel training;
product training; business reporting; technological support; due diligence and
related costs; advertising, marketing and related services; conference; and/or
other support services, including some that may benefit the contract owner.
Payments may be based on ongoing sales, on the aggregate account value
attributable to contracts sold through a Selling broker-dealer or such payments
may be a fixed amount. For certain Selling broker-dealers, AXA Distributors
increases the


 19



marketing allowance as certain sales thresholds are met. AXA Distributors may
also make fixed payments to Selling broker-dealers, for example in connection
with the initiation of a new relationship or the introduction of a new
product.

Additionally, as an incentive for the financial professionals of Selling
broker-dealers to promote the sale of the Company's products, AXA Distributors
may increase the sales compensation paid to the Selling broker-dealer for a
period of time (commonly referred to as "compensation enhancements"). AXA
Distributors also has entered into agreements with certain Selling
broker-dealers in which the Selling broker-dealer agrees to sell certain AXA
Equitable Life Insurance Company contracts exclusively.

These additional payments may serve as an incentive for Selling broker-dealers
to promote the sale of the Company contracts over contracts and other products
issued by other companies. Not all Selling broker-dealers receive additional
payments, and the payments vary among Selling broker-dealers. The list below
includes the names of Selling broker-dealers that we are aware (as of December
31, 2015) received additional payments. These additional payments ranged from
$1,214.89 to $5,872,700.74. The Company and its affiliates may also have other
business relationships with Selling broker-dealers, which may provide an
incentive for the Selling broker-dealers to promote the sale of the Company's
contracts over contracts and other products issued by other companies. The list
below includes any such Selling broker-dealer. For more information, ask your
financial professional.

1st Global Capital Corporation
Allstate Financial Services, LLC
American Portfolios Financial Services
Ameriprise Financial Services
BBVA Compass Investment Solutions, Inc.
Cambridge Investment Research
Capital Investment Group
CCO Investment Services Corporation
Centaurus Financial, Inc.
Cetera Advisors, LLC
Cetera Advisors Networks, LLC
Cetera Financial Specialists, LLC
Cetera Investment Services, LLC
CFD Investments, Inc.
Citigroup Global Markets, Inc.
Commonwealth Financial Network
CUNA Brokerage Services
Cuso Financial Services, L.P.
Farmer's Financial Solution
First Allied Securities Inc.
First Citizens Investor Services, Inc.
First Tennessee Brokerage Inc.
Founders Financial Securities
Girard Securities, Inc.
H.D. Vest Investment Securities, Inc.
Harbour Investments
Independent Financial Group, LLC
Investacorp, Inc.
Investment Professionals, Inc.
Investors Capital Corporation
Janney Montgomery Scott LLC
JP Turner & Company, LLC
Key Investment Services LLC
Kovack Securities
Legend Equities
Lincoln Financial Advisors Corp.
Lincoln Financial Services Corp
Lincoln Investment Planning
LPL Financial Corporation
Lucia Securities, LLC
Mercap Securities,LLC
Merrill Lynch Life Agency, Inc.


 20



MetLife Securities, Inc.
Morgan Stanley Smith Barney
Mutual of Omaha Investment Services, Inc.
National Planning Corporation
Next Financial Group, Inc.
NFP Securities Inc.
PNC Investments
Primerica Financial Services
Questar Capital Corporation
Raymond James Insurance Group
RBC Capital Markets Corporation
Robert W Baird & Company
Santander Securities Corporation
Securities America Inc.
SIGMA Financial Corporation
Signator Financial Services
Signator Investors, Inc.
Southwest Securities, Inc.
Summit Brokerage Services, Inc.
SunTrust Investments
SWS Financial Services
The Advisor Group
TransAmerica Financial Advisors
Triad Advisors
U.S. Bancorp Investments, Inc.
UBS Financial Services, Inc.
Valmark Securities, Inc.
Voya Financial Advisors
VSR Financial Services Inc.
Wells Fargo Wealth Brokerage Insurance Agency


8. MONY LIFE INSURANCE COMPANY OF AMERICA

The Guaranteed Interest Account with Market Value Adjustment is issued by MONY
Life Insurance Company of America (the "Company"), an Arizona stock life
insurance corporation organized in 1969. MONY Life Insurance Company of America
is an indirect wholly owned subsidiary of AXA Financial, Inc., which is an
indirect wholly owned subsidiary of AXA S.A. ("AXA"), a French holding company
for an international group of insurance and related financial services
companies. As the ultimate sole shareholder of the Company, AXA exercises
significant influence over the operations and capital structure of the Company.
No company other than the Company, however, has any legal responsibility to pay
amounts that the Company owes under the Contracts. The Company is solely
responsible for paying all amounts owed to you under your Contract.

AXA Financial, Inc. and its consolidated subsidiaries managed approximately
$573.0 billion in assets as of December 31, 2015. The Company is licensed to
sell life insurance and annuities in forty-nine states (not including New
York), the District of Columbia, and Puerto Rico. Our main administrative
office is located at 525 Washington Blvd., Jersey City, NJ 07310.

On October 1, 2013, the Company entered into a reinsurance transaction with
Protective Life Insurance Company ("Protective"), whereby Protective agreed to
reinsure a substantial portion of the Company's life insurance and annuity
business (the "Reinsured Business"). This policy is included in the Reinsured
Business. Protective reinsures all of the insurance risks of the Reinsured
Business and is responsible for customer service and administration for all
contracts comprising the Reinsured Business. However, the Company remains the
insurer of the policy and the terms, features, and benefits of the policy have
NOT changed as a result of the transaction.


9. LEGAL PROCEEDINGS

MONY Life Insurance Company of America and its affiliates are parties to
various legal proceedings. In our view, none of these proceedings would be
considered material with respect to a Contract owner's interest in his or her
Contract, nor would any of these proceedings be likely to have a material
adverse effect upon our ability to meet our obligations under the contracts or
the distribution of the contracts.



 21




10. ADDITIONAL INFORMATION

Rule 12h-7 under the Securities Exchange Act of 1934, as amended (the "Exchange
Act") exempts an insurance company from filing reports under the Exchange Act
when the insurance company issues certain types of insurance products that are
registered under the Securities Act of 1933 and such products are regulated
under state law. The units of the Guaranteed Interest Account with Market Value
Adjustment described in this prospectus fall within the exemption provided
under rule 12h-7. The Company relies on the exemption provided under rule 12h-7
and does not file reports under the Exchange Act.


INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The financial statements of MONY Life Insurance Company of America at December
31, 2015 and 2014 and for each of the three years in the period ended December
31, 2015 are incorporated by reference herein in reliance on the reports of
PricewaterhouseCoopers LLP, an independent registered public accounting firm,
given on the authority of said firm as experts in auditing and accounting.
PricewaterhouseCoopers LLP provides independent audit services and certain
other non-audit services to MONY Life Insurance Company of America as permitted
by the applicable SEC independence rules. PricewaterhouseCoopers LLP's office
are located at 569 Brookwood Village, Suite 851, Birmingham, Alabama 35209 and
300 Madison Avenue, New York, New York 10017.



 22







APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA
TABLE OF CONTENTS:



                                                                           PAGE
                                                                        
Risk Factors..............................................................    1
Description of Business...................................................   11
Description of Property...................................................   20
Legal Proceedings.........................................................   21
Financial Statements and Notes to Financial Statements....................   22
Selected Financial Data...................................................   54
Management's Discussion and Analysis of Financial Condition and Results
  of Operations...........................................................   56
Changes in and Disagreements with Accountants on Accounting and
  Financial Disclosure....................................................   78
Quantitative and Qualitative Disclosures About Market Risk................   79
Directors, Executive Officers, Promoters and Control Persons..............   81
Executive Compensation....................................................   86
Security Ownership of Certain Beneficial Owners and Management............  114
Transactions with Related Persons, Promoters and Certain Control Persons..  116






RISK FACTORS

IN THE COURSE OF CONDUCTING OUR BUSINESS OPERATIONS, WE COULD BE EXPOSED TO A
VARIETY OF RISKS. THIS "RISK FACTORS" SECTION PROVIDES A SUMMARY OF SOME OF THE
SIGNIFICANT RISKS THAT HAVE AFFECTED AND COULD AFFECT OUR BUSINESS, RESULTS OF
OPERATIONS OR FINANCIAL CONDITION. IN THIS SECTION, THE TERMS "WE," "US" AND
"OUR" REFER TO MONY LIFE INSURANCE COMPANY OF AMERICA. UNLESS OTHERWISE DEFINED
HEREIN, CAPITALIZED TERMS USED IN THE "RISK FACTORS" ARE DEFINED IN THE
"DESCRIPTION OF BUSINESS" THAT IMMEDIATELY FOLLOWS THIS SECTION.

        RISKS RELATING TO CONDITIONS IN THE CAPITAL MARKETS AND ECONOMY

CONDITIONS IN THE GLOBAL CAPITAL MARKETS AND THE ECONOMY COULD ADVERSELY AFFECT
OUR BUSINESS, RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

Our business, results of operations and financial condition are materially
affected by conditions in the global capital markets and the economy generally.
While financial markets in the U.S. generally performed well in 2015, a wide
variety of factors continue to impact economic conditions and consumer
confidence. These factors include, among others, concerns over the pace of
economic growth in the U.S., continued low interest rates, the U.S. Federal
Reserve's plans to further raise short-term interest rates, the strength of the
U.S. Dollar, global economic factors including quantitative easing or similar
programs by the European Central Bank, the potential breakup of the European
Union resulting from the exit by one or more member states, the recent slowdown
and resulting economic turmoil in China, volatile energy costs, and
geopolitical issues. Given our interest rate and equity market exposure,
certain of these factors could have an adverse effect on us. Our revenues may
decline, our profit margins could erode and we could incur significant losses.

Factors such as consumer spending, business investment, government spending,
the volatility and strength of the equity markets, interest rates, deflation
and inflation all affect the business and economic environment and, ultimately,
the amount and profitability of our business. In an economic downturn
characterized by higher unemployment, lower family income, lower corporate
earnings, lower business investment and lower consumer spending, the demand for
insurance products could be adversely affected. In addition, the levels of
surrenders and withdrawals of our variable life contracts we face may be
adversely impacted. Our policyholders may choose to defer paying insurance
premiums or stop paying insurance premiums altogether. Adverse changes in the
economy could affect our earnings negatively and could have a material adverse
effect on our business, results of operations and financial condition. See
"Description of Business -- Products" and "Management's Discussion and Analysis
of Financial Condition and Results of Operations -- Results of Operations."

INTEREST RATE FLUCTUATIONS AND/OR PROLONGED PERIODS OF LOW OR NEGATIVE INTEREST
RATES MAY NEGATIVELY IMPACT OUR BUSINESS, RESULTS OF OPERATIONS AND FINANCIAL
CONDITION.

Some of our life insurance products and our investment returns are sensitive to
interest rate fluctuations, and changes in interest rates may adversely affect
our investment returns and results of operations, including in the following
respects:

   .   changes in interest rates may reduce the spread on some of our products
       between the amounts that we are required to pay under the contracts and
       the rate of return we are able to earn on our general account
       investments supporting the contracts. When interest rates decline, we
       have to reinvest the cash income from our investments in lower yielding
       instruments, potentially reducing net investment income. Since many of
       our policies have guaranteed minimum interest or crediting rates or
       limit the resetting of interest rates, the spreads could decrease and
       potentially become negative. When interest rates rise, we may not be
       able to replace the assets in our general account as quickly with the
       higher yielding assets needed to fund the higher crediting rates
       necessary to keep these products and contracts competitive, which may
       result in higher lapse rates;

   .   when interest rates rise, policy loans and surrenders and withdrawals of
       life insurance policies may increase as policyholders seek to buy
       products with perceived higher returns, requiring us to sell investment
       assets potentially resulting in realized investment losses, or requiring
       us to accelerate the amortization of deferred acquisition costs ("DAC")
       or value of business acquired ("VOBA");

   .   a decline in interest rates accompanied by unexpected prepayments of
       certain investments may result in reduced investment income and a
       decline in our profitability. An increase in interest rates accompanied
       by unexpected extensions of certain lower yielding investments may
       result in a decline in our profitability;

   .   changes in the relationship between long-term and short-term interest
       rates may adversely affect the profitability of some of our products;

   .   changes in interest rates may adversely impact our liquidity and
       increase our costs of financing;

   .   our mitigation efforts with respect to interest rate risk are primarily
       focused on maintaining an investment portfolio with diversified
       maturities that has a weighted average duration that is approximately
       equal to the duration of our estimated liability cash flow profile.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

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       However, our estimate of the liability cash flow profile may turn out to
       be inaccurate. In addition, there are practical and capital market
       limitations on our ability to accomplish this matching. Due to these and
       other factors we may need to liquidate investments prior to maturity at
       a loss in order to satisfy liabilities or be forced to reinvest funds in
       a lower rate environment;

   .   although we take measures, including hedging strategies utilizing
       derivative instruments, to manage the economic risks of investing in a
       changing interest rate environment, we may not be able to effectively
       mitigate, and we may sometimes choose based on economic considerations
       and other factors not to fully mitigate or to increase the interest rate
       risk of our assets relative to our liabilities; and

   .   for certain of our products, a delay between the time we make changes in
       interest rate and other assumptions used for product pricing and the
       time we are able to reflect these assumptions in products available for
       sale may negatively impact the long-term profitability of products sold
       during the intervening period.

Recent periods have been characterized by low interest rates. A prolonged
period during which interest rates remain at levels lower than those
anticipated may result in greater costs associated with certain of our product
features; higher costs for derivative instruments used to hedge certain of our
product risks; or shortfalls in investment income on assets supporting policy
obligations as our portfolio earnings decline over time, each of which may
require us to record charges to increase reserves. In addition to compressing
spreads and reducing net investment income, such an environment may cause
policies to remain in force for longer periods than we anticipated in our
pricing, potentially resulting in greater claims costs than we expected and
resulting in lower overall returns on business in force.

EQUITY MARKET DECLINES AND VOLATILITY MAY ADVERSELY AFFECT OUR BUSINESS,
RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

Declines or volatility in the equity markets can negatively impact our
investment returns as well as our business and profitability. For example,
equity market declines and/or volatility may, among other things:

   .   decrease the account values of our variable life contracts which, in
       turn, reduces the amount of revenue we derive from fees charged on those
       account and asset values;

   .   influence policyholder behavior, which may adversely impact the levels
       of surrenders, withdrawals and amounts of withdrawals of our variable
       life contracts or cause policyholders to reallocate a portion of their
       account balances to more conservative investment options (which may have
       lower fees), which could negatively impact our future profitability
       and/or increase our benefit obligations particularly if they were to
       remain in such options during an equity market increase;

   .   negatively impact the value of equity securities we hold for investment,
       including our investment in units of AllianceBernstein L.P., a Delaware
       limited partnership ("AB"), thereby reducing our statutory capital;

   .   reduce demand for variable products relative to fixed products; and

   .   lead to changes in estimates underlying our calculations of DAC that, in
       turn, could accelerate our DAC and VOBA amortization and reduce our
       current earnings.

            RISKS RELATING TO OUR REINSURANCE AND HEDGING PROGRAMS

OUR REINSURANCE AND HEDGING PROGRAMS MAY BE INADEQUATE TO PROTECT US AGAINST
THE FULL EXTENT OF THE EXPOSURE OR LOSSES WE SEEK TO MITIGATE.

Certain of our products contain minimum crediting rates. Downturns in equity
markets, increased equity volatility, and/or reduced interest rates could
result in an increase in the valuation of liabilities associated with such
products, resulting in increases in reserves and reductions in net earnings. In
the normal course of business, we seek to mitigate some of these risks to which
our business is subject through our reinsurance and hedging programs. However,
these programs cannot eliminate all of the risks and no assurance can be given
as to the extent to which such programs will be effective in reducing such
risks.

Reinsurance. We utilize reinsurance to mitigate a portion of the risks that we
face, principally in certain of our in-force life insurance products with
regard to mortality. Under our reinsurance arrangements, other insurers assume
a portion of the obligation to pay claims and related expenses to which we are
subject. However, we remain liable as the direct insurer on all risks we
reinsure and, therefore, are subject to the risk that our reinsurer is unable
or unwilling to pay or reimburse claims at the time demand is made. For
example, a material amount of liabilities were reinsured to Protective Life
Insurance Company ("Protective Life") in October 2013. Given our significant
concentration of reinsurance with Protective Life, if Protective Life fails to
perform its obligations under the reinsurance treaty, such a failure could have
a material adverse impact on our results of operations and financial condition.
See "Description of Business -- Reinsurance and Hedging" and Note 1 of Notes to
Financial Statements. Although we evaluate periodically the financial condition
(including the applicable capital

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requirements) of our reinsurers, the inability or unwillingness of a reinsurer
to meet its obligations to us (or the inability to collect under our
reinsurance treaties for any other reason) could have a material adverse impact
on our results of operations and financial condition. See "Description of
Business -- Reinsurance and Hedging" and Notes 6 and 7 of Notes to Financial
Statements.

We are continuing to utilize reinsurance to mitigate a portion of our risk on
certain new life insurance sales. Prolonged or severe adverse mortality
experience could result in increased reinsurance costs, and ultimately, may
reduce the availability of reinsurance for future life insurance sales. If, for
new sales, we are unable to maintain our current level of reinsurance or
purchase new reinsurance protection in amounts that we consider sufficient, we
would either have to be willing to accept an increase in our net exposures,
revise our pricing to reflect higher reinsurance premiums or limit the amount
of new business written on any individual life. If this were to occur, we may
be exposed to reduced profitability and cash flow strain or we may not be able
to price new business at competitive rates.

Hedging Programs. We hedge crediting rates to mitigate certain risks associated
with our Market Stabilizer Option(R) and our indexed universal life insurance
products. These products permit the contract owner to participate in the
performance of an index, ETF or a commodity price movement up to a cap for a
set period of time. They also contain a protection feature, in which we will
absorb up to a certain percentage loss of value in an index, ETF or commodity
price, which varies by product segment. In order to support the returns
associated with these features, we enter into derivative contracts whose
payouts, in combination with fixed income investments, emulate those of the
index, ETF or commodity price, subject to caps and buffers. In certain cases,
however, we may not be able to apply these techniques to effectively hedge
these risks because the derivative market(s) in question may not be of
sufficient size or liquidity or there could be an operational error in the
application of our hedging strategy or for other reasons. The operation of our
hedging programs is based on models involving numerous estimates and
assumptions, including, among others, mortality, lapse, surrender and
withdrawal rates and amounts of withdrawals, election rates, fund performance,
market volatility, interest rates and correlation among various market
movements. There can be no assurance that ultimate actual experience will not
differ materially from our assumptions, particularly (but not only) during
periods of high market volatility, which could adversely impact results of
operations and financial condition. If we are unable to effectively hedge these
risks, we could experience economic losses which could have a material adverse
impact on our results of operations and financial condition.

OUR REINSURANCE ARRANGEMENTS WITH AXA RE ARIZONA COMPANY MAY BE ADVERSELY
IMPACTED BY CHANGES IN REGULATORY REQUIREMENTS REGARDING THE USE OF CAPTIVES.

We have ceded to our affiliate, AXA RE Arizona Company, a captive reinsurance
company established by AXA Financial in 2003 ("AXA Arizona"), the no lapse
guarantee riders contained in certain variable and interest sensitive life
policies.

Recently, the National Association of Insurance Commissioners (the "NAIC") and
certain state regulators have been scrutinizing and further regulating
insurance companies' use of affiliated captive reinsurers or off-shore
entities. For example, the NAIC adopted a new actuarial guideline, known as "AG
48" that governs the reinsurance of term and universal life insurance business
to captives by prescribing requirements for the types of assets that may be
held by captives to support the reserves. The requirements in AG 48 became
effective on January 1, 2015, and apply in respect of term and universal life
insurance policies written from and after January 1, 2015, or written prior to
January 1, 2015, but not included in a captive reinsurer financing arrangement
as of December 31, 2014. In addition, a number of lawsuits have been filed
against insurance companies, including an affiliate of ours, over the use of
captive reinsurers. For additional information, see "Business -- Regulation --
Insurance Regulation." If the Arizona Department of Insurance or other state
insurance regulators were to restrict the use of such captive reinsurers or if
we otherwise are unable to continue to use a captive reinsurer, the capital
management benefits we receive under the AXA Arizona reinsurance arrangement
could be adversely affected which could adversely affect our competitive
position, capital, liquidity and financial condition and results of operations.

   RISKS RELATING TO THE NATURE OF OUR BUSINESS, THE PRODUCTS WE OFFER, OUR
                      STRUCTURE AND PRODUCT DISTRIBUTION

OUR PRODUCTS CONTAIN NUMEROUS FEATURES AND ARE SUBJECT TO EXTENSIVE REGULATION
AND FAILURE TO ADMINISTER OR MEET ANY OF THE COMPLEX PRODUCT REQUIREMENTS MAY
REDUCE PROFITABILITY.

Our products are subject to a complex and extensive array of state and federal
tax, securities, insurance and employee benefit plan laws and regulations,
which are administered and enforced by a number of different governmental and
self-regulatory authorities, including, among others, state insurance
regulators, state securities administrators, state banking authorities, the
Securities and Exchange Commission (the "SEC"), the Financial Industry
Regulatory Authority, Inc. ("FINRA"), the U.S. Department of Labor (the "DOL")
and the Internal Revenue Service (the "IRS"). See "Business -- Regulation --
Insurance Regulation

For example, U.S. federal income tax law imposes requirements relating to
insurance product design, administration and investments that are conditions
for beneficial tax treatment of such products under the Internal Revenue Code.
Additionally, state and federal securities and

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

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insurance laws impose requirements relating to insurance product design,
offering and distribution and administration. Failure to administer product
features in accordance with contract provisions or applicable law, or to meet
any of these complex tax, securities, or insurance requirements could subject
us to administrative penalties imposed by a particular governmental or
self-regulatory authority, unanticipated costs associated with remedying such
failure or other claims, litigation, harm to our reputation or interruption of
our operations, If this were to occur, it could adversely impact our
profitability, results of operations and financial condition.

THE AMOUNT OF STATUTORY CAPITAL THAT WE HAVE AND THE AMOUNT OF STATUTORY
CAPITAL WE MUST HOLD TO MEET OUR STATUTORY CAPITAL REQUIREMENTS AND OUR
FINANCIAL STRENGTH AND CREDIT RATINGS CAN VARY SIGNIFICANTLY FROM TIME TO TIME.

Statutory accounting standards and capital and reserve requirements for MLOA
are prescribed by the applicable state insurance regulators and the NAIC. State
insurance regulators have established regulations that govern reserving
requirements and provide minimum capitalization requirements based on
risk-based capital ("RBC") ratios for life insurance companies. This RBC
formula establishes capital requirements relating to insurance, business, asset
and interest rate risks. In any particular year, statutory surplus amounts and
RBC ratios may increase or decrease depending on a variety of factors,
including but not limited to the amount of statutory income or losses we
generate (which itself is sensitive to equity market and credit market
conditions), changes in reserves, the amount of additional capital we must hold
to support business growth, changes in equity market levels, the value of
certain fixed-income and equity securities in our investment portfolio
(including the value of AB units), changes in interest rates, as well as
changes to existing RBC formulas. Additionally, state insurance regulators have
significant leeway in how to interpret existing regulations, which could
further impact the amount of statutory capital or reserves that we must
maintain. Our financial strength and credit ratings are significantly
influenced by our statutory surplus amount and our RBC ratio. Moreover, rating
agencies may implement changes to their internal models that have the effect of
increasing or decreasing the amount of capital we must hold in order to
maintain our current ratings. To the extent that our statutory capital
resources are deemed to be insufficient to maintain a particular rating by one
or more rating agencies, our financial strength and credit ratings might be
downgraded by one or more rating agencies. There can be no assurance that we
will be able to maintain our current RBC ratio in the future or that our RBC
ratio will not fall to a level that could have a material adverse effect on our
business, results of operations or financial condition.

CHANGES IN STATUTORY RESERVE OR OTHER REQUIREMENTS AND/OR THE IMPACT OF ADVERSE
MARKET CONDITIONS COULD RESULT IN CHANGES TO OUR PRODUCT OFFERINGS THAT COULD
NEGATIVELY IMPACT OUR BUSINESS.

Changes in statutory reserve or other requirements, increased costs of hedging,
other risk mitigation techniques and financing and other adverse market
conditions could result in certain products becoming less profitable or
unprofitable. These circumstances may cause us to modify and/or eliminate
certain features of various products, including our universal life products
among others, and could cause the suspension or cessation of sales of certain
products in the future. Any modifications to products that we may make could
result in certain of our products being less attractive and/or competitive.
This could adversely impact sales which could negatively impact AXA Advisors'
ability to retain its sales personnel and our ability to maintain our
distribution relationships. This, in turn, may negatively impact our business
and results of operations and financial condition.

A DOWNGRADE IN OUR FINANCIAL STRENGTH AND CLAIMS-PAYING RATINGS COULD ADVERSELY
AFFECT OUR BUSINESS, RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

Claims paying and financial strength ratings are important factors in
establishing the competitive position of insurance companies. A downgrade of
our ratings or those of AXA and/or AXA Financial could adversely affect our
business and results of operations by, among other things, reducing new sales
of our products, increasing surrenders and withdrawals from our existing
contracts, possibly requiring us to reduce prices or take other actions for
many of our products and services to remain competitive, or adversely affecting
our ability to obtain reinsurance or obtain reasonable pricing on reinsurance.
A downgrade in our ratings may also adversely affect our cost of raising
capital or limit our access to sources of capital.

AXA FINANCIAL COULD SELL INSURANCE PRODUCTS THROUGH ANOTHER ONE OF ITS
INSURANCE SUBSIDIARIES WHICH WOULD RESULT IN REDUCED SALES OF OUR PRODUCTS AND
TOTAL REVENUES.

We are a wholly owned subsidiary of AXA Financial, a diversified financial
services organization offering a broad spectrum of financial advisory,
insurance and investment management products and services. As part of AXA
Financial's ongoing efforts to efficiently manage capital amongst its insurance
subsidiaries, improve the quality of the product line-up of its insurance
subsidiaries and enhance the overall profitability of AXA Financial Group, AXA
Financial could sell insurance products through another one of its insurance
subsidiaries instead of us, which would result in reduced sales of our products
and total revenues. This in turn would negatively impact our business, results
of operations and financial condition.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

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WE FACE COMPETITION FROM OTHER INSURANCE COMPANIES, BANKS AND OTHER FINANCIAL
INSTITUTIONS, WHICH MAY ADVERSELY IMPACT OUR MARKET SHARE AND PROFITABILITY.

There is strong competition among insurers, banks, brokerage firms and other
financial institutions and providers seeking clients for the types of products
and services we provide. Competition is intense among a broad range of
financial institutions and other financial service providers for retirement and
other savings dollars. This competition makes it especially difficult to
provide unique insurance products since, once such products are made available
to the public, they often are reproduced and offered by our competitors. Also,
this competition may adversely impact our market share and profitability.

Our ability to compete is dependent on numerous factors including, among
others, the successful implementation of our strategy; our financial strength
as evidenced, in part, by our financial and claims-paying ratings; new
regulations and/or different interpretations of existing regulations; our
access to diversified sources of distribution; our size and scale; our product
quality, range, features/functionality and price; our ability to bring
customized products to the market quickly; our technological capabilities; our
ability to explain complicated products and features to our distribution
channels and customers; crediting rates on our fixed products; the visibility,
recognition and understanding of our brands in the marketplace; our reputation
and quality of service; and, with respect to variable insurance products,
investment options, flexibility and investment management performance. See
"Description of Business -- Competition."

THE ABILITY OF FINANCIAL PROFESSIONALS ASSOCIATED WITH AXA ADVISORS AND AXA
NETWORK TO SELL OUR COMPETITORS' PRODUCTS COULD RESULT IN REDUCED SALES OF OUR
PRODUCTS AND REVENUES.

Most of the financial professionals associated with AXA Advisors and AXA
Network can sell products from competing unaffiliated insurance companies. To
the extent the financial professionals sell our competitors' products rather
than our products, we will experience reduced sales and revenues.

THE INABILITY OF AXA ADVISORS AND AXA NETWORK TO RECRUIT, MOTIVATE AND RETAIN
EXPERIENCED AND PRODUCTIVE FINANCIAL PROFESSIONALS MAY ADVERSELY AFFECT OUR
BUSINESS.

Financial professionals associated with AXA Advisors and AXA Network are key
factors driving our sales. Intense competition exists among insurers and other
financial services companies for financial professionals. Companies compete for
financial professionals principally with respect to compensation policies,
products and sales support. Competition is particularly intense in the hiring
and retention of experienced financial professionals. Although we believe that
AXA Advisors and AXA Network offer financial professionals a strong value
proposition, we cannot provide assurances that AXA Advisors and AXA Network
will be successful in their efforts to recruit, motivate and retain top
financial professionals.

CONSOLIDATION OF DISTRIBUTORS OF INSURANCE PRODUCTS MAY ADVERSELY AFFECT THE
INSURANCE INDUSTRY AND THE PROFITABILITY OF OUR BUSINESS.

The insurance industry distributes many of its products through other financial
institutions such as banks and broker-dealers. An increase in the consolidation
activity of bank and other financial services companies may create firms with
even stronger competitive positions, negatively impact the industry's sales,
increase competition for access to distributors, result in greater distribution
expenses and impair our ability to market insurance products to our current
customer base or expand our customer base. Consolidation of distributors and/or
other industry changes may also increase the likelihood that distributors will
try to renegotiate the terms of any existing selling agreements to terms less
favorable to us.

            RISKS RELATING TO ESTIMATES, ASSUMPTIONS AND VALUATIONS

OUR RESERVES COULD BE INADEQUATE DUE TO DIFFERENCES BETWEEN OUR ACTUAL
EXPERIENCE AND MANAGEMENT'S ESTIMATES AND ASSUMPTIONS.

We establish and carry reserves to pay future policyholder benefits and claims.
Our reserve requirements for our direct and reinsurance assumed business are
calculated based on a number of estimates and assumptions, including estimates
and assumptions related to future mortality, interest rates, future equity
performance, reinvestment rates, persistency, claims experience, and
policyholder elections (i.e., the exercise or non-exercise of rights by
policyholders under the contracts). Examples of policyholder elections include,
but are not limited to, lapses and surrenders, withdrawals and amounts of
withdrawals, and contributions and the allocation thereof. The assumptions and
estimates used in connection with the reserve estimation process are inherently
uncertain and involve the exercise of significant judgment. We

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

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periodically review the adequacy of reserves and the underlying assumptions and
make adjustments when appropriate. We cannot, however, determine with precision
the amounts that we will pay for, or the timing of payment of, actual benefits
and claims or whether the assets supporting the policy liabilities will grow to
the level assumed prior to payment of benefits or claims. Our claim costs could
increase significantly and our reserves could be inadequate if actual results
differ significantly from our estimates and assumptions. If so, we will be
required to increase reserves or reduce DAC, which could adversely impact our
earnings and/or capital. See "Management's Discussion and Analysis of Financial
Conditions and Results of Operations -- Critical Accounting Estimates."

OUR PROFITABILITY MAY DECLINE IF MORTALITY RATES OR PERSISTENCY RATES DIFFER
SIGNIFICANTLY FROM OUR PRICING EXPECTATIONS.

We set prices for our insurance products based upon expected claims and payment
patterns, using assumptions for mortality rates of our policyholders. In
addition to the potential effect of natural or man-made disasters, significant
changes in mortality could emerge gradually over time, due to changes in the
natural environment, the health habits of the insured population, the economic
environment, or other factors. Pricing of our insurance products are also based
in part upon expected persistency of these products, which is the probability
that a policy will remain in force from one period to the next. Persistency
within our life products may be significantly impacted by, among other things,
conditions in the capital markets, the changing needs of our policyholders, the
manner in which a product is marketed or illustrated, and competition,
including the availability of new products. The development of a secondary
market for life insurance, including life settlements or "viaticals" and
investor owned life insurance, and to a lesser extent third party investor
strategies in the annuities market, could adversely affect the profitability of
existing business and our pricing assumptions for new business. Significant
deviations in actual experience from our pricing assumptions could have an
adverse effect on the profitability of our products. Although some of our
products permit us to increase premiums or adjust other charges and credits
during the life of the policy, the adjustments permitted under the terms of the
policies may not be sufficient to maintain profitability. Many of our products
do not permit us to increase premiums or adjust other charges and credits or
limit those adjustments during the life of the policy.

OUR EARNINGS ARE IMPACTED BY DAC AND VOBA ESTIMATES THAT ARE SUBJECT TO CHANGE.

Our earnings for any period depend in part on the amount of our life insurance
product acquisition costs (including commissions, underwriting, agency and
policy issue expenses) that can be deferred and amortized rather than expensed
immediately. They also depend in part on the pattern of DAC and VOBA
amortization and the recoverability of DAC and VOBA which are both based on
models involving numerous estimates and subjective judgments, including those
regarding investment results including, hedging costs, Separate Account
performance, Separate Account fees, mortality and expense margins, expected
market rates of return, lapse rates and anticipated surrender charges. These
estimates and judgments are required to be revised periodically and adjusted as
appropriate. Revisions to our estimates may result in a change in DAC and VOBA
amortization, which could negatively impact our earnings.

WE USE FINANCIAL MODELS THAT RELY ON A NUMBER OF ESTIMATES, ASSUMPTIONS AND
PROJECTIONS THAT ARE INHERENTLY UNCERTAIN AND WHICH MAY CONTAIN ERRORS.

We use models in our hedging programs and many other aspects of our operations,
including but not limited to product development and pricing, capital
management, the estimation of actuarial reserves, the amortization of DAC and
the value of business acquired and the valuation of certain other assets and
liabilities. These models rely on estimates, assumptions and projections that
are inherently uncertain and involve the exercise of significant judgment. Due
to the complexity of such models, it is possible that errors in the models
could exist and our controls could fail to detect such errors. Failure to
detect such errors could result in a negative impact to our results of
operations and financial position.

THE DETERMINATION OF THE AMOUNT OF ALLOWANCES AND IMPAIRMENTS TAKEN ON OUR
INVESTMENTS IS SUBJECTIVE AND COULD MATERIALLY IMPACT OUR RESULTS OF OPERATIONS
AND FINANCIAL CONDITION.

The determination of the amount of allowances and impairments vary by
investment type and is based upon our evaluation and assessment of known and
inherent risks associated with the respective asset class. Such evaluations and
assessments are revised as conditions change and new information becomes
available. Management updates its evaluations regularly and reflects changes in
allowances and impairments in operations as such evaluations are revised. There
can be no assurance that management's judgments, as reflected in our financial
statements, will ultimately prove to be an accurate estimate of the actual and
eventual diminution in realized value. Furthermore, additional impairments may
need to be taken or allowances provided for in the future.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

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              CREDIT, COUNTERPARTY AND INVESTMENTS RELATED RISKS

OUR REQUIREMENTS TO PLEDGE COLLATERAL OR MAKE PAYMENTS RELATED TO DECLINES IN
ESTIMATED FAIR VALUE OF SPECIFIED ASSETS MAY ADVERSELY AFFECT OUR LIQUIDITY AND
EXPOSE US TO COUNTERPARTY CREDIT RISK.

Some of our transactions with financial and other institutions specify the
circumstances under which the parties are required to pledge collateral related
to any decline in the market value of the specified assets. In addition, under
the terms of some of our transactions, we may be required to make payments to
our counterparties related to any decline in the market value of the specified
assets. The amount of collateral we may be required to pledge and the payments
we may be required to make under these agreements may increase under certain
circumstances, which could adversely affect our liquidity. See "Management's
Discussion and Analysis of Financial Condition and Results of Operations --
Liquidity and Capital Resources."

IF THE COUNTERPARTIES TO THE DERIVATIVE INSTRUMENTS WE USE TO HEDGE THE RISKS
ON CERTAIN OF OUR PRODUCTS DEFAULT OR FAIL TO PERFORM, WE MAY BE EXPOSED TO
RISKS WE HAD SOUGHT TO MITIGATE, WHICH COULD MATERIALLY ADVERSELY AFFECT OUR
FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

We hedge crediting rates to mitigate certain risks associated with our Market
Stabilizer Option(R) and our indexed universal life insurance products. See
"Description of Business -- Products -- Reinsurance and Hedging" and
"Management's Discussion and Analysis of Financial Condition and Results of
Operations -- Derivatives." If our counterparties fail or refuse to honor their
obligations under these derivative instruments, we could face significant
losses to the extent collateral agreements do not fully offset our exposures.
This is a more pronounced risk to us in view of the stresses suffered by
financial institutions over the past several years. Such failure could have a
material adverse effect on our financial condition and results of operations.

LOSSES DUE TO DEFAULTS, ERRORS OR OMISSIONS BY THIRD PARTIES, INCLUDING
OUTSOURCING RELATIONSHIPS, COULD MATERIALLY ADVERSELY IMPACT OUR BUSINESS,
RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

We depend on third parties and affiliates that owe us money, securities or
other assets to pay or perform under their obligations. These parties include
the issuers whose securities we hold in our investment portfolios, borrowers
under the mortgage loans we make, customers, trading counterparties,
counterparties under swap and other derivative contracts, clearing agents,
exchanges, clearing houses and other financial intermediaries. These parties
may default on their obligations to us due to bankruptcy, lack of liquidity,
downturns in the economy or real estate values, operational failure or other
reasons.

We also depend on third parties and affiliates in other contexts. For example,
in establishing the amount of the liabilities and reserves associated with the
risks assumed in connection with reinsurance pools and arrangements, we rely on
the accuracy and timely delivery of data and other information from ceding
companies.

We also rely on third parties and affiliates to whom we outsource certain
technology platforms, information systems and administrative functions,
including records retention. For example, we rely on Protective Life to provide
all administrative services and other related services with respect to business
reinsured with Protective Life. See "Description of Business -- Reinsurance and
Hedging." If we do not effectively implement and manage our outsourcing
strategy, third party vendor providers do not perform as anticipated, such
vendors' internal controls fail or are inadequate, or we experience
technological or other problems associated with outsourcing transitions, we may
not realize anticipated productivity improvements or cost efficiencies and may
experience operational difficulties, increased costs and reputational damage.

Losses associated with defaults or other failures by these third parties and
outsourcing partners upon whom we rely could materially adversely impact our
business, results of operations and financial condition.

SOME OF OUR INVESTMENTS ARE RELATIVELY ILLIQUID AND MAY BE DIFFICULT TO SELL,
OR TO SELL IN SIGNIFICANT AMOUNTS AT ACCEPTABLE PRICES, TO GENERATE CASH TO
MEET OUR NEEDS.

We hold certain investments that may lack liquidity, such as privately placed
fixed maturity securities, mortgage loans, commercial mortgage backed
securities and limited partnership interests. These asset classes represented
approximately 15% of the carrying value of our total cash and invested assets
as of December 31, 2015. Although we seek to adjust our cash and short-term
investment positions to minimize the likelihood that we would need to sell
illiquid investments, if we were required to liquidate these investments on
short notice, we may have difficulty doing so and be forced to sell them for
less than we otherwise would have been able to realize. See "Management's
Discussion and Analysis of Financial Condition and Results of Operations --
General Accounts Investment Portfolio."

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      7






GROSS UNREALIZED LOSSES ON FIXED MATURITY AND EQUITY SECURITIES MAY BE REALIZED
OR RESULT IN FUTURE IMPAIRMENTS, RESULTING IN A REDUCTION IN OUR NET EARNINGS.

Fixed maturity and equity securities classified as available-for-sale are
reported at fair value. Unrealized gains or losses on available-for-sale
securities are recognized as a component of other comprehensive income (loss)
and are, therefore, excluded from net earnings. Our gross unrealized losses on
fixed maturity and equity securities at December 31, 2015 were approximately
$19 million. The accumulated change in estimated fair value of these
available-for-sale securities is recognized in net earnings when the gain or
loss is realized upon the sale of the security or in the event that the decline
in estimated fair value is determined to be other-than-temporary and an
impairment charge to earnings is taken. Realized losses or impairments may have
a material adverse effect on our net earnings in a particular quarterly or
annual period. See "Management's Discussion and Analysis of Financial Condition
and Results of Operations -- General Accounts Investment Portfolio."

                          LEGAL AND REGULATORY RISKS

WE ARE HEAVILY REGULATED, AND CHANGES IN REGULATION MAY REDUCE OUR
PROFITABILITY AND LIMIT OUR GROWTH.

INSURANCE REGULATION: We are subject to a wide variety of insurance and other
laws and regulations. See "Description of Business -- Regulation." State
insurance laws regulate most aspects of our insurance business. We are
domiciled in Arizona and are primarily regulated by the Director of Insurance
of the Arizona Department of Insurance and by the states in which we are
licensed.

Our products are highly regulated and approved by the individual state
regulators where such products are sold. State insurance regulators and the
NAIC regularly reexamine existing laws and regulations applicable to insurance
companies and their products. Changes in these laws and regulations, or in
interpretations thereof, including, potentially rescinding prior product
approvals, are often made for the benefit of the consumer at the expense of the
insurer and, thus, could have a material adverse effect on our financial
condition and results of operations. See "Description of Business -- Regulation
-- Insurance Regulation" and "Description of Business -- Regulation -- NAIC."

U.S. FEDERAL REGULATION AFFECTING INSURANCE: Currently, the U.S. federal
government does not directly regulate the business of insurance. While the
Dodd-Frank Wall Street and Consumer Protection Act (the "Dodd Frank Act") does
not remove primary responsibility for the supervision and regulation of
insurance from the states, Title V of the Dodd Frank Act establishes a Federal
Reserve Insurance Office (the "FIO") within the U.S. Treasury Department and
reforms the regulation of the non-admitted property and casualty insurance
market and the reinsurance market. Federal legislation and administrative
policies can significantly and adversely affect insurance companies, including
policies regarding financial services regulation, securities regulation,
derivatives regulation, pension regulation, health care regulation, privacy,
tort reform legislation and taxation. In addition, various forms of direct and
indirect federal regulation of insurance have been proposed from time to time,
including proposals for the establishment of an optional federal charter for
insurance companies. Other aspects of our insurance operations could also be
affected by the Dodd-Frank Act. For example, the Dodd-Frank Act includes a new
framework of regulation of the over-the-counter ("OTC") derivatives markets.
See "Description of Business -- Regulation -- Dodd-Frank Wall Street Reform and
Consumer Protection Act."

INTERNATIONAL REGULATION: In addition, regulators and lawmakers in non-U.S.
jurisdictions are engaged in addressing the causes of the financial crisis and
means of avoiding such crises in the future. For example, the Financial
Stability Board (the "FSB") has identified nine global systemically important
insurers ("G-SIIs"), which includes the AXA Group. While the precise
implications of being designated a G-SII are still developing, it could have
far reaching regulatory and competitive implications for the AXA Group and
adversely impact AXA's capital requirements, profitability, the fungibility of
AXA's capital and ability to provide capital/financial support for AXA Group
companies, including potentially MLOA, AXA's ability to grow through future
acquisitions, internal governance and could change the way AXA conducts its
business and adversely impact AXA's overall competitive position versus
insurance groups that are not designated G-SIIs. The multiplicity of different
regulatory regimes, capital standards and reporting requirements could increase
AXA's operational complexity and costs. All of these possibilities, if they
occurred, could affect the way we conduct our business (including, for example,
which products we offer) and manage capital, and may require us to satisfy
increased capital requirements, all of which in turn could materially affect
our competitive position, results of operations, financial condition and
liquidity. See "Description of Business -- Regulation -- International
Regulation."

GENERAL: From time to time, regulators raise issues during examinations or
audits of us and regulated subsidiaries that could, if determined adversely,
have a material impact on us. In addition, the interpretations of regulations
by regulators may change and statutes may be enacted with retroactive impact,
particularly in areas such as accounting or statutory reserve requirements. We
are also subject to other regulations and may in the future become subject to
additional regulations. See "Description of Business -- Regulation." Compliance
with applicable laws and regulations is time consuming and personnel-intensive,
and changes in these laws and regulations may materially increase our direct
and indirect compliance and other expenses of doing business, thus having a
material adverse effect on our results of operations and financial condition.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      8






CHANGES IN U.S. TAX LAWS AND REGULATIONS MAY ADVERSELY AFFECT SALES OF OUR
PRODUCTS AND OUR PROFITABILITY.

Currently, U.S. tax law provisions afford certain benefits to life insurance
products. The nature and extent of competition and the markets for our life
insurance products and our profitability may be materially affected by changes
in tax laws and regulations, including changes relating to savings and
retirement funding. Adverse changes could include, among many other things, the
introduction of current taxation of increases in the account value of life
insurance products, improved tax treatment of mutual funds or other investments
as compared to insurance products or repeal of the Federal estate tax.
Management cannot predict what proposals may be made, what legislation, if any,
may be introduced or enacted or what the effect of any such legislation might
be. See "Description of Business -- Regulation -- Federal Tax Legislation."

CHANGES IN ACCOUNTING STANDARDS COULD HAVE A MATERIAL ADVERSE EFFECT ON OUR
RESULTS OF OPERATIONS AND/OR FINANCIAL CONDITION.

Our financial statements are prepared in accordance with accounting principles
generally accepted in the United States of America that are revised from time
to time. Accordingly, from time to time we are required to adopt new or revised
accounting standards issued by recognized authoritative bodies, including the
Financial Accounting Standards Board ("FASB"). In the future, new accounting
pronouncements, as well as new interpretations of existing accounting
pronouncements, may have material adverse effects on our results of operations
and/or financial condition. See Note 2 of Notes to Financial Statements. In
addition AXA, our ultimate parent company, prepares consolidated financial
statements in accordance with International Financial Reporting Standards
("IFRS"). From time to time AXA may be required to adopt new or revised
accounting standards issued by recognized authoritative bodies, including the
International Accounting Standards Board ("IASB"). In the future, new
accounting pronouncements, as well as new interpretations of existing
accounting pronouncements, may have material adverse effects on AXA's
consolidated results of operations and/or financial condition which could
impact the way we conduct our business (including, for example, which products
we offer), our competitive position and the way we manage capital.

LEGAL AND REGULATORY ACTIONS COULD HAVE A MATERIAL ADVERSE EFFECT ON OUR
BUSINESS, REPUTATION AND RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

A number of lawsuits, claims, assessments and regulatory inquiries have been
filed or commenced against life insurers in the jurisdictions in which we do
business. These actions and proceedings involve, among other things, insurers'
sales practices, alleged agent misconduct, alleged failure to properly
supervise agents, contract administration, product design, features and
accompanying disclosure, cost of insurance increases, the use of captive
reinsurers, payment of death benefits and the reporting and enchantment of
unclaimed property alleged breach of fiduciary duties, alleged mismanagement of
client funds and other general business related matters. Some of these matters
have resulted in the award of substantial judgments against other insurers,
including material amounts of punitive damages, or in substantial settlements.
In some states, juries have substantial discretion in awarding punitive damages.

From time to time, we are involved in such actions and proceedings and our
results of operations and financial position could be affected by defense and
settlement costs and any unexpected material adverse outcomes in such matters
as well as in other material actions and proceedings pending against us. The
frequency of large damage awards, including large punitive damage awards and
regulatory fines that bear little or no relation to actual economic damages
incurred, continues to create the potential for an unpredictable judgment in
any given matter.

In addition, examinations by Federal and state regulators and other
governmental and self-regulatory agencies including, among others, the SEC,
state attorneys general, insurance and securities regulators and FINRA could
result in adverse publicity, sanctions, fines and other costs. We have provided
and, in certain cases, continue to provide information and documents to the
SEC, FINRA, state attorneys general, state insurance departments and other
regulators on a wide range of issues. At this time, management cannot predict
what actions the SEC, FINRA and/or other regulators may take or what the impact
of such actions might be. See "Description of Business -- Regulation" and Note
11 of Notes to Financial Statements.

                          OPERATIONAL AND OTHER RISKS

THE COMPUTER SYSTEMS WE RELY ON MAY FAIL OR THEIR SECURITY MAY BE COMPROMISED,
WHICH COULD ADVERSELY IMPACT OUR BUSINESS AND CONSOLIDATED RESULTS OF
OPERATIONS AND FINANCIAL CONDITION.

Our business is highly dependent upon the effective operation of AXA
Equitable's computer systems. We also have arrangements in place with outside
vendors and other third-party service providers through which we share and
receive information. We rely on these systems throughout our business for a
variety of functions, including processing claims and applications, providing
information to customers and distributors, performing actuarial analyses and
modelling, hedging and maintaining financial records. Despite the
implementation of security and back-up measures, these computer systems and
those of our outside vendors and third-party service providers may be
vulnerable to physical or

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      9





cyberattacks, computer viruses or other computer related attacks, programming
errors and similar disruptive problems. The failure of these systems for any
reason could cause significant interruptions to our operations, which could
result in a material adverse effect on our business, financial condition or
results of operations.

Our confidential information is retained on AXA Equitable's computer systems.
AXA Equitable relies on commercial technologies to maintain the security of
those systems. Anyone who is able to circumvent these security measures and
penetrate these computer systems could access, view, misappropriate, alter or
delete any information in the systems, including personally identifiable
customer information and proprietary business information. AXA Equitable's
employees, our distribution partners and other vendors may use portable
computers or mobile devices which may contain similar information to that in
computer systems, and these devices have been and can be lost, stolen or
damaged. In addition, an increasing number of states require that customers be
notified if a security breach results in the inappropriate disclosure of
personally identifiable customer information. Any compromise of the security of
these computer systems through cyberattacks or for any other reason that
results in inappropriate disclosure of personally identifiable customer
information could damage our reputation in the marketplace, deter people from
purchasing our products, subject us to significant civil and criminal liability
and require us to incur significant technical, legal and other expenses.

OUR BUSINESS COULD BE ADVERSELY AFFECTED BY THE OCCURRENCE OF A CATASTROPHE,
INCLUDING NATURAL OR MAN-MADE DISASTERS.

Any catastrophic event, such as pandemic diseases, terrorist attacks, floods,
severe storms or hurricanes or computer cyber-terrorism, could have an adverse
effect on our business in several respects:

   .   we could experience long-term interruptions in our service and the
       services provided by our significant vendors due to the effects of
       catastrophic events. Some of our operational systems are not fully
       redundant, and our disaster recovery and business continuity planning
       cannot account for all eventualities. Additionally, unanticipated
       problems with our disaster recovery systems could further impede our
       ability to conduct business, particularly if those problems affect our
       computer-based data processing, transmission, storage and retrieval
       systems and destroy valuable data;

   .   the occurrence of a pandemic disease could have a material adverse
       effect on our liquidity and operating results due to increased mortality
       and, in certain cases, morbidity rates;

   .   the occurrence of any pandemic disease, natural disaster, terrorist
       attacks or any other catastrophic event that results in our workforce
       being unable to be physically located at one of our facilities could
       result in lengthy interruptions in our service; and

   .   another terrorist attack in the United States could have long-term
       economic impacts that may have severe negative effects on our investment
       portfolio and disrupt our business operations. Any continuous and
       heightened threat of terrorist attacks could also result in increased
       costs of reinsurance.

OUR RISK MANAGEMENT POLICIES AND PROCEDURES MAY NOT BE ADEQUATE TO IDENTIFY,
MONITOR AND MANAGE RISKS, WHICH MAY LEAVE US EXPOSED TO UNIDENTIFIED OR
UNANTICIPATED RISKS, WHICH COULD NEGATIVELY AFFECT OUR BUSINESSES OR RESULT IN
LOSSES.

Our policies and procedures to identify, monitor and manage risks may not be
adequate or fully effective. Many of our methods of managing risk and exposures
are based upon our use of historical market behavior or statistics based on
historical models. As a result, these methods may not predict future exposures,
which could be significantly greater than the historical measures indicate,
such as the risk of pandemics causing a large number of deaths or terrorism.
Other risk management methods depend upon the evaluation of information
regarding markets, clients, catastrophe occurrence or other matters that is
publicly available or otherwise accessible to us, which may not always be
accurate, complete, up-to-date or properly evaluated.

WE MAY NOT BE ABLE TO PROTECT OUR INTELLECTUAL PROPERTY AND MAY BE SUBJECT TO
INFRINGEMENT CLAIMS BY A THIRD PARTY.

We rely on a combination of contractual rights, copyright, trademark, and trade
secret laws to establish and protect our intellectual property. Although we use
a broad range of measures to protect our intellectual property rights, third
parties may infringe or misappropriate our intellectual property. The loss of
intellectual property protection or the inability to secure or enforce the
protection of our intellectual property assets could have a material adverse
effect on our business and our ability to compete.

Third parties may have, or may eventually be issued, patents or other
protections that could be infringed by our products, methods, processes or
services or could limit our ability to offer certain product features. In
recent years, there has been increasing intellectual property litigation in the
financial services industry challenging, among other things, product designs
and business processes. If a third party were to successfully assert an
intellectual property infringement claim against us, or if we were otherwise
precluded from offering certain features or designs, or utilizing certain
processes, it could have a material adverse effect on our business, results of
operations and financial condition. See "Description of Business --
Intellectual Property."

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      10





DESCRIPTION OF BUSINESS/1/

OVERVIEW

MLOA, established in the state of Arizona in 1969, is an indirect, wholly-owned
subsidiary of AXA Financial. Our primary business is to provide life insurance
and employee benefit products to individuals and small and medium-size
businesses. We are licensed to sell our products in 49 states (not including
New York), the District of Columbia and Puerto Rico.

AXA Financial is an indirect, wholly-owned subsidiary of AXA S.A. ("AXA"), a
French holding company for the AXA Group, a worldwide leader in financial
protection. For additional information regarding AXA, see "Description of
Business -- Parent Company."

PRODUCTS

As part of AXA Financial's ongoing efforts to efficiently manage capital
amongst its insurance subsidiaries, improve the quality of the product line-up
of its insurance subsidiaries and enhance the overall profitability of AXA
Financial Group, most sales of indexed universal life insurance and employee
benefit products to policyholders located outside of New York are being issued
through MLOA instead of AXA Equitable, another life insurance subsidiary of AXA
Financial. We expect that AXA Financial will continue to issue newly developed
life and employee benefit insurance products, which are issued to policyholders
located outside of New York through MLOA instead of AXA Equitable. Since future
decisions regarding product development and availability depend on factors and
considerations not yet known, management is unable to predict the extent to
which we will offer other products in the future. See "Risk Factors".

LIFE INSURANCE. Our primary life insurance product offerings include:

TERM. Term life is a simple form of life insurance. Term life products provide
a guaranteed benefit upon the death of the insured for a specific time period
(the term) in return for the periodic payment of premiums. Our BrightLife(R)
TermOne(R) product is a type of term life insurance that is non-renewable and
expires after one year.

UNIVERSAL LIFE. Universal life is a form of permanent life insurance that
provides protection in case of death, as well as a savings or cash value
component. The cash value of a universal life policy is based on the amount of
premiums paid, the declared interest crediting rate and the policy charges.
Unlike term life or whole life insurance, flexible premium universal life
policies permit flexibility in the amount and timing of premium payments
(within limits) and they generally offer the policyholder the ability to choose
one of two death benefit options: a level benefit equal to the policy's
original face amount or a variable benefit equal to the original face amount
plus any existing policy account value.

We also offer an indexed universal life product. Indexed universal life
insurance combines life insurance with equity-linked accumulation potential.
The equity linked option(s) provide upside potential for cash value
accumulation up to certain growth cap rates and downside protection through a
floor for certain investment periods. This floor will limit the impact of
decreases over the investment period in the values of the indices selected.

VARIABLE UNIVERSAL LIFE. Variable universal life is a form of permanent life
insurance that combines the premium and death benefit flexibility of universal
life insurance with investment opportunity. A policyholder can invest premiums
in one or more underlying portfolios offering different levels of risk and
growth potential. The investment portfolios provide long-term growth potential,
tax deferred earnings and the ability to make tax free transfers among the
investment portfolios. A policyholder can choose one of two death benefit
options: level benefit equal to the policy's original face amount or a variable
benefit equal to the original face amount plus any existing policy account
value. Variable universal life insurance products offered by us include
single-life products, second-to-die policies (which pay death benefits
following the death of both insureds) and products for the corporate-owned life
insurance ("COLI") market.

We offer the Market Stabilizer Option(R), an investment option, on our variable
universal life product. The Market Stabilizer Option(R) offers a policyholder
growth potential (up to a cap) and downside protection through a buffer.
Through the use of the upside caps and a downside buffer, the Market Stabilizer
Option(R) helps a policyholder manage volatility in his/her variable universal
life policy, which may reduce or potentially eliminate losses.
-----------
/1/  As used herein, the terms "MLOA", "we", "our" and/or "us" refers to MONY
     Life Insurance Company of America, an Arizona stock life insurance
     company, "AXA Financial" refers to AXA Financial, Inc., a Delaware
     corporation incorporated in 1991, "AXA Financial Group" refers to AXA
     Financial and its consolidated subsidiaries, including AXA Equitable Life
     Insurance Company ("AXA Equitable"). The term "Separate Accounts" refers
     to the separate account investment assets of MLOA excluding the assets
     held in those separate accounts on which MLOA bears the investment risk.
     The term "General Account Investment Assets" refers to assets held in the
     General Account associated with MLOA's continuing operations. Unless
     otherwise defined herein, capitalized terms used in the "Description of
     Business" are defined in the "Risk Factors" that immediately precede this
     section.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      11






Term, Universal Life and Variable Universal Life insurance products accounted
for 7.1%, 60.5% and 27.0% of our total first year premiums and deposits in
2015, respectively. For additional information, see "Management's Discussion
and Analysis of Financial Condition and Results of Operations -- Premiums and
Deposits."

EMPLOYEE BENEFITS. We recently entered the group employee benefits business. We
currently offer a suite of insurance products to small and medium-size
businesses. Our primary employee benefit product offerings include:

DENTAL. We have partnered with Careington, a leading national PPO network, to
provide flexible, comprehensive dental coverage, as well as access to an
extensive network with approximately 200,000 dental access points and over
80,000 unique dental providers. Our plans cover routine cleanings, fillings and
major dental procedures, as well as optional orthodontia and teeth whitening
benefits.

VISION. We have partnered with a leading vision network, VSP(R) Vision Care.
Our plans cover eye exams, glasses, and contact lenses as well as discounts on
laser vision correction surgery.

LIFE INSURANCE. Life insurance can provide security and help offset financial
burdens in the event of death. Additional benefits options can include
supplemental life, voluntary life, or family protection.

SHORT- AND LONG-TERM DISABILITY. Disability insurance provides partial
replacement of lost earnings for insured employees who become disabled, as
defined by their plan provisions. Our products include both short- and
long-term disability coverage options.

DEDUCTIBLE INSURANCE. Deductible insurance provides employees with access to
additional coverage that can relieve the expenses of high out-of-pocket medical
costs and help cover deductibles, coinsurance and copays.

HOSPITAL-PLUS. Hospital Plus (aka Hospital Indemnity) provides employees with
coverage for a variety of expenses, including hospital stays, emergency room
visits, rehabilitation and even childcare during hospitalization.

CRITICAL ILLNESS. Critical illness coverage protects employees from expenses
that can arise from a serious illness, such as a heart attack, stroke, or
cancer. Payments are made directly to employees and can be used for items not
covered by their medical plans.

Sales of employee benefit products were not significant in 2015.

SEPARATE ACCOUNT ASSETS

Variable life products offer purchasers the opportunity to direct the
investment of their account values into various Separate Account investment
options. The investment options available to MLOA's variable life policyholders
are comprised of the proprietary fund families of EQ Advisors Trust ("EQAT"),
AXA Premier VIP Trust ("VIP Trust"), each of which are mutual funds for which
our affiliate, AXA Equitable Funds Management Group, LLC, serves as the
investment manager and administrator, and various non-proprietary fund families
for which third parties serve as investment manager. Depending on the
investment options available under the specific contract, variable
policyholders may allocate their funds among a wide variety of these investment
options.

EQAT is a mutual fund offering variable life policyholders a choice of single
or multi-advised equity, bond and money market investment portfolios that
employ either passively managed or actively managed strategies, "hybrid"
portfolios that employ both passively managed and actively managed strategies
and whose assets are allocated among multiple sub-advisers, and thirteen asset
allocation portfolios that invest in other portfolios of EQAT Trust and other
unaffiliated mutual funds or exchange traded funds. VIP Trust is a mutual fund
offering variable life policyholders a choice of twenty-three asset allocation
portfolios that invest in other portfolios of EQAT and other unaffiliated
mutual funds or exchange traded funds. Certain of the EQAT equity portfolios
employ a managed volatility strategy that seeks to reduce equity exposure
during periods in which market volatility has increased to levels that are
meaningfully higher than long-term historic averages.

MARKETS

We primarily target affluent and emerging affluent individuals and families and
small business owners, as well as existing clients. Variable and universal life
insurance is targeted at individuals for protection and estate planning
purposes, and at business owners to assist in, among other things, business
continuation planning and funding for executive benefits. Our employee benefit
products are targeted to small and medium-size businesses seeking to streamline
employee benefits management.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      12






DISTRIBUTION

We distribute our products through Retail and Wholesale distribution channels.

RETAIL DISTRIBUTION. Our products are offered on a retail basis by financial
professionals associated with AXA Advisors, LLC ("AXA Advisors"), an affiliated
broker-dealer, and AXA Network, LLC ("AXA Network"), an affiliated general
insurance agency. These financial professionals also have access to and can
offer a broad array of annuity, life insurance, employee benefits and
investment products and services from unaffiliated insurers and other financial
service providers.

WHOLESALE DISTRIBUTION. We also distribute our products on a wholesale basis
through AXA Distributors, LLC ("AXA Distributors"), an affiliated wholesale
distribution company, to third-party broker-dealers and insurance brokerage
general agencies.

For our employee benefits business we have developed targeted partnerships with
influential regional, national and local brokers and general agents across the
country. We have also developed strategic partnerships with other types of
employee benefits distributors in the market -- including private exchanges,
health plans, and professional employer organizations.

We have entered into agreements pursuant to which we compensate AXA Advisors,
AXA Network and AXA Distributors for distributing and servicing our products.
The agreements provide that compensation will not exceed any limitations
imposed by applicable law.

For additional information on premiums and deposits by the retail and wholesale
channels, see "Management's Discussion and Analysis of Financial Condition and
Results of Operations -- Premium and Deposits."

REINSURANCE AND HEDGING

We have in place reinsurance and hedging programs to reduce our exposure to
mortality, equity market fluctuations, interest rate fluctuations and certain
other product features.

REINSURANCE. We utilize reinsurance to mitigate a portion of the risks that we
face from our in-force life insurance products. Under our reinsurance
arrangements, other insurers assume a portion of the obligation to pay claims
and related expenses to which we are subject. However, we remain liable as the
direct insurer on all risks we reinsure and, therefore, are subject to the risk
that our reinsurer is unable or unwilling to pay or reimburse claims at the
time demand is made. We evaluate the financial condition of our reinsurers in
an effort to minimize our exposure to significant losses from reinsurer
insolvencies.

In October 2013, we entered into a reinsurance agreement (the "Reinsurance
Agreement") with Protective Life Insurance Company ("Protective Life") pursuant
to which Protective Life is reinsuring on a 100% indemnity reinsurance basis an
in-force book of life insurance and annuity policies written by MLOA primarily
prior to 2004. Under the terms of the Reinsurance Agreement, we transferred and
ceded assets equal to approximately $1,308 million, net of ceding commission of
approximately $370 million, in consideration of the transfer of liabilities
amounting to approximately $1,374 million. In addition to the Reinsurance
Agreement, we entered into a long-term administrative services agreement with
Protective Life whereby Protective Life will provide all administrative and
other services with respect to the reinsured business. For additional
information regarding the Reinsurance Agreement, see Notes 1, 6 and 7 of Notes
to Financial Statements and "Management's Discussion and Analysis of Financial
Condition and Results of Operations".

For business not reinsured with Protective Life, we generally reinsure our
variable life, interest-sensitive life and term life insurance policies on an
excess of retention basis. In 2015, we generally retained up to a maximum of
$4 million of mortality risk on single-life policies and up to a maximum of
$6 million of mortality risk on second-to-die policies. For amounts applied for
in excess of those limits, reinsurance is ceded to AXA Equitable up to a
combined maximum of $20 million of risk on single-life policies and up to a
maximum of $25 million of risk on second-to-die policies. For amounts issued in
excess of those limits we typically obtained reinsurance from unaffiliated
third parties. The reinsurance arrangements obligate the reinsurer to pay a
portion of any death claim in excess of the amount we retain in exchange for an
agreed-upon premium.

In addition to non-affiliated reinsurance, we have ceded to our affiliate, AXA
Arizona, a captive reinsurance company established by AXA Financial, the no
lapse guarantee riders contained in certain variable and interest sensitive
life insurance policies. For additional information, see "Risk Factors" and
Note 7 of Notes to Financial Statements.

REINSURANCE ASSUMED. We do not assume reinsurance from any non-affiliated
insurance company. For additional information about reinsurance strategies
implemented and affiliate reinsurance assumed, see Notes 6 and 7 of Notes to
Financial Statements.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      13






HEDGING. We hedge crediting rates to mitigate certain risks associated with our
Market Stabilizer Option(R) and our indexed universal life insurance products.
These products permit the contract owner to participate in the performance of
an index, ETF or a commodity price movement up to a cap for a set period of
time. They also contain a protection feature, in which we will absorb, up to a
certain percentage, the loss of value in an index, ETF or commodity price,
which varies by product segment. In order to support the returns associated
with these features, we enter into derivative contracts whose payouts, in
combination with fixed income investments, emulate those of the index, ETF or
commodity price, subject to caps and buffers.

For additional information about reinsurance and hedging strategies, see "Risk
Factors," "Management's Discussion and Analysis of Financial Condition and
Results of Operations" and Notes 6 and 7 of Notes to Financial Statements.

POLICYHOLDER LIABILITIES AND RESERVES

We establish, and carry as liabilities, actuarially determined amounts that are
calculated to meet our policy obligations when a policy matures or is
surrendered, an insured dies or becomes disabled or upon the occurrence of
other covered events. Our reserve requirements are calculated based on a number
of estimates and assumptions, including estimates and assumptions related to
future mortality, interest rates, future equity performance, reinvestment
rates, persistency, claims experience and policyholder elections (i.e., lapses
and surrenders, withdrawals and amounts of withdrawals, contributions and the
allocation thereof, etc.), which we modify to reflect our actual experience
and/or refined assumptions when appropriate.

Pursuant to state insurance laws, we establish statutory reserves, reported as
liabilities, to meet our obligations on our policies. These statutory reserves
are established in amounts sufficient to meet policy obligations, when taken
together with expected future premiums and interest at assumed rates. Statutory
reserves generally differ from actuarial liabilities for future policy benefits
determined using U.S. GAAP.

State insurance laws and regulations require that we submit to state insurance
departments, with each annual report, an opinion and memorandum of a "qualified
actuary" that the statutory reserves and related actuarial amounts recorded in
support of specified policies, and the assets supporting such statutory
reserves and related actuarial amounts, make adequate provision for its
statutory liabilities with respect to these obligations.

For additional information on Policyholder Liabilities, see "Management's
Discussion and Analysis of Financial Condition and Results of Operations --
Critical Accounting Policies and Estimates", "Management's Discussion and
Analysis of Financial Condition and Results of Operations -- Results of
Operations" and "Risk Factors."

UNDERWRITING AND PRICING

UNDERWRITING. We employ detailed underwriting policies, guidelines and
procedures designed to align mortality results with the assumptions used in
product pricing while providing for competitive risk selection. The risk
selection process is carried out by underwriters who evaluate policy
applications based on information provided by the applicant and other sources.
Specific tests, such as blood analysis, are used to evaluate policy
applications based on the size of the policy, the age of the applicant and
other factors. The purpose of this process is to determine the type and amount
of risk that we are willing to accept. In addition, we continue to utilize and
further develop alternative underwriting methods that rely on predictive
modeling.

For our group employee benefit products that do not require submission of
medical evidence, risk is assessed at the group level. We will set appropriate
plans for the group based on demographic information and, on larger groups,
will also evaluate the experience of the group. For group employee benefit
products that require submission of medical evidence, risk is assessed at the
individual level. For individual employee benefit products, guarantee issue is
offered based on plan design and/or achievement of minimum participation
requirements.

We have senior level oversight of the underwriting process in order to
facilitate quality sales and serve the needs of our customers, while supporting
our financial strength and business objectives. The application of our
underwriting guidelines is continuously monitored through internal underwriting
audits in order to achieve high standards of underwriting and consistency.

PRICING. Pricing for our products is designed to allow us to make an
appropriate profit after paying benefits to customers, and taking account of
all the risks we assume. Product pricing is calculated through the use of
estimates and assumptions for mortality, morbidity, withdrawal rates and
amounts, expenses, persistency, policyholder elections and investment returns,
as well as certain macroeconomic factors. Assumptions used are determined in
light of our underwriting standards and practices. Investment-oriented products
are priced based on various factors, which may include investment return,
expenses, persistency and optionality.

Our life insurance and employee benefit products are highly regulated by the
individual state regulators where these products are sold. From time to time,
we reevaluate the type and level of features currently being offered and may
change the nature and/or pricing of such features for new sales.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      14






We continually review our underwriting and pricing guidelines with a view to
maintaining competitive offerings that are consistent with maintaining our
financial strength and meeting profitability goals.

COMPETITION

There is strong competition among insurers, banks, brokerage firms and other
financial institutions and providers seeking clients for the types of products
we provide. Competition is intense among a broad range of financial
institutions and other financial service providers for retirement and other
savings dollars. For additional information regarding competition, see "Risk
Factors."

The principal competitive factors affecting our business are our financial
strength as evidenced, in part, by our financial and claims-paying ratings;
access to capital; access to diversified sources of distribution; size and
scale; product quality, range, features/functionality and price; our ability to
bring customized products to the market quickly; technological capabilities;
our ability to explain complicated products and features to our distribution
channels and customers; crediting rates on fixed products; visibility,
recognition and understanding of our brand in the marketplace; reputation and
quality of service; and, with respect to variable insurance, investment
options, flexibility and investment management performance.

We and our affiliated distributors must attract and retain productive sales
representatives to sell our products. Strong competition continues among
financial institutions for sales representatives with demonstrated ability. We
and our affiliated distribution companies compete with other financial
institutions for sales representatives primarily on the basis of financial
position, product breadth and features, support services and compensation
policies. For additional information, see "Risk Factors."

Legislative and other changes affecting the regulatory environment can affect
our competitive position within the life insurance industry and within the
broader financial services industry. For additional information, see
"Description of Business -- Regulation" and "Risk Factors."

REGULATION

INSURANCE REGULATION

We are licensed to transact insurance business in all states other than New
York and are subject to extensive regulation and supervision by insurance
regulators in these states and the District of Columbia and Puerto Rico. We are
domiciled in Arizona and are primarily regulated by the Director of Insurance
of the Arizona Department of Insurance. The extent of regulation by
jurisdiction varies, but most jurisdictions have laws and regulations governing
the financial aspects and business conduct of insurers. State laws in the U.S.
grant insurance regulatory authorities broad administrative powers with respect
to, among other things, sales practices, establishing statutory capital and
reserve requirements and solvency standards, reinsurance and hedging,
protecting privacy, regulating advertising, restricting the payment of
dividends and other transactions between affiliates, permitted types and
concentrations of investments, and business conduct to be maintained by
insurance companies as well as agent licensing, approval of policy forms and,
for certain lines of insurance, approval or filing of rates. Insurance
regulators have the discretionary authority to limit or prohibit new issuances
of business to policyholders within their jurisdictions when, in their
judgment, such regulators determine that the issuing company is not maintaining
adequate statutory surplus or capital. For additional information on Insurance
Supervision, see "Risk Factors."

We are required to file detailed annual financial statements, prepared on a
statutory accounting basis, with supervisory agencies in each of the
jurisdictions in which we do business. Such agencies may conduct regular or
targeted examinations of our operations and accounts, and make requests for
particular information from us. In addition to oversight by state insurance
regulators, in recent years, the insurance industry has seen an increase in
inquiries from state attorneys general and other state officials regarding
compliance with certain state insurance, securities and other applicable laws.
We have received and responded to such inquiries from time to time.

HOLDING COMPANY AND SHAREHOLDER DIVIDEND REGULATION. Most states, including
Arizona, regulate transactions between an insurer and its affiliates under
insurance holding company acts. The insurance holding company laws and
regulations vary from jurisdiction to jurisdiction, but generally require a
controlled insurance company (insurers that are subsidiaries of insurance
holding companies) to register with state regulatory authorities and to file
with those authorities certain reports, including information concerning its
capital structure, ownership, financial condition, certain intercompany
transactions and general business operations.

State insurance statutes also typically place restrictions and limitations on
the amount of dividends or other distributions payable by insurance company
subsidiaries to their parent companies, as well as on transactions between an
insurer and its affiliates.

For additional information on shareholder dividends, see "Management's
Discussion and Analysis of Financial Condition and Results of Operations --
Liquidity and Capital Resources."

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      15






NAIC. The mandate of the NAIC is to benefit state insurance regulatory
authorities and consumers by promulgating model insurance laws and regulations
for adoption by the states. The NAIC provides standardized insurance industry
accounting and reporting guidance through its Accounting Practices and
Procedures Manual (the "Manual"). However, statutory accounting principles
continue to be established by individual state laws, regulations and permitted
practices. Changes to the Manual or modifications by the various state
insurance departments may impact the statutory capital and surplus of our U.S.
insurance companies.

The NAIC currently has in place its "Solvency Modernization Initiative," which
is designed to review the U.S. financial regulatory system and all aspects of
financial regulation affecting insurance companies. Though broad in scope, the
NAIC has stated that the Solvency Modernization Initiative will focus on:
(1) capital requirements; (2) governance and risk management; (3) group
supervision; (4) statutory accounting and financial reporting; and
(5) reinsurance. In furtherance of this initiative, the NAIC adopted the
Corporate Governance Annual Filing Model Act and Regulation at its August 2014
meeting. The new model, which requires insurers to make an annual confidential
filing regarding their corporate governance policies, is expected to become
effective in 2016. In addition, in September 2012, the NAIC adopted the Risk
Management and Own Risk and Solvency Assessment Model Act ("ORSA"), which has
not yet been enacted by Arizona. ORSA requires that insurers maintain a risk
management framework and conduct an internal risk and solvency assessment of
the insurer's material risks in normal and stressed environments. The
assessment must be documented in a confidential annual summary report, a copy
of which must be made available to regulators as required or upon request.

In December 2012, the NAIC approved a new valuation manual containing a
principles-based approach to life insurance company reserves. Principles-based
reserving is designed to better address reserving for products, including the
current generation of products for which the current formulaic basis for
reserve determination does not work effectively. The principles-based approach
will not become effective unless 42 states representing 75% of total industry
premium adopt laws with substantially similar terms and provisions as those set
forth in the NAIC's valuation manual. It is anticipated that the state and
total industry premium thresholds will be met by July 2016, and that principles
based reserving will become effective as of January 1, 2017 in Arizona.

CAPTIVE REINSURER REGULATION. During the last few years, the NAIC and certain
state regulators have been scrutinizing insurance companies' use of affiliated
captive reinsurers or off-shore entities.

In December 2014, the NAIC adopted a new actuarial guideline, known as "AG 48"
that governs the reinsurance of term and universal life insurance business to
captives by prescribing requirements for the types of assets that may be held
by captives to support the reserves. The requirements in AG 48 became effective
on January 1, 2015, and apply in respect of term and universal life insurance
policies written from and after January 1, 2015, or written prior to January 1,
2015, but not included in a captive reinsurer financing arrangement as of
December 31, 2014. The NAIC and state regulators also continue to consider
additional changes relating to the use of captive reinsurers.

Like many life insurance companies, we utilize a captive reinsurer as part of
our capital management strategy. We cannot predict what, if any, changes may
result from these reviews, further regulation and/or pending lawsuits regarding
the use of captive reinsurers. If the Arizona Department of Insurance or other
state insurance regulators were to restrict the use of such captive reinsurers
or if we otherwise are unable to continue to use our captive reinsurer, the
capital management benefits we receive under this reinsurance arrangement could
be adversely affected. For additional information on our use of a captive
reinsurance company, see "Description of Business -- Reinsurance and Hedging",
"Risk Factors" and "Management's Discussion and Analysis of Financial Condition
and Results of Operations."

SURPLUS AND CAPITAL; RISK BASED CAPITAL ("RBC"). Insurers are required to
maintain their capital and surplus at or above minimum levels. Regulators have
discretionary authority, in connection with the licensing of insurance
companies, to limit or prohibit an insurer's sales to policyholders if, in
their judgment, the regulators determine that such insurer has not maintained
the minimum surplus or capital or that the further transaction of business will
be hazardous to policyholders. We report our RBC based on a formula calculated
by applying factors to various asset, premium and statutory reserve items, as
well as taking into account the risk characteristics of the insurer. The major
categories of risk involved are asset risk, insurance risk, interest rate risk,
market risk and business risk. The formula is used as a regulatory tool to
identify possible inadequately capitalized insurers for purposes of initiating
regulatory action, and not as a means to rank insurers generally. State
insurance laws provide insurance regulators the authority to require various
actions by, or take various actions against, insurers whose RBC ratio does not
meet or exceed certain RBC levels. As of the date of the most recent annual
statutory financial statements filed with insurance regulators, our RBC was in
excess of each of those RBC levels. For additional information on RBC, see
"Management's Discussion and Analysis of Financial Condition and Results of
Operations -- Liquidity and Capital Resources."

GUARANTY ASSOCIATIONS AND SIMILAR ARRANGEMENTS. Each of the states in which we
are admitted to transact business require life insurers doing business within
the jurisdiction to participate in guaranty associations, which are organized
to pay certain contractual insurance benefits owed pursuant to insurance
policies issued by impaired, insolvent or failed insurers. These associations
levy assessments, up to prescribed limits, on all member insurers in a
particular state on the basis of the proportionate share of the premiums
written by member insurers in the lines of business in which the impaired,
insolvent or failed insurer is engaged. Some states permit member insurers to
recover assessments paid through full or partial premium tax offsets.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      16






During each of the past five years, the assessments levied against us have not
been material.

SECURITIES LAWS

We and certain policies offered by us are subject to regulation under the
Federal securities laws administered by the SEC and under certain state
securities laws. The SEC conducts regular examinations of our operations, and
from time to time makes requests for particular information from us. The SEC
and other governmental regulatory authorities, including state securities
administrators, may institute administrative or judicial proceedings that may
result in censure, fines, issuance of cease-and-desist orders or other
sanctions. Sales of variable insurance products are regulated by the SEC and
FINRA. Certain of our Separate Accounts are registered as investment companies
under the Investment Company Act of 1940, as amended. Separate Account
interests under certain insurance policies issued by us are also registered
under the Securities Act of 1933, as amended.

We have provided, and in certain cases continue to provide, information and
documents to, among others, the SEC, FINRA, state attorneys general, state
insurance regulators and other regulators regarding our compliance with
insurance, securities and other laws and regulations regarding the conduct of
our business. For additional information, see Note 11 to Notes to Financial
Statements.

DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT

Currently, the U.S. federal government does not directly regulate the business
of insurance. While the Dodd-Frank Act does not remove primary responsibility
for the supervision and regulation of insurance from the states, Title V of the
Dodd-Frank Act establishes the FIO within the U.S. Treasury Department and
reforms the regulation of the non-admitted property and casualty insurance
market and the reinsurance market. The FIO has authority that extends to all
lines of insurance except health insurance, crop insurance and (unless included
with life or annuity components) long-term care insurance. Under the Dodd-Frank
Act, the FIO is charged with monitoring all aspects of the insurance industry
(including identifying gaps in regulation that could contribute to a systemic
crisis), recommending to the Financial Stability Oversight Council ("FSOC") the
designation of any insurer and its affiliates (potentially including AXA and
its affiliates) as a non-bank financial company subject to oversight by the
Board of Governors of the Federal Reserve System (including the administration
of stress testing on capital), assisting the Treasury Secretary in negotiating
"covered agreements" with non-U.S. governments or regulatory authorities, and,
with respect to state insurance laws and regulation, determining whether such
state insurance measures are pre-empted by such covered agreements. In
addition, the FIO is empowered to request and collect data (including financial
data) on and from the insurance industry and insurers (including reinsurers)
and their affiliates. In such capacity, the FIO may require an insurer or an
affiliate of an insurer to submit such data or information as the FIO may
reasonably require. In addition, the FIO's approval will be required to subject
an insurer or a company whose largest U.S. subsidiary is an insurer to the
special orderly liquidation process outside the federal bankruptcy code,
administered by the Federal Deposit Insurance Corporation pursuant to the
Dodd-Frank Act. The Dodd-Frank Act also reforms the regulation of the
non-admitted property/casualty insurance market (commonly referred to as excess
and surplus lines) and the reinsurance markets, including the ability of
non-domiciliary state insurance regulators to deny credit for reinsurance when
recognized by the ceding insurer's domiciliary state regulator.

Other aspects of our operations could also be affected by the Dodd-Frank Act.
These include:

HEIGHTENED STANDARDS AND SAFEGUARDS. The FSOC may recommend that state
insurance regulators or other regulators apply new or heightened standards and
safeguards for activities or practices we and other insurers or other financial
services companies engage in if the FSOC determines that those activities or
practices could create or increase the risk that significant liquidity, credit
or other problems spread among financial companies. We cannot predict whether
any such recommendations will be made or their effect on our business, results
of operations or financial condition.

OVER-THE-COUNTER DERIVATIVES REGULATION. The Dodd-Frank Act includes a
framework of regulation of the OTC derivatives markets. Regulations approved to
date require clearing of previously uncleared transactions and will require
clearing of additional OTC transactions in the future. In addition, recently
approved regulations impose margin requirements on OTC transactions not
required to be cleared. As a result of these regulations, our costs of risk
mitigation have and may continue to increase under the Dodd-Frank Act. For
example, margin requirements, including the requirement to pledge initial
margin for OTC cleared transactions entered into after June 10, 2013 and for
OTC uncleared transactions entered into after the phase-in period, which would
be applicable to us in 2019, have increased. In addition, restrictions on
securities that will qualify as eligible collateral will require increased
holdings of cash and highly liquid securities with lower yields causing a
reduction in income. Centralized clearing of certain OTC derivatives exposes us
to the risk of a default by a clearing member or clearinghouse with respect to
our cleared derivative transactions. We use derivatives to mitigate certain
risks associated with our products. We have always been subject to the risk
that our hedging and other management procedures might prove ineffective in
reducing the risks to which insurance policies expose us or that unanticipated
policyholder behavior or mortality, combined with adverse market events, could
produce economic losses beyond the scope of the risk management techniques
employed. Any such losses could be increased by higher costs of writing
derivatives (including customized derivatives) and the reduced availability of
customized derivatives that might result from the enactment and implementation
of the Dodd-Frank Act.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

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INTERNATIONAL REGULATION

Regulators and lawmakers in non-U.S. jurisdictions are also engaged in
addressing the causes of the financial crisis and means of avoiding such crises
in the future. On July 18, 2013, the International Association of Insurance
Supervisors ("IAIS") published an initial assessment methodology for
designating GSIIs, as part of the global initiative launched by the G20 with
the assistance of the FSB to identify global systemically important financial
institutions ("G-SIFIs"). The assessment methodology, which is endorsed by the
FSB, is intended to identify those insurers whose distress or disorderly
failure, because of their size, complexity and interconnectedness, would cause
significant disruption to the global financial system and economic activity.
Also on July 18, 2013, the FSB published its initial list of nine GSIIs, which
included the AXA Group and which is updated annually following consultation
with the IAIS and national authorities and has continued to include the AXA
Group. The policy measures for GSIIs, also published by the IAIS in July 2013,
include (1) the introduction of new capital requirements; a "basic" capital
requirement ("BCR") applicable to all GSIIs activities which serves as a basis
for an additional level of capital called "Higher Loss Absorbency" ("HLA")
required from GSIIs in relation to their systemic activities, (2) greater
regulatory oversight over holding companies, (3) various measures to promote
the structural and financial "self-sufficiency" of group companies and reduce
group interdependencies including restrictions on intra-group financing and
other arrangements, and (4) in general, a greater level of regulatory scrutiny
for GSIIs (including a requirement to establish a Systemic Risk Management Plan
("SRMP"), Liquidity Risk Management Plan ("LRMP") and a Recovery and Resolution
Plan ("RRP")) which have entailed significant new processes, reporting and
compliance burdens and costs. These measures could have far reaching regulatory
and competitive implications for the AXA Group, which in turn could materially
affect our competitive position, results of operations, financial condition,
liquidity and how we operate our business. For additional information, see
"Risk Factors."

FEDERAL TAX LEGISLATION, REGULATION, AND ADMINISTRATION

Although we cannot predict what legislative, regulatory, or administrative
changes may or may not occur with respect to the federal tax law, we
nevertheless endeavor to consider the possible ramifications of such changes on
the profitability of our business and the attractiveness of our products to
consumers. In this regard, we analyze multiple streams of information,
including those described below.

ENACTED LEGISLATION. At present, the federal tax laws generally permit certain
holders of life insurance and annuity products to defer taxation on the
build-up of value within such products (commonly referred to as "inside
build-up") until payments are made to the policyholders or other beneficiaries.
From time to time, Congress considers legislation that could enhance or reduce
(or eliminate) the benefit of tax deferral on some life insurance and annuity
products. As an example, the American Taxpayer's Relief Act increased
individual tax rates for higher-income taxpayers. Higher tax rates increase the
benefits of tax deferral on inside build-up and, correspondingly, tend to
enhance the attractiveness of life insurance and annuity products to consumers
that are subject to those higher tax rates.

TAX REFORM INITIATIVES. Tax reform initiatives have been underway in Congress
over the last several years. During that discourse, wholesale changes to
long-standing provisions governing the taxation of insurance companies have
been considered, including proposals that would modify (i) the calculation of
the dividends-received deduction ("DRD") with respect to life insurance company
separate accounts in a way that largely would eliminate the benefit that life
insurance companies receive, (ii) the calculation of insurance reserves in a
manner that would decrease the federal tax deduction available to life
insurance companies for such reserves, and (iii) the rules concerning the
capitalization of certain policy acquisition expenses in a way that would
increase the amount of premiums that an insurance company would be required to
capitalize and amortize for federal tax purposes. The likelihood of enactment
of these (or of any other) proposals, whether as part of a comprehensive tax
reform package or as discrete legislative changes, is uncertain at this time
due to the current political and economic environment as well as the ambiguity
that comes with any tax reform initiative.

PRESIDENTIAL BUDGET PROPOSALS. The President submits a budget proposal to
Congress on an annual basis. To varying degrees, these budget proposals
typically include federal tax and related proposals that, if enacted into law,
could affect our profitability and the attractiveness of our products to
consumers. For example, budget proposals from the Obama Administration included
proposals that sought to modify the calculation of the DRD with respect to life
insurance company separate accounts and impose a "financial fee" on certain
firms in the financial sector, including insurance companies. If enacted into
law, these proposals could have an adverse effect on our profitability. Budget
proposals from the Obama Administration also proposed changes to the federal
tax laws that could affect purchasers of products offered and sold through our
various business lines, including proposals that would (i) expand the pro-rata
interest expense disallowance for COLI policies, (ii) increase the top capital
gains rate, and (iii) restore and permanently extend the estate, gift, and
generation-skipping transfer tax exemptions and tax rates as they applied in
prior years. Some of these proposals, should they become law, could have the
potential to improve the attractiveness of our products to consumers and
enhance our sales, while other proposals could have the opposite effect.

REGULATORY AND OTHER ADMINISTRATIVE GUIDANCE FROM THE TREASURY DEPARTMENT AND
THE INTERNAL REVENUE SERVICE. Regulatory and other administrative guidance from
the Treasury Department and the Internal Revenue Service also could impact the
amount of federal tax that we pay. For example, the adoption of "principles
based" approaches for calculating statutory reserves may lead the Treasury
Department and the Internal Revenue Service to issue guidance that changes the
way that deductible insurance reserves are determined, potentially reducing
future tax deductions for us.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      18






PRIVACY OF CUSTOMER INFORMATION

We are subject to federal and state laws and regulations which require
financial institutions to protect the security and confidentiality of customer
information, and to notify customers about their policies and practices
relating to their collection and disclosure of customer information and their
practices relating to protecting the security and confidentiality of that
information. We have adopted a privacy policy outlining procedures and
practices to be followed by members of the AXA Financial Group relating to the
collection, disclosure and protection of customer information. As required by
law, a copy of the privacy policy is mailed to customers on an annual basis.
Federal and state laws generally require that we provide notice to affected
individuals, law enforcement, regulators and/or potentially others if there is
a situation in which customer information is intentionally or accidentally
disclosed to and/or acquired by unauthorized third parties. Federal regulations
require financial institutions to implement programs to detect, prevent, and
mitigate identity theft. Federal and state laws and regulations regulate the
ability of financial institutions to make telemarketing calls and to send
unsolicited e-mail or fax messages to both consumers and customers, and also
regulate the permissible uses of certain categories of customer information.
Violation of these laws and regulations may result in significant fines and
remediation costs. It may be expected that legislation considered by either the
U.S. Congress and/or state legislatures could create additional and/or more
detailed obligations relating to the use and protection of customer information.

INTELLECTUAL PROPERTY

We rely on a combination of copyright, trademark, patent and trade secret laws
to establish and protect our intellectual property rights. AXA Financial has
entered into a licensing arrangement with AXA concerning the use by AXA
Financial Group of the "AXA" name. Since 2014, AXA Financial Group companies
have been using AXA as the single brand for AXA Financial's advice, retirement
and life insurance lines of business. As a result, we have simplified our brand
in the U.S. marketplace to "AXA." We regard our intellectual property as
valuable assets and protect them against infringement.

ENVIRONMENTAL CONSIDERATIONS

Federal, state and local environmental laws and regulations apply to our
ownership and operation of real property. Inherent in owning and operating real
property are the risk of environmental liabilities and the costs of any
required clean-up. Under the laws of certain states, contamination of a
property may give rise to a lien on the property to secure recovery of the
costs of clean-up, which could adversely affect our mortgage lending business.
In some states, this lien may have priority over the lien of an existing
mortgage against such property. In addition, in some states and under the
federal Comprehensive Environmental Response, Compensation, and Liability Act
of 1980, or CERCLA, we may be liable, in certain circumstances, as an "owner"
or "operator," for costs of cleaning-up releases or threatened releases of
hazardous substances at a property mortgaged to us. We also risk environmental
liability when we foreclose on a property mortgaged to us. However, Federal
legislation provides for a safe harbor from CERCLA liability for secured
lenders, provided that certain requirements are met. Application of various
other federal and state environmental laws could also result in the imposition
of liability on us for costs associated with environmental hazards.

We routinely conduct environmental assessments prior to making a mortgage loan
or taking title to real estate, whether through acquisition for investment, or
through foreclosure on real estate collateralizing mortgages. Although
unexpected environmental liabilities can always arise, we seek to minimize this
risk by undertaking these environmental assessments consistent with regulatory
guidance and complying with our internal procedures. As a result, we believe
that any costs associated with compliance with environmental laws and
regulations or any clean-up of properties would not have a material adverse
effect on our results of operations.

EMPLOYEES

We have no employees. We have service agreements with affiliates pursuant to
which we are provided the services necessary to operate our business. For
additional information, see Note 7 of Notes to Financial Statements and
"Transaction with Related Persons, Promoters and Certain Control Persons".

PARENT COMPANY

AXA, our ultimate parent company, is the holding company for the AXA Group, a
worldwide leader in financial protection. AXA operates primarily in Europe,
North America, the Asia/Pacific regions and, to a lesser extent, in other
regions including the Middle East, Africa and Latin America. AXA has five
operating business segments: Life and Savings, Property and Casualty,
International Insurance, Asset Management and Banking.

Neither AXA nor any affiliate of AXA has any obligation to provide us with
additional capital or credit support.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      19





DESCRIPTION OF PROPERTY

MLOA does not lease or own space for its operations. Facilities are provided to
MLOA for the conduct of its business pursuant to service agreements with
affiliated companies. For additional information, see Note 7 of Notes to
Financial Statements and "Transactions with Related Persons, Promoters and
Certain Control Persons" included elsewhere herein.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      20





LEGAL PROCEEDINGS

The matters set forth in Note 11 of Notes to Financial Statements for the year
ended December 31, 2015 are incorporated herein by reference.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      21





                             FINANCIAL STATEMENTS

                         INDEX TO FINANCIAL STATEMENTS

                    MONY LIFE INSURANCE COMPANY OF AMERICA

                                                                                       
Report of Independent Registered Public Accounting Firm.................................. 23

Financial Statements:
 Balance Sheets, December 31, 2015 and December 31, 2014................................. 24
 Statements of Earnings (Loss), Years Ended December 31, 2015, 2014 and 2013............. 25
 Statements of Comprehensive Income (Loss), Years Ended December 31, 2015, 2014 and 2013. 26
 Statements of Shareholder's Equity, Years Ended December 31, 2015, 2014 and 2013........ 27
 Statements of Cash Flows, Years Ended December 31, 2015, 2014 and 2013.................. 28
 Notes to Financial Statements........................................................... 29
   Note 1: Organization.................................................................. 29
   Note 2: Significant Accounting Policies............................................... 29
   Note 3: Investments................................................................... 36
   Note 4: Value of Business Acquired.................................................... 45
   Note 5: Fair Value Disclosures........................................................ 45
   Note 6: Reinsurance................................................................... 49
   Note 7: Related Party Transactions.................................................... 50
   Note 8: Share-based Compensation...................................................... 51
   Note 9: Income Taxes.................................................................. 51
   Note 10: Accumulated Other Comprehensive Income....................................... 52
   Note 11: Litigation................................................................... 53
   Note 12: Statutory Financial Information.............................................. 53



      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

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            REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholder of
MONY Life Insurance Company of America:

In our opinion, the accompanying balance sheets and the related statements of
earnings (loss), of comprehensive income (loss), of shareholder's equity and of
cash flows present fairly, in all material respects, the financial position of
MONY Life Insurance Company of America (the "Company") at December 31, 2015 and
December 31, 2014, and the results of its operations and its cash flows for
each of the three years in the period ended December 31, 2015 in conformity
with accounting principles generally accepted in the United States of America.
These financial statements are the responsibility of the Company's management.
Our responsibility is to express an opinion on these financial statements based
on our audits. We conducted our audits of these statements in accordance with
the standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP
New York, New York

March 18, 2016

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                                      23





                    MONY LIFE INSURANCE COMPANY OF AMERICA
                                BALANCE SHEETS
                          DECEMBER 31, 2015 AND 2014



                                                     2015     2014
                                                   -------- --------
                                                     (IN MILLIONS)
                                                      
ASSETS:
Investments:
  Fixed maturities available for sale, at fair
   value (amortized cost $898 and $850)........... $    906 $    878
  Policy loans....................................      159      151
  Other invested assets...........................       89       90
                                                   -------- --------
   Total investments..............................    1,154    1,119
Cash and cash equivalents.........................      176       47
Amounts due from reinsurers.......................    1,299    1,336
Deferred policy acquisition costs.................      364      292
Value of business acquired........................        9        7
Deferred cost of reinsurance......................       63       71
Current and deferred income tax receivables.......        1       --
Other assets......................................       15       18
Separate Accounts' assets.........................    1,701    1,810
                                                   -------- --------

TOTAL ASSETS...................................... $  4,782 $  4,700
                                                   ======== ========

LIABILITIES
Policyholders' account balances................... $  2,158 $  1,919
Future policy benefits and other
  policyholders liabilities.......................      389      389
Current and deferred income taxes.................       --       19
Other liabilities.................................       60       63
Separate Accounts' liabilities....................    1,701    1,810
                                                   -------- --------
   Total liabilities..............................    4,308    4,200
                                                   -------- --------

Commitments and contingent liabilities (Notes 2,
5, 7, 8, and 11)

SHAREHOLDER'S EQUITY
  Common Stock, $1.00 par value; 5.0 million
   shares authorized, 2.5 million issued
   and outstanding................................        2        2
  Capital in excess of par value..................      320      317
  Retained earnings...............................      147      164
  Accumulated other comprehensive income (loss)...        5       17
                                                   -------- --------
   Total shareholder's equity.....................      474      500
                                                   -------- --------

TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY........ $  4,782 $  4,700
                                                   ======== ========


                      See Notes to Financial Statements.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      24





                    MONY LIFE INSURANCE COMPANY OF AMERICA
                         STATEMENTS OF EARNINGS (LOSS)
                 YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013



                                                    2015    2014   2013
                                                   ------  -----  ------
                                                       (IN MILLIONS)
                                                         
REVENUES
Universal life and investment-type product policy
  fee income...................................... $  152  $  91  $  131
Premiums..........................................      1      1      25
Net investment income (loss):
  Investment income (loss) from derivatives.......     (9)    13       8
  Other investment income (loss)..................     38     37      84
                                                   ------  -----  ------
   Net investment income (loss)...................     29     50      92
Investment gains (losses), net:
  Total other-than-temporary impairment losses....     (1)   (10)     (6)
  Portion of loss recognized in other
   comprehensive income (loss)....................     --     --      --
                                                   ------  -----  ------
   Net impairment losses recognized...............     (1)   (10)     (6)
  Other investment gains (losses), net............     --      4      74
                                                   ------  -----  ------
     Total investment gains (losses), net.........     (1)    (6)     68
                                                   ------  -----  ------
Equity in earnings (loss) of AllianceBernstein....      5      1       5
Other income (loss)...............................      9      8       5
Increase (decrease) in the fair value of the
  reinsurance contract asset......................     --     --      (7)
                                                   ------  -----  ------
     Total revenues...............................    195    145     319
                                                   ------  -----  ------

BENEFITS AND OTHER DEDUCTIONS
Policyholders' benefits...........................     39     31      78
Interest credited to policyholders'
  account balances................................     36     39      65
Compensation and benefits.........................     36     29      32
Commissions.......................................    121     73      80
Amortization of deferred policy acquisition costs
  and value of business acquired..................     35     14      21
Capitalization of deferred policy
  acquisition costs...............................   (108)   (78)    (81)
Amortization of deferred cost of reinsurance......      8      8       4
Rent expense......................................      2      2       2
Other operating costs and expenses................     56     37      74
                                                   ------  -----  ------
     Total benefits and other deductions..........    225    155     275
                                                   ------  -----  ------

Earnings (loss), before income taxes..............    (30)   (10)     44
Income tax (expense) benefit......................     13      5     (16)
                                                   ------  -----  ------
Net Earnings (Loss)............................... $  (17) $  (5) $   28
                                                   ======  =====  ======


                      See Notes to Financial Statements.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      25





                    MONY LIFE INSURANCE COMPANY OF AMERICA
                   STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
                 YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013



                                                        2015    2014   2013
                                                       ------  -----  -----
                                                           (IN MILLIONS)
                                                             
COMPREHENSIVE INCOME (LOSS)
  Net earnings (loss)................................. $  (17) $  (5) $  28
                                                       ------  -----  -----

   Other comprehensive income (loss), net of
   income taxes:
     Change in unrealized gains (losses), net of
       reclassification adjustment....................    (12)     9    (74)
                                                       ------  -----  -----
       Total other comprehensive income (loss),
         net of income taxes..........................    (12)     9    (74)
                                                       ------  -----  -----

Comprehensive Income (Loss)........................... $  (29) $   4  $ (46)
                                                       ======  =====  =====


                      See Notes to Financial Statements.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      26





                    MONY LIFE INSURANCE COMPANY OF AMERICA
                      STATEMENTS OF SHAREHOLDER'S EQUITY
                 YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013



                                                              2015    2014    2013
                                                             ------  ------  ------
                                                                 ( IN MILLIONS)
                                                                    
SHAREHOLDER'S EQUITY
Common stock, at par value, beginning and end of year....... $    2  $    2  $    2
                                                             ------  ------  ------

Capital in excess of par value, beginning of year...........    317     315     516
Return of capital...........................................     --      --    (200)
Changes in capital in excess of par value...................      3       2      (1)
                                                             ------  ------  ------
Capital in excess of par value, end of year.................    320     317     315
                                                             ------  ------  ------

Retained earnings, beginning of year........................    164     169     141
Net earnings (loss).........................................    (17)     (5)     28
                                                             ------  ------  ------
Retained earnings, end of year..............................    147     164     169
                                                             ------  ------  ------

Accumulated other comprehensive income (loss), beginning of
  year......................................................     17       8      82
Other comprehensive income (loss)...........................    (12)      9     (74)
                                                             ------  ------  ------
Accumulated other comprehensive income (loss), end of year..      5      17       8
                                                             ------  ------  ------

TOTAL SHAREHOLDER'S EQUITY, END OF YEAR..................... $  474  $  500  $  494
                                                             ======  ======  ======


                      See Notes to Financial Statements.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      27





                    MONY LIFE INSURANCE COMPANY OF AMERICA
                           STATEMENTS OF CASH FLOWS
                 YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013



                                                     2015    2014   2013
                                                    ------  -----  ------
                                                        (IN MILLIONS)
                                                          
Net earnings (loss)................................ $  (17) $  (5) $   28
Adjustments to reconcile net earnings (loss) to
  net cash provided by (used in)
  operating activities:
  Interest credited to policyholders'
   account balances................................     36     39      65
  Universal life and investment-type product
   policy fee income...............................   (152)   (91)   (131)
  (Income) loss from derivative instruments........      9    (13)     (8)
  Change in accrued investment income..............     --     (1)      3
  Investment (gains) losses, net...................      1      6     (68)
  Change in deferred policy acquisition costs and
   value of business acquired......................    (73)   (64)    (60)
  Change in the fair value of the reinsurance
   contract asset..................................     --     --       7
  Change in future policy benefits.................      6     26     (18)
  Change in other policyholders liabilities........      4      2      (2)
  Change in current and deferred income taxes......    (13)   (67)    (20)
  Provision for depreciation and amortization......      2      3       7
  Dividends from AB Units..........................      5      5       4
  Equity in earnings from AB.......................     (5)    (1)     (5)
  Amortization of deferred reinsurance costs.......      8      8       4
  Cash transferred as result of reinsurance
   agreement with Protective Life..................     --     --     (74)
  Other, net.......................................     (2)   (24)     41
                                                    ------  -----  ------

Net cash provided by (used in)
  operating activities.............................   (191)  (177)   (227)
                                                    ------  -----  ------

Cash flows from investing activities:
  Maturities and repayments of fixed maturities
   and mortgage loans..............................     86    159     290
  Sales of investments.............................     19     38     111
  Purchases of investments.........................   (153)  (314)   (251)
  Cash settlement related to
   derivative instruments..........................     (7)     1      (4)
  Other, net.......................................    (12)   (46)     19
                                                    ------  -----  ------

Net cash provided by (used in)
  investing activities.............................    (67)  (162)    165
                                                    ------  -----  ------

Cash flows from financing activities:
  Policyholders' account balances:
   Deposits........................................    406    281     279
   Withdrawals and transfers to Separate Accounts..    (19)   (41)    (41)
  Change in collateralized pledged liabilities.....     --      7      12
  Return of capital................................     --     --    (200)
                                                    ------  -----  ------

Net cash provided by (used in)
  financing activities.............................    387    247      50
                                                    ------  -----  ------

Change in cash and cash equivalents................    129    (92)    (12)
Cash and cash equivalents, beginning of year.......     47    139     151
                                                    ------  -----  ------

Cash and Cash Equivalents, End of Year............. $  176  $  47  $  139
                                                    ======  =====  ======

Schedule of non-cash financing activities:
  Share-based Programs............................. $    3  $   2  $   --
                                                    ======  =====  ======


                      See Notes to Financial Statements.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      28





                    MONY LIFE INSURANCE COMPANY OF AMERICA

                         NOTES TO FINANCIAL STATEMENTS

1) ORGANIZATION

   MONY Life Insurance Company of America ("MLOA") is an Arizona stock life
   insurance company. MLOA's primary business is providing life insurance and
   employee benefit products to both individuals and businesses. MLOA is a
   wholly-owned subsidiary of AXA Equitable Financial Services, LLC ("AEFS").
   AEFS is a wholly-owned subsidiary of AXA Financial, Inc. ("AXA Financial"
   and together with its consolidated subsidiaries "AXA Financial Group"). AXA
   Financial is an indirect, wholly-owned subsidiary of AXA, a French holding
   company for the AXA Group, a worldwide leader in financial protection.

   On October 1, 2013, MLOA reinsured an in-force book of life insurance and
   annuity policies written primarily prior to 2004 by MLOA to Protective Life
   Insurance Company ("Protective Life"). MLOA transferred and ceded assets to
   Protective Life equal to $1,308 million, net of ceding commission of $370
   million for consideration of the transfer of liabilities amounting to $1,374
   million in connection with the reinsurance agreement. As a result of the
   reinsurance agreement MLOA recorded a deferred cost of reinsurance asset
   amounting to $95 million which is amortized over the life of the underlying
   reinsured policies. Refer to the table below for a detailed description of
   assets and liabilities transferred, ceded and written off as a result of the
   reinsurance agreement with Protective Life on October 1, 2013. In 2014, MLOA
   recorded an out of period adjustment which reduced the deferred cost of
   reinsurance asset by $12 million. For additional information on this
   adjustment, see Note 2. Amortization of the deferred cost of reinsurance
   asset in 2015, 2014 and 2013 was $8 million $8 million and $4 million
   respectively.

                  Calculation of deferred cost of reinsurance
                                October 1, 2013
                                 (In Millions)

                                           
TRANSFERRED OR CEDED ASSETS (NET OF CEDING
COMMISSION):
  Fixed Maturities........................... $  1,102
  Cash.......................................       74
  Policy loans...............................      132
                                              --------
   TOTAL ASSETS TRANSFERRED OR CEDED (NET OF
     CEDING COMMISSION)...................... $  1,308
                                              --------
TRANSFERRED LIABILITIES:
  Future policyholder benefits and other
   policyholders liabilities................. $  1,334
  Amounts due to reinsurer...................       40
                                              --------
   TOTAL LIABILITIES TRANSFERRED............. $  1,374
                                              --------

ACCELERATED AMORTIZATION OF ASSETS AND
LIABILITIES RESULTING FROM THE REINSURANCE
AGREEMENT:
  Value of business acquired................. $    117
  Deferred policy acquisition costs..........       71
  Initial Fee Liability......................      (27)
                                              --------
   NET ACCELERATED AMORTIZATION OF ASSETS
     AND LIABILITIES......................... $    161
                                              --------

DEFERRED COST OF REINSURANCE................. $     95
                                              ========



2) SIGNIFICANT ACCOUNTING POLICIES

   Basis of Presentation

   The preparation of the accompanying financial statements in conformity with
   accounting principles generally accepted in the United States of America
   ("U.S. GAAP") requires management to make estimates and assumptions
   (including normal, recurring accruals) that affect the reported amounts of
   assets and liabilities and the disclosure of contingent assets and
   liabilities at the date of the financial statements and the reported amounts
   of revenues and expenses during the reporting periods. Actual results could
   differ from these estimates. The accompanying financial statements reflect
   all adjustments necessary in the opinion of management for a fair
   presentation of the financial position of MLOA and its results of operations
   and cash flows for the periods presented.

   The years "2015", "2014" and "2013" refer to the years ended December 31,
   2015, 2014 and 2013, respectively. Certain reclassifications have been made
   in the amounts presented for prior periods to conform those periods to the
   current presentation.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      29






   Future Adoption of New Accounting Pronouncements

   In February 2015, the Financial Accounting Standard Board ("FASB") issued a
   new consolidation standard that makes targeted amendments to the VIE
   assessment, including guidance specific to limited partnerships and similar
   entities, and ends the deferral granted to investment companies for applying
   the VIE guidance. The new standard is effective for annual periods,
   beginning after December 15, 2015, but may be early-adopted in any interim
   period. Management currently is evaluating the impacts this guidance may
   have on the MLOA's financial statements.

   In August 2014, the FASB issued new guidance which requires management to
   evaluate whether there is "substantial doubt" about the reporting entity's
   ability to continue as a going concern and provide related footnote
   disclosures about those uncertainties, if they exist. The new guidance is
   effective for annual periods, ending after December 15, 2016 and interim
   periods thereafter. Management does not expect implementation of this
   guidance will have a material impact on MLOA's financial statements.

   Investments

   The carrying values of fixed maturities classified as available-for-sale
   ("AFS") are reported at fair value. Changes in fair value are reported in
   comprehensive income. The amortized cost of fixed maturities is adjusted for
   impairments in value deemed to be other than temporary which are recognized
   in Investment gains (losses), net. The redeemable preferred stock
   investments that are reported in fixed maturities include real estate
   investment trusts ("REIT"), perpetual preferred stock and redeemable
   preferred stock. These securities may not have a stated maturity, may not be
   cumulative and do not provide for mandatory redemption by the issuer.

   MLOA determines the fair values of fixed maturities and equity securities
   based upon quoted prices in active markets, when available, or through the
   use of alternative approaches when market quotes are not readily accessible
   or available. These alternative approaches include matrix or model pricing
   and use of independent pricing services, each supported by reference to
   principal market trades or other observable market assumptions for similar
   securities. More specifically, the matrix pricing approach to fair value is
   a discounted cash flow methodology that incorporates market interest rates
   commensurate with the credit quality and duration of the investment.

   MLOA's management, with the assistance of its investment advisors, monitors
   the investment performance of its portfolio and reviews AFS securities with
   unrealized losses for other-than-temporary impairments ("OTTI"). Integral to
   this review is an assessment made each quarter, on a security-by-security
   basis, by the Investments Under Surveillance ("IUS") Committee, of various
   indicators of credit deterioration to determine whether the investment
   security is expected to recover. This assessment includes, but is not
   limited to, consideration of the duration and severity of the unrealized
   loss, failure, if any, of the issuer of the security to make scheduled
   payments, actions taken by rating agencies, adverse conditions specifically
   related to the security or sector, the financial strength, liquidity, and
   continued viability of the issuer and, for equity securities only, the
   intent and ability to hold the investment until recovery, and results in
   identification of specific securities for which OTTI is recognized.

   If there is no intent to sell or likely requirement to dispose of the fixed
   maturity security before its recovery, only the credit loss component of any
   resulting OTTI is recognized in earnings (loss) and the remainder of the
   fair value loss is recognized in Other Comprehensive Income ("OCI"). The
   amount of credit loss is the shortfall of the present value of the cash
   flows expected to be collected as compared to the amortized cost basis of
   the security. The present value is calculated by discounting management's
   best estimate of projected future cash flows at the effective interest rate
   implicit in the debt security prior to impairment. Projections of future
   cash flows are based on assumptions regarding probability of default and
   estimates regarding the amount and timing of recoveries. These assumptions
   and estimates require use of management judgment and consider internal
   credit analyses as well as market observable data relevant to the
   collectability of the security. For mortgage- and asset-backed securities,
   projected future cash flows also include assumptions regarding prepayments
   and underlying collateral value.

   Policy loans are stated at unpaid principal balances.

   Equity securities, which include common stock and non-redeemable preferred
   stock classified as AFS securities, are carried at fair value and are
   included in Other invested assets with changes in fair value reported in OCI.

   Units in AllianceBernstein L.P. ("AB"), a subsidiary of AXA Financial, are
   carried on the equity method and reported in Other invested assets.

   Short-term investments are reported at amortized cost that approximates fair
   value and are included in Other invested assets.

   Cash and cash equivalents includes cash on hand, amounts due from banks and
   highly liquid debt instruments purchased with an original maturity of three
   months or less. Due to the short-term nature of these investments, the
   recorded value is deemed to approximate fair value.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      30






   All securities owned, including United States government and agency
   securities and mortgage-backed securities, are reported in the financial
   statements on a trade date basis.

   Derivatives

   Derivatives are financial instruments whose values are derived from interest
   rates, foreign exchange rates, financial indices, values of securities or
   commodities, credit spreads, market volatility, expected returns, and
   liquidity. Values can also be affected by changes in estimates and
   assumptions, including those related to counterparty behavior and
   non-performance risk used in valuation models. Derivative financial
   instruments generally used by MLOA include equity options and may be
   exchange-traded or contracted in the over-the-counter market. All derivative
   positions are carried in the balance sheets at fair value, generally by
   obtaining quoted market prices or through the use of valuation models.

   Freestanding derivative contracts are reported in the balance sheets either
   as assets within "Other invested assets" or as liabilities within "Other
   liabilities." MLOA nets the fair value of all derivative financial
   instruments with counterparties for which a standardized "ISDA Master
   Agreement" and related Credit Support Annex ("CSA") have been executed. MLOA
   uses derivatives to manage asset/liability risk but has not designated those
   economic relationships under the criteria to qualify for hedge accounting
   treatment. All changes in the fair value of MLOA freestanding derivative
   positions, including net receipts and payments, are included in "Investment
   income (loss) from derivative instruments" without considering changes in
   the fair value of the economically associated assets or liabilities.

   MLOA is a party to financial instruments and other contracts that contain
   "embedded" derivative instruments. At inception, MLOA assesses whether the
   economic characteristics of the embedded instrument are "clearly and closely
   related" to the economic characteristics of the remaining component of the
   "host contract" and whether a separate instrument with the same terms as the
   embedded instrument would meet the definition of a derivative instrument.
   When those criteria are satisfied, the resulting embedded derivative is
   bifurcated from the host contract, carried in the balance sheets at fair
   value, and changes in its fair value are recognized immediately and
   captioned in the statements of earnings (loss) according to the nature of
   the related host contract. For certain financial instruments that contain an
   embedded derivative that otherwise would need to be bifurcated and reported
   at fair value, the Company instead may elect to carry the entire instrument
   at fair value.

   Mortgage Loans on Real Estate ("mortgage loans"):

   Mortgage loans are stated at unpaid principal balances, net of unamortized
   discounts and valuation allowances. Valuation allowances are based on the
   present value of expected future cash flows discounted at the loan's
   original effective interest rate or on its collateral value if the loan is
   collateral dependent. However, if foreclosure is or becomes probable, the
   collateral value measurement method is used.

   For commercial and agricultural mortgage loans, an allowance for credit loss
   is typically recommended when management believes it is probable that
   principal and interest will not be collected according to the contractual
   terms. Factors that influence management's judgment in determining allowance
   for credit losses include the following:

      .   Loan-to-value ratio -- Derived from current loan balance divided by
          the fair market value of the property. An allowance for credit loss
          is typically recommended when the loan-to-value ratio is in excess of
          100%. In the case where the loan-to-value is in excess of 100%, the
          allowance for credit loss is derived by taking the difference between
          the fair market value (less cost of sale) and the current loan
          balance.

      .   Debt service coverage ratio -- Derived from actual net operating
          income divided by annual debt service. If the ratio is below 1.0x,
          then the income from the property does not support the debt.

      .   Occupancy -- Criteria varies by property type but low or below market
          occupancy is an indicator of sub-par property performance.

      .   Lease expirations -- The percentage of leases expiring in the
          upcoming 12 to 36 months are monitored as a decline in rent and/or
          occupancy may negatively impact the debt service coverage ratio. In
          the case of single-tenant properties or properties with large tenant
          exposure, the lease expiration is a material risk factor.

      .   Maturity -- Mortgage loans that are not fully amortizing and have
          upcoming maturities within the next 12 to 24 months are monitored in
          conjunction with the capital markets to determine the borrower's
          ability to refinance the debt and/or pay off the balloon balance.

      .   Borrower/tenant related issues -- Financial concerns, potential
          bankruptcy, or words or actions that indicate imminent default or
          abandonment of property.

      .   Payment status -- current vs. delinquent -- A history of delinquent
          payments may be a cause for concern.

      .   Property condition -- Significant deferred maintenance observed
          during lenders annual site inspections.

      .   Other -- Any other factors such as current economic conditions may
          call into question the performance of the loan.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      31






   Net Investment Income (Loss), Investment Gains (Losses), Net and Unrealized
   Investment Gains (Losses)

   Realized investment gains (losses) are determined by identification with the
   specific asset and are presented as a component of revenue. Changes in the
   valuation allowances are included in Investment gains (losses), net.

   Unrealized investment gains (losses) on fixed maturities and equity
   securities designated as AFS held by MLOA are accounted for as a separate
   component of Accumulated Other Comprehensive Income ("AOCI"), net of related
   deferred income taxes and amounts attributable to Deferred Acquisition Cost
   ("DAC") and value of business acquired ("VOBA") related to variable life and
   investment-type products.

   Changes in unrealized gains (losses) reflect changes in fair value of only
   those fixed maturities classified as AFS and do not reflect any changes in
   fair value of policyholders' account balances and future policy benefits.

   Fair Value of Financial Instruments

   Fair value is defined as the exchange price that would be received for an
   asset or paid to transfer a liability (an exit price) in the principal or
   most advantageous market for the asset or liability in an orderly
   transaction between market participants on the measurement date. The
   accounting guidance established a fair value hierarchy that requires an
   entity to maximize the use of observable inputs and minimize the use of
   unobservable inputs when measuring fair value, and identifies three levels
   of inputs that may be used to measure fair value:

Level 1  Unadjusted quoted prices for identical instruments in
         active markets. Level 1 fair values generally are supported
         by market transactions that occur with sufficient frequency
         and volume to provide pricing information on an ongoing
         basis.

Level 2  Observable inputs other than Level 1 prices, such as quoted
         prices for similar instruments, quoted prices in markets
         that are not active, and inputs to model-derived valuations
         that are directly observable or can be corroborated by
         observable market data.

Level 3  Unobservable inputs supported by little or no market
         activity and often requiring significant management
         judgment or estimation, such as an entity's own assumptions
         about the cash flows or other significant components of
         value that market participants would use in pricing the
         asset or liability.

   MLOA defines fair value as the unadjusted quoted market prices for those
   instruments that are actively traded in financial markets. In cases where
   quoted market prices are not available, fair values are measured using
   present value or other valuation techniques. The fair value determinations
   are made at a specific point in time, based on available market information
   and judgments about the financial instrument, including estimates of the
   timing and amount of expected future cash flows and the credit standing of
   counterparties. Such adjustments do not reflect any premium or discount that
   could result from offering for sale at one time MLOA's entire holdings of a
   particular financial instrument, nor do they consider the tax impact of the
   realization of unrealized gains or losses. In many cases, the fair value
   cannot be substantiated by direct comparison to independent markets, nor can
   the disclosed value be realized in immediate settlement of the instrument.

   Management is responsible for the determination of the value of investments
   carried at fair value and the supporting methodologies and assumptions.
   Under the terms of various service agreements, MLOA often utilizes
   independent valuation service providers to gather, analyze, and interpret
   market information and derive fair values based upon relevant methodologies
   and assumptions for individual securities. These independent valuation
   service providers typically obtain data about market transactions and other
   key valuation model inputs from multiple sources and, through the use of
   widely accepted valuation models, provide a single fair value measurement
   for individual securities for which a fair value has been requested. As
   further described below with respect to specific asset classes, these inputs
   include, but are not limited to, market prices for recent trades and
   transactions in comparable securities, benchmark yields, interest rate yield
   curves, credit spreads, quoted prices for similar securities, and other
   market-observable information, as applicable. Specific attributes of the
   security being valued also are considered, including its term, interest
   rate, credit rating, industry sector, and when applicable, collateral
   quality and other security- or issuer-specific information. When
   insufficient market observable information is available upon which to
   measure fair value, MLOA either will request brokers knowledgeable about
   these securities to provide a non-binding quote or will employ widely
   accepted internal valuation models. Fair values received from independent
   valuation service providers and brokers and those internally modeled or
   otherwise estimated are assessed for reasonableness. To validate
   reasonableness, prices also are internally reviewed by those with relevant
   expertise through comparison with directly observed recent market trades.

   Recognition of Insurance Income and Related Expenses

   Deposits related to variable life and investment-type contracts are reported
   as increases to policyholders' account balances. Revenues from these
   contracts consist of fees assessed during the period against policyholders'
   account balances for mortality charges, policy administration charges and
   surrender charges. Policy benefits and claims that are charged to expense
   include benefit claims incurred in the period in excess of related
   policyholders' account balances.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      32






   Premiums from non-participating traditional life and annuity policies with
   life contingencies generally are recognized in income when due. Benefits and
   expenses are matched with such income so as to result in the recognition of
   profits over the life of the contracts. This match is accomplished by means
   of the provision for liabilities for future policy benefits and the deferral
   and subsequent amortization of DAC.

   For contracts with a single premium or a limited number of premium payments
   due over a significantly shorter period than the total period over which
   benefits are provided, premiums are recorded as revenue when due with any
   excess profit deferred and recognized in income in a constant relationship
   to insurance in-force or, for annuities, the amount of expected future
   benefit payments.

   DAC and VOBA

   DAC. Acquisition costs that vary with and are primarily related to the
   acquisition of new and renewal insurance business, reflecting incremental
   direct costs of contract acquisition with independent third parties or
   employees that are essential to the contract transaction, as well as the
   portion of employee compensation, including payroll fringe benefits and
   other costs directly related to underwriting, policy issuance and
   processing, medical inspection, and contract selling for successfully
   negotiated contracts including commissions, underwriting, agency and policy
   issue expenses, are deferred. DAC is subject to recoverability testing at
   the time of policy issue and loss recognition testing at the end of each
   accounting period.

   After the initial establishment of reserves, premium deficiency and loss
   recognition tests are performed each period end using best estimate
   assumptions as of the testing date without provisions for adverse deviation.
   When the liabilities for future policy benefits plus the present value of
   expected future gross premiums for the aggregate product group are
   insufficient to provide for expected future policy benefits and expenses for
   that line of business (i.e., reserves net of any DAC asset), DAC would first
   be written off and thereafter, if required, a premium deficiency reserve
   would be established by a charge to earnings.

   VOBA. VOBA, which arose from MLOA's 2004 acquisition by AXA Financial, was
   established in accordance with purchase accounting guidance for business
   combinations. VOBA is the actuarially determined present value of estimated
   future gross profits from insurance contracts in force at the date of the
   acquisition. VOBA is amortized over the expected life of the contracts (up
   to 50 years from the date of issue) according to the type of contract using
   the methods described below as applicable. VOBA is subject to loss
   recognition testing at the end of each accounting period.

   AMORTIZATION POLICY. For universal life ("UL") and investment type products,
   DAC and VOBA are amortized over the expected total life of the contract
   group as a constant percentage of estimated gross profits arising
   principally from investment results, Separate Account fees, mortality and
   expense margins and surrender charges based on historical and anticipated
   future experience, updated at the end of each accounting period. When
   estimated gross profits are expected to be negative for multiple years of a
   contract life, DAC and VOBA are amortized using the present value of
   estimated assessments. The effect on the amortization of DAC and VOBA of
   updates to estimated gross profits or assessments is reflected in earnings
   in the period such estimated gross profits or assessments are updated. A
   decrease in expected gross profits or assessments would accelerate DAC and
   VOBA amortization. Conversely, an increase in expected gross profits or
   assessments would slow DAC and VOBA amortization. The effect on the DAC and
   VOBA assets that would result from realization of unrealized gains (losses)
   is recognized with an offset to AOCI in shareholders' equity as of the
   balance sheet date.

   A significant assumption in the amortization of DAC and VOBA on variable and
   interest-sensitive life insurance relates to projected future Separate
   Account performance. Management sets estimated future gross profit or
   assessment assumptions related to Separate Account performance using a
   long-term view of expected average market returns by applying a reversion to
   the mean approach, a commonly used industry practice. This future return
   approach influences the projection of fees earned, as well as other sources
   of estimated gross profits. Returns that are higher than expectations for a
   given period produce higher than expected account balances, increase the
   fees earned resulting in higher expected future gross profits and lower DAC
   and VOBA amortization for the period. The opposite occurs when returns are
   lower than expected.

   In applying this approach to develop estimates of future returns, it is
   assumed that the market will return to an average gross long-term return
   estimate, developed with reference to historical long-term equity market
   performance. In 2015, based upon management's current expectations of
   interest rates and future fund growth, MLOA updated its reversion to the
   mean ("RTM") assumption from 9.0% to 7.0%. The average gross long term
   return measurement start date was also updated to December 31, 2014.
   Management has set limitations as to maximum and minimum future rate of
   return assumptions, as well as a limitation on the duration of use of these
   maximum or minimum rates of return. At December 31, 2015, the average gross
   short-term and long-term annual return estimate on variable and
   interest-sensitive life insurance was 7.0% (5.0% net of product weighted
   average Separate Account fees), and the gross maximum and minimum short-term
   annual rate of return limitations were 15.0% (13.0% net of product weighted
   average Separate Account fees) and 0.0% (-2.0% net of product weighted
   average Separate Account fees), respectively. The maximum duration over
   which these rate limitations may be applied is 5 years. This approach will
   continue to be applied in future periods. These assumptions of long-term
   growth are subject to assessment of the reasonableness of resulting
   estimates of future return assumptions.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      33






   If actual market returns continue at levels that would result in assuming
   future market returns of 15.0% for more than 5 years in order to reach the
   average gross long-term return estimate, the application of the 5 year
   maximum duration limitation would result in an acceleration of DAC and VOBA
   amortization. Conversely, actual market returns resulting in assumed future
   market returns of 0.0% for more than 5 years would result in a required
   deceleration of DAC and VOBA amortization.

   In addition, projections of future mortality assumptions related to variable
   and interest-sensitive life products are based on a long-term average of
   actual experience. This assumption is updated quarterly to reflect recent
   experience as it emerges. Improvement of life mortality in future periods
   from that currently projected would result in future deceleration of DAC and
   VOBA amortization. Conversely, deterioration of life mortality in future
   periods from that currently projected would result in future acceleration of
   DAC and VOBA amortization. Generally, life mortality experience has been
   improving in recent years.

   Other significant assumptions underlying gross profit estimates for UL and
   investment-type products relate to contract persistency and General Account
   investment spread.

   Deferred Cost of or Gain on Reinsurance

   The cost of or gain on reinsurance at the inception of a coinsurance treaty,
   defined as the difference between the initial coinsurance premium paid and
   the amount of the net liabilities relating to the underlying reinsured
   policies in accordance with the reinsurance agreement, net of the ceded
   commission received is deferred and amortized over the lives of the
   underlying policies.

   Policyholders' Account Balances and Future Policy Benefits

   Policyholders' account balances for variable life and investment-type
   contracts are equal to the policy account values. The policy account values
   represent an accumulation of gross premium payments plus credited interest
   less expense and mortality charges and withdrawals.

   MLOA had issued certain variable annuity products with a guaranteed minimum
   death benefit ("GMDB") feature. MLOA also had issued certain variable
   annuity products that contain a GMIB feature which, if elected by the
   policyholder after a stipulated waiting period from contract issuance,
   guarantees a minimum lifetime annuity based on predetermined annuity
   purchase rates that may be in excess of what the contract account value can
   purchase at then-current annuity purchase rates. This minimum lifetime
   annuity is based on predetermined annuity purchase rates applied to a GMIB
   base. Reserves for GMDB and GMIB obligations are calculated on the basis of
   actuarial assumptions related to projected benefits and related contract
   charges generally over the lives of the contracts using assumptions
   consistent with those used in estimating gross profits for purposes of
   amortizing DAC and VOBA. The determination of this estimated liability is
   based on models that involve numerous estimates and subjective judgments,
   including those regarding expected market rates of return and volatility,
   contract surrender and withdrawal rates, mortality experience, and, for
   contracts with the GMIB feature, GMIB election rates. Assumptions regarding
   Separate Account performance used for purposes of this calculation are set
   using a long-term view of expected average market returns by applying a
   reversion to the mean approach, consistent with that used for DAC and VOBA
   amortization. There can be no assurance that actual experience will be
   consistent with management's estimates. MLOA's variable annuity contracts
   with GMDB and GMIB features in-force that guarantee one of the following:

      .   Return of Premium: the benefit is the greater of current account
          value or premiums paid (adjusted for withdrawals);

      .   Ratchet: the benefit is the greatest of current account value,
          premiums paid (adjusted for withdrawals), or the highest account
          value on any anniversary up to contractually specified ages (adjusted
          for withdrawals);

      .   Roll-Up: the benefit is the greater of current account value or
          premiums paid (adjusted for withdrawals) accumulated at contractually
          specified interest rates up to specified ages; or

      .   Combo: the benefit is the greater of the ratchet benefit or the
          roll-up benefit which may include a five-year or an annual reset.

   In connection with the reinsurance agreement with Protective Life, MLOA has
   reinsured 100% of the risk associated with variable annuity products with
   GMDB and GMIB features.

   Reinsurance recoverable balances were calculated using methodologies and
   assumptions that are consistent with those used to calculate the direct
   liabilities.

   For non-participating traditional life insurance policies, future policy
   benefit liabilities are estimated using a net level premium method on the
   basis of actuarial assumptions as to mortality, persistency and interest
   established at policy issue. Assumptions established at policy issue as to
   mortality and persistency are based on MLOA's experience that, together with
   interest and expense assumptions, includes a margin for adverse deviation.
   Benefit liabilities for traditional annuities during the accumulation period
   are equal to accumulated contractholders' fund balances and, after
   annuitization, are equal to the present value of expected future payments.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      34






   When the liabilities for future policy benefits plus the present value of
   expected future gross premiums for a product are insufficient to provide for
   expected future policy benefits and expenses for that product, DAC and VOBA
   are written off and thereafter, if required, a premium deficiency reserve is
   established by a charge to earnings.

   Separate Accounts

   Generally, Separate Accounts established under Arizona State Insurance Law
   are not chargeable with liabilities that arise from any other business of
   MLOA. Separate Accounts assets are subject to General Account claims only to
   the extent Separate Accounts assets exceed Separate Accounts liabilities.
   Assets and liabilities of the Separate Accounts represent the net deposits
   and accumulated net investment earnings (loss) less fees, held primarily for
   the benefit of contractholders, and for which MLOA does not bear the
   investment risk. Separate Accounts' assets and liabilities are shown on
   separate lines in the balance sheets. Assets held in Separate Accounts are
   reported at quoted market values or, where quoted values are not readily
   available or accessible for these securities, their fair value measures most
   often are determined through the use of model pricing that effectively
   discounts prospective cash flows to present value using appropriate
   sector-adjusted credit spreads commensurate with the security's duration,
   also taking into consideration issuer-specific credit quality and liquidity.
   The assets and liabilities of two Separate Accounts are presented and
   accounted for as General Account assets and liabilities due to the fact that
   not all of the investment performance in those Separate Accounts is passed
   through to policyholders. Investment assets in these Separate Accounts
   principally consist of fixed maturities that are classified as AFS in the
   accompanying consolidated financial statements. These Separate Accounts are
   combined on a line-by-line basis with the Company's General Account assets,
   liabilities, revenues and expenses and the accounting for these investments
   is consistent with the methodologies described herein for similar financial
   instruments held within the General Account.

   The investment results of Separate Accounts, including unrealized gains
   (losses), on which MLOA does not bear the investment risk are reflected
   directly in Separate Accounts liabilities. Investment performance (including
   investment income, net investment gains (losses) and changes in unrealized
   gains (losses)) and the corresponding amounts credited to contractholders of
   such Separate Accounts are offset within the same line in the consolidated
   statements of earnings (loss). For 2015, 2014 and 2013, investment results
   of such Separate Accounts were gains (losses) of $(12) million, $24 million
   and $256 million, respectively.

   Deposits to Separate Accounts are reported as increases in Separate Accounts
   liabilities and are not reported in revenues. Mortality, policy
   administration and surrender charges on all policies including those funded
   by Separate Accounts are included in revenues.

   MLOA reports the General Account's interests in Separate Accounts as other
   invested assets in the balance sheets.

   Other Accounting Policies

   AXA Financial and certain of its consolidated subsidiaries and affiliates,
   including MLOA, file a consolidated Federal income tax return. MLOA provides
   for Federal and state income taxes currently payable, as well as those
   deferred due to temporary differences between the financial reporting and
   tax bases of assets and liabilities. Current Federal income taxes are
   charged or credited to operations based upon amounts estimated to be payable
   or recoverable as a result of taxable operations for the current
   year. Deferred income tax assets and liabilities are recognized based on the
   difference between financial statement carrying amounts and income tax bases
   of assets and liabilities using enacted income tax rates and laws. Valuation
   allowances are established when management determines, based on available
   information, that it is more likely than not that deferred tax assets will
   not be realized.

   Under accounting for uncertainty in income taxes guidance, MLOA determines
   whether it is more likely than not that a tax position will be sustained
   upon examination by the appropriate taxing authorities before any part of
   the benefit can be recorded in the financial statements. Tax positions are
   then measured at the largest amount of benefit that is greater than 50%
   likely of being realized upon settlement.

   Out of Period Adjustments

   In 2014, MLOA recorded an out-of-period adjustments ("OOPA") in its
   financial statements related to an overstatement of shadow VOBA in
   shareholder's equity, which subsequently resulted in an overstatement of the
   deferred cost of reinsurance asset. In addition in 2014, MLOA recorded an
   OOPA related to the application of the equity method of accounting for its
   investment in AB. The impact of these OOPAs resulted in a $2 million
   decrease in Net earnings ($3 million before taxes) and an $8 million
   decrease to other comprehensive income in 2014. In 2013, MLOA recorded an
   OOPA in its financial statements related to an understatement of the current
   and deferred tax liability. The net impact of this OOPA increased Current
   and deferred income taxes and Income tax expense by $2 million in 2013.
   Management has evaluated the impact of all out of period corrections both
   individually and in the aggregate and concluded they are not material to any
   previously reported annual financial statements, or periods in which they
   were corrected.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      35






   Assumption Updates and Refinements

   In 2015, based upon management's current expectations of interest rates and
   future fund growth, MLOA updated its RTM assumption used to calculate
   variable and interest sensitive life reserves ("VISL") and amortization of
   DAC from 9.0% to 7.0%. The impact of this assumption update in 2015 was an
   increase in VISL reserves of $4 million and an increase in amortization of
   DAC of $8 million. In 2015, the after tax impact of this assumption update
   increased the Net loss by approximately $8 million.

3) INVESTMENTS

   FIXED MATURITIES

   The following table provides information relating to fixed maturities
   classified as AFS:

                AVAILABLE-FOR-SALE SECURITIES BY CLASSIFICATION



                                                          GROSS      GROSS
                                              AMORTIZED UNREALIZED UNREALIZED               OTTI
                                                COST      GAINS      LOSSES   FAIR VALUE IN AOCI/(1)/
                                              --------- ---------- ---------- ---------- ------------
                                                                          
DECEMBER 31, 2015:
------------------
Fixed Maturity Securities:
  Public corporate........................... $     631 $       16 $       10 $      637 $         --
  Private corporate..........................       183          4          2        185           --
  U.S. Treasury, government and agency.......        29         --         --         29           --
  States and political subdivisions..........         6          1         --          7           --
  Commercial mortgage-backed.................        32          6          7         31            1
  Redeemable preferred stock.................        17         --         --         17           --
                                              --------- ---------- ---------- ---------- ------------

Total at December 31, 2015................... $     898 $       27 $       19 $      906 $          1
                                              ========= ========== ========== ========== ============

December 31, 2014:
------------------
Fixed Maturity Securities:
  Public corporate........................... $     575 $       27 $        2 $      600 $         --
  Private corporate..........................       190         11          0        201           --
  U.S. Treasury, government and agency.......        27         --         --         27           --
  States and political subdivisions..........         6         --         --          6           --
  Commercial mortgage-backed.................        34          3         11         26            1
  Redeemable preferred stock.................        18         --         --         18           --
                                              --------- ---------- ---------- ---------- ------------

Total at December 31, 2014................... $     850 $       41 $       13 $      878 $          1
                                              ========= ========== ========== ========== ============


  /(1)/Amounts represent OTTI losses in AOCI, which were not included in
       earnings (loss) in accordance with current accounting guidance.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      36






   The contractual maturities of AFS fixed maturities (excluding redeemable
   preferred stock) at December 31, 2015 are shown in the table below. Bonds
   not due at a single maturity date have been included in the table in the
   final year of maturity. Actual maturities may differ from contractual
   maturities because borrowers may have the right to call or prepay
   obligations with or without call or prepayment penalties.

                 AVAILABLE-FOR-SALE FIXED MATURITY SECURITIES
                  CONTRACTUAL MATURITIES AT DECEMBER 31, 2015



                                              AMORTIZED
                                                COST     FAIR VALUE
                                              --------- ------------
                                                  (IN MILLIONS)
                                                  
Due in one year or less...................... $      29 $         30
Due in years two through five................       171          179
Due in years six through ten.................       620          619
Due after ten years..........................        29           30
                                              --------- ------------
   Subtotal..................................       849          858
Commercial mortgage-backed securities........        32           31
                                              --------- ------------
Total........................................ $     881 $        889
                                              ========= ============


   The following table shows proceeds from sales, gross gains (losses) from
   sales and OTTI for AFS fixed maturities during 2015, 2014 and 2013:



                                                    DECEMBER 31,
                                              -----------------------
                                               2015    2014     2013
                                              ------  ------  -------
                                                   (IN MILLIONS)
                                                     
Proceeds from sales/(1)/..................... $   19  $   39  $ 1,200
                                              ======  ======  =======
Gross gains on sales/(2)/.................... $   --  $    1  $    84
                                              ======  ======  =======
Gross losses on sales/(3)/................... $   --  $    1  $     9
                                              ======  ======  =======
Total OTTI................................... $   (1) $  (10) $    (6)
Non-credit losses recognized in OCI..........     --      --       --
                                              ------  ------  -------
Credit losses recognized in earnings (loss).. $   (1) $  (10) $    (6)
                                              ======  ======  =======


  /(1)/2013 amount includes $1,090 million of transfer of assets to Protective
       Life.
  /(2)/2013 amount includes $81 million of gross gains from assets transferred
       to Protective Life.
  /(3)/2013 amount includes $6 million of gross losses from assets transferred
       to Protective Life.

   The following table sets forth the amount of credit loss impairments on
   fixed maturity securities held by MLOA at the dates indicated and the
   corresponding changes in such amounts.

             FIXED MATURITY SECURITIES -- CREDIT LOSS IMPAIRMENTS



                                               2015    2014
                                              ------  ------
                                               (IN MILLIONS)
                                                
Balances at January 1,....................... $  (51) $  (60)
Previously recognized impairments on
  securities that matured, paid, prepaid
   or sold...................................     10      19
Recognized impairments on securities
  impaired to fair value this period/(1)/....     --      --
Impairments recognized this period on
  securities not previously impaired.........     --      (9)
Additional impairments this period on
  securities previously impaired.............     (1)     (1)
Increases due to passage of time on
  previously recorded credit losses..........     --      --
Accretion of previously recognized
  impairments due to increases in expected
  cash flows.................................     --      --
                                              ------  ------
Balances at December 31,..................... $  (42) $  (51)
                                              ======  ======


  /(1)/Represents circumstances where MLOA determined in the current period
       that it intends to sell the security or it is more likely than not that
       it will be required to sell the security before recovery of the
       security's amortized cost.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      37






   Net unrealized investment gains (losses) on fixed maturities and equity
   securities classified as AFS are included in the balance sheets as a
   component of AOCI. The table below presents these amounts as of the dates
   indicated:



                                                DECEMBER 31,
                                               -------------
                                                2015   2014
                                               ------ ------
                                               (IN MILLIONS)
                                                
AFS Securities:
  Fixed maturity securities:
   With OTTI loss............................. $    4 $   (1)
   All other..................................      4     29
                                               ------ ------
Net Unrealized (Gains) Losses................. $    8 $   28
                                               ====== ======


   Changes in net unrealized investment gains (losses) recognized in AOCI
   include reclassification adjustments to reflect amounts realized in Net
   earnings (loss) for the current period that had been part of OCI in earlier
   periods. The tables that follow below present a rollforward of net
   unrealized investment gains (losses) recognized in AOCI, split between
   amounts related to fixed maturity securities on which an OTTI loss has been
   recognized, and all other:

  NET UNREALIZED GAINS (LOSSES) ON FIXED MATURITY SECURITIES WITH OTTI LOSSES



                                                                                                AOCI GAIN
                                                                                                  (LOSS)
                                              NET UNREALIZED                     DEFERRED       RELATED TO
                                                  GAINS                           INCOME      NET UNREALIZED
                                               (LOSSES) ON                       TAX ASSET      INVESTMENT
                                               INVESTMENTS     DAC AND VOBA     (LIABILITY)   GAINS (LOSSES)
                                              --------------  --------------  --------------  --------------
                                                                       (IN MILLIONS)
                                                                                  
BALANCE, JANUARY 1, 2015..................... $           (1) $           --  $           --  $           (1)
Net investment gains (losses) arising during
  the period.................................              4              --              --               4
Reclassification adjustment for OTTI losses:
   Included in Net earnings (loss)...........              1              --              --               1
Impact of net unrealized investment gains
  (losses) on:
   DAC and VOBA..............................             --              --              --              --
   Deferred income taxes.....................             --              --              (2)             (2)
                                              --------------  --------------  --------------  --------------
BALANCE, DECEMBER 31, 2015................... $            4  $           --  $           (2) $            2
                                              ==============  ==============  ==============  ==============

BALANCE, JANUARY 1, 2014..................... $           (4) $           (1) $            2  $           (3)
Net investment gains (losses) arising during
  the period.................................             --              --              --              --
Reclassification adjustment for OTTI losses:
   Included in Net earnings (loss)...........              3              --              --               3
Impact of net unrealized investment gains
  (losses) on:
   DAC and VOBA..............................             --               1              --               1
   Deferred income taxes.....................             --              --              (2)             (2)
                                              --------------  --------------  --------------  --------------
BALANCE, DECEMBER 31, 2014................... $           (1) $           --  $           --  $           (1)
                                              ==============  ==============  ==============  ==============


      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      38





          ALL OTHER NET UNREALIZED INVESTMENT GAINS (LOSSES) IN AOCI



                                                                                              AOCI GAIN
                                                                                                (LOSS)
                                              NET UNREALIZED                   DEFERRED       RELATED TO
                                                  GAINS                         INCOME      NET UNREALIZED
                                               (LOSSES) ON                     TAX ASSET      INVESTMENT
                                               INVESTMENTS     DAC AND VOBA   (LIABILITY)   GAINS (LOSSES)
                                              --------------  -------------  -------------  --------------
                                                                      (IN MILLIONS)
                                                                                
BALANCE, JANUARY 1, 2015.....................  $          29  $          (2) $          (9)  $          18
Net investment gains (losses) arising during
  the period.................................            (24)            --             --             (24)
Reclassification adjustment for OTTI losses:
   Included in Net earnings (loss)...........             (1)            --             --              (1)
Impact of net unrealized investment gains
  (losses) on:
   DAC and VOBA..............................             --             --             --              --
   Deferred income taxes.....................             --             --              9               9
                                               -------------  -------------  -------------   -------------
BALANCE, DECEMBER 31, 2015...................  $           4  $          (2) $           0   $           2
                                               =============  =============  =============   =============

BALANCE, JANUARY 1, 2014.....................  $           5  $          12  $          (6)  $          11
Net investment gains (losses) arising during
  the period.................................             17             --             --              17
Reclassification adjustment for OTTI losses:
   Included in Net earnings (loss)...........              7             --             --               7
Impact of net unrealized investment gains
  (losses) on:
   DAC and VOBA..............................             --            (14)            --             (14)
   Deferred income taxes.....................             --             --             (3)             (3)
                                               -------------  -------------  -------------   -------------
BALANCE, DECEMBER 31, 2014...................  $          29  $          (2) $          (9)  $          18
                                               =============  =============  =============   =============


   The following tables disclose the fair values and gross unrealized losses of
   the 141 issues at December 31, 2015 and the 70 issues at December 31, 2014
   of fixed maturities that are not deemed to be other-than-temporarily
   impaired, aggregated by investment category and length of time that
   individual securities have been in a continuous unrealized loss position for
   the specified periods at the dates indicated:



                                                LESS THAN 12 MONTHS    12 MONTHS OR LONGER           TOTAL
                                              ----------------------- ---------------------- ----------------------
                                                             GROSS                  GROSS                  GROSS
                                                           UNREALIZED             UNREALIZED             UNREALIZED
                                               FAIR VALUE    LOSSES   FAIR VALUE    LOSSES   FAIR VALUE    LOSSES
                                              ------------ ---------- ----------- ---------- ----------- ----------
                                                                          (IN MILLIONS)
                                                                                       
DECEMBER 31, 2015
-----------------
Fixed Maturity Securities:
  Public corporate........................... $        243 $        9 $        11 $        1 $       254  $      10
  Private corporate..........................           58          2          --         --          58          2
  U.S. Treasury, government and agency.......           16         --          --         --          16         --
  Commercial mortgage-backed.................            4         --          13          7          17          7
  Redeemable preferred stock.................           --         --           2         --           2         --
                                              ------------ ---------- ----------- ---------- -----------  ---------

Total........................................ $        321 $       11 $        26 $        8 $       347  $      19
                                              ============ ========== =========== ========== ===========  =========


      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      39







                                               LESS THAN 12 MONTHS    12 MONTHS OR LONGER           TOTAL
                                              ---------------------- ---------------------- ---------------------
                                                            GROSS                 GROSS                  GROSS
                                                          UNREALIZED            UNREALIZED             UNREALIZED
                                              FAIR VALUE    LOSSES   FAIR VALUE   LOSSES    FAIR VALUE   LOSSES
                                              ----------- ---------- ---------- ----------- ---------- ----------
                                                                         (IN MILLIONS)
                                                                                     
December 31, 2014
-----------------
Fixed Maturity Securities:
  Public corporate........................... $        29 $        1   $     37 $         1  $      66  $       2
  Private corporate..........................          12         --          1          --         13         --
  U.S. Treasury, government
  U.S. Treasury, government and agency.......          16         --         --          --         16         --
  States and political subdivisions..........           1         --         --          --          1         --
  Commercial mortgage-backed.................           1         --         20          11         21         11
  Redeemable preferred stock.................           5         --          4          --          9         --
                                              ----------- ----------   -------- -----------  ---------  ---------

Total........................................ $        64 $        1   $     62 $        12  $     126  $      13
                                              =========== ==========   ======== ===========  =========  =========


   MLOA's investments in fixed maturity securities do not include
   concentrations of credit risk of any single issuer greater than 10% of the
   shareholder's equity of MLOA, other than securities of the U.S. government,
   U.S. government agencies and certain securities guaranteed by the U.S.
   government. MLOA maintains a diversified portfolio of corporate securities
   across industries and issuers and does not have exposure to any single
   issuer in excess of 1.3% of total investments. The largest exposures to a
   single issuer of corporate securities held at December 31, 2015 and 2014
   were $15 million and $15 million, respectively. Corporate high yield
   securities, consisting primarily of public high yield bonds, are classified
   as other than investment grade by the various rating agencies, i.e., a
   rating below Baa3/BBB- or the National Association of Insurance
   Commissioners ("NAIC") designation of 3 (medium grade), 4 or 5 (below
   investment grade) or 6 (in or near default). At December 31, 2015 and 2014,
   respectively, approximately $42 million and $48 million, or 4.7% and 5.6%,
   of the $898 million and $850 million aggregate amortized cost of fixed
   maturities held by MLOA were considered to be other than investment grade.
   These securities had net unrealized losses of $1 million and $8 million at
   December 31, 2015 and 2014, respectively. At December 31, 2015 and 2014,
   respectively, the $8 million and $12 million of gross unrealized losses of
   twelve months or more were concentrated in commercial mortgage-backed
   securities. In accordance with the policy described in Note 2, MLOA
   concluded that an adjustment to earnings for OTTI for these securities was
   not warranted at either December 31, 2015 or 2014. At December 31, 2015,
   MLOA did not intend to sell the securities nor will it likely be required to
   dispose of the securities before the anticipated recovery of their remaining
   amortized cost basis.

   At December 31, 2015, the carrying value of fixed maturities that were
   non-income producing for the twelve months preceding that date was $2
   million.

   MORTGAGE LOANS

   During 2014 all of MLOA's mortgage loans matured or prepaid and there were
   no outstanding balances at December 31, 2015 and 2014.

   EQUITY METHOD INVESTMENTS

   The following table presents MLOA's investment in 2.6 million units of AB
   (approximately 0.94% ownership) with a fair value of $62 million and $67
   million at December 31, 2015 and 2014, respectively. MLOA's investment in
   AB, an affiliate, is included in Other invested assets:



                                               2015    2014
                                              ------  ------
                                               (IN MILLIONS)
                                                

Balance at January 1,........................ $   63  $   70
Equity in net earnings (loss)................      5       1
Dividends received...........................     (5)     (5)
Other........................................     --      (3)
                                              ------  ------
Balance at December 31,...................... $   63  $   63
                                              ======  ======


      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      40






   The tables below detail the condensed balance sheets and statements of
   earnings (loss) of AB and MLOA's equity investment and equity in earnings
   (loss) of AB.



                                              DECEMBER 31,
                                              -------------
                                               2015   2014
                                              ------ ------
                                              (IN MILLIONS)
                                                   
BALANCE SHEETS:
Total Assets................................. $7,436 $7,378
                                              ====== ======
Total Liabilities............................  3,368  3,246
Redeemable non-controlling interest..........     13     17
Total Partners' Capital......................  4,055  4,116
                                              ------ ------
  Total Liabilities and Partners' Capital.... $7,436 $7,379
                                              ====== ======
MLOA's Equity investment in AB............... $   63 $   63
                                              ====== ======

                                               2015   2014   2013
                                              ------ ------ ------
                                                 (IN MILLIONS)
STATEMENTS OF EARNINGS (LOSS):
Total revenues............................... $3,021 $3,005 $2,915
                                              ------ ------ ------
Total Expenses...............................  2,390  2,397  2,351
                                              ------ ------ ------
  Net Earnings (Loss)........................ $  587 $  570 $  518
                                              ====== ====== ======
MLOA's Equity in earnings (loss) of AB....... $    5 $    1 $    5
                                              ====== ====== ======


   DERIVATIVES AND OFFSETTING ASSETS AND LIABILITIES

   MLOA hedges crediting rates in the Market Stabilizer Option(R) ("MSO") in
   the variable life insurance products and Indexed Universal Life ("IUL")
   insurance products. The MSO permits the contract owner to participate in the
   performance of an index, ETF or commodity price movement up to a cap for a
   set period of time. They also contain a protection feature, in which MLOA
   will absorb, up to a certain percentage the loss of value in an index, ETF
   or commodity price, which varies by product segment.

   In order to support the returns associated with these features, MLOA enters
   into derivative contracts whose payouts, in combination with fixed income
   investments, emulate those of the index, ETF or commodity price, subject to
   caps and buffers.

   The tables below present quantitative disclosures about MLOA's derivative
   instruments, including those embedded in other contracts though required to
   be accounted for as derivative instruments.

                      DERIVATIVE INSTRUMENTS BY CATEGORY



                                                                FAIR VALUE
                                                         ------------------------
                                                                                   GAINS (LOSSES)
                                               NOTIONAL     ASSET      LIABILITY     REPORTED IN
                                                AMOUNT   DERIVATIVES  DERIVATIVES  EARNINGS (LOSS)
                                              ---------- ------------ ----------- ----------------
AT OR FOR THE YEAR ENDED, DECEMBER 31, 2015:                      (IN MILLIONS)
                                                                      
FREESTANDING DERIVATIVES:
Equity contracts:/(1)/
  Options.................................... $      518 $         28 $         4 $             (9)
                                                                                  ----------------
NET INVESTMENT INCOME (LOSS).................                                                   (9)
                                                                                  ----------------

EMBEDDED DERIVATIVES:
  MSO and IUL indexed features/(2)/..........         --           --          24                8
                                              ---------- ------------ ----------- ----------------

Balance, December 31, 2015................... $      518 $         28 $        28 $             (1)
                                              ========== ============ =========== ================


  /(1)/Reported in Other invested assets in MLOA's balance sheets.
  /(2)/MSO and IUL are reported in Future policyholders' benefits and other
       policyholders' liabilities in the balance sheets.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      41







                                                                 FAIR VALUE
                                                         --------------------------
                                                                                    GAINS (LOSSES)
                                               NOTIONAL     ASSET       LIABILITY     REPORTED IN
                                                AMOUNT   DERIVATIVES   DERIVATIVES  EARNINGS (LOSS)
                                              ---------- ------------ ------------- ---------------
                                                                  (IN MILLIONS)
                                                                        
At or For the Year Ended, December 31, 2014:
Freestanding derivatives:
Equity contracts:/(1)/
  Options.................................... $      307 $         32 $           6  $           13
                                              ---------- ------------ -------------  --------------
Net investment income (loss).................                                                    13
                                                                                     --------------

Embedded derivatives:
MSO and IUL indexed features/(2)/............         --           --            26             (13)
                                              ---------- ------------ -------------  --------------
Balance, December 31, 2014................... $      307 $         32 $          32  $           --
                                              ========== ============ =============  ==============


  /(1)/Reported in Other invested assets in MLOA's balance sheets.
  /(2)/MSO and IUL are reported in Future policyholders' benefits and other
       policyholders' liabilities in the balance sheets.

   CREDIT RISK

   Although notional amount is the most commonly used measure of volume in the
   derivatives market, it is not used as a measure of credit risk. A derivative
   with positive fair value (a derivative asset) indicates existence of credit
   risk because the counterparty would owe money to MLOA if the contract were
   closed at the reporting date. Alternatively, a derivative contract with
   negative fair value (a derivative liability) indicates MLOA would owe money
   to the counterparty if the contract were closed at the reporting date. To
   reduce credit exposures in OTC derivative transactions MLOA generally enters
   into master agreements that provide for a netting of financial exposures
   with the counterparty and allow for collateral arrangements as further
   described below under "ISDA Master Agreements." MLOA further controls and
   minimizes its counterparty exposure through a credit appraisal and approval
   process.

   ISDA MASTER AGREEMENTS

   NETTING PROVISIONS. The standardized "ISDA Master Agreement" under which
   MLOA conducts its OTC derivative transactions includes provisions for
   payment netting. In the normal course of business activities, if there is
   more than one derivative transaction with a single counterparty, MLOA will
   set-off the cash flows of those derivatives into a single amount to be
   exchanged in settlement of the resulting net payable or receivable with that
   counterparty. In the event of default, insolvency, or other similar event
   pre-defined under the ISDA Master Agreement that would result in termination
   of OTC derivatives transactions before their maturity, netting procedures
   would be applied to calculate a single net payable or receivable with the
   counterparty.

   COLLATERAL ARRANGEMENTS. MLOA generally has executed a CSA under the ISDA
   Master Agreement it maintains with each of its OTC derivative counterparties
   that requires both posting and accepting collateral either in the form of
   cash or high-quality securities, such as U.S. Treasury securities or those
   issued by government agencies. These CSAs are bilateral agreements that
   require collateral postings by the party "out-of-the-money" or in a net
   derivative liability position. Various thresholds for the amount and timing
   of collateralization of net liability positions are applicable.
   Consequently, the credit exposure of MLOA's OTC derivative contracts is
   limited to the net positive estimated fair value of those contracts at the
   reporting date after taking into consideration the existence of netting
   agreements and any collateral received pursuant to CSAs. Derivatives are
   recognized at fair value in the consolidated balance sheets and are reported
   either as assets in Other invested assets or as liabilities in Other
   liabilities, except for embedded insurance-related derivatives as described
   above and derivatives transacted with a related counterparty. MLOA nets the
   fair value of all derivative financial instruments with counterparties for
   which an ISDA Master Agreement and related CSA have been executed.

   At December 31, 2015 and 2014, respectively, MLOA held $27 million and $26
   million in cash and securities collateral delivered by trade counterparties,
   representing the fair value of the related derivative agreements. This
   unrestricted cash collateral is reported in Cash and cash equivalents, and
   the obligation to return it is reported in Other liabilities in the balance
   sheets. The aggregate fair value of all collateralized derivative
   transactions that were in a liability position at December 31, 2015 and 2014
   was not material.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      42






   The following table presents information about MLOA's offsetting of
   financial assets and liabilities and derivative instruments at December 31,
   2015.

   OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES AND DERIVATIVE INSTRUMENTS
                             AT DECEMBER 31, 2015



                                                                GROSS
                                                 GROSS         AMOUNTS        NET AMOUNTS
                                                AMOUNTS     OFFSET IN THE   PRESENTED IN THE
                                               RECOGNIZED   BALANCE SHEETS   BALANCE SHEETS
                                              ------------ ---------------- ----------------
                                                              (IN MILLIONS)
                                                                   
ASSETS
DESCRIPTION
Derivatives:
Equity contracts............................. $         28 $              4 $             24
                                              ------------ ---------------- ----------------
  Total Derivatives, subject to an ISDA
   Master Agreement/(1)/.....................           28                4               24
Other financial instruments..................           65               --               65
                                              ------------ ---------------- ----------------
  Other invested assets...................... $         93 $              4 $             89
                                              ============ ================ ================

LIABILITIES
DESCRIPTION
Derivatives:
Equity contracts............................. $          4 $              4 $             --
                                              ------------ ---------------- ----------------
  Total Derivatives, subject to an ISDA
   Master Agreement/(1)/.....................            4                4               --
Other financial liabilities..................           60               --               60
                                              ------------ ---------------- ----------------
  Other liabilities.......................... $         64 $              4 $             60
                                              ============ ================ ================


  /(1)/All derivatives were subject to ISDA Master Agreements at December 31,
       2015.

   The following table presents information about MLOA's gross collateral
   amounts that are not offset in the balance sheets at December 31, 2015.

           GROSS COLLATERAL AMOUNTS NOT OFFSET IN THE BALANCE SHEETS
                             AT DECEMBER 31, 2015



                                                                COLLATERAL (RECEIVED)/HELD
                                                NET AMOUNTS     ------------------------
                                              PRESENTED IN THE    FINANCIAL                  NET
                                               BALANCE SHEETS    INSTRUMENTS       CASH    AMOUNTS
                                              ----------------- -------------   ---------  --------
                                                                 (IN MILLIONS)
                                                                               
ASSETS
Counterparty A............................... $               3 $          --   $      (3) $     --
Counterparty V...............................                 1            --          (1)       --
Counterparty F...............................                 2            --          (2)       --
Counterparty G...............................                 2            --          (2)       --
Counterparty H...............................                 6            (6)         --        --
Counterparty K...............................                 7            --          (7)       --
Counterparty L...............................                 2            --          (2)       --
Counterparty T...............................                 1            --          (1)       --
                                              ----------------- -------------   ---------  --------
  Total Derivatives.......................... $              24 $          (6)  $     (18) $     --
Other financial assets.......................                65            --          --        65
                                              ----------------- -------------   ---------  --------
OTHER INVESTED ASSETS                         $              89 $          (6)  $     (18) $     65
                                              ================= =============   =========  ========


      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      43






   The following table presents information about MLOA's offsetting of
   financial assets and liabilities and derivative instruments at December 31,
   2014.

   Offsetting of Financial Assets and Liabilities and Derivative Instruments
                             At December 31, 2014



                                                               Gross
                                                 Gross        Amounts        Net Amounts
                                                Amounts    Offset in the   Presented in the
                                               Recognized  Balance Sheets   Balance Sheets
                                              ------------ --------------- ----------------
                                                              (In Millions)
                                                                  
ASSETS
Description
Derivatives:
Equity contracts............................. $         32 $             6  $            26
                                              ------------ ---------------  ---------------
Total Derivatives, subject to an ISDA
  Master Agreement/(1)/......................           32               6               26
Other financial instruments..................           64              --               64
                                              ------------ ---------------  ---------------
  Other invested assets...................... $         96 $             6  $            90
                                              ============ ===============  ===============

LIABILITIES
Description
Derivatives:
Equity contracts............................. $          6 $             6  $            --
                                              ------------ ---------------  ---------------
Total Derivatives, subject to an ISDA
  Master Agreement/(1)/......................            6               6               --
Other financial liabilities..................           63              --               63
                                              ------------ ---------------  ---------------
  Other liabilities.......................... $         69 $             6  $            63
                                              ============ ===============  ===============


   /(1)/All derivatives were subject to ISDA Master Agreements at December 31,
       2014.

   The following table presents information about MLOA's gross collateral
   amounts that are not offset in the balance sheets at December 31, 2014.

           Gross Collateral Amounts Not Offset in the Balance Sheets
                             At December 31, 2014



                                                                Collateral (Received)/Held
                                                Net Amounts     -------------------------
                                              Presented in the   Financial                     Net
                                               Balance Sheets   Instruments      Cash        Amounts
                                              ----------------- -----------  ------------  -----------
                                                                   (In Millions)
                                                                               
ASSETS
Counterparty A............................... $               5 $        --  $         (5) $        --
Counterparty F...............................                 1          --            (1)          --
Counterparty G...............................                 3          --            (3)          --
Counterparty H...............................                 6          (6)           --           --
Counterparty K...............................                 6          --            (6)          --
Counterparty L...............................                 4          --            (4)          --
Counterparty T...............................                 1          --            (1)          --
                                              ----------------- -----------  ------------  -----------
  Total Derivatives.......................... $              26 $        (6) $        (20) $        --
Other financial assets.......................                64          --            --           64
                                              ----------------- -----------  ------------  -----------
  Other invested assets...................... $              90 $        (6) $        (20) $        64
                                              ================= ===========  ============  ===========


      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      44






   Net Investment Income (Loss)

   The following table breaks out Net investment income (loss) by asset
   category:



                                               2015   2014   2013
                                              -----  -----  -----
                                                 (IN MILLIONS)
                                                   
Fixed maturities............................. $  40  $  36  $  79
Mortgage loans on real estate................    --      2      2
Policy loans.................................     1      1      6
Derivative instruments.......................    (9)    13      8
                                              -----  -----  -----
Gross investment income (loss)...............    32     52     95
Investment expenses..........................    (3)    (2)    (3)
                                              -----  -----  -----
  Net Investment Income (Loss)............... $  29  $  50  $  92
                                              =====  =====  =====


   For 2015, 2014 and 2013 net investment income (loss) from derivatives
   included $6 million, $8 million and $2 million of realized gains (losses) on
   contracts closed during those periods and $(15) million, $5 million and $6
   million of unrealized gains (losses) on derivative positions at year end.

   Investment Gains (Losses), Net

   Investment gains (losses), net including changes in the valuation allowances
   and OTTI are as follows:



                                                2015     2014     2013
                                              -------  --------  ------
                                                    (IN MILLIONS)
                                                        

Fixed maturities............................. $    (1) $    (10) $   67
Mortgage loans on real estate................      --         4       1
                                              -------  --------  ------
Investment Gains (Losses), Net............... $    (1) $     (6) $   68
                                              =======  ========  ======


4) VALUE OF BUSINESS ACQUIRED

   The following table presents MLOA's VOBA asset at December 31, 2015 and 2014:



                                               GROSS      ACCUMULATED
                                              CARRYING    AMORTIZATION
                                               AMOUNT      AND OTHER         NET
                                              -------- ------------       ---------
                                                          (IN MILLIONS)
                                                                 
VOBA
----
DECEMBER 31, 2015............................ $    416 $       (407)/(1)/ $       9
                                              ======== ============       =========
December 31, 2014............................ $    416 $       (409)/(1)/ $       7
                                              ======== ============       =========


  /(1)/Includes reactivity to unrealized investment gains (losses) and $117
       million of accelerated VOBA amortization resulting from the reinsurance
       agreement with Protective Life which is included in the deferred cost of
       reinsurance.

   For 2015, 2014 and 2013, amortization (negative amortization) expense
   related to VOBA was $0 million, $10 million and $11 million, respectively.
   VOBA amortization is estimated to range between $0 million and $1 million
   annually through 2020.

5) FAIR VALUE DISCLOSURES

   Assets and Liabilities measured at fair value on a recurring basis are
   summarized below. At December 31, 2015 and 2014, no assets were required to
   be measured at fair value on a non-recurring basis. Fair value measurements
   are required on a non-recurring basis for certain assets, including goodwill
   and mortgage loans on real estate, only when an OTTI or other event occurs.
   When such fair value measurements are recorded, they must be classified and
   disclosed within the fair value hierarchy.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      45






                            FAIR VALUE MEASUREMENTS



                                               LEVEL 1  LEVEL 2  LEVEL 3   TOTAL
                                               -------- -------- -------- --------
                                                          (IN MILLIONS)
                                                              
DECEMBER 31, 2015
-----------------
ASSETS:
Investments:
  Fixed maturity Securities,
  available-for-sale:
   Corporate.................................. $     -- $    814 $      8 $    822
   U.S. Treasury, government and agency.......       --       29       --       29
   States and political subdivisions..........       --        7       --        7
   Commercial mortgage-backed.................       --       --       31       31
   Redeemable preferred stock.................        9        8       --       17
                                               -------- -------- -------- --------
     Subtotal.................................        9      858       39      906
                                               -------- -------- -------- --------
  Other equity investments....................        1       --       --        1
  Options.....................................       --       24       --       24
Cash equivalents..............................      170       --       --      170
Separate Accounts' assets.....................    1,686       14       --    1,700
                                               -------- -------- -------- --------
   Total Assets............................... $  1,866 $    896 $     39 $  2,801
                                               ======== ======== ======== ========
LIABILITIES:
MSO and IUL indexed features' liability....... $     -- $     24 $     -- $     24
                                               -------- -------- -------- --------
   Total Liabilities.......................... $     -- $     24 $     -- $     24
                                               ======== ======== ======== ========

December 31, 2014
-----------------
Assets:
Investments:
  Fixed maturity Securities,
  available-for-sale:
   Corporate.................................. $     -- $    793 $      8 $    801
   U.S. Treasury, government and agency.......       --       27       --       27
   States and political subdivisions..........       --        6       --        6
   Commercial mortgage-backed.................       --       --       26       26
   Redeemable preferred stock.................       10        8       --       18
                                               -------- -------- -------- --------
     Subtotal.................................       10      834       34      878
                                               -------- -------- -------- --------
  Other equity investments....................        1       --       --        1
  Options.....................................       --       26       --       26
Cash equivalents..............................       42       --       --       42
Separate Accounts' assets.....................    1,794       15       --    1,809
                                               -------- -------- -------- --------
   Total Assets............................... $  1,847 $    875 $     34 $  2,756
                                               ======== ======== ======== ========

Liabilities:
MSO and IUL indexed features' liability....... $     -- $     26 $     -- $     26
                                               -------- -------- -------- --------
   Total Liabilities.......................... $     -- $     26 $     -- $     26
                                               ======== ======== ======== ========


   At December 31, 2015 and 2014, respectively, the fair value of public fixed
   maturities is approximately $701 million and $661 million or approximately
   25.0% and 24.0% of MLOA's total assets measured at fair value on a recurring
   basis. The fair values of MLOA's public fixed maturity securities are
   generally based on prices obtained from independent valuation service
   providers and for which MLOA maintains a vendor hierarchy by asset type
   based on historical pricing experience and vendor expertise. Although each
   security generally is priced by multiple independent valuation service
   providers, MLOA ultimately uses the price received from the independent
   valuation service provider highest in the vendor hierarchy based on the
   respective asset type, with limited exception. To validate reasonableness,
   prices also are internally reviewed by those with relevant expertise through
   comparison with directly observed recent market trades. Consistent with the
   fair value hierarchy, public fixed maturity securities validated in this
   manner generally are reflected within Level 2, as they are primarily based
   on observable pricing for similar assets and/or other market observable
   inputs. If the pricing information received from independent valuation

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      46





   service providers is not reflective of market activity or other inputs
   observable in the market, MLOA may challenge the price through a formal
   process in accordance with the terms of the respective independent valuation
   service provider agreement. If as a result it is determined that the
   independent valuation service provider is able to reprice the security in a
   manner agreed as more consistent with current market observations, the
   security remains within Level 2. Alternatively, a Level 3 classification may
   result if the pricing information then is sourced from another vendor,
   non-binding broker quotes, or internally-developed valuations for which
   MLOA's own assumptions about market-participant inputs would be used in
   pricing the security.

   At December 31, 2015 and 2014, respectively, the fair value of private fixed
   maturities is approximately $205 million and $217 million or approximately
   7.3% and 7.9% of MLOA's total assets measured at fair value on a recurring
   basis. The fair values of MLOA's private fixed maturities, which primarily
   are comprised of investments in private placement securities generally are
   determined using a discounted cash flow model. In certain cases, these
   models use observable inputs with a discount rate based upon the average of
   spread surveys collected from private market intermediaries who are active
   in both primary and secondary transactions, taking into account, among other
   factors, the credit quality and industry sector of the issuer and the
   reduced liquidity associated with private placements. Generally, these
   securities have been reflected within Level 2. For certain private fixed
   maturities, the discounted cash flow model may also incorporate unobservable
   inputs, which reflect MLOA's own assumptions about the inputs market
   participants would use in pricing the asset. To the extent management
   determines that such unobservable inputs are significant to the fair value
   measurement of a security, a Level 3 classification generally is made.

   At December 31, 2015 and 2014, respectively, investments classified as Level
   1 comprise approximately 66.6% and 67.0% of assets measured at fair value on
   a recurring basis and primarily include redeemable preferred stock, cash
   equivalents and Separate Accounts assets. Fair value measurements classified
   as Level 1 include exchange-traded prices of fixed maturities, equity
   securities and net asset values for transacting subscriptions and
   redemptions of mutual fund shares held by Separate Accounts. Cash
   equivalents classified as Level 1 include money market accounts, overnight
   commercial paper and highly liquid debt instruments purchased with an
   original maturity of three months or less, and are carried at cost as a
   proxy for fair value measurement due to their short-term nature.

   At December 31, 2015 and 2014, respectively, investments classified as Level
   2 comprise approximately 32.0% and 31.7% of assets measured at fair value on
   a recurring basis and primarily include U.S. government and agency
   securities and certain corporate debt securities, such as public and private
   fixed maturities. As market quotes generally are not readily available or
   accessible for these securities, their fair value measures are determined
   utilizing relevant information generated by market transactions involving
   comparable securities and often are based on model pricing techniques that
   effectively discount prospective cash flows to present value using
   appropriate sector-adjusted credit spreads commensurate with the security's
   duration, also taking into consideration issuer-specific credit quality and
   liquidity.

   MLOA's IUL product and in the MSO investment option available in some life
   contracts offer investment options which permit the contract owner to
   participate in the performance of an index, ETF or commodity price. These
   investment options, which depending on the product and on the index selected
   can currently have 1 or 3 year terms, provide for participation in the
   performance of specified indices, ETF or commodity price movement up to a
   segment-specific declared maximum rate. Under certain conditions that vary
   by product, e.g. holding these segments for the full term, these segments
   also shield policyholders from some or all negative investment performance
   associated with these indices, ETF or commodity price. These investment
   options have defined formulaic liability amounts, and the current values of
   the option component of these segment reserves are accounted for as Level 2
   embedded derivatives. The fair values of these embedded derivatives are
   based on prices obtained from independent valuation service providers.

   At December 31, 2015 and 2014, respectively, investments classified as Level
   3 comprise approximately 1.4% and 1.2% of assets measured at fair value on a
   recurring basis and primarily include commercial mortgage-backed securities
   ("CMBS") and corporate debt securities. Determinations to classify fair
   value measures within Level 3 of the valuation hierarchy generally are based
   upon the significance of the unobservable factors to the overall fair value
   measurement. At December 31, 2015 and 2014, MLOA did not hold any fixed
   maturities, included in the Level 3 classification, with indicative pricing
   obtained from brokers that otherwise could not be corroborated to market
   observable data. MLOA applies various due-diligence procedures, as
   considered appropriate, to validate these non-binding broker quotes for
   reasonableness, based on its understanding of the markets, including use of
   internally-developed assumptions about inputs a market participant would use
   to price the security. In addition, approximately $31 million and $26
   million of mortgage- and asset-backed securities, including CMBS, are
   classified as Level 3 at December 31, 2015 and 2014, respectively. MLOA
   utilizes prices obtained from an independent valuation service vendor to
   measure fair value of CMBS securities.

   In 2015, AFS fixed maturities with fair value of $1 million were transferred
   from Level 2 into the Level 3 classification. These transfers in the
   aggregate represent approximately 0.2% of total equity at December 31, 2015.
   In 2014, there were no AFS fixed maturities transferred from Level 2 into
   the Level 3 or from Level 3 to Level 2 classification.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      47






   The table below presents a reconciliation for all Level 3 assets at
   December 31, 2015 and 2014, respectively.

                              LEVEL 3 INSTRUMENTS
                            FAIR VALUE MEASUREMENTS



                                                            COMMERCIAL                  GMIB
                                                            MORTGAGE-     ASSET-     REINSURANCE
                                                CORPORATE     BACKED      BACKED      CONTRACTS
                                                ---------  -----------  ----------  ------------
                                                                  (IN MILLIONS)
                                                                        
BALANCE, JANUARY 1, 2015....................... $       8  $        26  $       --  $         --
Total gains (losses), realized and
  unrealized included in:
   Earnings (loss) as:
     Investment gains (losses), net............        --           (2)         --            --
Other comprehensive income (loss)..............        --            8          --            --
Sales..........................................        (1)          (1)         --            --
Transfers into Level 3/(1)/....................         1           --          --            --
                                                ---------  -----------  ----------  ------------
BALANCE, DECEMBER 31, 2015..................... $       8  $        31  $       --  $         --
                                                =========  ===========  ==========  ============

BALANCE, JANUARY 1, 2014....................... $       9  $        24  $       --  $         --
Total gains (losses), realized and
  unrealized included in:
   Earnings (loss) as:
     Investment gains (losses), net............        (1)         (11)         --            --
Other comprehensive income (loss)..............         1           13          --            --
Sales..........................................        (1)          --          --            --
Transfers into Level 3/(1)/....................        --           --          --            --
                                                ---------  -----------  ----------  ------------
BALANCE, DECEMBER 31, 2014..................... $       8  $        26  $       --  $         --
                                                =========  ===========  ==========  ============

BALANCE, JANUARY 1, 2013....................... $      35  $        35  $        6  $          7
Total gains (losses), realized and
  unrealized included in:
   Earnings (loss) as:
     Investment gains (losses), net............         2           (9)          2            --
     Increase (decrease) in the fair value
       of reinsurance contracts................        --           --          --            (7)
Other comprehensive income (loss)..............        (2)          (1)         (2)           --
Sales..........................................       (26)          (1)         (6)           --
Transfers into Level 3/(1)/....................        --           --          --            --
                                                ---------  -----------  ----------  ------------
BALANCE, DECEMBER 31, 2013..................... $       9  $        24  $       --  $         --
                                                =========  ===========  ==========  ============


  /(1)/Transfers into/out of Level 3 classification are reflected at
       beginning-of-period fair values.

   The table below details changes in unrealized gains (losses) for 2015 and
   2014 by category for Level 3 assets still held at December 31, 2015 and
   2014, respectively.



                                                     OCI
                                                -------------
                                                (IN MILLIONS)
                                                -------------
                                             
LEVEL 3 INSTRUMENTS
FULL YEAR 2015
STILL HELD AT DECEMBER 31, 2015:
  Change in unrealized gains (losses):
   Fixed maturity securities,
   available-for-sale:
     Corporate.................................           $(1)
     Commercial mortgage-backed................             8
                                                          ---
       Total...................................           $ 7
                                                          ===


      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      48







                                                      OCI
                                                ---------------
                                                 (IN MILLIONS)
                                                ---------------
                                             
Level 3 Instruments
Full Year 2014
Still Held at December 31, 2014:
  Change in unrealized gains (losses):
   Fixed maturity securities,
   available-for-sale:
     Corporate................................. $             1
     Commercial mortgage-backed................ $            12
                                                ---------------
       Total................................... $            13
                                                ===============


   At December 31, 2015 and 2014, MLOA had $39 million and $34 million,
   respectively, of investments classified as Level 3. The underlying
   quantitative inputs to measure the fair value of these investments are not
   developed by MLOA and are not readily available. These investments primarily
   consist of certain privately placed debt securities with limited trading
   activity, including asset-backed instruments, and their fair values
   generally reflect unadjusted prices obtained from independent valuation
   service providers and indicative, non-binding quotes obtained from
   third-party broker-dealers recognized as market participants. Significant
   increases or decreases in the fair value amounts received from these pricing
   sources may result in MLOA's reporting significantly higher or lower fair
   value measurements for these Level 3 investments.

   The carrying values and fair values at December 31, 2015 and 2014 for
   financial instruments not otherwise disclosed in Note 3 are presented in the
   table below. Certain financial instruments are exempt from the requirements
   for fair value disclosure, such as insurance liabilities other than
   financial guarantees and investment contracts and pension and other
   postretirement obligations.



                                                                  FAIR VALUE
                                              CARRYING --------------------------------
                                               VALUE   LEVEL 1 LEVEL 2 LEVEL 3   TOTAL
                                              -------- ------- ------- -------- -------
                                                            (IN MILLIONS)
                                                                 
DECEMBER 31, 2015
-----------------
Policyholders liabilities:
  Investment contracts....................... $    177 $    -- $    -- $    184 $   184
Policy Loans.................................      159      --      --      189     189

December 31, 2014
-----------------
Policyholders liabilities:
  Investment contracts....................... $    190 $    -- $    -- $    200 $   200
Policy Loans.................................      151      --      --      184     184


   The fair value of policy loans is calculated by discounting expected cash
   flows based upon the U.S. treasury yield curve and historical loan repayment
   patterns.

   The fair values for MLOA's supplementary contracts not involving life
   contingencies, single premium deferred annuities and certain annuities,
   which are included in Policyholder's account balances, are estimated using
   projected cash flows discounted at rates reflecting current market rates.
   Significant unobservable inputs reflected in the cash flows include lapse
   rates and withdrawal rates. Incremental adjustments may be made to the fair
   value to reflect non-performance risk.

6) REINSURANCE

   MLOA cedes and assumes reinsurance with other insurance companies. Since
   ceded reinsurance does not relieve the originating insurer of liability,
   MLOA evaluates the financial condition of its reinsurers to minimize its
   exposure to significant losses from reinsurer insolvencies.

   On October 1, 2013, MLOA entered into an agreement with Protective Life to
   reinsure an in-force book of life insurance and annuity policies, written
   primarily prior to 2004. As of December 31, 2015 and 2014 included in MLOA's
   balance sheet were Amounts due from reinsurers of $1,179 million and $1,213
   million, respectively (net of $130 million and $131 million of ceded policy
   loans, respectively), including $1,124 million and $1,154 million of
   Policyholder's account balances relating to the reinsurance agreement with
   Protective Life. During 2015, 2014 and 2013, respectively, total premiums
   ceded to Protective Life were $21 million, $24 million and $6 million and
   policyholder benefits ceded were $219 million, $242 million and $18 million.
   As of December 31, 2015, Protective Life is rated AA-. Included in the
   reinsured business to Protective Life were policies with GMDB and GMIB
   features which had a reserve balance of $9 million and $1 million at
   December 31, 2015, respectively and $5 million and $1 million at
   December 31, 2014, respectively. As a result of the reinsurance agreement
   Protective Life will receive all the benefits from and assumes all the risks
   from other reinsurance contracts to which MLOA was a party for the block of
   business reinsured.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      49






   For business not reinsured with Protective Life, MLOA generally reinsures
   its variable life, UL and term life insurance policies on an excess of
   retention basis. MLOA generally retains up to a maximum of $4 million of
   mortality risk on single-life policies and up to a maximum of $6 million of
   mortality risk on second-to-die policies. For amounts applied for in excess
   of those limits, reinsurance is ceded to AXA Equitable Life Insurance
   Company ("AXA Equitable"), an affiliate and wholly-owned subsidiary of AXA
   Financial, up to a combined maximum of $20 million of risk on single-life
   policies and up to a maximum of $25 million on second-to-die policies. For
   amounts issued in excess of those limits MLOA typically obtains reinsurance
   from unaffiliated third parties. The reinsurance arrangements obligate the
   reinsurer to pay a portion of any death claim in excess of the amount MLOA
   retained in exchange for an agreed-upon premium.

   At December 31, 2015 and 2014, respectively, amounts due from reinsurers
   related to insurance contracts amounted to $1,299 million and $1,336
   million, of which $33 million and $37 million (not including Protective
   Life) related to one specific reinsurer, which is rated AA- with the
   remainder of the reinsurers rated AA- or not rated. A contingent liability
   exists with respect to reinsurance should the reinsurers be unable to meet
   their obligations.

   For affiliated reinsurance agreements see Note 7 "Related Party
   Transactions".

   The following table summarizes the effect of reinsurance:



                                               2015    2014    2013
                                              ------  ------  ------
                                                   (IN MILLIONS)
                                                     

Direct premiums.............................. $   39  $   46  $   72
Assumed......................................      1       1       1
Reinsurance ceded............................    (39)    (46)    (48)
                                              ------  ------  ------
Premiums..................................... $    1  $    1  $   25
                                              ======  ======  ======
Variable Life and Investment-type Product
  Policy Fee Income Ceded.................... $   73  $   48  $   31
                                              ======  ======  ======
Policyholders' Benefits Ceded................ $  261  $  291  $  125
                                              ======  ======  ======


7) RELATED PARTY TRANSACTIONS

   In 2013, MLOA used a portion of the consideration received from the
   reinsurance agreement with Protective to return $200 million of capital to
   its parent AEFS and to donate $20 million to AXA Foundation, Inc. (the
   "Foundation"). The Foundation was organized for the purpose of distributing
   grants to various tax-exempt charitable organizations and administering
   various matching gift programs for AXA Equitable and its subsidiaries and
   affiliates, including MLOA.

   Under its service agreement with AXA Equitable, personnel services, employee
   benefits, facilities, supplies and equipment are provided to MLOA to conduct
   its business. The associated costs related to the service agreement are
   allocated to MLOA based on methods that management believes are reasonable,
   including a review of the nature of such costs and activities performed to
   support MLOA. As a result of such allocations, MLOA incurred expenses of $88
   million, $67 million and $87 million for 2015, 2014 and 2013, respectively.
   At December 31, 2015 and 2014, respectively, MLOA reported a $15 million and
   $16 million payable to AXA Equitable in connection with its service
   agreement.

   Various AXA affiliates, including MLOA, cede a portion of their life, health
   and catastrophe insurance business through reinsurance agreements to AXA
   Global Life an affiliate. Beginning in 2008 AXA Global Life, in turn,
   retrocedes a quota share portion of these risks to MLOA on a one-year term
   basis.

   MLOA cedes a portion of its life business through excess of retention
   treaties to AXA Equitable on a yearly renewal term basis and reinsured the
   no lapse guarantee riders through AXA RE Arizona Company, an affiliate.

   During 2015, 2014 and 2013, premiums, claims and expenses assumed and ceded
   under these agreements were not significant.

   In 2015, 2014 and 2013, respectively, MLOA paid AXA Distribution Holding
   Corporation ("AXA Distribution") and its subsidiaries $64 million, $52
   million and $47 million of commissions and fees for sales of insurance
   products.

   MLOA paid $13 million, $2 million and $2 million in commissions and fees for
   the sale of its insurance products to AXA Distributors, LLC ("AXA
   Distributors") a broker-dealer and insurance general agency affiliate, in
   2015, 2014 and 2013, respectively.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      50






   In addition to the AXA Equitable service agreement, MLOA has various other
   service and investment advisory agreements with affiliates. The amount of
   expenses incurred by MLOA related to these agreements were $1 million, $1
   million and $2 million for 2015, 2014 and 2013, respectively.

8) SHARE-BASED COMPENSATION

   Certain employees of AXA Equitable who perform services for MLOA participate
   in various share-based payment arrangements sponsored by AXA Financial or
   AXA. MLOA was allocated $3 million, $2 million and $3 million of
   compensation costs, included in Compensation and benefits in the statement
   of Earnings (Loss), for share-based payment arrangements during 2015, 2014
   and 2013, respectively.

9) INCOME TAXES

   A summary of the income tax (expense) benefit in the statements of earnings
   (loss) follows:



                                               2015   2014    2013
                                              ------ -----  -------
                                                  (IN MILLIONS)
                                                   
Income tax (expense) benefit:
  Current (expense) benefit.................. $    5 $  (3) $   (90)
  Deferred (expense) benefit.................      8     8       74
                                              ------ -----  -------
Total........................................ $   13 $   5  $   (16)
                                              ====== =====  =======


   The Federal income taxes attributable to operations are different from the
   amounts determined by multiplying the earnings (loss), before income taxes
   by the expected Federal income tax rate of 35%. The sources of the
   difference and their tax effects are as follows:



                                               2015  2014    2013
                                              ------ ----- -------
                                                  (IN MILLIONS)
                                                  
Expected income tax (expense) benefit........ $   11 $   4 $   (15)
Dividends received deduction.................      1     1       1
Prior year adjustment........................     --    --      (2)
Other........................................      1    --      --
                                              ------ ----- -------
Income Tax (Expense) Benefit................. $   13 $   5 $   (16)
                                              ====== ===== =======


   The components of the net deferred income taxes are as follows:



                                               DECEMBER 31, 2015    December 31, 2014
                                              -------------------- --------------------
                                               ASSETS  LIABILITIES  Assets  Liabilities
                                              -------- ----------- -------- -----------
                                                            (IN MILLIONS)
                                                                
Reserves and reinsurance..................... $     97 $        -- $    105 $        --
DAC..........................................       --          93       --          78
VOBA.........................................       --           3       --           3
Investments..................................       --          10       --          18
Goodwill and other intangible assets.........       --          --       --           9
Other........................................       12          --       --           8
                                              -------- ----------- -------- -----------
Total........................................ $    109 $       106 $    105 $       116
                                              ======== =========== ======== ===========


   MLOA does not provide income taxes on the undistributed earnings related to
   its investment in AB units except to the extent that such earnings are not
   permanently invested outside the United States. As of December 31, 2015, $8
   million of accumulated undistributed earnings related to its investment in
   AB units were permanently invested outside the United States. At existing
   applicable income tax rates, additional taxes of approximately $3 million
   would need to be provided if such earnings were remitted to the United
   States.

   At December 31, 2015 and 2014, of the total amount of unrecognized tax
   benefits, $7 million and $6 million, respectively, would affect the
   effective tax rate.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      51






   MLOA recognizes accrued interest and penalties related to unrecognized tax
   benefits in tax (expense) benefit. Interest and penalties included in the
   amounts of unrecognized tax benefits at December 31, 2015 and 2014 were $1
   million and $0 million, respectively. Tax expense for 2015 reflected an
   expense of $0 million in interest expense related to unrecognized tax
   benefits.

   A reconciliation of unrecognized tax benefits (excluding interest and
   penalties) follows:



                                              2015  2014  2013
                                              ----- ----- -----
                                                (IN MILLIONS)
                                                 
Balance, beginning of year................... $   6 $   5 $   4
Additions for tax positions of prior years...     1     1     1
                                              ----- ----- -----
Balance, End of Year......................... $   7 $   6 $   5
                                              ===== ===== =====


   It is reasonably possible that the total amounts of unrecognized tax
   benefits will change within the next 12 months. The possible change in the
   amount of unrecognized tax benefits cannot be estimated at this time.

   During the first quarter of 2016, the Company agreed to the Internal Revenue
   Service's draft Revenue Agent's Reports for MONY's consolidated amended
   Federal 2004-2007 and consolidated Federal 2008 and 2009 corporate income
   tax returns. The expected impact on MLOA's statement of earnings (loss) is
   an income tax benefit of approximately $2 million.

10)ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

   AOCI represents cumulative gains (losses) on investments that are not
   reflected in earnings (loss). The balances for the past three years follow:



                                                 DECEMBER 31,
                                              ------------------
                                              2015   2014  2013
                                              ----- ------ -----
                                                (IN MILLIONS)
                                                  
Unrealized gains (losses) on investments,
  net of adjustments......................... $   5 $   17 $   8
                                              ----- ------ -----
Total Accumulated Other Comprehensive
  Income (Loss).............................. $   5 $   17 $   8
                                              ===== ====== =====


   The components of OCI for the past three years follow:



                                                     DECEMBER 31,
                                              -------------------------
                                                2015     2014     2013
                                              --------  ------  -------
                                                    (IN MILLIONS)
                                                       
Change in net unrealized gains (losses) on
  investments:
  Net unrealized gains (losses) arising
   during the year........................... $    (13) $   11  $   (58)
  (Gains) losses reclassified into net
   earnings (loss) during the year/(1)/......       --       7      (44)
                                              --------  ------  -------
Change in net unrealized gains (losses)
  on investments.............................      (13)     18     (102)
Adjustments for DAC, VOBA and Other..........        1      (9)      28
                                              --------  ------  -------
Other Comprehensive Income (Loss), net of
  adjustments and (net of deferred income
  tax expense (benefit) of $(6), $(5) and $40 $    (12) $    9  $   (74)
                                              ========  ======  =======


  /(1)/See "Reclassification adjustments" in Note 3. Reclassification amounts
       presented net of income tax expense (benefit) of $0 million, $(3)
       million and $24 million for 2015, 2014 and 2013, respectively.

   Investment gains and losses reclassified from AOCI to net earnings (loss)
   primarily consist of realized gains (losses) on sales and OTTI of AFS
   securities and are included in Total investment gains (losses), net on the
   statements of earnings (loss). Amounts presented in the table above are net
   of tax.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      52






11)LITIGATION

   A number of lawsuits, claims, assessments and regulatory inquiries have been
   filed or commenced against life insurers in the jurisdictions in which MLOA
   does business. These actions and proceedings involve, among other things,
   insurers' sales practices, alleged agent misconduct, alleged failure to
   properly supervise agents, contract administration, product design, features
   and accompanying disclosure, cost of insurance increases, the use of captive
   reinsurers, payment of death benefits and the reporting and escheatment of
   unclaimed property, alleged breach of fiduciary duties, alleged
   mismanagement of client funds and other matters. Some of the matters have
   resulted in the award of substantial judgments against other insurers,
   including material amounts of punitive damages, or in substantial
   settlements. Courts, juries and regulators often have substantial discretion
   in awarding damage awards and fines, including punitive damages. MLOA, from
   time to time, is involved in such actions and proceedings. While the
   ultimate outcome of such matters cannot be predicted with certainty, in the
   opinion of management no such matter is likely to have a material adverse
   effect on MLOA's financial position or results of operations. However, it
   should be noted that the frequency of large damage awards, including large
   punitive damage awards and regulatory fines that bear little or no relation
   to actual economic damages incurred, continues to create the potential for
   an unpredictable judgment in any given matter.

12)STATUTORY FINANCIAL INFORMATION

   MLOA is restricted as to the amounts it may pay as dividends to AEFS. Under
   Arizona Insurance Law, a domestic life insurer may not, without prior
   approval of the Director of Insurance, pay a dividend to its shareholder
   exceeding an amount calculated based on a statutory formula. This formula
   would not permit MLOA to pay shareholder dividends during 2016. For 2015,
   2014 and 2013, MLOA's statutory net income (loss) was $(4) million, $12
   million and $34 million, respectively. Statutory surplus, capital stock and
   Asset Valuation Reserve ("AVR") totaled $366 million and $401 million at
   December 31, 2015 and 2014, respectively. There were no shareholder
   dividends paid to its parent by MLOA in 2015, 2014 and 2013. In 2013 MLOA,
   utilized a portion of the consideration from the reinsurance agreement with
   Protective Life to return $200 million of surplus to its parent, AEFS.

   At December 31, 2015, MLOA, in accordance with various government and state
   regulations, had $6 million of securities on deposit with such government or
   state agencies.

   At December 31, 2015 and for the year then ended, there were no differences
   in net income (loss) and capital and surplus resulting from practices
   prescribed and permitted by the Arizona Department of Insurance and those
   prescribed by NAIC Accounting Practices and Procedures effective at
   December 31, 2015.

   Accounting practices used to prepare statutory financial statements for
   regulatory filings of stock life insurance companies differ in certain
   instances from U.S. GAAP. The differences between statutory surplus and
   capital stock determined in accordance with Statutory Accounting Principles
   ("SAP") and total shareholder's equity under U.S. GAAP are primarily:
   (a) the inclusion in SAP of an AVR intended to stabilize surplus from
   fluctuations in the value of the investment portfolio; (b) future policy
   benefits and policyholders' account balances under SAP differ from U.S. GAAP
   due to differences between actuarial assumptions and reserving
   methodologies; (c) certain policy acquisition costs are expensed under SAP
   but deferred under U.S. GAAP and amortized over future periods to achieve a
   matching of revenues and expenses; (d) under SAP, Federal income taxes are
   provided on the basis of amounts currently payable with limited recognition
   of deferred tax assets while under U.S. GAAP, deferred taxes are recorded
   for temporary differences between the financial statements and tax basis of
   assets and liabilities where the probability of realization is reasonably
   assured; (e) the valuation of assets under SAP and U.S. GAAP differ due to
   different investment valuation and depreciation methodologies, as well as
   the deferral of interest-related realized capital gains and losses on fixed
   income investments; (f) the valuation of the investment in Alliance Units
   under SAP reflects a portion of the market value appreciation rather than
   the equity in the underlying net assets as required under U.S. GAAP;
   (g) computer software development costs are capitalized under U.S. GAAP but
   expensed under SAP; (h) certain assets, primarily pre-paid assets, are not
   admissible under SAP but are admissible under U.S. GAAP (i) the fair valuing
   of all acquired assets and liabilities including VOBA assets required for
   U.S. GAAP purchase accounting and (j) cost of reinsurance is recognized as
   expense under SAP and amortized over the life of the underlying reinsured
   policies under U.S. GAAP.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      53





                            SELECTED FINANCIAL DATA

   The following selected financial data have been derived from MLOA's audited
   financial statements. The statements of earnings (loss) for the years ended
   December 31, 2015, 2014 and 2013, and the balance sheet data at December 31,
   2015 and 2014 have been derived from MLOA's audited financial statements
   included elsewhere herein. The statements of earnings (loss) for the years
   ended December 31, 2012 and 2011, and the balance sheet data at December 31,
   2013, 2012 and 2011 have been derived from MLOA's previously reported
   audited financial statements not included herein. This selected financial
   data should be read in conjunction with "Management's Discussion and
   Analysis of Financial Condition and Results of Operations" and the audited
   financial statements and related notes included elsewhere herein.



                                                             YEARS ENDED DECEMBER 31,
                                                    ------------------------------------------
                                                     2015     2014     2013     2012     2011
                                                    ------  -------  -------  -------  -------
                                                                   (IN MILLIONS)
                                                                        
STATEMENTS OF EARNINGS (LOSS) DATA:
-----------------------------------
REVENUES:
  Universal life and investment-type product
   policy fee income............................... $  152  $    91  $   131  $   117  $   123
  Premiums.........................................      1        1       25       32       42
Net investment income (loss):
  Investment income (loss) from derivatives........     (9)      13        8       --       --
  Other investment income (loss)...................     38       37       84      110      116
                                                    ------  -------  -------  -------  -------
   Net investment income (loss)....................     29       50       92      110      116
  Investment gains (losses), net:
   Total other-than-temporary impairment losses....     (1)     (10)      (6)      (7)      (2)
   Portion of loss recognized in other
     comprehensive income (loss)...................     --       --       --       --       --
                                                    ------  -------  -------  -------  -------
     Net impairment losses recognized..............     (1)     (10)      (6)      (7)      (2)
   Other investment gains (losses), net............     --        4       74        2        1
                                                    ------  -------  -------  -------  -------
     Total investment gains (losses), net..........     (1)      (6)      68       (5)      (1)
                                                    ------  -------  -------  -------  -------
  Equity in earnings (loss) of AB..................      5        1        5        2       (2)
  Other income (loss)..............................      9        8        5        5        6
  Increase (decrease) in the fair value of the
   reinsurance contract asset......................     --       --       (7)      (2)       7
                                                    ------  -------  -------  -------  -------
     Total revenues................................    195      145      319      259      291
                                                    ------  -------  -------  -------  -------

BENEFITS AND OTHER DEDUCTIONS:
  Policyholders' benefits..........................     39       31       78      103       96
  Interest credited to policyholders'
   account balances................................     36       39       65       61       61
  Compensation and benefits........................     36       29       32       25       30
  Commissions......................................    121       73       80       38       33
  Amortization of deferred policy acquisition
   costs and value of business acquired............     35       14       21      (27)     (12)
  Capitalization of deferred policy
   acquisition costs...............................   (108)     (78)     (81)     (31)     (25)
  Amortization of deferred cost of reinsurance.....      8        8        4       --       --
  Rent expense.....................................      2        2        2        2        3
  Other operating costs and expenses...............     56       37       74       44       29
                                                    ------  -------  -------  -------  -------
   Total benefits and other deductions.............    225      155      275      215      215
                                                    ------  -------  -------  -------  -------
Earnings (loss), before income taxes...............    (30)     (10)      44       44       76
Income tax benefit (expense).......................     13        5      (16)      (6)       1
                                                    ------  -------  -------  -------  -------
Net Earnings (Loss)................................ $  (17) $    (5) $    28  $    38  $    77
                                                    ======  =======  =======  =======  =======


      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      54








                                                                      DECEMBER 31,
                                                   --------------------------------------------------
                                                      2015      2014     2013      2012       2011
                                                   ---------- -------- --------- --------- ----------
                                                                     (IN MILLIONS)
                                                                            
BALANCE SHEET DATA:
-------------------
Total Investments................................. $    1,154 $  1,119 $     967 $   2,279 $    2,299
Separate Accounts assets..........................      1,701    1,810     1,839     1,640      1,604
Total Assets......................................      4,782    4,700     4,598     4,588      4,408
Policyholders' account balances...................      2,158    1,919     1,777     1,615      1,608
Future policy benefits and other
  policyholders liabilities.......................        389      389       323       397        380
Separate Accounts liabilities.....................      1,701    1,810     1,839     1,640      1,604
Total liabilities.................................      4,308    4,200     4,104     3,847      3,733
Total shareholder's equity........................ $      474 $    500 $     494 $     741 $      675


      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      55





   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
   OPERATIONS

   THE FOLLOWING MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
   AND RESULTS OF OPERATIONS ("MD&A") FOR MONY LIFE INSURANCE COMPANY OF
   AMERICA ("MLOA") SHOULD BE READ IN CONJUNCTION WITH "RISK FACTORS,"
   "SELECTED FINANCIAL DATA" AND THE FINANCIAL STATEMENTS AND RELATED NOTES TO
   FINANCIAL STATEMENTS INCLUDED ELSEWHERE HEREIN.

   FORWARD-LOOKING INFORMATION

   This document contains "forward-looking statements" that anticipate results
   based on our estimates, assumptions and plans that are subject to
   uncertainty. These statements are made subject to the safe-harbor provisions
   of the Private Securities Litigation Reform Act of 1995. We assume no
   obligation to update any forward-looking statements as a result of new
   information or future events or developments.

   These forward-looking statements do not relate strictly to historical or
   current facts and may be identified by their use of words like "plans,"
   "seeks," "expects," "will," "should," "anticipates," "estimates," "intends,"
   "believes," "likely," "targets" and other words with similar meanings. These
   statements may address, among other things, our strategy for growth, product
   development, investment results, regulatory approvals, market position,
   expenses, financial results, litigation and reserves. We believe that these
   statements are based on reasonable estimates, assumptions and plans.
   However, if the estimates, assumptions or plans underlying the
   forward-looking statements prove inaccurate or if other risks or
   uncertainties arise, actual results could differ materially from those
   communicated in these forward-looking statements.

   In addition to the normal risks of business, we are subject to significant
   risks and uncertainties, including those listed in the "Risk Factors"
   section of this report, which apply to us. These risks constitute our
   cautionary statements under the Private Securities Litigation Reform Act of
   1995 and readers should carefully review such cautionary statements as they
   identify certain important factors that could cause actual results to differ
   materially from those in the forward-looking statements and historical
   trends. These cautionary statements are not exclusive and are in addition to
   other factors discussed elsewhere in this document, in our filings with the
   United States Securities and Exchange Commission ("SEC") or in materials
   incorporated therein by reference.

   BACKGROUND

   MLOA, established in the state of Arizona in 1969, is a wholly-owned
   subsidiary of AXA Equitable Financial Services LLC ("AEFS"). MLOA's primary
   business is to provide life insurance and employee benefit products to both
   individuals and small and medium-size businesses. MLOA is licensed to sell
   its products in 49 states (not including New York), the District of Columbia
   and Puerto Rico.

   AEFS is an indirect, wholly-owned subsidiary of AXA Financial and AXA
   Financial is an indirect, wholly-owned subsidiary of AXA, a French holding
   company for the AXA Group, a worldwide leader in financial protection. For
   additional information regarding AXA, see "Description of Business -- Parent
   Company".

   PROTECTIVE LIFE REINSURANCE AGREEMENT

   On October 1, 2013, MLOA reinsured an in-force book of life insurance and
   annuity policies written primarily prior to 2004 to Protective Life. MLOA
   transferred and ceded assets to Protective Life equal to $1,308 million, net
   of ceding commission of $370 million in consideration of the transfer of
   liabilities amounting to $1,374 million in connection with the reinsurance
   agreement. As a result of the reinsurance agreement, MLOA recorded a
   deferred cost of reinsurance asset amounting to $83 million which is
   amortized over the life of the underlying reinsured policies.

   OVERVIEW

   EARNINGS. MLOA's business results of operations are materially affected by
   conditions in the capital markets and the economy, generally. MLOA's net
   loss for 2015 was $17 million. See "Results of Operations" below for a
   discussion of MLOA's Earnings.

   SALES. Life insurance first year premiums and deposits by MLOA increased by
   $104 million, or 50.4% from 2014, primarily due to higher sales of indexed
   life insurance products in the retail channel. In 2015, strong sales of
   MLOA's BrightLife(R) universal life product continued. For additional
   information on sales, see "Premiums and Deposits" below.

   PRODUCTS. MLOA recently entered the group employee benefits business. MLOA
   currently offers a suite of insurance products to small and medium-size
   businesses. MLOA's primary employee benefit product offerings include:
   dental, vision, life insurance, short-and long-term disability, deductible
   insurance, hospital plus and critical illness insurance. Sales of employee
   benefit products were not significant in 2015. For additional information,
   see "Description of Business-Products-Employee Benefits".

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   As part of AXA Financial's ongoing efforts to efficiently manage capital
   amongst its insurance subsidiaries, improve the quality of the product
   line-up of its insurance subsidiaries and enhance the overall profitability
   of AXA Financial, most sales of indexed universal life insurance and
   employee benefit products to policyholders located outside of New York are
   being issued through MLOA instead of AXA Equitable. MLOA expects that AXA
   Financial will continue to issue newly developed life and employee benefit
   insurance products to policyholders located outside of New York through MLOA
   instead of AXA Equitable. Since future decisions regarding product
   development and availability depend on factors and considerations not yet
   known, management is unable to predict the extent to which MLOA will offer
   other products in the future.

   ASSUMPTION UPDATES

   In 2015, based upon management's current expectations of interest rates and
   future fund growth, MLOA updated its RTM assumption used to calculate VISL
   and amortization of DAC from 9.0% to 7.0%. The impact of this assumption
   update in 2015 was an increase in VISL reserves of $4 million and an
   increase in amortization of DAC of $8 million. In 2015, the after tax impact
   of this assumption update increased the Net loss by approximately $8 million.

   CRITICAL ACCOUNTING ESTIMATES

   MLOA's MD&A is based upon its financial statements that have been prepared
   in accordance with accounting principles generally accepted in the
   United States of America ("U.S. GAAP"). The preparation of these financial
   statements requires the application of accounting policies that often
   involve a significant degree of judgment, requiring management to make
   estimates and assumptions (including normal, recurring accruals) that affect
   the reported amounts of assets and liabilities at the date of the financial
   statements and the reported amounts of revenues and expenses during the
   reporting period. Management, on an ongoing basis, reviews and evaluates the
   estimates and assumptions used in the preparation of the financial
   statements, including those related to investments, recognition of insurance
   income and related expenses, DAC and VOBA and future policy benefits. MLOA
   bases its estimates on historical experience and on various other
   assumptions that are believed to be reasonable under the circumstances. The
   results of such factors form the basis for making judgments about the
   carrying values of assets and liabilities that are not readily apparent from
   other sources. If management determines that modifications in assumptions
   and estimates are appropriate given current facts and circumstances, the
   results of operations and financial position as reported in the Financial
   Statements could change significantly.

   Management believes the critical accounting policies relating to the
   following areas are most dependent on the application of estimates,
   assumptions and judgments:

      .   Revenue Recognition

      .   Insurance Reserves and Policyholder Benefits

      .   DAC and VOBA

      .   Benefit plan costs

      .   Share-based and Other Compensation Programs

      .   Investments -- Impairments, valuation allowance and Fair Value
          Measurements

      .   Income Taxes

   REVENUE RECOGNITION

   Prior to the reinsurance agreement with Protective Life, profits on
   non-participating traditional life policies and annuity contracts with life
   contingencies emerged from the matching of benefits and other expenses
   against the related premiums. Profits on universal life-type and
   investment-type contracts emerge from the matching of benefits and other
   expenses against the related contract margins after the impacts of
   reinsurance ceded. This matching was accomplished by means of the provision
   for liabilities for future policy benefits and the deferral, and subsequent
   amortization, of policy acquisition costs. Trends in the general population
   and MLOA's own mortality, morbidity, persistency and claims experience, net
   of reinsurance, have a direct impact on the benefits and expenses reported
   in any given period.

   INSURANCE RESERVES AND POLICYHOLDER BENEFITS

   NON-PARTICIPATING TRADITIONAL LIFE POLICIES

   The future policy benefit reserves for non-participating traditional life
   insurance policies relate primarily to non-participating term life products
   and are calculated using a net level premium method equal to the present
   value of expected future benefits plus the present value of future
   maintenance expenses less the present value of future net premiums. The
   expected future benefits and expenses are determined using

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   actuarial assumptions as to mortality, persistency and interest established
   at policy issue. Reserve assumptions established at policy issue reflect
   best estimate assumptions based on MLOA's experience that, together with
   interest and expense assumptions, include a margin for adverse deviation.
   Mortality assumptions are reviewed annually and are generally based on
   MLOA's historical experience or standard industry tables, as applicable;
   expense assumptions are based on current levels of maintenance costs,
   adjusted for the effects of inflation; and interest rate assumptions are
   based on current and expected net investment returns.

   UNIVERSAL LIFE AND INVESTMENT-TYPE CONTRACTS

   Policyholders' account balances for UL and investment-type contracts
   represent an accumulation of gross premium payments plus credited interest
   less expense and mortality charges and withdrawals.

   MLOA had issued certain variable annuity products with guaranteed minimum
   death benefit ("GMDB") and guaranteed minimum income benefit ("GMIB")
   features. The GMDB feature provided that in the event of an insured's death,
   the beneficiary would receive the higher of the current contract account
   balance or another amount defined in the contract. The GMIB feature which,
   if elected by the policyholder after a stipulated waiting period from
   contract issuance, guarantees a minimum lifetime annuity based on
   predetermined annuity purchase rates that may be in excess of what the
   contract account value can purchase at then-current annuity purchase rates
   applied to a guaranteed minimum income benefit base.

   Reserves for GMDB and GMIB obligations are calculated on the basis of
   actuarial assumptions related to projected benefits and related contract
   charges generally over the lives of the contracts. The determination of this
   estimated liability is based on models that involve numerous estimates and
   subjective judgments, including those regarding expected market rates of
   return and volatility, contract surrender and withdrawal rates, mortality
   experience, and, for contracts with the GMIB feature, GMIB election rates.
   Assumptions related to contractholder behavior and mortality are updated
   when a material change in behavior or mortality experience is observed in an
   interim period.

   SENSITIVITY OF FUTURE RATE OF RETURN ASSUMPTIONS ON GMDB/GMIB RESERVES

   The future rate of return assumptions used in establishing reserves for GMDB
   and GMIB features regarding Separate Account performance used for purposes
   of this calculation are set using a long-term view of expected average
   market returns by applying a reversion to the mean approach, consistent with
   that used for DAC and VOBA amortization. For additional information
   regarding the future expected rate of return assumptions and the reversion
   to the mean approach, see, "-- DAC and VOBA".

   The GMDB/GMIB reserve balance before reinsurance ceded was $10 million ($0
   net of reinsurance) at December 31, 2015. Given that 100% of the GMDB/GMIB
   reserve balance is ceded, the sensitivity risk of any increase or decrease
   in interest rates is transferred to the reinsurer.

   REINSURANCE

   Reinsurance recoverable balances are calculated using methodologies and
   assumptions that are consistent with those used to calculate the direct
   liabilities.

   DEFERRED COST OF OR GAIN ON REINSURANCE

   The cost of or gain on reinsurance at the inception of a coinsurance treaty,
   defined as the difference between the initial coinsurance premium paid and
   the amount of the net liabilities relating to the underlying policies, see
   Note 2 of Financial Statements, net of the ceded commission received is
   deferred and amortized over the lives of the underlying policies.

   DAC AND VOBA

   Acquisition costs that vary with and are primarily related to the
   acquisition of new and renewal insurance business, reflecting incremental
   direct costs of contract acquisition with independent third parties or
   employees that are essential to the contract transaction, as well as the
   portion of employee compensation, including payroll fringe benefits and
   other costs directly related to underwriting, policy issuance and
   processing, medical inspection, and contract selling for successfully
   negotiated contracts including commissions, underwriting, agency and policy
   issue expenses, are deferred. Depending on the type of contract, DAC is
   amortized over the expected total life of the contract group, based on
   MLOA's estimates of the level and timing of gross margins, gross profits or
   assessments, or anticipated premiums. In calculating DAC amortization,
   management is required to make assumptions about investment results
   including hedging costs, Separate Account performance, Separate Account
   fees, mortality and expense margins, lapse rates and anticipated surrender
   charges that impact the estimates of the level and timing of estimated gross
   profits or assessments, margins and anticipated future experience. VOBA,
   which arose from

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   MLOA's acquisition by AXA Financial, was established in accordance with
   purchase accounting guidance for business combinations. VOBA is the
   actuarially determined present value of estimated future gross profits from
   insurance contracts in force at the date of the acquisition. DAC and VOBA
   are amortized over the expected life of the contracts (up to 50 years from
   date of issue) according to the type of contract using the methods described
   below as applicable. DAC and VOBA are subject to loss recognition testing at
   the end of each accounting period. As a result of the reinsurance agreement,
   effective October 1, 2013, with Protective Life, $188 million of DAC and
   VOBA amortization was accelerated, which is included in the deferred cost of
   reinsurance.

   UNIVERSAL LIFE AND INVESTMENT-TYPE CONTRACTS

   DAC and VOBA associated with UL and investment-type products, are amortized
   over the expected total life of the contract group as a constant percentage
   of estimated gross profits arising principally from investment results,
   Separate Account fees, mortality and expense margins and surrender charges
   based on historical and anticipated future experience, updated at the end of
   each accounting period. When estimated gross profits are expected to be
   negative for multiple years of a contract life, DAC and VOBA are amortized
   using the present value of estimated assessments. The effect on the
   amortization of DAC of revisions to estimated gross profits or assessments
   is reflected in earnings (loss) in the period such estimated gross profits
   or assessments are revised. A decrease in expected gross profits or
   assessments would accelerate DAC and VOBA amortization. Conversely, an
   increase in expected gross profits or assessments would slow DAC and VOBA
   amortization. The effect on the DAC and VOBA assets that would result from
   realization of unrealized gains (losses) is recognized with an offset to
   accumulated other comprehensive income (loss) ("AOCI") in shareholder's
   equity as of the balance sheet date.

   Quarterly adjustments to the DAC and VOBA balances are made for current
   period experience and market performance related adjustments, and the impact
   of reviews of estimated total gross profits. The quarterly adjustments for
   current period experience reflect the impact of differences between actual
   and previously estimated expected gross profits for a given period. Total
   estimated gross profits include both actual experience and estimates of
   gross profits for future periods. To the extent each period's actual
   experience differs from the previous estimate for that period, the assumed
   level of total gross profits may change. In these cases, cumulative
   adjustment to all previous periods' costs is recognized.

   During each accounting period, the DAC and VOBA balances are evaluated and
   adjusted with a corresponding charge or credit to current period earnings
   for the effects of MLOA's actual gross profits and changes in the
   assumptions regarding estimated future gross profits. A decrease in expected
   gross profits or assessments would accelerate DAC and VOBA amortization.
   Conversely, an increase in expected gross profits or assessments would slow
   DAC and VOBA amortization. The effect on the DAC and VOBA assets that would
   result from realization of unrealized gains (losses) is recognized with an
   offset to AOCI in shareholder's equity as of the balance sheet date.

   For the variable and UL policies a significant portion of the gross profits
   is derived from mortality margins and therefore, are significantly
   influenced by the mortality assumptions used. Mortality assumptions
   represent the Company's expected claims experience over the life of these
   policies and are based on a long-term average of actual company experience.
   This assumption is updated quarterly to reflect recent experience as it
   emerges. Improvement of life mortality in future periods from that currently
   projected would result in future deceleration of DAC and VOBA amortization.
   Conversely, deterioration of life mortality in future periods from that
   currently projected would result in future acceleration of DAC and VOBA
   amortization. Generally, life mortality experience has been improving in
   recent years. However, changes to the mortality assumptions in future
   periods could have a significant adverse or favorable effect on the results
   of operations.

   PREMIUM DEFICIENCY RESERVES AND LOSS RECOGNITION TESTS

   After the initial establishment of reserves, premium deficiency and loss
   recognition tests are performed using best estimate assumptions as of the
   testing date without provisions for adverse deviation. When the liabilities
   for future policy benefits plus the present value of expected future gross
   premiums for the aggregate product group are insufficient to provide for
   expected future policy benefits and expenses for that line of business
   (i.e., reserves net of any DAC asset), DAC and VOBA would first be written
   off and thereafter, if required, a premium deficiency reserve would be
   established by a charge to earnings (loss).

   SENSITIVITY OF DAC AND VOBA TO CHANGES IN FUTURE MORTALITY ASSUMPTIONS

   The variable and UL policies DAC and VOBA balance was $373 million at
   December 31, 2015. The following table demonstrates the sensitivity of the
   DAC and VOBA balance relative to future mortality assumptions by quantifying
   the adjustments that would be required, assuming an increase and decrease in
   the future mortality rate by 1%. This information considers only the direct
   effect of changes in the mortality assumptions on the DAC and VOBA balance
   and not changes in any other assumptions used in the measurement of the DAC
   and VOBA balance and does not assume changes in reserves.

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                     DAC AND VOBA SENSITIVITY -- MORTALITY
                               DECEMBER 31, 2015



                                                       INCREASE/(REDUCTION) IN
                                                            DAC AND VOBA
                                                       -----------------------
                                                            (IN MILLIONS)
                                                    
Decrease in future mortality by 1%....................         $           (1)
Increase in future mortality by 1%....................                       1


   SENSITIVITY OF DAC AND VOBA TO CHANGES IN FUTURE RATE OF RETURN ASSUMPTIONS

   A significant assumption in the amortization of DAC and VOBA on variable and
   interest-sensitive life insurance relates to projected future Separate
   Account performance. Management sets estimated future gross profit or
   assessment assumptions related to Separate Account performance using a
   long-term view of expected average market returns by applying a reversion to
   the mean approach, a commonly used industry practice. This future return
   approach influences the projection of fees earned, as well as other sources
   of estimated gross profits. Returns that are higher than expectations for a
   given period produce higher than expected account balances, increase the
   fees earned resulting in higher expected future gross profits and lower DAC
   amortization for the period. The opposite occurs when returns are lower than
   expected.

   In applying this approach to develop estimates of future returns, it is
   assumed that the market will return to an average gross long-term return
   estimate, developed with reference to historical long-term equity market
   performance. In 2015, based upon management's current expectations of
   interest rates and future fund growth, MLOA updated its RMT assumption from
   9.0% to 7.0%. The average gross long term return measurement start date was
   also updated to December 31, 2014. Management has set limitations as to
   maximum and minimum future rate of return assumptions, as well as a
   limitation on the duration of use of these maximum or minimum rates of
   return. At December 31, 2015, the average gross short-term and long-term
   annual return estimate on variable and interest-sensitive life insurance was
   7.0% (5.0% net of product weighted average Separate Account fees), and the
   gross maximum and minimum short-term annual rate of return limitations were
   15.0% (13.0% net of product weighted average Separate Account fees) and 0.0%
   (-2.0% net of product weighted average Separate Account fees), respectively.
   The maximum duration over which these rate limitations may be applied is 5
   years. This approach will continue to be applied in future periods. These
   assumptions of long-term growth are subject to assessment of the
   reasonableness of resulting estimates of future return assumptions.

   If actual market returns continue at levels that would result in assuming
   future market returns of 15.0% for more than 5 years in order to reach the
   average gross long-term return estimate, the application of the 5 year
   maximum duration limitation would result in an acceleration of DAC and VOBA
   amortization. Conversely, actual market returns resulting in assumed future
   market returns of 0.0% for more than 5 years would result in a required
   deceleration of DAC and VOBA amortization. At December 31, 2015, current
   projections of future returns assume a reversion to the mean of 7.0% in six
   quarters. At December 31, 2015, current projections of future average gross
   market returns assume a 15.0% annualized return for the next four quarters,
   grading to a RTM of 7.0% in six quarters.

   Other significant assumptions underlying gross profit estimates for UL and
   investment-type products relate to contract persistency and General Account
   investment spread.

   The following table provides an example of the sensitivity of that DAC and
   VOBA balance relative to future return assumptions by quantifying the
   adjustments to the DAC and VOBA balance that would be required assuming both
   an increase and decrease in the future rate of return by 1%. This
   information considers only the effect of changes in the future Separate
   Account rate of return and not changes in any other assumptions used in the
   measurement of the DAC and VOBA balance.

                  DAC AND VOBA SENSITIVITY -- RATE OF RETURN
                               DECEMBER 31, 2015



                                                       INCREASE/(REDUCTION) IN
                                                            DAC AND VOBA
                                                       -----------------------
                                                            (IN MILLIONS)
                                                    
Decrease in future rate of return by 1%...............     $                 1
Increase in future rate of return by 1%...............                     (1)


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   BENEFIT PLAN COSTS

   Although MLOA has no employees, under service agreements with affiliates,
   MLOA is charged for services, including personnel services that include a
   component related to employee benefits (see Note 7 of Notes to Financial
   Statements). Net periodic pension cost is the aggregation of the
   compensation cost of benefits promised, interest cost resulting from
   deferred payment of those benefits, and investment results of assets
   dedicated to fund those benefits. Each component of net periodic pension
   benefits cost is based on the affiliated company's best estimate of
   long-term actuarial and investment return assumptions and consider, as
   appropriate, an assumed discount rate, an expected rate of return on plan
   assets, inflation costs, expected increases in compensation levels and
   trends in health care costs. Of these assumptions, the discount rate and
   expected rate of return assumptions generally have the most significant
   impact on the resulting net periodic cost associated with these plans.
   Actual experience different from that assumed generally is recognized
   prospectively over future periods; however, significant variances could
   result in immediate recognition of net periodic cost or benefit if they
   exceed certain prescribed thresholds or in conjunction with a
   reconsideration of the related assumptions.

   SHARE-BASED AND OTHER COMPENSATION PROGRAMS

   Although MLOA has no employees, under service agreements with affiliates,
   MLOA is charged for services, including personnel services that include a
   component related to employee compensation (see Note 8 of Notes to Financial
   Statements). AXA and AXA Financial Group sponsor various share-based
   compensation plans for eligible employees and associates. Compensation
   expense related to these awards is measured based on the estimated fair
   value of the equity instruments issued or the liabilities incurred. AXA
   Financial Group uses the Black-Scholes option valuation model to determine
   the grant-date fair values of equity share/unit option awards and similar
   instruments, requiring assumptions with respect to the expected term of the
   award, expected price volatility of the underlying share/unit, and expected
   dividends. These assumptions are significant factors in the resulting
   measure of fair value recognized over the vesting period and require use of
   management judgment as to likely future conditions, including employee
   exercise behavior, as well as consideration of historical and market
   observable data.

   INVESTMENTS -- IMPAIRMENTS AND VALUATION ALLOWANCES AND FAIR VALUE
   MEASUREMENTS

   MLOA's investment portfolio principally consists of public and private fixed
   maturities, mortgage loans, derivative financial instruments, including
   equity options and Units in AB. In applying the Company's accounting
   policies with respect to these investments, estimates, assumptions, and
   judgments are required about matters that are inherently uncertain,
   particularly in the identification and recognition of other-than-temporary
   impairments ("OTTI"), determination of the valuation allowance for losses on
   mortgage loans and measurements of fair value.

   IMPAIRMENTS AND VALUATION ALLOWANCES

   The assessment of whether OTTIs have occurred is performed quarterly by
   MLOA's Investment Under Surveillance ("IUS") Committee, with the assistance
   of its investment advisors, on a security-by-security basis for each
   available-for-sale fixed maturity and equity security that has experienced a
   decline in fair value for purpose of evaluating the underlying reasons. The
   analysis begins with a review of gross unrealized losses by the following
   categories of securities: (i) all investment grade and below investment
   grade fixed maturities for which fair value has declined and remained below
   amortized cost by 20% or more; and (ii) below-investment-grade fixed
   maturities for which fair value has declined and remained below amortized
   cost for a period greater than 12 months. Integral to the analysis is an
   assessment of various indicators of credit deterioration to determine
   whether the investment security is expected to recover, including, but not
   limited to, consideration of the duration and severity of the unrealized
   loss, failure, if any, of the issuer of the security to make scheduled
   payments, actions taken by rating agencies, adverse conditions specifically
   related to the security or sector, the financial strength, liquidity, and
   continued viability of the issuer and, for equity securities only, the
   intent and ability to hold the investment until recovery, resulting in
   identification of specific securities for which OTTI is recognized.

   If there is no intent to sell or likely requirement to dispose of the fixed
   maturity security before its recovery, only the credit loss component of any
   resulting OTTI is recognized in earnings and the remainder of the fair value
   loss is recognized in other comprehensive income (loss) ("OCI"). The amount
   of credit loss is the shortfall of the present value of the cash flows
   expected to be collected as compared to the amortized cost basis of the
   security. The present value is calculated by discounting management's best
   estimate of projected future cash flows at the effective interest rate
   implicit in the debt security prior to impairment. Projections of future
   cash flows are based on assumptions regarding probability of default and
   estimates regarding the amount and timing of recoveries. These assumptions
   and estimates require use of management judgment and consider internal
   credit analyses as well as market observable data relevant to the
   collectability of the security. For mortgage- and asset-backed securities,
   projected future cash flows also include assumptions regarding prepayments
   and underlying collateral value.

   Mortgage loans also are reviewed quarterly by the IUS Committee for
   impairment on a loan-by-loan basis, including an assessment of related
   collateral value. Commercial mortgages 60 days or more past due and
   agricultural mortgages 90 days or more past due, as well as all

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   mortgages in the process of foreclosure, are identified as problem
   mortgages. Based on its monthly monitoring of mortgages, a class of
   potential problem mortgages also is identified, consisting of mortgage loans
   not currently classified as problems but for which management has doubts as
   to the ability of the borrower to comply with the present loan payment terms
   and which may result in the loan becoming a problem or being restructured.
   The decision whether to classify a performing mortgage loan as a potential
   problem involves significant subjective judgments by management as to likely
   future industry conditions and developments with respect to the borrower or
   the individual mortgaged property.

   For problem mortgage loans a valuation allowance is established to provide
   for the risk of credit losses inherent in the lending process. The allowance
   includes loan specific reserves for loans determined to be non-performing as
   a result of the loan review process. A non-performing loan is defined as a
   loan for which it is probable that amounts due according to the contractual
   terms of the loan agreement will not be collected. The loan specific portion
   of the loss allowance is based on the Company's assessment as to ultimate
   collectability of loan principal and interest. Valuation allowances for a
   non-performing loan are recorded based on the present value of expected
   future cash flows discounted at the loan's effective interest rate or based
   on the fair value of the collateral if the loan is collateral dependent. The
   valuation allowance for mortgage loans can increase or decrease from period
   to period based on such factors.

   FAIR VALUE MEASUREMENTS

   Investments reported at fair value in the balance sheets of MLOA include
   fixed maturity securities classified as available-for-sale ("AFS"). In
   addition, exposure in certain variable life products issued by MLOA are
   considered embedded derivatives and reported at fair value.

   When available, the estimated fair value of securities is based on quoted
   prices in active markets that are readily and regularly obtainable; these
   generally are the most liquid holdings and their valuation does not involve
   management judgment. When quoted prices in active markets are not available,
   MLOA estimates fair value based on market standard valuation methodologies,
   including discounted cash flow methodologies, matrix pricing, or other
   similar techniques. For securities with reasonable price transparency, the
   significant inputs to these valuation methodologies either are observable in
   the market or can be derived principally from or corroborated by observable
   market data. When the volume or level of activity results in little or no
   price transparency, significant inputs no longer can be supported by
   reference to market observable data but instead must be based on
   management's estimation and judgment.

   As required by the accounting guidance, MLOA categorizes its assets and
   liabilities measured at fair value into a three-level hierarchy, based on
   the priority of the inputs to the respective valuation technique, giving the
   highest priority to quoted prices in active markets for identical assets and
   liabilities (Level 1) and the lowest priority to unobservable inputs (Level
   3). For additional information regarding the key estimates and assumptions
   surrounding the determinations of fair value measurements, see Note 5 to the
   Financial Statements -- Fair Value Disclosures.

   INCOME TAXES

   Income taxes represent the net amount of income taxes that MLOA expects to
   pay to or receive from various taxing jurisdictions in connection with its
   operations. MLOA provides for Federal and state income taxes currently
   payable, as well as those deferred due to temporary differences between the
   financial reporting and tax bases of assets and liabilities. Deferred tax
   assets and liabilities are measured at the balance sheet date using enacted
   tax rates expected to apply to taxable income in the years the temporary
   differences are expected to reverse. The realization of deferred tax assets
   depends upon the existence of sufficient taxable income within the carry
   forward periods under the tax law in the applicable jurisdiction. Valuation
   allowances are established when management determines, based on available
   information, that it is more likely than not that deferred tax assets will
   not be realized. Management considers all available evidence including past
   operating results, the existence of cumulative losses in the most recent
   years, forecasted earnings, future taxable income and prudent and feasible
   tax planning strategies. MLOA's accounting for income taxes represents
   management's best estimate of the tax consequences of various events and
   transactions.

   Significant management judgment is required in determining the provision for
   income taxes and deferred tax assets and liabilities and in evaluating
   MLOA's tax positions including evaluating uncertainties under the guidance
   for Accounting for Uncertainty in Income taxes. Under the guidance, MLOA
   determines whether it is more-likely-than-not that a tax position will be
   sustained upon examination by the appropriate taxing authorities before any
   part of the benefit can be recorded in the financial statements. Tax
   positions are then measured at the largest amount of benefit that is greater
   than 50 percent likely of being realized upon settlement.

   MLOA's tax positions are reviewed quarterly and the balances are adjusted as
   new information becomes available.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      62






   RESULTS OF OPERATIONS

   The earnings narratives that follow discuss the results for 2015 compared to
   2014's results, followed by the results for 2014 compared to 2013's results.

                    MONY LIFE INSURANCE COMPANY OF AMERICA
                             RESULTS OF OPERATIONS



                                                      2015     2014     2013
                                                    --------  ------  --------
                                                           (IN MILLIONS)
                                                             
REVENUES
Universal life and investment-type product policy
  fee income....................................... $    152  $   91  $    131
Premiums...........................................        1       1        25
Net investment income (loss):
  Investment income (loss) from
   derivatives instruments.........................       (9)     13         8
  Other investment income (loss)...................       38      37        84
                                                    --------  ------  --------
   Total Net investment income (loss)..............       29      50        92
Investment gains (losses), net:
  Total other-than-temporary impairment losses.....       (1)    (10)       (6)
  Portion of loss recognized in other
   comprehensive income (loss).....................       --      --        --
                                                    --------  ------  --------
  Net impairment losses recognized.................       (1)    (10)       (6)
  Other investment gains (losses), net.............       --       4        74
                                                    --------  ------  --------
   Total investment gains (losses), net............       (1)     (6)       68
                                                    --------  ------  --------
Equity in earnings (loss) of AB....................        5       1         5
Other income (loss)................................        9       8         5
Increase (decrease) in the fair value of the
  reinsurance contract.............................       --      --        (7)
                                                    --------  ------  --------
   Total revenues..................................      195     145       319
                                                    --------  ------  --------

BENEFITS AND OTHER DEDUCTIONS
Policyholders' benefits............................       39      31        78
Interest credited to policyholders'
  account balances.................................       36      39        65
Compensation and benefits..........................       36      29        32
Commissions........................................      121      73        80
Amortization of deferred policy acquisition costs
  and value of business acquired...................       35      14        21
Capitalization of deferred policy acquisition costs     (108)    (78)      (81)
Amortization of deferred costs of reinsurance......        8       8         4
Rent expense.......................................        2       2         2
Other operating costs and expenses.................       56      37        74
                                                    --------  ------  --------
   Total benefits and other deductions.............      225     155       275
                                                    --------  ------  --------
Earnings (loss) before income taxes................      (30)    (10)       44
Income tax (expense) benefit.......................       13       5       (16)
                                                    --------  ------  --------
Net Earnings (Loss)................................ $    (17) $   (5) $     28
                                                    ========  ======  ========


   YEAR ENDED DECEMBER 31, 2015 COMPARED TO YEAR ENDED DECEMBER 31, 2014

   Net loss was $17 million in 2015, a $12 million increase in net loss from
   the net loss of $5 million in 2014 primarily due to $48 million, $21 million
   and $19 million higher commission expense, amortization of DAC and VOBA and
   Other operating expenses, respectively and $22 million lower investment
   income from derivative instruments ($9 million investment loss from
   derivative instruments in 2015 as compared to $13 million of investment
   income from derivative instruments in 2014). The increases to the net loss
   were partially offset by $61 million higher Universal life and
   investment-type product policy fee income and $30 million higher
   capitalization of DAC.

   Income tax benefit was $13 million in 2015 as compared to the income tax
   benefit of $5 million in 2014. The $8 million higher income tax benefit was
   primarily related to $30 million of pre-tax losses in 2015 compared to $10
   million of pre-tax losses in 2014. In 2015 and 2014, Federal income taxes
   attributable to consolidated operations were different from the amounts
   determined by multiplying the earnings before income taxes by the expected
   Federal income tax rate of 35%. The primary difference relates to the
   dividends received deduction.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      63






   Loss from operations before income taxes was $30 million in 2015 and $10
   million in 2014, respectively.

   REVENUES. Total revenues in 2015 increased $50 million to $195 million from
   $145 million in 2014. The increase was primarily due to $61 million higher
   universal life and investment-type product policy fee income, $5 million
   lower investment losses and $4 million higher equity in earnings from AB
   which was partially offset by $22 million lower investment income from
   derivative instruments ($9 million investment loss from derivative
   instruments in 2015 as compared to $13 million of investment income from
   derivative instruments in 2014).

   Universal life and investment-type product policy fee income increased $61
   million in 2015 to $152 million from $91 million in 2014 primarily due to
   $47 million higher fees as a result of sales of indexed universal life
   products and a $14 million lower increase in the initial fee liability.

   Net investment income decreased $21 million in 2015 to $29 million from $50
   million in 2014 principally due to $22 million lower investment income from
   derivative instruments ($9 million investment loss from derivative
   instruments in 2015 as compared to $13 million of investment income from
   derivative instruments in 2014). The decrease in investment income was
   partially offset by $4 million higher investment income from fixed
   maturities as a result of higher average fixed maturities available for sale
   portfolio.

   Investment losses, net decreased $5 million in 2015 to a loss of $1 million
   from a loss of $6 million in 2014 primarily due to $9 million lower
   impairments of fixed maturities ($1 million in 2015 compared to $10 million
   in 2014), primarily CMBS securities, partially offset by the absence of a $3
   million gain on a pre-payment of mortgage loans on real estate recorded in
   2014.

   BENEFITS AND OTHER DEDUCTIONS. Total benefits and other deductions totaled
   $225 million in 2015, an increase of $70 million from $155 million in 2014.
   The increase primarily resulted from $48 million higher commission expenses,
   $21 million higher amortization of DAC and VOBA, $19 million higher other
   operating costs and expenses and $8 million higher policyholders' benefits
   which were partially offset by $30 million higher capitalization of DAC.

   Policyholders' benefits increased $8 million in 2015 to $39 million from $31
   million in 2014 primarily due to $9 million higher death benefits. In 2015
   policyholders' reserve balances increased $6 million as compared to $7
   million in 2014. The 2015 increase in reserves includes a $4 million
   increase as a result of updates in the RTM assumption.

   Compensation and benefits expense increased $7 million to $36 million in
   2015 from $29 million in 2014 due to higher allocated salary and stock
   option expenses.

   Commissions increased $48 million in 2015 to $121 million from $73 million
   in 2014 due to $107 million higher first year indexed universal life
   insurance sales.

   DAC and VOBA amortization in 2015 was $35 million reflecting $2 million of
   net favorable updates and balance true-ups primarily for variable and
   interest sensitive life products, including updates to the RTM assumption
   and $37 million of baseline amortization. DAC and VOBA amortization in 2014
   was $14 million reflecting $10 million of updates primarily relating to
   updating the projected cost of reinsurance for COLI and business owned life
   insurance ("BOLI") lines of business based on an updated study, and $4
   million of baseline amortization.

   DAC capitalization totaled $108 million in 2015, an increase of $30 million
   from the $78 million reported in 2014. The increase was primarily due to $26
   million higher deferrable commissions and $4 million higher deferrable
   expenses. The increase in deferrable commission expenses is in line with the
   higher commission expense resulting from higher first year sales of indexed
   universal life products.

   Other operating costs and expenses, totaled $56 million in 2015, an increase
   of $19 million from the $37 million reported in 2014. The increase is
   primarily attributable to $10 million higher consulting expenses, primarily
   in consulting projects invested to launch MLOA's new employee benefits
   business, $5 million higher commission expense allowance expenses and $4
   million higher premium taxes and other insurance taxes, licenses and fee
   expenses.

   YEAR ENDED DECEMBER 31, 2014 COMPARED TO YEAR ENDED DECEMBER 31, 2013

   In 2014, the $33 million decrease in net earnings from net earnings (loss)
   of $28 million in 2013 to a net loss of $5 million was primarily due to the
   absence of certain 2013 transactions resulting from the reinsurance
   transaction with Protective Life, including, a $74 million realized
   investment gain resulting from the assets transferred to Protective Life,
   this realized gain was partially offset by a $20 million donation to the AXA
   Foundation and $11 million of transaction and transition costs. Other
   factors leading to the decrease in earnings were the impact of higher death
   claims for retained MLOA business and one-time assumption updates in the
   amortization of DAC and VOBA. These decreases were partially offset by
   higher policy fee income.

   Income tax benefit was $5 million in 2014 as compared to the tax expense of
   $16 million in 2013. The $21 million lower income tax expense was primarily
   related to $10 million of pre-tax losses in 2014 compared to $44 million of
   pre-tax earnings in 2013.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      64






   Earnings (loss) before income taxes were $(10) million in 2014 and $44
   million in 2013, respectively.

   REVENUES. Total revenues in 2014 decreased $174 million to $145 million from
   $319 million in 2013. The decrease was primarily due to the absence of $130
   million of revenues included in the 2013 results for the portion of the
   business reinsured to Protective Life and the absence of a $74 million
   realized investment gain for the assets transferred to Protective Life upon
   the completion of the reinsurance transaction. For the portion of the
   business not reinsured to Protective Life, there was an increase in
   universal life and investment-type product policy fee income and higher
   investment income from derivative instruments.

   Universal life and investment-type product policy fee income decreased $40
   million in 2014 to $91 million from $131 million in 2013 primarily due the
   absence of $62 million of universal life and investment-type product policy
   fee income included in the 2013 results for the portion of the business
   reinsured to Protective Life. Partially offsetting the decrease were higher
   fees earned on higher indexed universal life insurance product account
   balances.

   Premiums totaled $1 million in 2014, a decrease of $24 million from $25
   million in 2013 primarily related to the absence of $23 million of premiums
   included in 2013 results for the portion of business reinsured to Protective
   Life.

   Net investment income decreased $42 million in 2014 to $50 million from $92
   million in 2013 principally due to the absence of $48 million of investment
   income included in the 2013 results from the assets transferred to
   Protective Life. Partially offsetting these decreases were $5 million higher
   investment income from derivative instruments supporting the MSO in MLOA's
   variable life insurance products and indexed universal life products.

   Investment gains (losses), net decreased $74 million in 2014 to a loss of $6
   million from a gain of $68 million in 2013 primarily due to the absence of a
   $74 million of realized gain on the transfer of assets to Protective Life
   resulting from the reinsurance agreement and $4 million higher impairments
   of fixed maturities, primarily CMBS securities, partially offset by $3
   million of gains on pre-payments of mortgage loans on real estate.

   Increase (decrease) in the fair value of the reinsurance contract asset
   decreased $7 million in 2014 to $0 million from $7 million in 2013. The 2013
   decrease reflected the impacts of the market conditions through
   September 30, 2013. As a result of reinsuring 100% of the risk of GMIB
   liabilities to Protective Life, the GMIB ceded liabilities are no longer
   considered an embedded derivative resulting in the write off of the
   remaining $2 million balance of the asset at September 30, 2013 in fourth
   quarter 2013.

   BENEFITS AND OTHER DEDUCTIONS. Total benefits and other deductions totaled
   $155 million in 2014, a decrease of $120 million from $275 million in 2013.
   The decrease was primarily due to the absence of $126 million of total
   benefits and deductions included in the 2013 results from the business
   reinsured to Protective Life, a $20 million donation to the AXA Foundation
   and $11 million of one-time transaction transition related costs in 2013
   related to the reinsurance agreement with Protective Life. These decreases
   were partially offset by $16 million of higher policyholders' benefits and
   $10 million higher amortization of DAC and VOBA for the business retained.

   Policyholders' benefits decreased $47 million in 2014 to $31 million from
   $78 million in 2013 primarily due to the absence of $63 million of
   policyholders included in the 2013 results for the portion of the business
   reinsured to Protective Life. Partially offsetting these benefit decreases
   were $17 million higher death claims for the retained business in 2014 as a
   result of a few large death claims and unfavorable mortality experience for
   indexed universal life and corporate owned life insurance ("COLI") products.

   Compensation and benefits expense decreased $3 million to $29 million in
   2014 from $32 million in 2013 due to lower allocated salary and stock option
   expenses.

   Commissions decreased $7 million in 2014 to $73 million from $80 million in
   2013 due to lower first year recurring sales

   DAC and VOBA amortization in 2014 was $14 million reflecting $10 million of
   updates primarily relating to updating the projected cost of reinsurance for
   COLI and BOLI lines of business based on an updated study, and $4 million of
   baseline amortization. DAC and VOBA amortization in 2013 was $21 million
   reflecting $17 million of amortization related to the business reinsured to
   Protective Life and $4 million of baseline amortization.

   DAC capitalization totaled $78 million in 2014, a decrease of $3 million
   from the $81 million reported in 2013. The decrease was primarily due to $10
   million lower deferrable commissions partially offset by $7 million higher
   deferrable expenses.

   Other operating costs and expenses, totaled $37 million in 2014, a decrease
   of $37 million from the $74 million reported in 2013. The decrease was
   primarily due to the absence of a $20 million donation from MLOA to the AXA
   Foundation from the consideration received from Protective Life, $15 million
   of expenses included in the 2013 results related to the portion of business
   reinsured to Protective Life and $11 million of allocated transaction and
   transition costs related to the reinsurance agreement with Protective Life.
   Partially offsetting these decreases were $6 million of expenses related to
   the administrative service agreement with Protective Life.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      65






   PREMIUMS AND DEPOSITS

   As part of AXA Financial's ongoing efforts to efficiently manage capital
   amongst its insurance subsidiaries, improve the quality of the product
   line-up of its insurance subsidiaries and enhance the overall profitability
   of AXA Financial, most sales of indexed life insurance and employee benefits
   to policyholders located outside of New York are being issued through MLOA
   instead of AXA Equitable. It is expected that AXA Financial will continue to
   issue newly developed life insurance and employee benefits products which
   are issued to policyholders located outside of New York through MLOA instead
   of AXA Equitable. Since future decisions regarding product development
   depend on factors and considerations not yet known, management is unable to
   predict the extent to which we will offer other products in the future. Sale
   of employee benefit products were not significant in 2015.

   The following table lists the sales for major insurance product lines for
   2015, 2014 and 2013. Premiums and deposits are presented gross of internal
   conversions and are presented net of reinsurance ceded, except for the
   business reinsured to Protective Life.

                             PREMIUMS AND DEPOSITS



                                                     2015      2014      2013
                                                   --------- --------- ---------
                                                              
RETAIL:
Annuities
  First year...................................... $      -- $      -- $      --
  Renewal.........................................        26        29        36
                                                   --------- --------- ---------
                                                          26        29        36

Life/(1)/
  First year......................................       171       167       159
  Renewal.........................................       203       171       160
                                                   --------- --------- ---------
                                                         374       338       319

Other/(2) (3)/
  First year......................................         4         7         5
  Renewal.........................................        --        --        --
                                                   --------- --------- ---------
                                                           4         7         5
                                                   --------- --------- ---------

   Total retail...................................       404       374       360
                                                   --------- --------- ---------
WHOLESALE:
Annuities
  First year......................................        --        --        --
  Renewal.........................................         1        --         2
                                                   --------- --------- ---------
                                                           1        --         2
Life/(1)/
  First year......................................       135        32        37
  Renewal.........................................        58        47        45
                                                   --------- --------- ---------
                                                         193        79        82

   Total wholesale................................       194        79        84
                                                   --------- --------- ---------

Total Premiums and Deposits....................... $     598 $     453 $     444
                                                   ========= ========= =========


  /(1)/Includes variable, interest-sensitive and traditional life products.
  /(2)/Includes reinsurance assumed.
  /(3)/Includes premiums and deposits from supplementary contracts -- A form of
       settlement under a life insurance or annuity contract whereby funds are
       made payable or used by the beneficiary to purchase a new insurance
       policy.

   2015 COMPARED TO 2014. Total premiums and deposits for life insurance
   products for 2015 were $598 million, a $145 million increase from $453
   million in 2014 while total first year premiums and deposits increased $104
   million to $310 million in 2015 from $206 million in 2014. First year
   premiums and deposits for life insurance products increased $107 million,
   primarily due to the $103 million and $4 million increase in sales of
   indexed and variable universal life insurance products in the retail and
   wholesale channels, reflecting continued strong sales of MLOA's
   BrightLife(R) universal life product.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      66






   2014 COMPARED TO 2013. Total premiums and deposits for life insurance
   products for 2014 were $453 million, an $11 million increase from $444
   million in 2013 while total first year premiums and deposits increased $5
   million to $206 million in 2014 from $201 million in 2013. First year
   premiums and deposits for life insurance products increased $3 million,
   primarily due to the $8 million increase in sales of indexed and variable
   universal life insurance products in the retail channel partially offset by
   a decrease of $5 million in the wholesale channels.

   SURRENDERS AND WITHDRAWALS.

   The following table presents surrender and withdrawal amounts and rates for
   major insurance product lines. Annuity surrenders and withdrawals are
   presented net of internal replacements.

                          SURRENDERS AND WITHDRAWALS



                                                                            RATES/(1)/
                                                                         ----------------
                                                                   
                                                2015     2014     2013   2015  2014  2013
                                              -------- -------- -------- ----  ----  ----
                                                         (DOLLARS IN MILLIONS)
Annuities.................................... $    133 $    150 $    150 11.6% 11.9% 11.7%
Variable and interest-sensitive life.........       79       71       88  6.5%  5.8%  5.8%
                                              -------- -------- --------
Total........................................ $    212 $    221 $    238
                                              ======== ======== ========


  /(1)/Surrender rates are based on the average surrenderable future policy
       benefits and/or policyholders' account balances for the related policies
       and contracts in force during each year.

   2015 COMPARED TO 2014. Surrenders and withdrawals decreased $9 million, from
   $221 million in 2014 to $212 million for 2015. There was a $17 million
   decrease in annuity surrenders and withdrawals partially offset by an $8
   million increase in variable and interest sensitive life insurance
   surrenders withdrawals. The annualized annuities surrender rate decreased to
   11.56% in 2015 from 11.9% in 2014. The variable and interest sensitive life
   products' annualized surrender rate increased to 6.5% in 2015 from 5.8% in
   2014.

   2014 COMPARED TO 2013. Surrenders and withdrawals decreased $17 million,
   from $238 million in 2013 to $221 million for 2014. There was a decrease of
   $17 million for variable and interest sensitive life insurance surrenders
   withdrawals. Individual annuities surrenders and withdrawals remained flat
   year over year. The annualized annuities surrender rate decreased to 11.9%
   in 2014 from 11.7% in 2013. The variable and interest sensitive life
   products' annualized surrender rate for both 2014 and 2013 was 5.8%.

   GENERAL ACCOUNT INVESTMENT PORTFOLIO

   The General Account Investment Assets ("GAIA") portfolio consists of a
   well-diversified portfolio of public and private fixed maturities,
   commercial mortgages and other loans and other invested assets.

   The General Accounts' portfolios and investment results support the
   insurance liabilities of MLOA's business operations. The following table
   reconciles the balance sheet asset amounts to GAIA.

                       GENERAL ACCOUNT INVESTMENT ASSETS
                               DECEMBER 31, 2015



                                                BALANCE
                                              SHEET TOTAL OTHER/(1)/    GAIA
BALANCE SHEET CAPTIONS:                       ----------- ---------  ----------
                                                       (IN MILLIONS)
                                                            

Fixed maturities, available for sale, at
  fair value.................................  $      906  $     --  $      906
Policy Loans.................................         159       130          29
Other invested assets........................          89        89          --
                                               ----------  --------  ----------
  Total investments..........................       1,154       219         935
Cash and cash equivalents....................         176         4         172
                                               ----------  --------  ----------
Total........................................  $    1,330  $    223  $    1,107
                                               ==========  ========  ==========


  /(1)/Assets listed in the "Other" category principally consist of MLOA's
       miscellaneous assets and liabilities related to GAIA that are
       reclassified from various balance sheet lines held in portfolios other
       than the General Account which are not managed as part of GAIA,
       including related accrued income or expense and certain
       reclassifications and, for fixed maturities, the reversal of net
       unrealized gains (losses). The "Other" category is deducted in arriving
       at GAIA. Included in other were $130 million of ceded policy loans to
       Protective Life.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      67






   INVESTMENT RESULTS OF GENERAL ACCOUNT INVESTMENT ASSETS

   The following table summarizes investment results by asset category for the
   periods indicated.



                                                     2015              2014              2013
                                              -----------------  ----------------  ---------------
                                               YIELD    AMOUNT     Yield   Amount   Yield   Amount
                                              ------   --------  -------   ------  -------  ------
                                                              (DOLLARS IN MILLIONS)
                                                                          
FIXED MATURITIES:
  Investment grade
   Income (loss).............................   4.42%        36     4.37%      32     4.66%     70
   Ending assets.............................               863               811              664
  Below investment grade
   Income....................................   9.34%         4     6.71%       4     6.49%      9
   Ending assets.............................                43                48               61
MORTGAGES:
   Income (loss).............................     --%        --     5.09%       2     6.65%      2
   Ending assets.............................                --                --               26
POLICY LOANS:
   Income....................................   3.25%         1     2.71%      --     5.18%      6
   Ending assets.............................                29                20               12
CASH AND SHORT-TERM INVESTMENTS:
   Income....................................   0.10%        --     0.07%      --     0.08%     --
   Ending assets.............................               172                46               73
OTHER INVESTED ASSETS:
   Income....................................                --                --               --
   Ending assets.............................                --                --                2
TOTAL INVESTED ASSETS:
                                                       --------            ------           ------
   Income....................................   4.09%        41     4.32%      38     4.46%     87
   Ending Assets.............................             1,107               925              838
TOTAL:
                                                       --------            ------           ------
   Investment income.........................   4.09%        41     4.32%      38     4.46%     87
   Less: investment fees.....................  (0.09)%       (1)   (0.09)%     (1)    0.09%     (2)
                                              ------   ========  -------   ======  -------  ======
   Investment Income, Net....................   4.00%        40     4.23%      37     4.37%     87
                                                       ========            ======           ======
ENDING NET ASSETS                                         1,107               925              838
                                                       ========            ======           ======


   FIXED MATURITIES

   The fixed maturity portfolio consists largely of investment grade corporate
   debt securities and includes significant amounts of U.S. government and
   agency obligations. At December 31, 2015, 77.4% of the fixed maturity
   portfolio was publicly traded. At December 31, 2015, GAIA held CMBS with an
   amortized cost of $32 million. The General Account had no direct exposure to
   the sovereign debt of Italy, Greece, Portugal, Spain and the Republic of
   Ireland. The General Account had $84 million or 9.4% of exposure to the oil
   and gas industry ($67 million in the Energy sector and $17 million in the
   Utility sector) all of which were above investment grade at December 31,
   2015. Given recent market conditions the Company expects some of these
   securities to fall below investment grade in the future. See "Fixed
   Maturities by Industry" below.

   The decline in the book yield for the twelve months ended December 31, 2015
   when compared to the comparable 2014 period was accompanied by an increase
   in the credit quality of the portfolio. See "Fixed Maturities Credit
   Quality" below.

   FIXED MATURITIES BY INDUSTRY

   The General Accounts' fixed maturities portfolios include publicly-traded
   and privately-placed corporate debt securities across an array of industry
   categories.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      68






   The following table sets forth these fixed maturities by industry category
   as of the dates indicated along with their associated gross unrealized gains
   and losses.

                       FIXED MATURITIES BY INDUSTRY/(1)/



                                                          GROSS      GROSS
                                              AMORTIZED UNREALIZED UNREALIZED
                                                COST      GAINS      LOSSES   FAIR VALUE
                                              --------- ---------- ---------- ----------
                                                            (IN MILLIONS)
                                                                  
AT DECEMBER 31, 2015:
Corporate Securities:
  Finance.................................... $     121 $        3 $        1 $      123
  Manufacturing..............................       260          6          2        264
  Utilities..................................       147          4          3        148
  Services...................................       134          4          1        137
  Energy.....................................        67          1          4         64
  Retail and wholesale.......................        54          1          1         54
  Transportation.............................        31          1         --         32
                                              --------- ---------- ---------- ----------
   Total corporate securities................       814         20         12        822
                                              --------- ---------- ---------- ----------
U.S. government..............................        29         --         --         29
Commercial mortgage-backed...................        32          6          7         31
Preferred stock..............................        17         --         --         17
State & municipal............................         6          1         --          7
                                              --------- ---------- ---------- ----------
Total........................................ $     898 $       27 $       19 $      906
                                              ========= ========== ========== ==========
At December 31, 2014:
Corporate Securities:
  Finance.................................... $     116 $        5 $       -- $      121
  Manufacturing..............................       235         13          1        247
  Utilities..................................       146          8          1        154
  Services...................................       128          7         --        135
  Energy.....................................        54          2          1         55
  Retail and wholesale.......................        59          2         --         61
  Transportation.............................        26          1         --         27
                                              --------- ---------- ---------- ----------
   Total corporate securities................       764         38          3        800
                                              --------- ---------- ---------- ----------
U.S. government..............................        27         --         --         27
Commercial mortgage-backed...................        35          2         10         27
Preferred stock..............................        18         --         --         18
State & municipal............................         6         --         --          6
                                              --------- ---------- ---------- ----------
Total........................................ $     850 $       40 $       13 $      878
                                              ========= ========== ========== ==========


  /(1)/Investment data has been classified based on standard industry
       categorizations for domestic public holdings and similar classifications
       by industry for all other holdings.

   FIXED MATURITIES CREDIT QUALITY

   The Securities Valuation Office ("SVO") of the NAIC, evaluates the
   investments of insurers for regulatory reporting purposes and assigns fixed
   maturity securities to one of six categories ("NAIC Designations"). NAIC
   designations of "1" or "2" include fixed maturities considered investment
   grade, which include securities rated Baa3 or higher by Moody's or BBB- or
   higher by Standard & Poor's. NAIC Designations of "3" through "6" are
   referred to as below investment grade, which include securities rated Ba1 or
   lower by Moody's and BB+ or lower by Standard & Poor's. As a result of time
   lags between the funding of investments, and the completion of the SVO
   filing process, the fixed maturity portfolio generally includes securities
   that have not yet been rated by the SVO as of each balance sheet date.
   Pending receipt of SVO ratings, the categorization of these securities by
   NAIC designation is based on the expected ratings indicated by internal
   analysis.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      69






   The amortized cost of the General Accounts' public and private below
   investment grade fixed maturities totaled $21 million, or 2.3%, of the total
   fixed maturities at December 31, 2015 and $36 million, or 4.2%, of the total
   fixed maturities at December 31, 2014. Gross unrealized losses on public and
   private fixed maturities increased from $13 million in 2014 to $19 million
   in 2015. Below investment grade fixed maturities represented 10.5% and 61.5%
   of the gross unrealized losses at December 31, 2015 and 2014, respectively.
   For public, private and corporate fixed maturity categories, gross
   unrealized gains were higher and gross unrealized losses were lower in 2015
   than in the prior year.

   PUBLIC FIXED MATURITIES CREDIT QUALITY. The following table sets forth the
   General Accounts' public fixed maturities portfolios by NAIC rating at the
   dates indicated.

                            PUBLIC FIXED MATURITIES



                                                         GROSS      GROSS
     NAIC                                   AMORTIZED  UNREALIZED UNREALIZED
DESIGNATION/(1)/  RATING AGENCY EQUIVALENT    COST       GAINS      LOSSES   FAIR VALUE
---------------   ------------------------  ---------- ---------- ---------- ----------
                                                           (IN MILLIONS)
                                                              
AT DECEMBER 31, 2015:
1                  Aaa, Aa, A.............. $      385 $       12 $        3 $      394
2                  Baa.....................        304          4          7        301
                                            ---------- ---------- ---------- ----------
                   Investment grade........        689         16         10        695
                                            ---------- ---------- ---------- ----------

3                  Ba......................          4         --         --          4
4                  B.......................          1         --         --          1
5                  C and lower.............         --         --         --         --
6                  In or near default......          1         --         --          1
                                            ---------- ---------- ---------- ----------
                   Below investment grade..          6         --         --          6
                                            ---------- ---------- ---------- ----------
Total...................................... $      695 $       16 $       10 $      701
                                            ========== ========== ========== ==========

At December 31, 2014:
1                  Aaa, Aa, A.............. $      382 $       17 $        3 $      396
2                  Baa.....................        248         10          1        257
                                            ---------- ---------- ---------- ----------
                   Investment grade........        630         27          4        653
                                            ---------- ---------- ---------- ----------

3                  Ba......................          4         --         --          4
4                  B.......................          2         --         --          2
5                  C and lower.............          1         --         --          1
6                  In or near default......         --          1         --          1
                                            ---------- ---------- ---------- ----------
                   Below investment grade..          7          1         --          8
                                            ---------- ---------- ---------- ----------
Total...................................... $      637 $       28 $        4 $      661
                                            ========== ========== ========== ==========


  /(1)/At December 31, 2015 and 2014, no securities had been categorized based
       on expected NAIC designation pending receipt of SVO ratings.

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   PRIVATE FIXED MATURITIES CREDIT QUALITY. The following table sets forth the
   General Accounts' private fixed maturities portfolios by NAIC rating at the
   dates indicated.

                           PRIVATE FIXED MATURITIES



                                                        GROSS      GROSS
     NAIC                                   AMORTIZED UNREALIZED UNREALIZED
DESIGNATION/(1)/  RATING AGENCY EQUIVALENT    COST      GAINS      LOSSES   FAIR VALUE
---------------   ------------------------  --------- ---------- ---------- ----------
                                                          (IN MILLIONS)
                                                             
AT DECEMBER 31, 2015:
1                  Aaa, Aa, A.............. $      97 $        9 $        5 $      101
2                  Baa.....................        91          2          2         91
                                            --------- ---------- ---------- ----------
                   Investment grade........       188         11          7        192
                                            --------- ---------- ---------- ----------

3                  Ba......................        --         --         --         --
4                  B.......................         4         --          1          3
5                  C and lower.............         8         --         --          8
6                  In or near default......         3         --          1          2
                                            --------- ---------- ---------- ----------
                   Below investment grade..        15         --          2         13
                                            --------- ---------- ---------- ----------
Total...................................... $     203 $       11 $        9 $      205
                                            ========= ========== ========== ==========

At December 31, 2014:
1                  Aaa, Aa, A.............. $      82 $        5 $        1 $       86
2                  Baa.....................       102          7         --        109
                                            --------- ---------- ---------- ----------
                   Investment grade........       184         12          1        195
                                            --------- ---------- ---------- ----------

3                  Ba......................         3         --         --          3
4                  B.......................         2         --         --          2
5                  C and lower.............        10         --          1          9
6                  In or near default......        14          1          7          8
                                            --------- ---------- ---------- ----------
                   Below investment grade..        29          1          8         22
                                            --------- ---------- ---------- ----------
Total...................................... $     213 $       13 $        9 $      217
                                            ========= ========== ========== ==========


  /(1)/Includes no securities, as of December 31, 2015 and 2014, that have been
       categorized based on expected NAIC designation pending receipt of SVO
       ratings.

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   CORPORATE FIXED MATURITIES CREDIT QUALITY. The following table sets forth
   the General Accounts' public and private holdings of corporate fixed
   maturities by NAIC rating at the dates indicated.

                          CORPORATE FIXED MATURITIES



                                                   GROSS      GROSS
   NAIC                                AMORTIZED UNREALIZED UNREALIZED
DESIGNATION  RATING AGENCY EQUIVALENT    COST      GAINS      LOSSES   FAIR VALUE
-----------  ------------------------  --------- ---------- ---------- ----------
                                                     (IN MILLIONS)
                                                        
AT DECEMBER 31, 2015:
1             Aaa, Aa, A.............. $     421 $       13 $        3 $      431
2             Baa.....................       382          7          9 $      380
                                       --------- ---------- ---------- ----------
              Investment grade........       803         20         12        811
                                       --------- ---------- ---------- ----------

3             Ba......................         4         --         -- $        4
4             B.......................        --         --         -- $       --
5             C and lower.............         7         --         -- $        7
6             In or near default......        --         --         -- $       --
                                       --------- ---------- ---------- ----------
              Below investment grade..        11         --         --         11
                                       --------- ---------- ---------- ----------
Total................................. $     814 $       20 $       12 $      822
                                       ========= ========== ========== ==========

At December 31, 2014:
1             Aaa, Aa, A.............. $     413 $       20 $        1 $      432
2             Baa.....................       337         17          1        353
                                       --------- ---------- ---------- ----------
              Investment grade........       750         37          2        785
                                       --------- ---------- ---------- ----------

3             Ba......................         4         --         --          4
4             B.......................         2         --         --          2
5             C and lower.............         8         --         --          8
6             In or near default......         1          1         --          2
                                       --------- ---------- ---------- ----------
              Below investment grade..        15          1         --         16
                                       --------- ---------- ---------- ----------
Total................................. $     765 $       38 $        2 $      801
                                       ========= ========== ========== ==========


  /(1)/Includes no securities, as of December 31, 2015 and 2014, that have been
       categorized based on expected NAIC designation pending receipt of SVO
       ratings.

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   COMMERCIAL MORTGAGE-BACKED SECURITIES

   The following table sets forth the amortized cost and fair value of the
   Company's commercial mortgage-backed securities at the dates indicated by
   credit quality and by year of issuance (vintage).

                     COMMERCIAL MORTGAGE-BACKED SECURITIES



                                                      DECEMBER 31, 2015
                                              ---------------------------------
                                                    MOODY'S AGENCY RATING
                                              ---------------------------------    TOTAL        TOTAL
                                                                         BA AND DECEMBER 31, DECEMBER 31,
                                               AAA     AA     A     BAA  BELOW      2015         2014
VINTAGE                                       ------ ------ ------ ----- ------ ------------ ------------
                                                                     (IN MILLIONS)
                                                                        
At amortized cost:
  2004....................................... $   -- $   -- $   -- $  -- $   -- $         -- $         --
  2005.......................................     --     --     --     2     13           15           17
  2006.......................................     --     --     --    --      6            6            6
  2007.......................................     --     --     --    --     11           11           12
                                              ------ ------ ------ ----- ------ ------------ ------------
Total CMBS................................... $   -- $   -- $   -- $   2 $   30 $         32 $         35
                                              ====== ====== ====== ===== ====== ============ ============

At fair value:
  2004....................................... $   -- $   -- $   -- $  -- $   -- $         -- $         --
  2005.......................................     --     --     --     2     12           14           13
  2006.......................................     --     --     --    --      3            3            3
  2007.......................................     --     --     --    --     14           14           10
                                              ------ ------ ------ ----- ------ ------------ ------------
Total CMBS................................... $   -- $   -- $   -- $   2 $   29 $         31 $         26
                                              ====== ====== ====== ===== ====== ============ ============


   MORTGAGE LOANS

   During 2014 all of MLOA's mortgage loans matured or prepaid and there were
   no outstanding balances at December 31, 2015 and 2014.

   DERIVATIVES AND OFFSETTING ASSETS AND LIABILITIES

   MLOA hedges crediting rates in the Market Stabilizer Option(R) ("MSO") in
   the variable life insurance products and Indexed Universal Life ("IUL")
   insurance products. The MSO permits the contract owner to participate in the
   performance of an index, ETF or commodity price movement up to a cap for a
   set period of time. They also contain a protection feature, in which MLOA
   will absorb, up to a certain percentage the loss of value in an index, ETF
   or commodity price, which varies by product segment.

   In order to support the returns associated with these features, MLOA enters
   into derivative contracts whose payouts, in combination with fixed income
   investments, emulate those of the index, ETF or commodity price, subject to
   caps and buffers.

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   The tables below present quantitative disclosures about MLOA's derivative
   instruments, including those embedded in other contracts though required to
   be accounted for as derivative instruments.

                      DERIVATIVE INSTRUMENTS BY CATEGORY



                                                                  FAIR VALUE
                                                          ---------------------------
                                                                                       GAINS (LOSSES)
                                               NOTIONAL      ASSET       LIABILITY       REPORTED IN
                                                AMOUNT    DERIVATIVES   DERIVATIVES    EARNINGS (LOSS)
                                              ----------- ------------ -------------- ----------------
AT OR FOR THE YEAR ENDED, DECEMBER 31, 2015:                     (IN MILLIONS)
                                                                          
FREESTANDING DERIVATIVES:
Equity contracts:/(1)/
  Options.................................... $       518 $         28 $            4 $             (9)
                                                                                      ----------------
NET INVESTMENT INCOME (LOSS).................                                                       (9)
                                                                                      ----------------

EMBEDDED DERIVATIVES:
MSO and IUL indexed features/(2)/............          --           --             24                8
                                              ----------- ------------ -------------- ----------------

Balance, December 31, 2015................... $       518 $         28 $           28 $             (1)
                                              =========== ============ ============== ================

At or For the Year Ended, December 31, 2014:
Freestanding derivatives:
Equity contracts:/(1)/
  Options.................................... $       307 $         32 $            6 $             13
                                                                                      ----------------
Net investment income (loss).................                                                       13
                                                                                      ----------------

Embedded derivatives:
MSO and IUL indexed features/(2)/............          --           --             26              (13)
                                              ----------- ------------ -------------- ----------------
Balance, December 31, 2014................... $       307 $         32 $           32 $             --
                                              =========== ============ ============== ================


  /(1)/Reported in Other invested assets in MLOA's balance sheets.
  /(2)/MSO and IUL are reported in Future policyholders' benefits and other
       policyholders' liabilities in the balance sheets.

   REALIZED INVESTMENT GAINS (LOSSES)

   Realized investment gains (losses) are generated from numerous sources,
   including the sale of fixed maturity securities, equity securities,
   investments in limited partnerships and other types of investments, as well
   as adjustments to the cost basis of investments for OTTI. Realized
   investment gains (losses) are also generated from prepayment premiums
   received on private fixed maturity securities, recoveries of principal on
   previously impaired securities, provisions for losses on commercial mortgage
   and other loans and fair value changes on commercial mortgage loans carried
   at fair value.

   The following table sets forth "Realized investment gains (losses), net,"
   for the years indicated:

                    REALIZED INVESTMENT GAINS (LOSSES), NET



                                                2015     2014    2013
                                              -------  -------  -------
                                                    (IN MILLIONS)
                                                       
Fixed maturities............................. $    (1) $   (10) $    68
Other........................................      --        4        1
                                              -------  -------  -------
Total........................................ $    (1) $    (6) $    69
                                              =======  =======  =======


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   The following table further describes realized gains (losses), net for Fixed
   maturities:

                               FIXED MATURITIES
                    REALIZED INVESTMENT GAINS (LOSSES), NET



                                                2015     2014      2013
                                              -------  --------  -------
                                                     (IN MILLIONS)
                                                        
Gross realized investment gains:
  Gross gains on sales and maturities/(1)/... $     1  $      3  $    86
                                              -------  --------  -------
   Total gross realized investment gains.....       1         3       86
                                              -------  --------  -------
Gross realized investment losses:
  Other-than-temporary impairments
   recognized in earnings (loss).............      (1)      (10)      (6)
  Gross losses on sales and maturities/(2)/..      (1)       (3)     (12)
                                              -------  --------  -------
   Total gross realized investment losses....      (2)      (13)     (18)
                                              -------  --------  -------
Total........................................ $    (1) $    (10) $    68
                                              =======  ========  =======


  /(1)/2013 includes $81 million of gross gains from assets transferred to
       Protective Life.
  /(2)/2013 includes $6 million of gross losses from assets transferred to
       Protective Life.

   The following table sets forth, for the periods indicated, the composition
   of other-than-temporary impairments recorded in Earnings (loss) by asset
   type.

         OTHER-THAN-TEMPORARY IMPAIRMENTS RECORDED IN EARNINGS (LOSS)



                                                2015     2014      2013
                                              -------  --------  -------
                                                     (IN MILLIONS)
                                                        
Fixed Maturities:
  Private fixed maturities................... $    (1) $    (10) $    (6)
                                              -------  --------  -------
   Total fixed maturities securities......... $    (1) $    (10) $    (6)
                                              =======  ========  =======


   OTTI on fixed maturities recorded in income in 2015, 2014 and 2013 were due
   to credit events or adverse conditions of the respective issuer. In these
   situations, management believes such circumstances have caused, or will lead
   to, a deficiency in the contractual cash flows related to the investment.
   The amount of the impairment recorded in earnings (loss) is the difference
   between the amortized cost of the debt security and the net present value of
   its projected future cash flows discounted at the effective interest rate
   implicit in the debt security prior to impairment.

   LIQUIDITY AND CAPITAL RESOURCES

   OVERVIEW

   MLOA's principal sources of cash flows are premiums and charges on policies
   and contracts, investment income, repayments of principal and proceeds from
   sales of fixed maturities and other General Account Investment Assets and
   capital contributions from AEFS. Liquidity management is focused around a
   centralized funds management process. This centralized process includes the
   monitoring and control of cash flow associated with policyholder receipts
   and disbursements and General Account portfolio principal, interest and
   investment activity. Funds are managed through a banking system designed to
   reduce float and maximize funds availability.

   In addition to gathering and analyzing information on funding needs, the
   Company has a centralized process for both investing short-term cash and
   borrowing funds to meet cash needs. In general, the short-term investment
   positions have a maturity profile of 1-7 days with considerable flexibility
   as to availability.

   MLOA's liquidity requirements principally relate to the payment of benefits
   under its various life insurance and annuity products, cash payments in
   connection with policy surrenders, withdrawals and loans and payment of its
   operating expenses, including payments to affiliates in connection with
   service agreements.

   In managing the liquidity of MLOA's business, management also considers the
   risk of policyholder and contractholder withdrawals of funds earlier than
   assumed when selecting assets to support these contractual obligations.
   Surrender charges and other contract provisions are

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   used to mitigate the extent, timing and profitability impact of withdrawals
   of funds by customers from annuity contracts and deposit liabilities. The
   following table sets forth withdrawal characteristics of MLOA's General
   Account annuity reserves and deposit liabilities (based on statutory
   liability values) as of the dates indicated.

           GENERAL ACCOUNTS ANNUITY RESERVES AND DEPOSIT LIABILITIES



                                                DECEMBER 31, 2015     December 31, 2014
                                              --------------------  --------------------
                                               AMOUNT   % OF TOTAL   Amount   % of Total
                                              --------- ----------  --------- ----------
                                                         (DOLLARS IN MILLIONS)
                                                                  
Not subject to discretionary
  withdrawal provisions...................... $      84        6.9% $      88        6.6%
Subject to discretionary withdrawal,
  with adjustment:
  With market value adjustment...............       844       68.8        945       70.8
  At contract value, less surrender charge
   of 5% or more.............................
   Subtotal..................................       928       75.7      1,033       77.4
Subject to discretionary withdrawal at
  contract value with no surrender charge or
  surrender charge of less than 5%...........       298       24.3        302       22.6
                                              ---------      -----  ---------      -----
Total Annuity Reserves And
  Deposit Liabilities........................ $   1,226      100.0% $   1,335      100.0%
                                              =========      =====  =========      =====


   ANALYSIS OF STATEMENT OF CASH FLOWS

   YEARS ENDED DECEMBER 31, 2015 AND 2014

   Cash and cash equivalents were $176 million at December 31, 2015 an increase
   of $129 million from $47 million at December 31, 2014.

   Net cash used in operating activities was $191 million in 2015 as compared
   to $177 million in 2014. Cash flows from operating activities include such
   sources as premiums, investment income and dividends from AB offset by such
   uses as life insurance benefit payments, compensation reimbursements to
   affiliates and other cash expenditures.

   Net cash used in investing activities was $67 million in 2015 as compared to
   net cash used in investing activities of $162 million in 2014. The change
   was principally due to lower net purchases of $153 million in 2015 as
   compared to 2014.

   Net cash provided by financing activities was $387 million in 2015 as
   compared to $247 million in 2014. The impact of the net deposits to
   policyholders' account balances was $387 million in 2015 as compared to net
   deposits to policyholders' account balances of $240 million in 2014. Change
   collateralized pledged liabilities were $0 million and $7 million in 2015
   and 2014 respectively.

   YEARS ENDED DECEMBER 31, 2014 AND 2013

   Cash and cash equivalents were $47 million at December 31, 2014 a decrease
   of $92 million from $139 million at December 31, 2013.

   Net cash used in operating activities was $176 million in 2014 as compared
   to $227 million in 2013. Cash flows from operating activities include such
   sources as premiums and investment income offset by such uses as life
   insurance benefit payments, compensation reimbursements to affiliates and
   other cash expenditures.

   Net cash used in investing activities was $163 million in 2014 as compared
   to net cash provided by investing activities of $165 million in 2013. The
   change was principally due to purchases of $119 million in 2014 as compared
   to net sales and maturities of $150 million in 2013.

   Net cash provided by financing activities was $247 million in 2014 as
   compared to $50 million in 2013. The impact of the net deposits to
   policyholders' account balances was $240 million in 2014 as compared to net
   deposits to policyholders' account balances of $238 million in 2013. Change
   collateralized pledged liabilities were $7 million and $12 million in 2014
   and 2013 respectively. The 2013 cash provided by financing activities was
   partially offset by a $200 million return of capital to MLOA's parent AEFS.

   SOURCES OF LIQUIDITY The principal sources of MLOA's cash flows are
   premiums, deposits and charges on policies and contracts, investment income,
   repayments of principal and sales proceeds from its fixed maturity
   portfolios, sales of other General Account Investment Assets and dividends
   and distributions from AB.

   MLOA's primary source of short-term liquidity to support its insurance
   operations is a pool of highly liquid, high quality short-term instruments
   structured to provide liquidity in excess of the expected cash requirements.
   At December 31, 2015, this asset pool included an

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   aggregate of $175 million in highly liquid short-term investments, as
   compared to $47 million at December 31, 2014. In addition, a substantial
   portfolio of public bonds including U.S. Treasury and agency securities and
   other investment grade fixed maturities is available to meet MLOA's
   liquidity needs.

   OFF-BALANCE SHEET TRANSACTIONS

   At December 31, 2015 and 2014, MLOA was not a party to any off-balance sheet
   transactions.

   STATUTORY REGULATION, CAPITAL AND DIVIDENDS

   MLOA is subject to the regulatory capital requirements of Arizona, which are
   designed to monitor capital adequacy. The level of an insurer's required
   capital is impacted by many factors including, but not limited to, business
   mix, product design, sales volume, invested assets, liabilities, reserves
   and movements in the capital markets, including interest rates and equity
   markets. As of December 31, 2015, the total adjusted capital of MLOA was in
   excess of Arizona's regulatory capital requirements.

   Management monitors its regulatory capital requirements on an ongoing basis
   taking into account the prevailing conditions in the capital markets. While
   future capital requirements will depend on future market conditions,
   management believes that MLOA will continue to have the ability to meet the
   capital requirements necessary to support its business. For additional
   information, see "Risk Factors".

   MLOA is restricted as to the amounts it may pay as dividends to AEFS. Under
   Arizona Insurance Law, a domestic life insurer may not, without prior
   approval of the Director of Insurance, pay a dividend to its shareholder
   exceeding an amount calculated based on a statutory formula. This formula
   would not permit MLOA to pay shareholder dividends during 2016. For 2015,
   2014 and 2013, respectively, MLOA's statutory net income (loss) totaled $(4)
   million, $12 million and $34 million. Statutory surplus, capital stock and
   Asset Valuation Reserve totaled $366 million and $401 million at
   December 31, 2015 and 2014, respectively. In 2013 MLOA used a portion of the
   consideration from the reinsurance agreement with Protective Life to return
   $200 million of capital to its parent AEFS.

   SUPPLEMENTARY INFORMATION

   A schedule of future payments under certain of MLOA's contractual
   obligations follows:

                 CONTRACTUAL OBLIGATIONS -- DECEMBER 31, 2015



                                                                     PAYMENTS DUE BY PERIOD
                                                      ----------------------------------------------------
                                                      LESS THAN 1                                OVER
                                               TOTAL     YEAR      1 - 3 YEARS  4 - 5 YEARS     5 YEARS
                                              ------- ------------ ------------ ------------ -------------
                                                                     (IN MILLIONS)
                                                                              
Contractual obligations:
  Policyholders liabilities --
   policyholders' account balances, future
   policy benefits and other policyholder
   liabilities/(1)/.......................... $ 2,816 $         76 $        122 $        132 $       2,486
                                              ------- ------------ ------------ ------------ -------------
   Total Contractual Obligations............. $ 2,816 $         76 $        122 $        132 $       2,486
                                              ======= ============ ============ ============ =============


  /(1)/Policyholders liabilities represent estimated cash flows out of the
       General Account related to the payment of death and disability claims,
       policy surrenders and withdrawals, annuity payments, minimum guarantees
       on Separate Account funded contracts, matured endowments, policyholder
       dividends and future renewal premium-based and fund-based commissions
       offset by contractual future premiums and deposits on in-force
       contracts. These estimated cash flows are based on mortality, morbidity
       and lapse assumptions comparable with the MLOA experience and assume
       market growth and interest crediting consistent with assumptions used in
       amortizing DAC and VOBA. These amounts are undiscounted and, therefore,
       exceed the Policyholders' account balances and Future policy benefits
       and other policyholder liabilities included in the balance sheet
       included elsewhere herein. They do not reflect projected recoveries from
       reinsurance agreements. Due to the use of assumptions, actual cash flows
       will differ from these estimates (see "Critical Accounting
       Estimates--Future Policy Benefits"). Separate Accounts liabilities have
       been excluded as they are legally insulated from General Account
       obligations and will be funded by cash flows from Separate Accounts
       assets.

   Unrecognized tax benefits of $7 million were not included in the above table
   because it is not possible to make reasonably reliable estimates of the
   occurrence or timing of cash settlements with the respective taxing
   authorities.

   In addition, MLOA has financial obligations under contingent commitments at
   December 31, 2015 including guarantees or commitments to fund private fixed
   maturities. Information on these contingent commitments can be found in
   Notes 2, 5, 7, 8 and 11 of Notes to Financial Statements.

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                                      77





               CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
                      ACCOUNTING AND FINANCIAL DISCLOSURE

                                     None.

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                   QUANTITATIVE AND QUALITATIVE DISCLOSURES
                               ABOUT MARKET RISK

   MLOA's operations are subject to financial, market, political and economic
   risks, as well as to risks inherent in its business operations. The
   discussion that follows provides additional information on market risks
   arising from its insurance asset/liability management activities. Primary
   market risk exposure results from interest rate fluctuations and changes in
   credit quality.

   MLOA's results of operations significantly depend on profit margins between
   investment results from General Account Investment Assets and interest
   credited on individual insurance products. Management believes its fixed
   rate liabilities should be supported by a portfolio principally composed of
   fixed rate investments that generate predictable, steady rates of return.
   Although these assets are purchased for long-term investment, the portfolio
   management strategy considers them available for sale in response to changes
   in market interest rates, changes in prepayment risk, changes in relative
   values of asset sectors and individual securities and loans, changes in
   credit quality outlook and other relevant factors. See the "Investments"
   section of Note 2 of Notes to Financial Statements for the accounting
   policies for the investment portfolios. The objective of portfolio
   management is to maximize returns, taking into account interest rate and
   credit risks. Insurance asset/liability management includes strategies to
   minimize exposure to loss as interest rates and economic and market
   conditions change. As a result, the fixed maturity portfolio has modest
   exposure to call and prepayment risk and the vast majority of mortgage
   holdings are fixed rate mortgages that carry yield maintenance and
   prepayment provisions.

   INVESTMENTS WITH INTEREST RATE RISK -- Fair Value. MLOA's assets with
   interest rate risk include fixed maturities that make up 94.8% of the
   carrying value of General Account Investment Assets at December 31, 2015. As
   part of its asset/liability management, quantitative analyses are used to
   model the impact various changes in interest rates have on assets with
   interest rate risk. The table that follows shows the impact an immediate 100
   BP increase in interest rates at December 31, 2015 and 2014 would have on
   the fair value of fixed maturities:



                                                   DECEMBER 31, 2015           December 31, 2014
                                              --------------------------- ---------------------------
                                                            BALANCE AFTER               Balance After
                                                               +100 BP                     +100 BP
                                               FAIR VALUE      CHANGE      Fair Value      Change
                                              ------------- ------------- ------------- -------------
                                                                   (IN MILLIONS)
                                                                            
Fixed maturities............................. $         906 $         860 $         878 $         832
                                              ------------- ------------- ------------- -------------
  Total...................................... $         906 $         860 $         878 $         832
                                              ============= ============= ============= =============


   A 100 BP increase in interest rates is a hypothetical rate scenario used to
   demonstrate potential risk; it does not represent management's view of
   future market changes. While these fair value measurements provide a
   representation of interest rate sensitivity of fixed maturities and mortgage
   loans, they are based on various portfolio exposures at a particular point
   in time and may not be representative of future market results. These
   exposures will change as a result of ongoing portfolio activities in
   response to management's assessment of changing market conditions and
   available investment opportunities.

   LIABILITIES WITH INTEREST RATE RISK -- FAIR VALUE.

   Asset/liability management is integrated into many aspects of MLOA's
   operations, including investment decisions, product development and
   determination of crediting rates. As part of the risk management process,
   numerous economic scenarios are modeled, including cash flow testing
   required for insurance regulatory purposes, to determine if existing assets
   would be sufficient to meet projected liability cash flows. Key variables
   include policyholder behavior, such as persistency, under differing
   crediting rate strategies.

   DERIVATIVES AND INTEREST RATE AND EQUITY RISKS -- FAIR VALUE. MLOA uses
   derivatives for asset/liability risk management primarily to reduce
   exposures to equity market fluctuations. Derivative hedging strategies are
   designed to reduce these risks from an economic perspective and are all
   executed within the framework of a "Derivative Use Plan" approved by the
   Arizona Department of Insurance ("AID"). To minimize credit risk exposure
   associated with its derivative transactions, each counterparty's credit is
   appraised and approved and risk control limits and monitoring procedures are
   applied. Credit limits are established and monitored on the basis of
   potential exposures that take into consideration current market values and
   estimates of potential future movements in market values given potential
   fluctuations in market interest rates. In addition, MLOA executed various
   collateral arrangements with counterparties to over-the-counter derivative
   transactions that require both the pledging and accepting of collateral
   either in the form of cash or high-quality Treasury or government agency
   securities.

   Mark to market exposure is a point-in-time measure of the value of a
   derivative contract in the open market. A positive value indicates existence
   of credit risk for MLOA because the counterparty would owe money to MLOA if
   the contract were closed. Alternatively, a negative value

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   indicates MLOA would owe money to the counterparty if the contract were
   closed. If there is more than one derivative transaction outstanding with a
   counterparty, a master netting arrangement exists with the counterparty. In
   that case, the market risk represents the net of the positive and negative
   exposures with the single counterparty. In management's view, the net
   potential exposure is the better measure of credit risk.

   At December 31, 2015 and 2014, the net fair values of MLOA's derivatives
   were $24 million and $26 million, respectively. The table that follows shows
   equity sensitivities of those derivatives, measured in terms of fair value.
   These exposures will change as a result of ongoing portfolio and risk
   management activities.



                                                              EQUITY SENSITIVITIES
                                                        --------------------------------
                                                                        BALANCE AFTER -
                                              NOTIONAL                    10% EQUITY
                                               AMOUNT    FAIR VALUE       PRICE SHIFT
                                              --------- -------------- -----------------
                                                        (IN MILLIONS)
                                                              
DECEMBER 31, 2015
  Options.................................... $     518 $           24 $              --
December 31, 2014
  Options.................................... $     307 $           26 $              (6)


   In addition to the freestanding derivatives discussed above MLOA has
   liabilities associated with the MSO in MLOA's variable life insurance
   products and IUL insurance products features which are considered to be
   derivatives for accounting purposes and were reported at its fair value. The
   liability for MSO and IUL features was $24 million and $26 million at
   December 31, 2015 and 2014, respectively. The potential fair value exposure
   to an immediate 10% drop in equity prices from those prevailing at
   December 31, 2015 and 2014, would be to decrease the liability balance to
   $10 million and $12 million respectively.

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DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS.

BOARD OF DIRECTORS

The Board currently consists of eleven members, including our Chairman of the
Board, President and Chief Executive Officer, two senior executives of AXA, one
senior executive of AB and seven independent members.

The Board holds regular quarterly meetings, generally in February, May,
September, and November of each year, and holds special meetings or takes
action by unanimous written consent as circumstances warrant. The Board has
standing Executive, Audit, Organization and Compensation, and Investment
Committees, each of which is described in further detail below. Each of the
Directors attended at least 75% of the Board and committee meetings to which he
or she was assigned during 2015, except Mr. de Castries.

The current members of our Board are as follows:

MARK PEARSON

Mr. Pearson, age 57, has been a Director of MLOA since January 2011.
Mr. Pearson currently serves as Chairman of the Board, President and Chief
Executive Officer. From February 2011 through September 2013, he served as
Chairman of the Board and Chief Executive Officer. Mr. Pearson also serves as
President and Chief Executive Officer of AXA Financial since February 2011 and
as Chairman of the Board, President and Chief Executive Officer of AXA
Equitable since February 2011. Mr. Pearson is also a member of the Management
and Executive Committees at AXA. Mr. Pearson joined AXA in 1995 with the
acquisition of National Mutual Holdings (now AXA Asia Pacific Holdings) and was
appointed Regional Chief Executive of AXA Asia Life in 2001. In 2008, he became
President and Chief Executive Officer of AXA Japan Holding Co. Ltd. ("AXA
Japan") and was appointed a member of the Executive Committee of AXA. Before
joining AXA, Mr. Pearson spent approximately 20 years in the insurance sector,
assuming several senior manager positions at National Mutual Holdings and
Friends Provident. Mr. Pearson is a Fellow of the Chartered Association of
Certified Accountants and is a member of the Board of Directors of the American
Council of Life Insurers and the Financial Services Roundtable. Mr. Pearson is
also a director of AXA Financial (since January 2011), AXA Equitable (since
January 2011) and AllianceBernstein Corporation (since February 2011).

Mr. Pearson brings to the Board diverse financial services experience developed
though his service as an executive, including as a Chief Executive Officer, to
AXA Financial, AXA Japan and other AXA affiliates.

HENRI DE CASTRIES

Mr. de Castries, age 61, has been a Director of MLOA since July 2004. Mr. de
Castries has also served as Chairman of the Board of AXA Financial since April
1998. Since April 2010, Mr. de Castries has been Chairman of the Board and
Chief Executive Officer of AXA. Mr. de Castries served as the Chairman of the
Management Board of AXA from May 2000 through April 2010. Prior thereto, he
served AXA in various capacities, including Vice Chairman of the AXA Management
Board; Senior Executive Vice President-Financial Services and Life Insurance
Activities in the United States, Germany, the United Kingdom and Benelux from
1996 to 2000; Executive Vice President-Financial Services and Life Insurance
Activities from 1993 to 1996; Corporate Secretary from 1991 to 1993; and
Central Director of Finances from 1989 to 1991. Mr. de Castries is a member of
the Board of Directors of Nestle S.A., where he serves on the Audit Committee,
and HSBC Holdings plc. Mr. de Castries is also a director of AXA Financial
(since September 1993), AXA Equitable (since September 1993), and various other
subsidiaries and affiliates of the AXA Group. Mr. de Castries was a director of
AllianceBernstein Corporation from October 1993 through July 2015.

Mr. de Castries brings to the Board his extensive experience as an AXA
executive and, prior thereto, his financial and public sector experience gained
from working in French government. The Board also benefits from his invaluable
perspective as the Chairman and Chief Executive Officer of AXA.

RAMON DE OLIVEIRA

Mr. de Oliveira, age 61, has been a Director of MLOA since May 2011. Since
April 2010, Mr. de Oliveira has been a member of AXA's Board of Directors,
where he serves on the Finance Committee (Chair) and Audit Committee, and from
April 2009 to May 2010, he was a member of AXA's Supervisory Board. He is
currently the Managing Director of the consulting firm Investment Audit
Practice, LLC, based in New York, NY. From 2002 to 2006, Mr. de Oliveira was an
adjunct professor of Finance at Columbia University. Prior thereto, starting in
1977, he spent 24 years at JP Morgan & Co. where he was Chairman and Chief
Executive Officer of JP Morgan Investment Management and was also a member of
the firm's Management Committee since its inception in 1995. Upon the merger
with Chase Manhattan Bank in 2001, Mr. de Oliveira was the only executive from
JP Morgan & Co. asked to join the Executive Committee of the new firm with
operating responsibilities. Mr. de Oliveira

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is currently a member of the Board of Directors of Investment Audit Practice,
LLC, Fonds de Dotation du Louvre and JACCAR Holdings. Previously he was a
Director of JP Morgan Suisse, American Century Company, Inc., SunGard Data
Systems and The Hartford Insurance Company. Mr. de Oliveira is also a director
of AXA Financial and AXA Equitable since May 2011.

Mr. de Oliveira brings to the Board extensive financial services experience,
and key leadership and analytical skills developed through his roles within the
financial services industry and academia. The Board also benefits from his
perspective as a director of AXA and as a former director of other companies.

DENIS DUVERNE

Mr. Duverne, age 62, has been a Director of MLOA since July 2004. Since April
2010, Mr. Duverne has been the Deputy Chief Executive Officer of AXA, in charge
of Finance, Strategy and Operations and a member of AXA's Board of Directors.
From January 2010 until April 2010, Mr. Duverne was AXA's Management Board
member in charge of Finance, Strategy and Operations. Mr. Duverne was a member
of the AXA Management Board from February 2003 through April 2010. He was Chief
Financial Officer of AXA from May 2003 through December 2009. From January 2000
to May 2003, Mr. Duverne served as Group Executive Vice President-Finance,
Control and Strategy. Mr. Duverne joined AXA as Senior Vice President in 1995.
Mr. Duverne is also a director of AXA Financial (since November 2003), AXA
Equitable (since February 1998), AllianceBernstein Corporation (since February
1996) and various other subsidiaries and affiliates of the AXA Group.

Mr. Duverne brings to the Board the highly diverse experience he has attained
from the many key roles he has served for AXA. The Board also benefits from his
invaluable perspective as director and Deputy Chief Executive Officer of AXA.

BARBARA FALLON-WALSH

Ms. Fallon-Walsh, age 63, has been a Director of MLOA since May 2012.
Ms. Fallon-Walsh was with The Vanguard Group, Inc. ("Vanguard") from 1995 until
her retirement in 2012, where she held several executive positions, including
Head of Institutional Retirement Plan Services from 2006 through 2011.
Ms. Fallon-Walsh started her career at Security Pacific Corporation in 1979 and
held a number of senior and executive positions with the company, which merged
with Bank of America in 1992. From 1992 until joining Vanguard in 1995,
Ms. Fallon-Walsh served as Executive Vice President, Bay Area Region and Los
Angeles Gold Coast Region for Bank of America. Ms. Fallon-Walsh is currently a
member of the Board of Directors of AXA Investment Managers S.A. ("AXA IM"),
where she serves on the Audit and Risk Committee and the Remuneration
Committee, and of AXA Rosenberg Group LLC ("AXA Rosenberg"). Ms. Fallon-Walsh
is also a director of AXA Financial and AXA Equitable since May 2012.

Ms. Fallon-Walsh brings to the Board extensive financial services and general
management expertise through her executive positions at Vanguard, Bank of
America and Security Pacific National Bank and through her perspective as a
director of AXA IM and AXA Rosenberg. The Board also benefits from her
extensive knowledge of the retirement business.

DANIEL G. KAYE

Mr. Kaye, age 61, has been a Director of MLOA since September 2015. From
January 2013 to May 2014, Mr. Kaye served as Interim Chief Financial Officer
and Treasurer of HealthEast Care System ("HealthEast"). Prior to joining
HealthEast, Mr. Kaye spent 35 years with Ernst & Young LLP ("Ernst & Young")
from which he retired in 2012. Throughout his time at Ernst & Young, where he
was an audit partner for 25 years, Mr. Kaye enjoyed a track record of
increasing leadership and responsibilities, including serving as the New
England Managing Partner and the Midwest Managing Partner of Assurance.
Mr. Kaye was a member of the Board of Directors of Ferrellgas Partners L.P.
("Ferrellgas") from August 2012 to November 2015 where he served on the Audit
Committee and Corporate Governance and Nominating Committee (Chair). Mr. Kaye
is a Certified Public Accountant and National Association of Corporate
Directors (NACD) Board Leadership Fellow. Mr. Kaye is also a director of AXA
Financial and AXA Equitable since September 2015.

Mr. Kaye brings to the Board invaluable expertise as an audit committee
financial expert, and extensive financial services and insurance industry
experience and his general knowledge and experience in financial matters
developed through his roles at Ernst & Young and HealthEast. The Board also
benefits from his experience as a director of Ferrellgas.

PETER S. KRAUS

Mr. Kraus, age 63, has been a Director of MLOA since February 2009. Since
December 2008, Mr. Kraus has served as Chairman of the Board of
AllianceBernstein Corporation and Chief Executive Officer of AllianceBernstein
Corporation, AB and AB Holding. From September 2008 through December 2008,
Mr. Kraus served as an executive vice president, the head of global strategy
and a member of the Management Committee of Merrill Lynch & Co. Inc. ("Merrill
Lynch"). Prior to joining Merrill Lynch, Mr. Kraus spent 22 years with Goldman
Sachs Group

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Inc. ("Goldman"), where he most recently served as co-head of the Investment
Management Division and a member of the Management Committee, as well as head
of firm-wide strategy and chairman of the Strategy Committee. Mr. Kraus also
served as co-head of the Financial Institutions Group. Mr. Kraus is a member of
the Management and Executive Committees of AXA. Mr. Kraus is also a director of
AXA Financial and AXA Equitable since February 2009.

Mr. Kraus brings to the Board extensive knowledge of the financial services
industry and in-depth experience in the financial markets, including experience
as co-head of the Investment Management Division and head of firm-wide strategy
at Goldman.

KRISTI A. MATUS

Ms. Matus, age 47, has been a Director of MLOA since September 2015. Ms. Matus
currently serves as Executive Vice President and Chief Financial &
Administrative Officer of athenahealth, Inc. ("athenahealth") since July 2014.
Prior to joining athenahealth, Ms. Matus served as Executive Vice President and
Head of Government Services of Aetna, Inc. ("Aetna") from February 2012 to July
2013. Prior to Aetna, she held several senior leadership roles at United
Services Automobile Association ("USAA"), including Executive Vice President
and Chief Financial Officer from 2008 to 2012. She began her career at the Aid
Association for Lutherans, where she held various financial and operational
roles for over a decade. Ms. Matus is also a director of AXA Financial and AXA
Equitable since September 2015.

Ms. Matus brings to the Board extensive management expertise, finance,
corporate governance and key leadership skills developed through her roles at
athenahealth, Aetna and USAA.

BERTRAM L. SCOTT

Mr. Scott, age 64, has been a Director of MLOA since May 2012. Since February
2015, Mr. Scott has served as Senior Vice President of population health of
Novant Health, Inc. From November 2012 through December 2014, Mr. Scott served
as President and Chief Executive Officer of Affinity Health Plans. From June
2010 to December 2011, Mr. Scott served as President, U.S. Commercial of CIGNA
Corporation. Prior thereto, he served as Executive Vice President of TIAA-CREF
from 2000 to June 2010 and as President and Chief Executive Officer of
TIAA-CREF Life Insurance Company from 2000 to 2007. Mr. Scott is currently a
member of the Board of Directors of Becton, Dickinson and Company, where he
serves on the Audit Committee (Chair) and Compensation and Benefits Committee,
and Lowe's Companies, Inc., where he serves on the Audit Committee and
Governance Committee. Mr. Scott is also a director of AXA Financial and AXA
Equitable since May 2012.

Mr. Scott brings to the Board invaluable expertise as an audit committee
financial expert, and strong strategic and operational expertise acquired
through the variety of executive roles in which he has served during his
career. The Board also benefits from his perspective as a director of Becton,
Dickinson and Company and Lowe's Companies, Inc.

LORIE A. SLUTSKY

Ms. Slutsky, age 63, has been a Director of MLOA since September 2006. Since
January 1990, Ms. Slutsky has been President and Chief Executive Officer of The
New York Community Trust, a community foundation that manages a $2.5 billion
endowment and annually grants more than $150 million to non-profit
organizations. Ms. Slutsky was a board member of the Independent Sector and
co-chaired its National Panel on the Non-Profit Sector, which focused on
reducing abuse and improving governance practices at non-profits. She also
served on the Board of Directors of BoardSource from 1999 to 2008 and served as
its Chair from 2005 to 2007. She also served on the Board of Directors of the
Council on Foundations from 1989 to 1995 and as its Chair from 1992 to 1994.
Ms. Slutsky served as Trustee and Chair of the Budget Committee of Colgate
University from 1989 to 1997. Ms. Slutsky is also a director of AXA Financial
and AXA Equitable (since September 2006) and AllianceBernstein Corporation
(since July 2002).

Ms. Slutsky brings to the Board extensive corporate governance experience
through her executive and managerial roles at The New York Community Trust,
BoardSource and various other non-profit organizations.

RICHARD C. VAUGHAN

Mr. Vaughan, age 66, has been a Director of MLOA since May 2010. From 1995 to
May 2005, Mr. Vaughan served as Executive Vice President and Chief Financial
Officer of Lincoln Financial Group ("Lincoln"). Mr. Vaughan joined Lincoln in
July 1990 as Senior Vice President and Chief Financial Officer of Lincoln's
Employee Benefits Division. In June 1992, Mr. Vaughan was appointed Chief
Financial Officer of Lincoln and was promoted to Executive Vice President of
Lincoln in January 1995. Mr. Vaughan is a member of the Board of Directors of
MBIA Inc., where he serves on the Finance and Risk Committee (Chair), Audit
Committee and Executive Committee. Previously, Mr. Vaughan was also a Director
of The Bank of New York and Davita, Inc. Mr. Vaughan is also a director of AXA
Financial and AXA Equitable since May 2010.

Mr. Vaughan brings to the Board invaluable expertise as an audit committee
financial expert, and extensive financial services and insurance industry
experience and his general knowledge and experience in financial matters,
including as a Chief Financial Officer. The Board also benefits from his
perspective as a director of MBIA, Inc. and as a former director to other
public companies.

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EXECUTIVE OFFICERS

The current executive officers (other than Mr. Pearson, whose biography is
included above in the Board of Directors information) are as follows:

PRISCILLA S. BROWN, SENIOR EXECUTIVE VICE PRESIDENT AND CHIEF MARKETING OFFICER

Ms. Brown, age 58, joined AXA Financial Group in September 2014 and currently
serves Senior Executive Vice President and Chief Marketing Officer of AXA
Financial and MLOA and as Senior Executive Director and Chief Marketing Officer
of AXA Equitable. Ms. Brown has overall responsibility for the Company's
customer strategy and building the Company's brand. Ms. Brown leads the
marketing and communications team which includes brand management and
advertising, digital and multichannel programs, marketing for the Company's
core life insurance and retirement savings areas, insights and analytics and
communications. In addition, she works closely with AXA on global marketing
strategies. Prior to joining AXA Financial Group, Ms. Brown was Senior Vice
President and Chief Marketing and Development Officer at AmeriHealth Caritas,
where she was responsible for marketing, product development, market expansion
and corporate communications efforts across the enterprise. Before joining
AmeriHealth Caritas in April 2013, Ms. Brown served as Head of Marketing U.S.
for Sun Life Financial since January 2009. From February 1991 to December 2008,
Ms. Brown served in numerous roles at Lincoln Financial Group, the most recent
being Chief Marketing Officer. Ms. Brown is a member of the Board of Directors
of AXA Assistance USA, Inc.

DAVE S. HATTEM, SENIOR EXECUTIVE VICE PRESIDENT AND GENERAL COUNSEL

Mr. Hattem, age 59, joined AXA Financial Group in 1994 and currently serves as
Senior Executive Vice President and General Counsel of AXA Financial and MLOA
and as Senior Executive Director and General Counsel of AXA Equitable. Prior to
his election as general counsel in 2010, Mr. Hattem served as senior vice
president and deputy general counsel, taking on this role in 2004. Mr. Hattem
is responsible for oversight of the Law Department, including the National
Compliance Office, setting the strategic direction of the Department and
ensuring the business areas are advised as to choices and opportunities
available under existing law to enable company goals. Prior to joining AXA
Financial Group, Mr. Hattem served in several senior management positions in
the Office of the United States Attorney for the Eastern District of New York.
Mr. Hattem began his professional legal career as an Associate in the
Litigation Department of Barrett Smith Schapiro Simon & Armstrong. Mr. Hattem
is a member of the Board of Directors of The Life Insurance Council of New York.

NICHOLAS B. LANE, SENIOR EXECUTIVE VICE PRESIDENT AND HEAD OF U.S. LIFE &
RETIREMENT

Mr. Lane, age 42, rejoined AXA Financial Group in February 2011 and currently
serves as Senior Executive Vice President and Head of U.S. Life & Retirement of
AXA Financial and MLOA and as Senior Executive Director and Head of U.S. Life &
Retirement of AXA Equitable. Prior to becoming the Head of U.S. Life &
Retirement in November 2013, Mr. Lane served as Senior Executive Vice President
and President, Retirement Savings. Mr. Lane is responsible for all aspects of
manufacturing and distribution of AXA Financial Group's life and annuity
business lines, including Financial Protection, Wealth Management, Employer
Sponsored and Individual Annuity. Mr. Lane also leads AXA Equitable Funds
Management Group. Mr. Lane rejoined AXA Financial Group in 2011 from AXA, where
he served as head of AXA Group Strategy since 2008. Prior to joining AXA Group
in 2008, he was a director of AXA Advisors LLC and a director and Vice Chairman
of AXA Network LLC, AXA Financial Group's retail broker dealer and insurance
general agency, respectively. Prior to joining AXA Financial Group, he was a
leader in the sales and marketing practice of the strategic consulting firm
McKinsey & Co. Prior thereto, Mr. Lane served as a captain in the U.S. Marine
Corps. Mr. Lane currently serves as the Chairman of the Board of Directors of
the Insured Retirement Institute.

ANDERS MALMSTROM, SENIOR EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER

Mr. Malmstrom, age 48, joined AXA Financial Group in June 2012 and currently
serves as Senior Executive Vice President and Chief Financial Officer of AXA
Financial and MLOA and as Senior Executive Director and Chief Financial Officer
of AXA Equitable. Mr. Malmstrom is responsible for all actuarial and investment
functions, with oversight of the controller, tax, expense management and
corporate real estate, corporate sourcing and procurement, and distribution
finance areas. Prior to joining AXA Financial Group, Mr. Malmstrom was a member
of the Executive Board and served as the Head of the Life Business at AXA
Winterthur. Prior to joining AXA Winterthur in January 2009, Mr. Malmstrom was
a Senior Vice President at Swiss Life, where he was also a member of the
Management Committee. Mr. Malmstrom joined Swiss Life in 1997, and held several
positions of increasing responsibility during his tenure.

SALVATORE PIAZZOLLA, SENIOR EXECUTIVE VICE PRESIDENT AND CHIEF HUMAN RESOURCES
OFFICER

Mr. Piazzolla, age 63, joined AXA Financial Group in March 2011 and currently
serves as Senior Executive Vice President and Chief Human Resources Officer of
AXA Financial and MLOA and as Senior Executive Director and Chief Human
Resources Officer of AXA Equitable. Mr. Piazzolla is responsible for developing
and executing a business-aligned human capital management strategy focused on
leadership development, talent management and total rewards. Prior to joining
AXA Financial Group, Mr. Piazzolla was Senior Executive Vice President,

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Head of Human Resources at UniCredit Group, where he was responsible for all
aspects of human resources management, including leadership development,
learning and industrial relations. Before joining UniCredit Group in 2005, he
held various human resources senior management positions in the United States
and abroad at General Electric Company, Pepsi Cola International and S.C.
Johnson Wax. Mr. Piazzolla is a member of the Board of Directors of AXA
Assicurazioni S.p.A.

SHARON RITCHEY, SENIOR EXECUTIVE VICE PRESIDENT AND CHIEF OPERATING OFFICER

Ms. Ritchey, age 57, joined AXA Financial Group in November 2013 and currently
serves as Senior Executive Vice President and Chief Operating Officer of AXA
Financial and MLOA and as Senior Executive Director and Chief Operating Officer
of AXA Equitable. Ms. Ritchey is responsible for operations and technology,
including customer service centers, with an emphasis on leveraging AXA's global
reach and optimizing organizational nimbleness and flexibility in the U.S.
market. Prior to joining AXA Financial Group, Ms. Ritchey was Executive Vice
President of the Retirement Plans Group at The Hartford. Ms. Ritchey joined The
Hartford in 1999 and served in several roles of increasing responsibility
throughout her tenure, including leading global operations and technology for
the life business, and serving as chief operating officer of the U.S. wealth
management, the North American property and casualty, and the affinity personal
lines businesses, respectively. Prior to joining The Hartford, Ms. Ritchey
spent four years in senior marketing and six sigma leadership roles at GE
Capital, and got her start at Citi, with roles of increasing responsibility
across the company's retail, banking and customer service divisions.
Ms. Ritchey is a member of the Insurance Advisory Board of Accenture and a
member of the Board of Directors of AXA Business Services Private Limited.

CORPORATE GOVERNANCE

COMMITTEES OF THE BOARD

The Executive Committee of the Board ("Executive Committee") is currently
comprised of Mr. Pearson (Chair), Mr. de Castries, Mr. Duverne,
Ms. Fallon-Walsh, Ms. Slutsky and Mr. Vaughan. The function of the Executive
Committee is to exercise the authority of the Board in the management of the
Company between meetings of the Board with the exceptions set forth in the
Company's By-Laws. The Executive Committee held no meetings in 2015.

The Audit Committee of the Board ("Audit Committee") is currently comprised of
Mr. Vaughan (Chair), Ms. Fallon-Walsh, Mr. Kaye and Mr. Scott. The primary
purposes of the Audit Committee are to: (i) assist the Board of Directors in
its oversight of the (1) adequacy and effectiveness of the internal control and
risk management frameworks, (2) financial reporting process and the integrity
of the publicly reported results and disclosures made in the financial
statements and (3) effectiveness and performance of the internal and external
auditors and the independence of the external auditor; (ii) approve (1) the
appointment, compensation and retention of the external auditor in connection
with the annual audit and (2) the audit and non-audit services to be performed
by the external auditor and (iii) resolve any disagreements between management
and the external auditor regarding financial reporting. The Board has
determined that each of Messrs. Vaughan, Kaye and Scott is an "audit committee
financial expert" within the meaning of Item 407(d) of Regulation S-K. The
Board has also determined that each member of the Audit Committee is
financially literate. The Audit Committee met eight times in 2015.

The Investment Committee of the Board ("Investment Committee") is currently
comprised of Ms. Fallon-Walsh (Chair), Mr. de Castries, Mr. de Oliveira,
Mr. Kaye, Mr. Pearson and Mr. Vaughan. The primary purpose of the Investment
Committee is to oversee the investments of the Company by (i) taking actions
with respect to the acquisition, management and disposition of investments and
(ii) reviewing investment risk, exposure and performance, as well as the
investment performance of products and accounts managed on behalf of third
parties. The Investment Committee met four times in 2015.

INDEPENDENCE OF CERTAIN DIRECTORS

Although not subject to the independence standards of the New York Stock
Exchange, as a best practice we have applied the independence standards
required for listed companies of the New York Stock Exchange to the current
members of the Board of Directors. Applying these standards, the Board of
Directors has determined that Mr. de Oliveira, Ms. Fallon-Walsh, Mr. Kaye,
Ms. Matus, Mr. Scott, Ms. Slutsky and Mr. Vaughan are independent as of
February 19, 2016.

CODE OF ETHICS

All of our officers and employees, including our Chief Executive Officer, Chief
Financial Officer and Chief Accounting Officer, are subject to the AXA
Financial Policy Statement on Ethics (the "Code of Ethics"), a code of ethics
as defined under Regulation S-K.

The Code of Ethics is available on our website at www.axa.com.

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                            EXECUTIVE COMPENSATION

COMPENSATION DISCUSSION AND ANALYSIS

This section provides an overview of how the compensation of the "Named
Executive Officers" is determined. For 2015, the Named Executive Officers were:

   .   MARK PEARSON, Chairman of the Board, President and Chief Executive
       Officer

   .   ANDERS B. MALMSTROM, Senior Executive Director and Chief Financial
       Officer

   .   NICHOLAS B. LANE, Senior Executive Director and Head of U.S. Life and
       Retirement

   .   SALVATORE F. PIAZZOLLA, Senior Executive Director and Chief Human
       Resources Officer

   .   DAVE S. HATTEM, Senior Executive Director and General Counsel

The details of each Named Executive Officer's compensation may be found in the
Summary Compensation Table and other compensation tables included in this
section.

       NOTE: Executive officers of MLOA are employees of AXA Equitable Life
       Insurance Company ("AXA Equitable") and receive no compensation directly
       from MLOA. Rather, a portion of their compensation from AXA Equitable is
       allocated to MLOA under the Amended Services Agreement between AXA
       Equitable and MLOA, effective as of February 1, 2005 (the "Services
       Agreement"). As a result, the compensation discussion set forth below
       represents the compensation decisions of AXA Equitable.

COMPENSATION PROGRAM OVERVIEW

GOAL

The overriding goal of AXA Equitable's executive compensation program is to
attract, retain and motivate top-performing executive officers who will
dedicate themselves to the long-term financial and operational success of AXA
Equitable, AXA Financial and AXA Financial Group's insurance-related businesses
("AXA Financial Life and Savings Operations") as well as our ultimate parent
and shareholder, AXA. Accordingly, as further described below, the program
incorporates metrics which measure that success.

Since the executive officers of AB are principally responsible for the success
of the Investment Management Segment, they do not participate in AXA
Equitable's executive compensation program. AB maintains separate compensation
plans and programs, the details of which may be found in the AB 10-K.

PHILOSOPHY AND STRATEGY

To achieve its goal, AXA Equitable's executive compensation program is
structured to foster a pay-for-performance management culture by:

   .   providing total compensation opportunities that are competitive with the
       levels of total compensation available at the large diversified
       financial services companies with which the AXA Financial Group most
       directly competes in the marketplace;

   .   making performance-based variable compensation the principal component
       of executive pay to drive superior performance by basing a significant
       portion of the executive officers' financial success on the financial
       and operational success of AXA Financial Life and Savings Operations and
       AXA;

   .   setting performance objectives and targets for variable compensation
       arrangements that provide individual executives with the opportunity to
       earn above-median compensation by achieving above-target results;

   .   establishing equity-based arrangements that align the executives'
       financial interests with those of AXA by ensuring the executives have a
       material financial stake in the rising equity value of AXA and the
       business success of its affiliates; and

   .   structuring compensation packages and outcomes to foster internal equity.

COMPENSATION COMPONENTS

To support this pay-for-performance strategy, the Total Compensation Program
provides a mix of fixed and variable compensation components that bases the
majority of each executive's compensation on the success of AXA Financial Life
and Savings Operations and AXA as well as an assessment of each executive's
overall contribution to that success.

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Fixed Component

The fixed compensation component of the Total Compensation Program, base
salary, falls within the market median of the large diversified financial
services companies that are the AXA Financial Group's major competitors and is
meant to fairly and competitively compensate executives for their positions and
the scope of their responsibilities.

Variable Components

The variable compensation components of the Total Compensation Program, the
short-term incentive compensation program and equity-based awards, give
executives the opportunity to receive compensation at the median of the market
if they meet various corporate and individual financial and operational goals
and to receive compensation above the median if they exceed their goals. The
variable compensation components measure and reward performance with
short-term, medium-term and long-term focuses.

The short-term incentive compensation program focuses executives on annual
corporate and business unit goals that, when attained, drive AXA's global
success. It also serves as the primary means for differentiating, recognizing
and most directly rewarding individual executives for their personal
achievements and leadership based on both qualitative and quantitative results.

Equity-based awards are currently structured to reward both medium-term and
long-term value creation. Performance unit and performance share awards granted
in 2012 and 2013 serve as a medium range incentive, with a three-year vesting
schedule. In 2014, AXA transitioned to a four-year vesting schedule for
performance shares to align with the regulatory environment and the
recommendations of proxy advisors. Accordingly, the first half of the 2014
performance share grant will vest after three years and the second half will
vest after four years. The 2015 performance share grant completed the
transition so that the entire grant will vest after four years. Stock options
are intended to focus executives on a longer time horizon. Stock options are
typically granted with vesting schedules of four or five years and terms of 10
years so that they effectively merge a substantial portion of each executive's
compensation with the long-term financial success of AXA. AXA Equitable is
confident that the direct alignment of the long-term interests of the
executives with those of AXA, combined with the multi-year vesting and
performance periods of its equity-based awards, promotes executive retention,
focuses executives on gearing their performances to long-term value-creation
strategies and discourages excessive risk-taking.

HOW COMPENSATION DECISIONS ARE MADE

ROLE OF THE AXA BOARD OF DIRECTORS

The global framework governing the executive compensation policies for AXA
Group and its U.S. subsidiaries, including AXA Equitable, is set and
administered at the AXA level through the operations of AXA's Board of
Directors. The AXA Board of Directors (i) reviews the compensation policies
that apply to executives of AXA Group worldwide, which are then adapted to
local law, conditions and practices by the boards of directors and compensation
committees of AXA's subsidiaries, (ii) sets annual caps on equity-based awards,
(iii) reviews and approves all AXA equity-based compensation programs prior to
their implementation and (iv) approves individual grants of equity-based awards.

The Compensation and Governance Committee of the AXA Board of Directors is
responsible for reviewing the compensation of key executives of the AXA Group,
including Mr. Pearson. The Compensation and Governance Committee also
recommends to the AXA Board of Directors the amount of equity-based awards to
be granted to the members of the Management Committee, an internal committee
established to assist the Chairman and Chief Executive Officer of AXA with the
operational management of the AXA Group. Mr. Pearson is a member of the
Management Committee. The Compensation and Governance Committee is exclusively
composed of directors determined to be independent by the AXA Board of
Directors in accordance with the criteria set forth in the AFEP/MEDEF Code (a
code of corporate governance principles issued by the French Association of
Private Companies (Association Francaise des Entreprises Privees -- AFEP) and
the French Confederation of Business Enterprises (Mouvement des Entreprises de
France -- MEDEF). The Vice-Chairman of the Board of Directors - Lead
Independent Director is regularly involved with the Committee's work, even if
not a member of the Committee, and presents the compensation policies of AXA
each year at the AXA shareholder meeting. The Chairman and Chief Executive
Officer of AXA, although not a member of the Committee, also takes part in its
work and attends its meetings unless his personal performance or compensation
is being discussed.

ROLE OF THE ORGANIZATION AND COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS
OF AXA EQUITABLE

Within the global framework of executive compensation policies that AXA has
established, direct responsibility for overseeing the development and
administration of the executive compensation program for AXA Equitable falls to
the Organization and Compensation Committee (the "OCC") of the Board of
Directors of AXA Equitable (the "Board of Directors"). The OCC consists of four
members, all of whom were determined to be independent directors by the Board
of Directors under New York Stock Exchange standards as of February 19, 2016. In

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implementing AXA's global compensation program at the entity level, the OCC is
aided by the Chairman and Chief Executive Officer of AXA who, while not a
formal member of the OCC, is a member of the Board of Directors and
participates in the OCC's deliberations related to compensation issues and
assists in ensuring coordination with AXA's global compensation policies.

The OCC is primarily responsible for general oversight of compensation and
compensation related matters, including reviewing new benefit plans,
equity-based plans and the compensation practices of AXA Equitable to ensure
they support AXA Equitable's business strategy and meet the objectives set by
AXA for its global compensation policy. In particular, the OCC of AXA Equitable
is responsible for:

   .   evaluating the performance of the Named Executive Officers and
       recommending their compensation to the Board of Directors, including
       their salaries and variable compensation;

   .   supervising the policies relating to compensation of officers and
       employees; and

   .   reviewing and approving corporate goals and objectives included in
       variable compensation arrangements and evaluating executive management
       performance in light of those goals and objectives.

Following its review and discussion, the OCC submits its compensation
recommendations to the Board of Directors for its discussion and approval.
Pursuant to the provisions of the New York Insurance Law, the Board of
Directors must approve the compensation of all principal officers of AXA
Equitable and comparably paid employees. As of February 19, 2016, all of the
Named Executive Officers were principal officers or comparably paid employees.

ROLE OF THE CHIEF EXECUTIVE OFFICER

As Chief Executive Officer of AXA Equitable, Mr. Pearson assists the OCC in its
review of the total compensation of all the Named Executive Officers except
himself. Mr. Pearson provides the OCC with his assessment of the performance of
each named executive officer relative to the corporate and individual goals and
other expectations set for the named executive officer for the preceding year.
Based on these assessments, he then provides his recommendations for each Named
Executive Officer's total compensation and the appropriate goals for each in
the year to come. However, the OCC is not bound by his recommendations.

Other than the Chief Executive Officer, no Named Executive Officer plays a
decision-making role in determining the compensation of any other Named
Executive Officer. As Chief Human Resources Officer, Mr. Piazzolla plays an
administrative role as described below in "Role of AXA Equitable Human
Resources."

ROLE OF AXA EQUITABLE HUMAN RESOURCES

AXA Equitable Human Resources supports the OCC's work on executive compensation
matters and is responsible for many of the organizational and administrative
tasks that underlie the compensation review and determination process and
making presentations on various topics. Human Resources' efforts include, among
other things:

   .   evaluating the compensation data from peer groups, national executive
       pay surveys and other sources for the Named Executive Officers and other
       officers as appropriate;

   .   gathering and correlating performance ratings and reviews for individual
       executive officers, including the Named Executive Officers;

   .   reviewing executive compensation recommendations against appropriate
       market data and for internal consistency and equity; and

   .   reporting to, and answering requests for information from, the OCC.

Human Resources officers also coordinate and share information with their
counterparts at our ultimate parent company, AXA, and take part in its annual
comprehensive review of the total compensation of executive officers, as
described below in the section entitled "EXECUTIVE COMPENSATION REVIEW."

ROLE OF COMPENSATION CONSULTANT

Towers Watson continues to be retained by AXA Equitable to serve as an
executive compensation consultant. Towers Watson provides various services
including advising AXA Equitable management on issues relating to AXA
Equitable's executive compensation practices and providing market information
and analysis regarding the competitiveness of the Total Compensation Program.

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During 2015, Towers Watson performed the following specific services for AXA
Equitable management:

   .   prepared a comparative review of the total compensation of Mr. Pearson
       against that received by chief executive officers at peer companies;

   .   provided periodic updates on legal, accounting and other developments
       and trends affecting compensation and benefits generally and executive
       compensation specifically;

   .   offered a competitive review of total compensation (including base
       salary, targeted and actual annual incentives, annualized value of
       long-term incentives, welfare and retirement benefits) against selected
       peer companies, covering specific groups of executive and director
       positions; and

   .   assisted in analyzing general reports published by third party national
       compensation consultants on corporate compensation and benefits.

Although AXA Equitable management has full authority to approve all fees paid
to Towers Watson, determine the nature and scope of its services, evaluate its
performance and terminate its engagement, the OCC reviewed the services to be
provided by Towers Watson in 2015 as well as the related fees. The total amount
of fees paid to Towers Watson by AXA Equitable in 2015 for executive
compensation services was approximately $92,000. AXA Equitable also paid Towers
Watson $70,000 in 2015 for services related to its performance management
system. The AXA Financial Group may also pay fees to Towers Watson from time to
time for actuarial or other services unrelated to its compensation programs.
AXA and other AXA affiliates may also pay fees to Towers Watson for various
services. Specifically, AXA pays fees for services in connection with its
Executive Compensation Review described below.

EXECUTIVE COMPENSATION REVIEW

In addition to the foregoing processes, each year, AXA Human Resources conducts
a comprehensive review of the total compensation paid to the top approximately
200 executives of AXA Group worldwide, including all the Named Executive
Officers except Mr. Pearson since compensation of the members of AXA's
Management Committee is reviewed separately by the Compensation and Governance
Committee of the AXA Board of Directors. The Management Committee participates
in this review which focuses on each executive's performance over the last year
and the decisions made about the executive's compensation in light of that
performance. AXA Equitable Human Resources provides detailed information to AXA
Human Resources in preparation for the review.

USE OF COMPETITIVE COMPENSATION DATA

Because AXA Equitable competes most directly for executive talent with large
diversified financial services companies, AXA Equitable regards it as essential
to regularly review the competitiveness of the Total Compensation Program for
its executives to ensure that they are provided compensation opportunities that
compare favorably with the levels of total compensation offered to similarly
situated executives by peer companies. A variety of sources of compensation
information are used to benchmark the competitive market for AXA Equitable
executives, including the Named Executive Officers.

PRIMARY COMPENSATION DATA SOURCE

For all Named Executive Officers, AXA Equitable currently relies primarily on
the Towers Watson U.S. Diversified Insurance Study of Executive Compensation
for information to compare their total compensation to the total compensation
reported for equivalent executive officer positions at peer companies. For the
2014 study (which was used in determining 2015 target compensation), the
companies included:

                                                             
AFLAC                               John Hancock                   Principal Financial
AIG                                 Lincoln Financial              Prudential Financial
Allstate                            Massachusetts Mutual           Securian Financial Group
CIGNA                               MetLife                        Sun Life Financial
CNO Financial                       Nationwide                     Thrivent Financial for Lutherans
Genworth Financial                  New York Life                  TIAA-CREF
Guardian Life                       Northwestern Mutual            Transamerica
Hartford Financial Services         OneAmerica Financial Partners  Unum Group
                                    Pacific Life                   USAA
                                    Phoenix Companies Group        Voya Financial Services



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OTHER COMPENSATION DATA SOURCES

The above U.S. compensation data source is supplemented with additional
information from general surveys of corporate compensation and benefits
published by various national compensation consulting firms. AXA Equitable also
participates in surveys conducted by Mercer, McLagan Partners, Towers Watson
and LOMA Executive Survey to benchmark both the executive and non-executive
compensation programs.

All these information sources are employed to measure and compare actual pay
levels not only on a total compensation basis but also by breaking down the
Total Compensation Program component by component to review and compare
specific compensation elements as well as the particular mixes of fixed versus
variable, short-term versus long-term and cash versus equity-based compensation
at peer companies. This information, as collected and reviewed by Human
Resources, is submitted to the OCC for review and discussion.

PRICING PHILOSOPHY

AXA Equitable's compensation practices are designed with the aid of the market
data to set the total target compensation of each Named Executive Officer at
the median for total compensation with respect to the pay for comparable
positions at peer companies. The analysis takes into account certain individual
factors such as the specific characteristics and responsibilities of a
particular Named Executive Officer's position as compared to similarly situated
executives at peer companies. Differences in the amounts of total compensation
for the Named Executive Officers in 2015 resulted chiefly from differences in
each executive's level of responsibilities, tenure, performance and appropriate
benchmark data as well as general considerations of internal consistency and
equity.

COMPONENTS OF THE TOTAL REWARDS PROGRAM

The Total Rewards Program for the Named Executive Officers consists of six
components. These components include the three components of the Total
Compensation Program (i.e., base salary, short-term incentive compensation and
equity-based awards) as well as: (i) retirement, health and other benefit
programs, (ii) severance and change-in-control benefits and (iii) perquisites.

BASE SALARY

The primary purpose of base salary is to compensate each Named Executive
Officer fairly based on the position held, the Named Executive Officer's career
experience, the scope of the position's responsibilities and the Named
Executive Officer's own performance, all of which are reviewed with the aid of
market survey data. Using this data, a 50th percentile pricing philosophy is
maintained, comparing base salaries against the median for comparable salaries
at peer companies, unless exceptional conditions require otherwise (for
example, in some cases, base salaries include an additional amount in lieu of a
housing or education allowance) or a Named Executive Officer's experience and
tenure warrant a lower initial salary with an adjustment to market over time.
Once set, base salaries for the Named Executive Officers are typically not
increased, except to reflect a change in job responsibility, a sustained change
in the market compensation for the position or a market adjustment for a Named
Executive Officer whose initial base salary was set below the 50th percentile.

Mr. Pearson is the only Named Executive Officer with an employment agreement.
Under this agreement, Mr. Pearson's employment will continue until he is age 65
unless the employment agreement is terminated earlier by either party on 30
days' prior written notice. Mr. Pearson is entitled to a minimum rate of base
salary of $1,225,000 per year, except that his rate of base salary may be
decreased in the case of across-the-board salary reductions similarly affecting
all AXA Equitable officers with the title of Executive Director or higher.

None of the Named Executive Officers received an increase in their annual rate
of base salary in 2015.

The base salaries earned by the Named Executive Officers in 2015, 2014 and 2013
are reported in the Summary Compensation Table included in this section.

SHORT-TERM INCENTIVE COMPENSATION PROGRAM

Annual variable cash awards for the Named Executive Officers are available
under The AXA Equitable Short-Term Incentive Compensation Program (the "STIC
Program").

The purpose of the STIC Program is to:

   .   align incentive awards with corporate strategic objectives and reward
       participants based on both company and individual performance;

   .   enhance the performance assessment process with a focus on
       accountability;

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   .   establish greater compensation differentiation based on performance;

   .   provide competitive total compensation opportunities; and

   .   attract, motivate and retain top performers.

The STIC Program awards are typically made in February each year, following
review of each participant's performance and achievements over the course of
the preceding fiscal year. Awards can vary from year to year, and differ by
participant, depending primarily on the business and operational results of AXA
Financial Life and Savings Operations, as measured by the performance
objectives under the STIC Program with a discretionary adjustment as described
below under "DISCRETIONARY ADJUSTMENT BY MANAGEMENT COMMITTEE," as well as the
participant's individual contributions to those results. No individual is
guaranteed any award under the STIC Program, except for certain limited
guarantees for new hires.

Individual Targets

Initially, individual award targets are assigned to each STIC Program
participant based on evaluations of competitive market data for his or her
position. These individual award targets are reviewed each year and may be
increased or decreased, but generally remain constant from year to year unless
there has been a significant change in the level of the participant's
responsibilities or a proven and sustained change in the market compensation
for the position.

STIC Program Pool

All the money available to pay STIC Program awards to the Named Executive
Officers (other than Mr. Pearson) and certain other executive officers comes
from, and is limited by, a cash pool (the "Executive STIC Pool") from which the
awards of all the Named Executive Officers other than Mr. Pearson are paid. The
size of this pool is determined each year by a formula under which the sum of
all the individual award targets established for all the Executive STIC Pool
participants for the year is multiplied by a funding percentage (the "Funding
Percentage"). The Funding Percentage is determined by combining the individual
performance percentages for AXA Financial Life and Savings Operations (weighted
90%) and AXA Group (weighted 10%) which measure their performance against
certain financial and other targets.

After the performance percentage for AXA Financial Life and Savings Operations
is determined, it may be adjusted positively or negatively by the Management
Committee, as described below, before being combined with the AXA Group
performance percentage to arrive at the Funding Percentage.

Mr. Pearson's STIC Program award is determined independently of the Executive
STIC Pool and is based 20% on AXA Group's performance (which reflects his
broader range of performance responsibilities within AXA Group worldwide as a
member of the Management Committee), 30% on the performance of AXA Financial
Life and Savings Operations and 50% on his individual performance.

Performance Percentages

To determine the performance percentage for AXA Financial Life and Savings
Operations, various performance objectives are established for AXA Financial
Life and Savings Operations, and a target is set for each one. Each performance
objective is separately subject to a 150% cap and a 50% cliff. For example, if
a particular performance objective is weighted 15% for AXA Financial Life and
Savings Operations, 15% will be added to the overall performance percentage for
AXA Financial Life and Savings Operations if that target is met, regardless of
AXA Financial Life and Savings Operations' performance on its other objectives.
If the target for that performance objective is exceeded, the amount added to
the overall performance percentage for AXA Financial Life and Savings
Operations will be increased up to a maximum of 22.5% (150% x 15%). If the
target for the performance objective is not met, the amount added to the
performance percentage will be decreased down to a threshold of 7.5% (50% x
15%). If performance is below the threshold for a performance objective, 0%
will be added to AXA Financial Life and Savings Operations' overall performance
percentage.

AXA FINANCIAL LIFE AND SAVINGS OPERATIONS -- The following grid presents the
targets for each of the performance objectives used to measure the performance
of AXA Financial Life and Savings Operations in 2015, along with their relative
weightings. The performance objectives for AXA Financial Life and Savings
Operations and their relative weightings are standardized for AXA Group life
and savings companies in mature markets worldwide and, accordingly, are not
measures calculated and presented in accordance with U.S. GAAP.

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AXA FINANCIAL LIFE AND SAVINGS OPERATIONS
PERFORMANCE OBJECTIVES                             WEIGHTING  TARGET/(1)/
-----------------------------------------          ---------  ----------
                                                        
Underlying earnings/(2)/..........................      40.0%        910
Economic expenses/(3)/............................      10.0%      1,210
Gross Written Premiums/(4)/.......................      15.0%      2,291
Return on Capital/(5)/............................      15.0%       6.60%
Customer Centricity/(6)/
  Customer Experience Tracking....................      20.0%       80.5%
  Brand Preference Tracking.......................       5.0%       44.0%


/(1)/All numbers other than those stated in percentages are in millions of U.S.
    dollars.
/(2)/"Underlying earnings" means adjusted earnings excluding net capital gains
    or losses attributable to shareholders. Adjusted earnings means net income
    before the impact of exceptional and discontinued operations, certain
    integration and restructuring costs, goodwill and other related intangibles
    and profit or loss on financial assets accounted for under the fair value
    option and derivatives. Underlying earnings and adjusted earnings are
    measured using International Financial Reporting Standards ("IFRS") since
    AXA uses IFRS as its principal method of accounting.
/(3)/"Economic expenses" means various controllable expenses as determined by
    AXA.
/(4)/"Gross Written Premiums" means total premiums (first year premiums plus
    renewal premiums) for pure life insurance protection business.
/(5)/"Return on Capital" means the IFRS adjusted earnings of the AXA Financial
    Group (excluding AllianceBernstein) divided by: (a) the opening allocated
    shareholders' equity for AXA Financial Life and Savings Operations, plus
    (b) the adjusted earnings of the AXA Financial Group (excluding
    AllianceBernstein), minus (c) dividends and other similar payments to AXA,
    plus (d) any capital contributions from AXA.
/(6)/"Customer Centricity" is comprised of two components -- Customer
    Experience Tracking and Brand Preference Tracking. Generally, Customer
    Experience Tracking measures customers' level of satisfaction based on the
    responses received for a certain customer survey question. Brand Preference
    Tracking measures brand preference among clients who currently own a life
    insurance or annuity product based on the percentage of favorable responses
    received for a certain customer survey question.

Since the performance objectives are meant to cover only the key performance
indicators for a year, there are generally no more than five objectives. The
performance objectives and their relative weightings are determined based on
AXA's strategy and focus and they may change from year to year as different
metrics may become more relevant. The 2015 STIC Program performance objectives
remained the same as the performance objectives for the 2014 STIC Program.
Their weightings were changed, however, as follows: the weightings for
underlying earnings and return on capital were each reduced by 5% (from 45% and
15% respectively) and the weighting for Customer Experience Tracking was
increased by 10% to reflect AXA's steadfast commitment to focus on customers.
Underlying earnings is generally the most highly weighted performance objective
reflecting AXA's belief that it is the strongest indicator of performance for a
year and should be the dominant metric to determine an executive's annual
incentive income.

For 2015, the targets for Underlying Earnings, Gross Written Premiums, Return
on Capital and Customer Centricity were met or exceeded. Actual Economic
Expenses were slightly higher than target.

AXA GROUP -- AXA Group's performance percentage is primarily based on
underlying earnings per share (65%). Return on equity (20%) and customer scope
(15%) are also considered. For this purpose, "return on equity" means the ratio
of the change in available financial resources for a year to the average
short-term economic capital. Short-term economic capital measures the portion
of the available financial resources that could be lost in a year if a 1 in 200
year "shock" were to occur.

Discretionary Adjustment by the Management Committee

As stated above, the performance percentage for AXA Financial Life and Savings
Operations may be adjusted by the Management Committee before being combined
with AXA's performance percentage to arrive at the Funding Percentage. When
making this adjustment, the Management Committee generally considers whether
any uncontrollable factors such as market fluctuations may have unduly
influenced AXA Financial Life and Savings Operations' results with respect to
the performance objectives listed above and may increase or decrease the
Performance Percentage by 15%, subject to an overall cap of 150% for the
Funding Percentage. With respect to 2015, the Management Committee did not make
an adjustment.

Individual Determinations

Once the Executive STIC Pool is determined, it is allocated to the participants
in the pool based on their individual performance and demonstrated leadership
behaviors. As stated above, no participant is guaranteed his or her target
award or any award under the STIC Program except for certain limited guarantees
for new hires. This section describes how the amounts of the STIC Program
awards for the Named Executive Officers were determined.

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The OCC reviewed the performance of each Named Executive Officer during 2015.
Based on its subjective determination of each Named Executive Officer's
performance, the OCC made its recommendations as to the STIC Program award for
each Named Executive Officer to the AXA Equitable Board of Directors who
approved the final award amounts. In making its recommendations, the OCC took
into account the factors that it deemed relevant, including the following
accomplishments achieved in 2015 and the Funding Percentage. Since the
executives are responsible for the success of each of AXA Equitable, AXA
Financial and AXA Financial Life and Savings Operations, the OCC considered all
related 2015 accomplishments. The accomplishments considered included:

   .   Actively managed the capital of AXA Financial and AXA Equitable by
       taking such actions as: (a) successfully negotiating sale agreements for
       equity real estate owned by the AXA Financial Group and located at 787
       Seventh Avenue and 1285 Sixth Avenue in New York City, (b) paying part
       of AXA Equitable's extraordinary dividend to AXA Financial in 10 million
       AB Units and (c) reducing AXA Financial's debt to AXA Group;

   .   Continued growth in new distribution channels such as the property and
       casualty and third party Employer-Sponsored channels, as well as growth
       in direct business by implementing online enrollment for certain
       business lines;

   .   Maintained and grew market share in select segments, including the
       403(b) kindergarten to 12/th/ grade education market, the variable
       universal life market and individual annuity;

   .   Launched the new group employee benefits business line;

   .   Continued to actively manage AXA Equitable's in-force business
       by: (a) initiating a program to purchase from certain policyholders all
       or 50% of the GMDB and GMIB riders contained in their Accumulator
       contracts which AXA Equitable believes was mutually beneficial to AXA
       Equitable and policyholders who no longer needed or wanted the GMDB or
       GMIB rider and (b) adding a lump sum payment option to certain contracts
       with GMIB and GWBL benefits at the time their annuity account value
       falls to zero, giving policyholders another benefit alternative while
       reducing uncertainly associated with future GMIB and GWBL costs; and

   .   Advanced AXA Group's customer centricity and digital strategy
       by: (a) strengthening AXA Equitable's connection with clients, growing
       in key digital client metrics such as usage of AXA Equitable's online
       account platform, (b) launching new client facing mobile applications
       for certain products and (c) launching a new brand television and
       multi-media campaign that effectively targeted high value segments and
       significantly increased AXA brand awareness.

No specific weight was assigned to any particular factor and all were evaluated
in the aggregate to arrive at the recommended STIC Program award for each of
the Named Executive Officers. For the Named Executive Officers who are paid
their STIC Program awards from the Executive STIC Pool (i.e., all Named
Executive Officers except Mr. Pearson), all received a percentage of their
target award that was greater than the Funding Percentage. Mr. Pearson received
an award equal to 110% of his target.

Mr. Hattem was also paid a bonus in May 2015 to compensate him for the loss of
stock options due to regulatory and other constraints prohibiting his exercise.

The STIC Program awards and bonuses earned by the Named Executive Officers in
2015, 2014 and 2013 are reported in the Summary Compensation Table included in
this section.

EQUITY-BASED AWARDS

Annual equity-based awards for eligible employees, including the Named
Executive Officers, are available under the umbrella of AXA's global equity
program. The value of the equity-based awards is linked to the performance of
AXA's stock.

The purpose of the equity-based awards is to:

   .   align strategic interests of award recipients with those of our ultimate
       parent and shareholder, AXA;

   .   provide competitive total compensation opportunities;

   .   focus on achievement of medium-range and long-term strategic business
       objectives; and

   .   attract, motivate and retain top performers.

Equity-based awards are subject to the oversight of the AXA Board of Directors,
which is authorized to approve all programs prior to their implementation and
to approve all individual grants. The AXA Board of Directors also sets the size
of the equity pool each year, after considering the amounts authorized by
shareholders for equity-based (AXA's shareholders authorize a global cap for
equity-based awards awards every three to four years) and the recommendations
of chief executive officers or boards of directors of affiliates worldwide on
the

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number of stock option and other grants for the year. The pools are allocated
annually among AXA Group affiliates based on each affiliate's contribution to
AXA Group's financial results during the preceding year and with consideration
for specific local needs (e.g., market competitiveness, consistency with local
practices, group development).

The AXA Board of Directors sets the mix of equity-based awards for individual
grants, which is standardized through AXA Group worldwide. Since 2004, there
has been a decreasing reliance on stock options in equity-based awards. For
example, in 2015, equity grants were awarded entirely in performance shares at
the senior and junior employee levels. Executive officers have continued to
receive a portion of their grant in stock options, however, since stock options
are a long-term award and AXA believes that executive officers are required to
have a more significant long-term focus than senior or junior employees.

Grants for the Named Executive Officers

Individual equity-based award targets are assigned to each of the Named
Executive Officers based on evaluations of competitive market data for his or
her position. These individual award targets are reviewed each year and may be
increased or decreased, but generally remain constant from year to year unless
there has been a significant change in the level of the participant's
responsibilities or a proven and sustained change in the market compensation
for the position.

Each year, the OCC submits recommendations to the AXA Board of Directors with
respect to equity-based awards for the Named Executive Officers, taking into
account the available equity pool allocation and based on a review of each
officer's potential future contributions, consideration of the importance of
retaining the officer in his or her current position and a review of
competitive market data relating to equity-based awards for similar positions
at peer companies, as described above in the section entitled, "Use of
Competitive Compensation Data." The AXA Board of Directors approves the
individual grants as it deems appropriate.

For 2015, grants to the Named Executive Officers involved a mix of two
equity-based components: (1) AXA ordinary share options granted under the AXA
Stock Option Plan for AXA Financial Employees and Associates (the "Stock Option
Plan") and (2) performance shares granted under the AXA International
Performance Shares Plan (the "International Performance Shares Plan").

The 2015 equity-based awards to the Named Executive Officers were granted using
U.S. dollar values. The U.S. dollar values were allocated between stock options
and performance shares in accordance with the mix determined by the AXA Board
of Directors. For this purpose, the value of the stock options and performance
shares granted were determined using a Black-Scholes pricing methodology which
was based on assumptions which differ from the assumptions used in determining
an option's or performance share's grant date fair value reflected in the
Summary Compensation Table which is based on FASB ASC Topic 718.

Stock Options

The stock options granted to the Named Executive Officers on June 19, 2015 have
a 10-year term and a vesting schedule of five years, with one-third of the
grant vesting on each of the third, fourth and fifth anniversaries of the
grant, provided that the last third will vest on June 19, 2020 only if the AXA
ordinary share performs at least as well as the Stoxx Insurance Index ("SXIP
Index") over a specified period of at least three years. This performance
condition applies to all of Mr. Pearson's options. The exercise price for the
options is 22.90 euro, which was the average of the closing prices for the AXA
ordinary share on Euronext Paris SA over the 20 trading days immediately
preceding June 19, 2015.

In the event of a Named Executive Officer's retirement, the stock options
continue to vest and may be exercised until the end of the term, except in the
case of misconduct. Accordingly, since Mr. Hattem, Mr. Piazzolla and
Mr. Pearson are currently eligible to retire, these stock options will not be
forfeited due to any service condition.

Performance Shares

AWARDS -- A performance share is a "phantom" share of AXA stock that, once
earned and vested, provides the right to receive an AXA ordinary share at the
time of payment. Performance shares are granted unearned. Under the 2015
International Performance Shares Plan, the number of shares that is earned is
determined at the end of a three-year performance period, starting on
January 1, 2015 and ending on December 31, 2017, by multiplying the number of
shares granted by a performance percentage that is determined based on the
performance of AXA Group and AXA Financial Life and Savings Operations over the
performance period. If no dividend is paid by AXA for each of 2015, 2016 or
2017, the performance percentage for the grant will be divided in half. The
performance shares granted to the Named Executive Officers on June 19, 2015
have a cliff vesting schedule of four years.

PERFORMANCE OBJECTIVES -- AXA Group and AXA Financial Life and Savings
Operations each have their own performance objectives under the 2015
International Performance Shares Plan, with AXA Group's performance over the
performance period counting for one-third and AXA

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Financial Life and Savings Operations' performance counting for two-thirds
toward the final determination of how many performance shares a participant has
earned. If performance targets are met, 100% of the performance shares
initially granted is earned. Performance that exceeds the targets results in
increases in the number of shares earned, subject to a cap of 130% of the
initial number of shares. Performance that falls short of targets results in a
decrease in the number of shares earned with a possible forfeiture of all
shares. Since AXA uses IFRS as its principal method of accounting, the
performance objectives are measured using IFRS. Accordingly, the performance
objectives are not measures calculated and presented in accordance with U.S.
GAAP.

For performance shares granted under the 2015 International Performance Shares
Plan, the performance objectives are:



                                                 AXA FINANCIAL LIFE AND SAVINGS
AXA GROUP (1/3 WEIGHT)                              OPERATIONS (2/3 WEIGHT)
----------------------                        -------------------------------------
                                                              
..  Adjusted Earnings Per Share                .Adjusted Earnings    (weighted 50%)

                                              .Underlying Earnings  (weighted 50%)


The performance objectives and their targets are determined by the AXA Board of
Directors based on their review of AXA's strategic objectives, market practices
and regulatory changes.

PAYOUT -- The settlement of 2015 performance shares will be made in AXA
ordinary shares on June 19, 2019. The 2015 plan provides that, in the case of
retirement, a participant is treated as if he or she continued employment until
the settlement date. Accordingly, Mr. Hattem, Mr. Piazzolla and Mr. Pearson
will still receive a payout under this plan if they choose to retire prior to
the end of the vesting period.

PAYOUT OF 2012 PERFORMANCE UNITS IN 2015

In 2015, the Named Executive Officers received the payout of their performance
units under AXA's 2012 Performance Unit Plan. The 2012 Performance Unit Plan
was Grants for the Named Executive Officers similar to the 2015 International
Performance Shares Plan except that 100% of the units earned were vested after
three years, on March 16, 2015. Also, settlement was in cash rather than stock.
As in the 2015 International Performance Shares Plan, AXA Financial Life and
Savings Operations and AXA Group each had their own performance objectives
under the 2012 Performance Unit Plan, with AXA Financial Life and Savings
Operations' performance over a two-year performance period (i.e., January 1,
2012 through December 31, 2013) counting for two-thirds and AXA Group's
performance over the same period counting for one-third toward the final
determination of how many performance units a participant earned. AXA Group's
performance was based on net income per share while AXA Financial Life and
Savings Operations' performance was based on net income (weighted 50%) and
underlying earnings (weighted 50%). The performance percentage that was
ultimately achieved under the plan was 122.89%, based on AXA Financial Life and
Savings Operations' performance of 130% and AXA Group's performance of 109%.

Detailed information on the stock option and performance share grants for each
of the Named Executive Officers in 2015 is reported in the 2015 Grants of
Plan-Based Awards Table included in this section.

OTHER COMPENSATION AND BENEFITS

AXA Equitable believes that a comprehensive benefits program which offers
long-term financial support and security for all employees plays a critical
role in attracting high caliber executives and encouraging their long-term
service. Accordingly, all employees, including the Named Executive Officers,
are offered a benefits program that includes group health and disability
coverage, group life insurance and various deferred compensation and retirement
benefits. The program is periodically reviewed to ensure that the benefits it
provides continue to serve business objectives and remain cost-effective and
competitive with the programs offered by large diversified financial services
companies.

RETIREMENT AND DEFERRED COMPENSATION PLANS

The following retirement and deferred compensation plans are offered to
eligible employees, including the Named Executive Officers:

AXA EQUITABLE 401(K) PLAN (THE "401(K) PLAN"). AXA Equitable sponsors the
401(k) Plan, a tax-qualified defined contribution plan, for its eligible
employees, including the Named Executive Officers. Eligible employees may
contribute to the 401(k) Plan on a before tax, after-tax, or Roth 401(k) basis
(or any combination of the foregoing), up to plan and tax law limits. The
401(k) Plan also provides participants with the opportunity to earn a
discretionary profit sharing contribution and a company contribution. The
discretionary profit sharing contribution for a calendar year is based on
company performance for that year and ranges from 0% to 4% of annual eligible
compensation (subject to tax law limits). Any contribution for a calendar year
is expected to be made in the first quarter of the following year. A profit
sharing contribution of 2.5% of annual eligible compensation is expected to be
made for the 2015 plan year. The company contribution for a calendar year is
based on the following formula and is subject to tax law limits: (i) 2.5% of
eligible compensation up to the Social Security Wage Base ($118,500 in 2015 and
2016) plus, (ii) 5.0% of eligible compensation in excess of the Social Security
Wage Base, up to the qualified plan compensation limit ($265,000 in 2015 and
2016).

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EXCESS 401(K) CONTRIBUTIONS. Because AXA Equitable believes that excess plans
are an important component of competitive market-based compensation in both its
peer group and generally, AXA Equitable provides excess 401(k) contributions
for participants in the 401(k) Plan with eligible compensation in excess of the
qualified plan compensation limit. These contributions are equal to 10% of the
participant's (i) eligible compensation in excess of the qualified plan
compensation limit and (ii) voluntary deferrals to the AXA Equitable Post-2004
Variable Deferred Compensation Plan for Executives for the applicable year, and
are made to the AXA Equitable Post-2004 Variable Deferred Compensation Plan for
Executives. All the Named Executive Officers are eligible to receive excess
401(k) contributions.

AXA EQUITABLE RETIREMENT PLAN (THE "RETIREMENT PLAN"). AXA Equitable sponsors
the Retirement Plan, a tax-qualified defined benefit plan for eligible
employees which was frozen effective December 31, 2013. The Retirement Plan
provides for retirement benefits upon reaching age sixty-five and has
provisions for early retirement, death benefits and benefits upon termination
of employment for vested participants. It has a three-year cliff-vesting
schedule. All of the Named Executive Officers other than Mr. Malmstrom
participated in the plan prior to its freeze.

Prior to its freeze, the Retirement Plan provided a cash balance benefit
whereby AXA Equitable established a notional account in the name of each
Retirement Plan participant. The notional account was credited with deemed pay
credits equal to 5% of eligible compensation up to the Social Security Wage
Base plus 10% of eligible compensation above the Social Security Wage Base up
to the qualified plan compensation limit. These notional accounts continue to
be credited with deemed interest credits. For pay credits earned on or after
April 1, 2012 up to December 31, 2013, the interest rate is determined annually
based on the average discount rates for one-year Treasury Constant Maturities.
For pay credits earned prior to April 1, 2012, the annual interest rate is the
greater of 4% or a rate derived from the average discount rates for one-year
Treasury Constant Maturities. For 2015, pay credits earned prior to April 1,
2012 received an interest crediting rate of 4% while pay credits earned on or
after April 1, 2012, received an interest crediting rate of .25%.

For certain grandfathered participants, the Retirement Plan provides benefits
under a formula based on final average pay, estimated Social Security benefits
and service. None of the Named Executive Officers are grandfathered
participants.

AXA EQUITABLE EXCESS RETIREMENT PLAN (THE "EXCESS PLAN"). AXA Equitable
sponsors the Excess Plan, a nonqualified defined benefit plan for eligible
employees which was frozen effective December 31, 2013. Prior to its freeze,
the Excess Plan allowed eligible employees, including the Named Executive
Officers except Mr. Malmstrom, to earn retirement benefits in excess of what
was permitted under the Code with respect to the Retirement Plan. Specifically,
the Excess Plan permitted participants to accrue and be paid benefits that they
would have earned and been paid under the Retirement Plan but for certain Code
limits.

THE AXA EQUITABLE POST-2004 VARIABLE DEFERRED COMPENSATION PLAN FOR EXECUTIVES
(THE "POST-2004 PLAN"). AXA Equitable believes that compensation deferral is a
cost-effective method of enhancing the savings of executives. Accordingly, AXA
Equitable sponsors the Post-2004 Plan which allows eligible employees to defer
the receipt of certain compensation. The amount deferred is credited to a
bookkeeping account established in the participant's name and participants may
choose from a range of nominal investments according to which their accounts
rise or decline. Participants annually elect the amount they want to defer, the
date on which payment of their deferrals will begin and the form of payment. In
addition, as mentioned above, excess 401(k) contributions are made to the
Post-2004 Plan.

For additional information on these plan benefits for the Named Executive
Officers, see the Pension Benefits Table and Nonqualified Deferred Compensation
Table included in this section.

FINANCIAL PROTECTION

THE AXA EQUITABLE EXECUTIVE SURVIVOR BENEFITS PLAN (THE "ESB PLAN"). AXA
Equitable sponsors the ESB Plan which offers financial protection to a
participant's family in the case of his or her death. Eligible employees may
choose up to four levels of coverage and the form of benefit to be paid at each
level. Each level provides a benefit equal to one times the participant's
eligible compensation (generally, base salary plus higher of: (i) most recent
short-term incentive compensation award and (ii) the average of the three
highest short-term incentive compensation awards) and offers different coverage
choices. Generally, the participant can choose between a life insurance death
benefit and a deferred compensation benefit payable upon death at each level.

SEVERANCE ARRANGEMENTS

THE AXA EQUITABLE SEVERANCE BENEFIT PLAN (THE "SEVERANCE PLAN"). AXA Equitable
sponsors the Severance Plan to provide severance benefits to eligible employees
whose jobs are eliminated for specific defined reasons. The Severance Plan
generally bases severance payments to eligible employees on length of service
or base salary. Payments are capped at 52 weeks of base salary or, in some
cases, $300,000. To obtain benefits under the Severance Plan, participants must
execute a general release and waiver of claims against AXA Equitable and
affiliates. For Named Executive Officers, the general release and waiver of
claims typically includes non-competition and non-solicitation provisions.

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THE AXA EQUITABLE SUPPLEMENTAL SEVERANCE PLAN FOR EXECUTIVES (THE "SUPPLEMENTAL
SEVERANCE PLAN"). AXA Equitable sponsors the Supplemental Severance Plan for
officers at the level of Executive Director or above. The Supplemental
Severance Plan is intended solely to supplement, and is not duplicative of, any
severance benefits for which an executive may be eligible under the Severance
Plan. The Supplemental Severance Plan provides that eligible executives will
receive, among other benefits:

   .   Severance payments equal to 52 weeks' of base salary, reduced by any
       severance payments for which the executive may be eligible under the
       Severance Plan;

   .   Additional severance payments equal to the greater of:

           .  The most recent short-term incentive compensation award paid to
              the executive;

           .  The average of the three most recent short-term incentive
              compensation awards paid to the executive; and

           .  The annual target short-term incentive compensation award for the
              executive for the year in which he or she receives notice of job
              elimination; and

   .   A lump sum payment equal to the sum of: (a) the executive's short-term
       incentive compensation for the year in which the executive receives
       notice of job elimination, pro-rated based on the number of the
       executive's full calendar months of service in that year and (b) $40,000.

MR. PEARSON'S EMPLOYMENT AGREEMENT. Mr. Pearson waived the right to receive any
benefits under the Severance Plan or the Supplemental Severance Plan. Rather,
his employment agreement provides that, if his employment is terminated by AXA
Equitable prior to his attaining age 65 other than for cause, excessive
absenteeism or death, or Mr. Pearson resigns for "good reason," Mr. Pearson
will be entitled to certain severance benefits, including (i) severance pay
equal to the sum of two years of salary and two times the greatest of:
(a) Mr. Pearson's most recent bonus, (b) the average of Mr. Pearson's last
three bonuses and (c) Mr. Pearson's target bonus for the year in which
termination occurred, (ii) a pro-rated bonus at target for the year of
termination and (iii) a cash payment equal to the additional employer
contributions that Mr. Pearson would have received under the 401(k) Plan and
its related excess plan for the year of his termination if those plans provided
employer contributions on his severance pay and all of his severance pay was
paid in that year. For this purpose, "good reason" includes a material
reduction in Mr. Pearson's duties or authority, the removal of Mr. Pearson from
his positions, AXA Equitable requiring Mr. Pearson to be based at an office
more than 75 miles from New York City, a diminution of Mr. Pearson's titles, a
material failure by the company to comply with the agreement's compensation
provisions, a failure of the company to secure a written assumption of the
agreement by any successor company and a change in control of AXA Financial
(provided that Mr. Pearson delivers notice of termination within 180 days after
the change in control). The severance benefits are contingent upon Mr. Pearson
releasing all claims against AXA Equitable and its affiliates and his
entitlement to severance pay will be discontinued if he provides services for a
competitor. Also, in the event of a termination of Mr. Pearson's employment by
AXA Equitable without cause or Mr. Pearson's resignation due to a change in
control, Mr. Pearson's severance benefits will cease after one year if certain
performance conditions are not met for each of the two consecutive fiscal years
immediately preceding the year of termination.

CHANGE IN CONTROL ARRANGEMENTS

AXA Equitable believes that it is important to provide employees with a level
of protection to reduce anxiety that may accompany a change in control.
Accordingly, change in control benefits are provided for stock options granted
under the Stock Option Plan. Under that plan, if there is a change in control
of AXA Financial, all stock options will become immediately exercisable for
their term regardless of the otherwise applicable exercise schedule.

PERQUISITES

The Named Executive Officers receive certain perquisites. Pursuant to his
employment agreement, Mr. Pearson is entitled to unlimited personal use of a
car and driver, two business class trips to the United Kingdom per year with
his spouse, expatriate tax services, a company car for his personal use, excess
liability insurance coverage, and repatriation costs.

Each of the Named Executive Officers may use a car and driver for personal
purposes from time to time and may occasionally bring spouses and guests on
private aircraft flights otherwise being taken for business reasons. Also,
Mr. Lane is permitted to use a corporate membership in a country club for
personal purposes and Mr. Hattem and Mr. Piazzolla were provided with parking
spaces in 2015.

In addition to the above, financial planning and tax preparation services are
provided for the Named Executive Officers.

The incremental costs of perquisites for the Named Executive Officers during
2015 are included in the column entitled "All Other Compensation" in the
Summary Compensation Table included in this section.

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OTHER COMPENSATION POLICIES

CLAWBACKS

In the event an individual's employment is terminated for cause, all stock
options granted under the Stock Option Plan held by the individual are
forfeited as of the date of termination. In addition, if an individual retires
and induces others to leave the employment of an AXA affiliate, misuses
confidential information learned while in the employ of AXA affiliate or
otherwise acts in a manner that is substantially detrimental to the business or
reputation of any AXA affiliate, all outstanding stock options held by the
individual will be forfeited.

SHARE OWNERSHIP POLICY

AXA Equitable does not have stock ownership guidelines. However, any executives
who are subject to AXA's stock ownership policy as members of AXA's Executive
Committee or Management Committee are required to meet AXA's requirements for
holding AXA Stock. Those requirements are expressed as a multiple of annual
total cash compensation, with members of AXA's Management Committee (such as
Mr. Pearson) required to hold the equivalent of their total cash compensation
multiplied by 1.5 and members of AXA's Executive Committee required to hold the
equivalent of their total cash compensation by 1.

DERIVATIVES TRADING AND HEDGING POLICIES

The AXA Financial Group's reputation for integrity and high ethical standards
in the conduct of its affairs is of paramount importance to it. To preserve
this reputation, all employees of the AXA Financial Group, including the Named
Executive Officers, are subject to the AXA Financial Insider Trading Policy.
This policy prohibits, among other items, all short sales of securities of AXA
and its publicly-traded subsidiaries and any hedging of equity compensation
awards (including stock option, performance unit, performance share or similar
awards) or the securities underlying those awards. Members of AXA's Management
Committee must pre-clear with the AXA Group General Counsel any derivatives
transactions with respect to AXA securities and/or the securities of other AXA
Group publicly-traded subsidiaries (including AllianceBernstein).

IMPACT OF ACCOUNTING AND TAX RULES

Code Section 162(m) limits tax deductions relating to executive compensation of
certain executives of publicly held companies. Because neither AXA Financial
nor MLOA is deemed to be publicly held for purposes of Code Section 162(m),
these limitations are not applicable to the executive compensation program
described above.

Code Section 409A provides requirements that certain nonqualified deferred
compensation arrangements must meet to avoid the imposition of additional
taxes, including a 20% additional income tax, on the amounts paid under the
arrangements. AXA Equitable's nonqualified deferred compensation arrangements
that are subject to Code Section 409A are designed to comply with the
requirements of 409A.

Accounting and tax impacts are also considered in the design of equity-based
award programs.

COMPENSATION COMMITTEE REPORT

Not Applicable

CONSIDERATION OF RISK MATTERS IN DETERMINING COMPENSATION

AXA Equitable has considered whether its compensation practices are reasonably
likely to have a material adverse effect on AXA Equitable and determined that
they do not. When conducting the analysis, AXA Equitable considered that its
programs have a number of features that contribute to prudent decision-making
and avoid an incentive to take excessive risk. The overall incentive design and
metrics of AXA Equitable's incentive compensation program effectively balance
performance over time, considering both company earnings and individual results
with various multi-year vesting and performance periods. AXA Equitable's
short-term incentive program further mitigates risk by permitting discretionary
adjustments for both funding and granting purposes. AXA Equitable also
considered that its general risk management controls, oversight of programs,
award review and governance processes preclude decision-makers from taking
excessive risk to achieve targets under the compensation plans.

COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION

Not Applicable

Executive officers of MLOA are employees of AXA Equitable and receive no
compensation directly from MLOA. Rather, a portion of their compensation from
AXA Equitable is allocated to MLOA under the Services Agreement. Accordingly,
the compensation of the executive officers is determined by AXA Equitable
rather than MLOA.

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SUMMARY COMPENSATION TABLE

The following table presents the total compensation of our Named Executive
Officers for services performed for the AXA Financial Group for the years ended
December 31, 2013, December 31, 2014 and December 31, 2015 allocated to MLOA in
a manner consistent with the allocation of compensation expenses under the
Services Agreement. The total compensation reported in the following table
includes items such as salary and non-equity incentive compensation as well as
the grant date fair value of performance shares and stock options. The
performance shares and stock options may never become payable or may end up
with a value that is substantially different from the value reported here. The
amounts in the Total column do not represent "Total Compensation" as described
in the Compensation Discussion and Analysis.








                                                                                                           NON-EQUITY
                                              FISCAL                          STOCK         OPTION         INCENTIVE
NAME                                           YEAR  SALARY/(1)/ BONUS/(2)/ AWARDS/(3)/  AWARDS/(4)/   COMPENSATION/(5)/
----                                          ------ ----------  ---------  ----------  -------------- ------------------
                                                                                     
PEARSON, MARK................................   2015 $   38,773             $   52,119  $        8,101 $           72,571
CHAIRMAN, PRESIDENT AND                         2014 $   46,163             $   57,121  $       13,213 $           90,243
CHIEF EXECUTIVE OFFICER                         2013 $   58,729             $   72,906  $       12,094 $          116,976

MALMSTROM, ANDERS............................   2015 $   20,405             $   10,850  $        1,900 $           29,140
SENIOR EXECUTIVE                                2014 $   24,354             $   14,094  $        3,566 $           25,900
DIRECTOR AND CHIEF                              2013 $   31,591             $   18,187  $        3,018 $           34,800
FINANCIAL OFFICER

LANE, NICHOLAS...............................   2015 $   21,642             $   21,699  $        3,800 $           41,850
SENIOR EXECUTIVE                                2014 $   25,830             $   26,054  $        6,593 $           45,325
DIRECTOR AND HEAD OF                            2013 $   29,482             $   33,342  $        5,533 $           49,680
US LIFE AND RETIREMENT

PIAZZOLLA, SALVATORE.........................   2014 $   28,663             $    7,233  $        1,267 $           29,450
SENIOR EXECUTIVE                                2013 $   34,211             $    8,663  $        2,192 $           34,965
DIRECTOR AND CHIEF                              2012 $   44,377             $   13,640  $        2,263 $           47,040
HUMAN RESOURCES OFFICER

HATTEM, DAVE.................................   2015 $   17,091   $  1,475  $   13,322  $        2,071 $           22,320
SENIOR EXECUTIVE DIRECTOR                       2014 $   20,186             $   15,614  $        3,634 $           26,640
& GENERAL COUNSEL                               2013



                                                CHANGE IN
                                                 PENSION
                                                VALUE AND
                                               NONQUALIFIED
                                                 DEFERRED
                                                  COMP-       ALL OTHER
                                                 ENSATION       COMP-
NAME                                          EARNINGS/(6)/  ENSATION/(7)/   TOTAL
----                                          -------------- ------------  ---------
                                                                  
PEARSON, MARK................................                 $    17,765  $ 189,329
CHAIRMAN, PRESIDENT AND                       $       56,031  $    25,723  $ 288,494
CHIEF EXECUTIVE OFFICER                       $       38,488  $    16,804  $ 315,997

MALMSTROM, ANDERS............................ $          686  $     5,126  $  68,107
SENIOR EXECUTIVE                              $          832  $    13,640  $  82,386
DIRECTOR AND CHIEF                                            $    15,352  $ 102,948
FINANCIAL OFFICER

LANE, NICHOLAS............................... $          585  $     6,618  $  96,194
SENIOR EXECUTIVE                              $       14,881  $     7,109  $ 125,792
DIRECTOR AND HEAD OF                          $        3,052  $     1,444  $ 122,533
US LIFE AND RETIREMENT

PIAZZOLLA, SALVATORE......................... $       13,133  $     6,394  $  86,140
SENIOR EXECUTIVE                              $       19,443  $     7,783  $ 107,257
DIRECTOR AND CHIEF                            $       18,868  $     1,895  $ 128,083
HUMAN RESOURCES OFFICER

HATTEM, DAVE................................. $          510  $     4,956  $  61,745
SENIOR EXECUTIVE DIRECTOR                     $       33,920  $     5,658  $ 105,652
& GENERAL COUNSEL


/(1)/The amounts in this column reflect actual salary paid in 2015.
/(2)/Mr. Hattem was paid a bonus in May of 2015 to compensate him for the loss
    of stock options due to regulatory and other constraints prohibiting his
    exercise.
/(3)/The amounts reported in this column represent the aggregate grant date
    fair value of performance shares awarded in each year in accordance with
    FASB ASC Topic 718, and the assumptions made in calculating them can be
    found in Note 13 of the Notes to AXA Equitable's Consolidated Financial
    Statements. The 2015 performance share grants were valued at target which
    represents the probable outcome at grant date. A maximum payout for the
    2015 performance share grants would result in additional values of: Pearson
    $67,755 Malmstrom $14,106, Lane $28,209, Piazzolla $9,403, and Hattem
    $17,318. The 2015 performance share grants are described in more detail in
    the below Grants of Plan-Based Awards table.
/(4)/The amounts reported in this column represent the aggregate grant date
    fair value of stock options awarded in each year in accordance with FASB
    ASC Topic 718, and the assumptions made in calculating them can be found in
    Note 13 of the Notes to AXA Equitable's Consolidated Financial Statements.
    The 2015 stock option grants are described in more detail in the below
    Grants of Plan-Based Awards table.
/(5)/The amounts reported for 2015 are the awards paid in February 2016 to each
    of the Named Executive Officers based on their 2015 performance. The
    amounts reported for 2014 are the awards paid in February 2015 to each of
    the Named Executive Officers based on their 2014 performance. The amounts
    reported for 2013 are the awards paid in February 2014 to each of the Named
    Executive Officers based on their 2013 performance.
/(6)/The amounts reported represent the increase in the actuarial present value
     of accumulated pension benefits for the Named Executive Officer. The Named
     Executive Officers did not have any above-market earnings on non-qualified
     deferred compensation in 2013, 2014 or 2015. Mr. Pearson experienced a
     decrease in pension value of $655 for 2015, due to an increase in the
     discount rate used to calculate his benefits under the Retirement Plan and
     the Excess Plan and the combined effect of changes in the assumptions used
     (discount rate and mortality assumption) and compensation increases less
     than assumed in calculating his benefit under the ESB Plan.

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/(7)/The following table provides additional details for the compensation
     information found in the All Other Compensation column.



                                                    EXCESS                         LIFE           OTHER
                                                   LIABILITY     FINANCIAL      INSURANCE      PERQUISITES/
NAME                                 AUTO/(A)/  INSURANCE/(B)/   ADVICE/(C)/   PREMIUMS/(D)/   BENEFITS/(E)/     TOTAL
----                                ----------- --------------- ------------- --------------- --------------- ------------
                                                                                         
PEARSON, MARK................. 2015 $       554 $           251 $       1,073 $         4,753 $        11,134 $     17,765
                               2014 $       782 $           178 $         985 $        10,333 $        13,445 $     25,723
                               2013 $       718 $           227 $       2,290 $        12,665 $           904 $     16,804

MALMSTROM, ANDERS............. 2015 $        26                 $         905 $           131 $         4,064 $      5,126
                               2014 $        15                 $         828 $           143 $        12,654 $     13,640
                               2013 $        29                 $       1,208 $           138 $        13,977 $     15,352

LANE, NICHOLAS................ 2015 $        46                 $         564 $            74 $         5,934 $      6,618
                               2014 $        16                 $         648 $            73 $         6,372 $      7,109
                               2013 $        54                 $         735 $            63 $           592 $      1,444

PIAZZOLLA, SALVATORE.......... 2015 $       192                 $         564 $           146 $         5,492 $      6,394
                               2014 $        27                 $         920 $           145 $         6,691 $      7,783
                               2013 $        60                 $       1,180 $           148 $           507 $      1,895

HATTEM, DAVE.................. 2015 $       191                 $         543 $           157 $         4,065 $      4,956
                               2014                             $         555 $           167 $         4,936 $      5,658
                               2013

/a./ Mr. Pearson is entitled to the business and personal use of a dedicated
     car and driver under his employment agreement. The personal use of this
     vehicle for 2015 was valued based on a formula considering the annual
     lease value of the vehicle, the compensation of the driver and the cost of
     fuel. The other Named Executive Officers may use cars and drivers for
     personal matters from time to time. The value for each executive's car use
     is based on a similar formula taking into account the annual lease value
     of the vehicle and the compensation of the driver. Mr. Piazzolla and
     Mr. Hattem were also provided with parking spaces during 2015. The amounts
     in this column reflect the actual amount paid by AXA Equitable for the
     parking.
/b./ AXA Equitable pays the premiums for excess liability insurance coverage
     for Mr. Pearson pursuant to his employment agreement. The amounts in this
     column reflect the actual amount of the premiums paid for each year.
/c./ AXA Equitable pays for financial planning and tax preparation services for
     each of the Named Executive Officers. The amounts in this column reflect
     the actual amounts paid to the service provider for each year.
/d./ This column shows the cost of life insurance coverage provided to the
     Named Executive Officers under the ESB Plan less the amount of any
     contributions made by the Named Executive Officers. For this purpose, the
     cost of the life insurance coverage was determined by multiplying the
     amount of coverage by the actual policy cost of insurance rates.
/e./ This column includes the amount of any employer profit sharing
     contributions and company contributions received by each Named Executive
     Officer under the 401(k) Plan for 2015 ($205 for each applicable Named
     Executive Officer for the profit sharing contributions and $319 for each
     applicable Named Executive Officer for the company contributions). This
     column also includes the amount of any excess 401(k) contributions
     received by each Named Executive Officer under the Post-2004 Plan for
     2015. These excess 401(k) contributions were: Mr. Pearson $10,610,
     Mr. Malmstrom $3,389, Mr. Lane $5,140, Mr. Piazzolla $4,968 and Mr. Hattem
     $3,396. For Mr. Malmstrom, this column includes certain air travel costs
     and costs related to having a guest accompany him to an event. For
     Mr. Lane, this column includes certain air travel costs, costs related to
     having a guest accompany him to an event and costs of his annual
     membership to a country club. For Mr. Hattem, this column includes amounts
     related to having a guest accompany him to an event and travel costs for a
     guest to accompany him to a company function.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      100






2015 GRANTS OF PLAN-BASED AWARDS

The following table provides additional information about plan-based
compensation disclosed in the Summary Compensation Table allocated to MLOA in a
manner consistent with the allocation of compensation expenses under the
Services Agreement. This table includes both equity and non-equity awards
granted during 2015.



                                                                      ESTIMATED FUTURE             ESTIMATED
                                                                        PAYOUTS UNDER            FUTURE PAYOUTS      ALL OTHER
                                                                         NON-EQUITY               UNDER EQUITY         OPTION
                                                                       INCENTIVE PLAN            INCENTIVE PLAN       AWARDS:
                                                                         AWARDS/(2)/              AWARDS/(3)/        NUMBER OF
                                                                  ------------------------- ------------------------ SECURITIES
                                                          OCC                                                        UNDERLYING
                                                GRANT   APPROVAL  THRESHOLD TARGET  MAXIMUM THRESHOLD TARGET MAXIMUM  OPTIONS
NAME                                            DATE    DATE/(1)/    ($)     ($)      ($)      (#)     (#)     (#)      (#)
----                                          --------- --------- --------- ------- ------- --------- ------ ------- ----------
                                                                                          
PEARSON, MARK................................                            -- $65,980     N/A
                                              6/19/2015 2/19/2015                                  --  4,509   4,509
                                              6/19/2015 2/19/2015                                  --  2,577   3,350
MALMSTROM, ANDERS............................                            -- $24,800     N/A
                                              6/19/2015 2/19/2015                                        384     384        768
                                              6/19/2015 2/19/2015                                        659     856
LANE, NICHOLAS...............................                            -- $31,000     N/A
                                              6/19/2015 2/19/2015                                  --    768     768      1,537
                                              6/19/2015 2/19/2015                                  --  1,317   1,712
PIAZZOLLA, SALVATORE.........................                            -- $24,800     N/A
                                              6/19/2015 2/19/2015                                  --    256     256        512
                                              6/19/2015 2/19/2015                                  --    439     571
HATTEM, DAVE.................................                            -- $18,600     N/A
                                              6/19/2015 2/19/2015                                  --    384     384        768
                                              6/19/2015 2/19/2015                                  --    659     856




                                                            GRANT
                                                             DATE
                                               EXERCISE      FAIR
                                               OR BASE      VALUE
                                               PRICE OF    OF STOCK
                                                OPTION       AND
                                              AWARDS/(4)/   OPTION
NAME                                            ($/SH)    AWARDS/(5)/
----                                          ----------  ----------
                                                    
PEARSON, MARK................................
                                              $    26.12  $    8,101
                                                          $   52,119
MALMSTROM, ANDERS............................
                                              $    26.12  $    1,900
                                                          $   10,850
LANE, NICHOLAS...............................
                                              $    26.12  $    3,800
                                                          $   21,699
PIAZZOLLA, SALVATORE.........................
                                              $    26.12  $    1,267
                                                          $    7,233
HATTEM, DAVE.................................
                                              $    26.12  $    2,071
                                                          $   13,322


/(1)/This column shows the date on which the OCC approved the recommendation of
    the grants to the AXA Board of Directors.
/(2)/The target column shows the target award for 2015 for each Named Executive
    Officer under the AXA Equitable 2015 Short-Term Incentive Compensation Plan
    assuming the plan was 100% funded. There is no minimum or maximum award for
    any participant in this plan. The actual 2015 awards granted to the Named
    Executive Officers are listed in the Non-Equity Incentive Compensation
    column of the Summary Compensation Table.
/(3)/The second row for each Named Executive Officer shows the stock options
    granted under The AXA Stock Option Plan for AXA Financial Employees and
    Associates on June 19, 2015. Except for those awarded to Mr. Pearson, these
    stock options have a ten-year term and a vesting schedule of five years,
    with one-third of the grant vesting on each of the third, fourth and fifth
    anniversaries of the grant date, provided that the last third is subject to
    a performance condition requiring the AXA ordinary share to perform at
    least as well as the SXIP Index over a specified period. This performance
    condition applies to all of Mr. Pearson's options.
   The third row for each Named Executive Officer shows the performance shares
   granted under the 2015 International Performance Shares Plan on June 19,
   2015. The performance shares have a cliff vesting schedule of four years.
   The performance shares will settle in AXA ordinary shares. Performance
   shares are granted unearned. Under the 2015 International Performance Shares
   Plan, the number of shares that is earned is determined at the end of a
   three-year performance period, starting on January 1, 2015 and ending on
   December 31, 2017, by multiplying the number of shares granted by a
   performance percentage that is determined based on the performance of AXA
   Group and AXA Financial Life and Savings Operations over the performance
   period.
/(4)/The exercise price for the stock options granted on June 19, 2015 is equal
    to the average of the closing prices for the AXA ordinary share on Euronext
    Paris SA over the 20 trading days immediately preceding June 19, 2015. For
    purposes of this table, the exercise price was converted to U.S. dollars
    using the euro to U.S. dollar exchange rate on June 18, 2015.
/(5)/The amounts in this column represent the aggregate grant date fair value
    of stock options and performance shares granted in 2015 in accordance with
    FASB ASC Topic 718. The performance share grants were valued at target
    which represents the probable outcome at grant date.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      101






OUTSTANDING EQUITY AWARDS AS OF DECEMBER 31, 2015

The following table lists outstanding equity grants for each Named Executive
Officer as of December 31, 2015 allocated to MLOA in a manner consistent with
the allocation of compensation expenses under the Services Agreement. The table
includes outstanding equity grants from past years as well as the current year.



                                          OPTION AWARDS                                                   STOCK AWARDS
             -----------------------------------------------------------------------     ------------------------------------

                                                                                                                    EQUITY
                                                                                                                  INCENTIVE
                                                                                                                     PLAN
                                                                                                                   AWARDS:
                                                                                                                    NUMBER
                                                     EQUITY                                NUMBER                     OF
                                                   INCENTIVE                                 OF                    UNEARNED
                                                      PLAN                                 SHARES       MARKET     SHARES,
                                                    AWARDS:                               OR UNITS     VALUE OF    UNITS OR
                NUMBER OF         NUMBER OF        NUMBER OF                              OF STOCK    SHARES OR     OTHER
               SECURITIES        SECURITIES        SECURITIES                               THAT       UNITS OF     RIGHTS
               UNDERLYING        UNDERLYING        UNDERLYING                               HAVE        STOCK        THAT
               UNEXERCISED       UNEXERCISED      UNEXERCISED      OPTION       OPTION      NOT       THAT HAVE    HAVE NOT
               OPTIONS (#)       OPTIONS (#)        UNEARNED      EXERCISE    EXPIRATION VESTED/(3)/     NOT      VESTED/(4)/
NAME         EXERCISABLE/(1)/ UNEXERCISABLE/(1)/ OPTIONS(#)/(1)/ PRICE($)/2)/    DATE       (#)       VESTED ($)     (#)
----         ---------------  -----------------  --------------  -----------  ---------- ----------  ------------ ----------
                                                                                          

  PEARSON,
  MARK......             158                                       $   33.57   3/31/2016      4,488  $    123,289      3,722
                         182                                 91    $   44.60   5/10/2017
                         182                                 91    $   33.21    4/1/2018
                        1072                                       $   21.59   6/10/2019
                       1,876                                       $   21.08   3/19/2020
                       4,263                                       $   20.63   3/18/2021
                       2,397                              1,199    $   15.96   3/16/2022
                       1,447                              2,893    $   17.83   3/22/2023
                                                          3,825    $   25.74   3/24/2024
                                                          4,509    $   26.12   6/19/2025

  MALMSTROM,
  ANDERS....                                                112    $   15.96   3/16/2022      1,184  $     32,517        996
                         361                361             361    $   17.83   3/22/2023
                                            757             378    $   25.74   3/24/2024
                                            768             384    $   26.12   6/19/2025

  LANE,
  NICHOLAS..             118                                       $   33.78   3/31/2016      2,175  $     59,749      1,942
                          87                                       $   45.72   5/10/2017
                                                             70    $   33.21    4/1/2018
                         794                                397    $   15.96   3/16/2022
                         662                662             662    $   17.83   3/22/2023
                                           1399             700    $   25.74   3/24/2024
                                           1537             768    $   26.12   6/19/2025

  PIAZZOLLA,
  SALVATORE.             867                                       $   20.63    03/18/21        833  $     22,891        647
                         431                                216    $   15.96    03/16/22
                         271                271             271    $   17.83    03/22/23
                                            465             233    $   25.74    03/24/24
                                            512             256    $   26.12    06/19/25

  HATTEM,
  DAVE......             282                                       $   33.78    03/31/16      1,089  $     29,922        972
                         145                                 72    $   45.72    05/10/17
                         140                                 70    $   33.21    04/01/18
                         647                                       $   20.63    03/18/21
                         454                                227    $   15.96    03/16/22
                         331                331             331    $   17.83    03/22/23
                                            701             351    $   25.74    03/24/24
                                            768             384    $   26.12    06/19/25




             ----------
               EQUITY
              INCENTIVE
                PLAN
               AWARDS:
               MARKET
              OR PAYOUT
              VALUE OF
              UNEARNED
               SHARES,
              UNITS OR
                OTHER
               RIGHTS
                THAT
              HAVE NOT
               VESTED
NAME             (#)
----         -----------
          

  PEARSON,
  MARK...... $   102,239










  MALMSTROM,
  ANDERS.... $    27,372




  LANE,
  NICHOLAS.. $    53,336







  PIAZZOLLA,
  SALVATORE. $    17,764





  HATTEM,
  DAVE...... $    26,690









/(1)/All stock options have ten-year terms. All stock options granted in 2014
     and 2015 have a vesting schedule of five years, with one-third of the
     grant vesting on each of the third, fourth and fifth anniversaries of the
     grant, and all stock options granted in 2008 through 2013

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      102





   have a vesting schedule of four years, with one-third of the grant vesting
   on each of the second, third and fourth anniversaries of the grant date;
   provided that for all these grants the last third will vest only if the AXA
   ordinary share performs at least as well as the SXIP Index during a
   specified period (this condition applies to all options granted to
   Mr. Pearson in 2015, 2014, 2013 and 2012). All stock options granted in 2006
   are vested. All stock options granted in 2007 are vested with the exception
   of the last third of the grants made to Mr. Pearson and Mr. Hattem. These
   stock options will vest only if the AXA ordinary share performs at least as
   well as the SXIP Index during a specified period.
/(2)/All stock options have euro exercise prices. All euro exercise prices have
     been converted to U.S. dollars based on the euro to U.S. dollar exchange
     rate on the day prior to the grant date. The actual U.S. dollar equivalent
     of the exercise price will depend on the exchange rate at the date of
     exercise.
/(3)/This column reflects earned but unvested performance shares granted in
     2013 and 2014 and AXA Miles as follows:



                                                   2013 PERFORMANCE SHARES    AXA MILES    2014 PERFORMANCE SHARES
EXECUTIVE                                              VESTING 3/22/16     VESTING 3/16/16     VESTING 3/24/17
---------                                          ----------------------- --------------- -----------------------
                                                                                  
MR. PEARSON.......................................                   3,114               0
MR. MALMSTROM.....................................                     777               2
MR. LANE..........................................                   1,424               2
MR. PIAZZOLLA.....................................                     583               2
MR. HATTEM........................................                     712               2


/(4)/This column reflects unearned and unvested performance shares granted in
     2014 and in 2015 as follows:



                                                   2014 PERFORMANCE SHARES 2015 PERFORMANCE SHARES
EXECUTIVE                                              VESTING 3/24/18         VESTING 6/19/19
---------                                          ----------------------- -----------------------
                                                                     
MR. PEARSON.......................................                   1,145                   2,577
MR. MALMSTROM.....................................                     338                     659
MR. LANE..........................................                     625                   1,317
MR. PIAZZOLLA.....................................                     208                     439
MR. HATTEM........................................                     313                     659


OPTION EXERCISES AND STOCK VESTED IN 2015

The following table summarizes the value received from stock option exercises
and stock awards vested during 2015 allocated to MLOA in a manner consistent
with the allocation of compensation expenses under the Services Agreement.



                                                              OPTION AWARDS                      STOCK AWARDS
                                                   ------------------------------------  -----------------------------
                                                       NUMBER OF             VALUE         NUMBER OF         VALUE
                                                         SHARES            REALIZED          SHARES         REALIZED
                                                        ACQUIRED              ON          ACQUIRED ON          ON
NAME                                               ON EXERCISE(#)/(1)/ EXERCISE($)/(2)/  VESTING(#)/(3)/ VESTING($)/(4)/
----                                               ------------------  ----------------- --------------  --------------
                                                                                             
PEARSON, MARK.....................................                179  $             473          2,651  $       61,912
MALMSTROM, ANDERS.................................                853  $           9,213            384  $        8,967
LANE, NICHOLAS....................................              1,858  $          21,304          1,366  $       31,896
PIAZZOLLA, SALVATORE..............................                                                  742  $       17,315
HATTEM, DAVE......................................                537  $           6,263            781  $       18,227


/(1)/This column reflects the number of options that the Named Executive
     Officers exercised in 2015.
/(2)/This column reflects the actual sale price received for the stock acquired
     upon the option exercise less the exercise price.
/(3)/This column reflects the number of performance units earned by the
     executives under the 2012 AXA Performance Unit Plan that vested on
     March 16, 2015. For a description of the 2012 AXA Performance Unit Plan,
     please see "Compensation Discussion and Analysis" included in this section.
/(4)/The value of the performance units that vested in 2015 was equal to the
     average of the closing prices for the AXA ordinary share on Euronext Paris
     SA over the 20 trading days immediately preceding March 16, 2015,
     converted to U.S. dollars using the euro to U.S. dollar exchange rate on
     March 15, 2015.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      103






PENSION BENEFITS AS OF DECEMBER 31, 2015

The following table lists the pension program participation and actuarial
present value of each Named Executive Officer's defined benefit pension at
December 31, 2015 allocated to MLOA in a manner consistent with the allocation
of compensation expenses under the Services Agreement. Note that Mr. Malmstrom
does not participate in the Retirement Plan or the Excess Plan since he was not
eligible to participate in these plans prior to their freeze.



                                                                                              NUMBER OF
                                                                                                YEARS     PRESENT VALUE OF
                                                                                              CREDITED      ACCUMULATED
                                                                                             SERVICE/(2)/   BENEFIT/(3)/
NAME                                                         PLAN NAME/(1)/                      (#)            ($)
----                                          ---------------------------------------------- -----------  ----------------
                                                                                                 
PEARSON, MARK................................ AXA Equitable Retirement Plan                            3   $         1,994
                                              AXA Equitable Excess Retirement Plan                     3   $        20,157
                                              AXA Equitable Executive Survivor Benefit Plan           21   $        91,306
MALMSTROM, ANDERS............................ AXA Equitable Retirement Plan                           --                --
                                              AXA Equitable Excess Retirement Plan                    --                --
                                              AXA Equitable Executive Survivor Benefit Plan            3   $         1,575
LANE, NICHOLAS............................... AXA Equitable Retirement Plan                            8   $         5,482
                                              AXA Equitable Excess Retirement Plan                     8   $        10,958
                                              AXA Equitable Executive Survivor Benefit Plan           11   $        18,865
PIAZZOLLA, SALVATORE......................... AXA Equitable Retirement Plan                            2   $         1,185
                                              AXA Equitable Excess Retirement Plan                     2   $         5,978
                                              AXA Equitable Executive Survivor Benefit Plan            5   $        45,195
HATTEM, DAVE................................. AXA Equitable Retirement Plan                           19   $        14,581
                                              AXA Equitable Excess Retirement Plan                    19   $        30,490
                                              AXA Equitable Executive Survivor Benefit Plan           22   $        54,875





                                                PAYMENTS DURING
                                              THE LAST FISCAL YEAR
NAME                                                  ($)
----                                          --------------------
                                           
PEARSON, MARK................................                   --
                                                                --
                                                                --
MALMSTROM, ANDERS............................                   --
                                                                --
                                                                --
LANE, NICHOLAS...............................                   --
                                                                --
                                                                --
PIAZZOLLA, SALVATORE.........................                   --
                                                                --
                                                                --
HATTEM, DAVE.................................                   --
                                                                --
                                                                --


/(1)/Except as described in the following sentence, the December 31, 2015
     liabilities for the Retirement Plan, the Excess Plan, and the ESB Plan
     were calculated using the same participant data, plan provisions and
     actuarial methods and assumptions used for financial reporting purposes as
     described in note 12 of the notes to AXA Equitable's Consolidated
     Financial Statements. A retirement age of 65 is assumed for all pension
     plan calculations.
/(2)/Credited service for purposes of the Retirement Plan and the Excess Plan
     does not include an executive's first year of service and does not include
     any service after the freeze of the plans on December 31, 2013. Pursuant
     to his employment agreement, Mr. Pearson's credited service for purposes
     of the ESB Plan includes approximately 16 years of service with AXA
     Equitable affiliates. However, this additional credited service does not
     result in any benefit augmentation for Mr. Pearson.
/(3)/Note that, if the Named Executive Officer has elected the Lump Sum Option
     for a level of benefit (as explained below in "The ESB Plan"), the present
     value of the tax-free death benefit provided under the life insurance
     policy purchased on the participant's life is included in this column and
     the annual cost of the life insurance coverage provided to the Named
     Executive Officer is included in the "All Other Compensation" column of
     the Summary Compensation Table.

THE RETIREMENT PLAN

The Retirement Plan is a tax-qualified defined benefit plan for eligible
employees. The Retirement Plan was frozen effective December 31, 2013.

Participants become vested in their benefits under the Retirement Plan after
three years of service. Participants are eligible to retire and begin receiving
benefits under the Retirement Plan: (a) at age 65 (the "normal retirement
date") or (b) if they are at least age 55 with at least 5 full years of service
(an "early retirement date").

Prior to the freeze, the Retirement Plan provided a cash balance benefit
whereby AXA Equitable established a notional account for each Retirement Plan
participant. This notional account was credited with deemed pay credits equal
to 5% of eligible compensation up to the Social Security wage base plus 10% of
eligible compensation above the Social Security wage base. Eligible
compensation included base salary and short-term incentive compensation and was
subject to limits imposed by the Internal Revenue Code. These notional accounts
continue to be credited with deemed interest credits. For pay credits earned on
or after April 1, 2012 up to December 31, 2013, the interest rate is determined
annually based on the average discount rates for one-year Treasury Constant
Maturities. For pay credits earned prior to April 1, 2012, the annual interest
rate is the greater of 4% or a rate derived from the average discount rates for
one-year Treasury Constant Maturities. For 2015, pay credits earned prior to
April 1, 2012 received an interest crediting rate of 4% while pay credits
earned on or after April 1, 2012, received an interest crediting rate of .25%.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      104






All of the Named Executive Officers, except Mr. Malmstrom, are entitled to a
frozen cash balance benefit under the Retirement Plan.

Participants elect the time and form of payment of their Retirement Plan
benefits after they separate from service. The normal form of payment for
retirement plan benefits depends on a participant's marital status as of the
payment commencement date. If the participant is unmarried, the normal form
will be a single life annuity. If the participant is married, the normal form
will be a 50% joint and survivor annuity. Subject to spousal consent
requirements, participants may elect the following optional forms of payment
for their cash balance benefits:

   .   Single life annuity;

   .   Optional joint and survivor annuity of any whole percentage between 1%
       and 100%; and

   .   Lump sum.

THE EXCESS PLAN

The Excess Plan, which was frozen as of December 31, 2013 allows eligible
employees to earn retirement benefits in excess of what is permitted under the
Retirement Plan. Specifically, the Retirement Plan is subject to rules under
the Internal Revenue Code, that cap both the amount of eligible earnings that
may be taken into account for determining benefits under the Retirement Plan
and the amount of benefits that the Retirement Plan may pay annually. Prior to
the freeze of the Retirement Plan, the Excess Plan permitted participants to
accrue and be paid benefits that they would have earned and been paid under the
Retirement Plan but for these limits. The Excess Plan is an unfunded plan and
no assets are actually set aside in participants' names.

The Excess Plan was amended effective September 1, 2008 to comply with the
provisions of Code Section 409A. Pursuant to the amendment, a participant's
Excess Plan benefits vested after 2005 will generally be paid in a lump sum on
the first day of the month following the month in which separation from service
occurs, provided that payment will be delayed six months for "specified
employees" (generally, the fifty most highly-compensated officers of AXA
Group), unless the participant made a special one-time election with respect to
the time and form of payment of those benefits by November 14, 2008. The time
and form of payment of Excess Plan benefits that vested prior to 2005 is the
same as the time and form of payment of the participant's Retirement Plan
benefits.

THE ESB PLAN

The ESB Plan offers financial protection to a participant's family in the case
of his or her death. Eligible employees may choose up to four levels of
coverage and the form of benefit to be paid at each level. Each level provides
a benefit equal to one times the participant's eligible compensation
(generally, base salary plus the higher of: (a) most recent short-term
incentive compensation award and (b) the average of the three highest
short-term incentive compensation awards), subject to an overall $25 million
cap. Each level offers different coverage choices. Generally, the participant
can choose between a life insurance death benefit and a deferred compensation
benefit payable upon death at each level.

Level 1

A participant can choose between two options at Level 1:

   .   Lump Sum Option -- Under the Lump Sum Option, a life insurance policy is
       purchased on the participant's life. At the death of the participant,
       the participant's beneficiary receives a tax-free lump sum death benefit
       from the policy. The participant is taxed annually on the value of the
       life insurance coverage provided.

   .   Survivor Income Option -- Upon the participant's death, the Survivor
       Income Option provides the participant's beneficiary with 15 annual
       payments approximating the value of the Lump Sum Option or a payment
       equal to the amount of the lump sum. The payments will be taxable but
       the participant is not subject to annual taxation.

Level 1 coverage continues after retirement until the participant attains age
65.

Level 2

At Level 2, a participant can choose among the Lump Sum Option and Survivor
Income Option, described above, and:

   .   Surviving Spouse Benefit Option -- The Surviving Spouse Benefit Option
       provides the participant's spouse with monthly income equal to about 25%
       of the participant's monthly compensation (with an offset for social
       security). The payments are taxable but there is no annual taxation to
       the participant. The duration of the monthly income depends on the
       participant's years of service (with a minimum duration of 5 years).

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      105






Level 2 coverage continues after retirement until the participant's death.

Levels 3 and 4

At Levels 3 and 4, a participant can choose among the Lump Sum Option and
Survivor Income Option, described above and:

   .   Surviving Spouse Income Addition Option -- The Surviving Spouse Income
       Addition Option provides monthly income to the participant's spouse for
       life equal to 10% of the participant's monthly compensation. The
       payments are taxable but there is no annual taxation to the participant.

Participants are required to contribute annually to the cost of any option
elected under Levels 3 and 4. Level 3 and 4 coverage continues after retirement
until the participant's death provided that contributions are still made by the
participant until age 65.

NON-QUALIFIED DEFERRED COMPENSATION TABLE AS OF DECEMBER 31, 2015

The following table provides information on (i) compensation Mr. Hattem has
elected to defer and (ii) the excess 401(k) contributions paid by AXA Equitable
to all the Named Executive Officers. All amounts are allocated to MLOA in a
manner consistent with the allocation of compensation expenses under the
Services Agreement.



                                                     EXECUTIVE        REGISTRANT         AGGREGATE          AGGREGATE
                                                   CONTRIBUTIONS    CONTRIBUTIONS       EARNINGS IN       WITHDRAWALS/
NAME                                               IN LAST FY ($) IN LAST FY ($)/(1)/ LAST FY ($)/(2)/  DISTRIBUTIONS ($)
----                                               -------------- ------------------- ---------------  -------------------
                                                                                           
PEARSON, MARK                                                     $            10,610 -$          410
MALMSTROM, ANDERS                                                 $             3,389 -$           83
LANE, NICHOLAS                                                    $             5,140 -$          189
PIAZZOLLA, SALVATORE                                              $             4,968 -$          208
HATTEM, DAVE                                                      $             3,396 -$          990  $             2,854



                                                      AGGREGATE
                                                      BALANCE AT
NAME                                               LAST FYE ($)/(3)/
----                                               -----------------
                                                
PEARSON, MARK                                      $          20,997
MALMSTROM, ANDERS                                  $           3,306
LANE, NICHOLAS                                     $           9,593
PIAZZOLLA, SALVATORE                               $           9,965
HATTEM, DAVE                                       $          51,947


/(1)/The amounts reported in this column are also reported in the "All Other
     Compensation" column of the Summary Compensation Table above.
/(2)/The amounts reported in this column are not reported in the Summary
    Compensation Table.
/(3)/The amounts in this column that were previously reported as compensation
     in the Summary Compensation Table for previous years are:

                                                
Mr. Pearson                                        $   12,663
Mr. Lane                                           $    5,451
Mr. Piazzolla                                      $    6,077
Mr. Hattem                                         $    4,285



THE POST-2004 PLAN

The above table reflects the excess 401(k) contributions made by AXA Equitable
to the eligible Named Executive Officers under the Post-2004 Plan.

The Post-2004 Plan allows eligible employees to defer the receipt of up to 25%
of their base salary and short-term incentive compensation. Deferrals are
credited to a bookkeeping account in the participant's name on the first day of
the month following the month in which the compensation otherwise would have
been paid to him or her. The account is used solely for record keeping purposes
and no assets are actually placed into any account in the participant's name.

Account balances in the Post-2004 Plan are credited with gains and losses as if
invested in the available earnings crediting options chosen by the participant.
The Post-2004 Plan currently offers a variety of earnings crediting options
which are among those offered by the AXA Premier VIP Trust and EQ Advisors
Trust.

Each year, participants in the Post-2004 Plan can elect to make deferrals into
an account they have already established under the plan or they may open a new
account, provided that they may not allocate any new deferrals into an account
if they are scheduled to receive payments from the account in the next calendar
year. When participants establish an account, they must elect the form and
timing of payments for that account. They may receive payments of their account
balance in a lump sum or in any combination of lump sum and/or annual
installments paid over consecutive years. They may elect to commence payments
from an account in July or December of any year after the year following the
deferral election provided that payments must commence by the first July or
December following age 71.

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In addition, AXA Equitable provides excess 401(k) contributions in the
Post-2004 Plan for participants in the 401(k) Plan with eligible compensation
in excess of the qualified plan compensation limit. These contributions are
equal to 10% of the participant's (i) eligible compensation in excess of the
qualified plan compensation limit ($265,000 in 2015 and 2016) and
(ii) voluntary deferrals to the Post-2004 Plan for the applicable year.

THE VARIABLE DEFERRED COMPENSATION PLAN FOR EXECUTIVES (THE "VDCP")

The above table also reflects amounts deferred by Mr. Hattem under the VDCP.
Under the VDCP, eligible employees were permitted to defer the receipt of up to
25% of their base salary and short-term incentive compensation. Deferrals were
credited to a bookkeeping account in the participant's name on the first day of
the month following the month in which the compensation otherwise would have
been paid to him or her. The account is used solely for record keeping purposes
and no assets are actually placed into any account in the participant's
name. The VDCP was frozen as of December 31, 2004 so that no amounts earned or
vested after 2004 could be deferred under the VDCP.

Account balances in the VDCP that are attributable to deferrals of base salary
and short-term incentive compensation are credited with gains and losses as if
invested in the available earnings crediting options chosen by the
participant. The VDCP currently offers a variety of earnings crediting options
which are among those offered by the AXA Premier VIP Trust and EQ Advisors
Trust.

Participants in the VDCP could elect to credit their deferrals to in-service or
retirement distribution accounts. For retirement accounts, payments may be
received in any combination of a lump sum and/or annual installments paid in
consecutive years. Payments may begin in any January or July following the
participant's termination date, but they must begin by either the first January
or the first July following the later of: (a) the participant's attainment of
age 65 and (b) the date that is thirteen months following the participant's
termination date. For in-service accounts, payments are made to the participant
in December of the year elected by the participant in a lump sum or in up to
five annual installments over consecutive years.

POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE IN CONTROL

The table below and the accompanying text present the hypothetical payments and
benefits that would have been payable if the Named Executive Officers
terminated employment, or a change-in-control of AXA Financial occurred, on
December 31, 2015 (the "Trigger Date") allocated to MLOA in a manner consistent
with the allocation of compensation expenses under the Services Agreement. The
payments and benefits described are hypothetical only, as no such payments or
benefits have been paid or made available. Hypothetical payments or benefits
that would be due under arrangements that are generally available on the same
terms to all salaried employees are not described.

RETIREMENT

The Named Executive Officers would have been entitled to the following payments
and benefits if they retired on the Trigger Date. For this purpose,
"retirement" means termination of service on or after the normal retirement
date or any early retirement date under the Retirement Plan. Note that the only
Named Executive Officers eligible to retire on the Trigger Date were
Mr. Pearson and Mr. Hattem. Mr. Piazzolla subsequently became eligible to
retire in March 2016.

Short-Term Incentive Compensation: The executives may have received short-term
incentive compensation awards for 2015 under the Retiree Short-Term Incentive
Compensation Program. Under that program, retirees who meet certain
requirements are eligible to receive a short-term compensation award based on
their completed months of service during the calendar year in which they retire.

Stock Options: All stock options granted to the executives would have continued
to vest and be exercisable until their expiration date, except in the case of
misconduct (for which the options would be forfeited).

AXA Miles and Performance Shares: The executives would have been treated as if
they continued in the employ of the company until the end of the vesting period
for purposes of their AXA Miles and performance share awards. Accordingly, they
would have received AXA Miles and performance share plan payouts at the same
time and in the same amounts as they would have received such payouts if they
had not retired.

Retirement Benefits: The executives would have been entitled to the benefits
described in the pension and nonqualified deferred compensation tables above.

Medical Benefits: The executives would have been entitled to access to retiree
medical coverage.

ESB Plan: The executives would have been entitled to continuation of their
participation in the ESB Plan described above.

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VOLUNTARY TERMINATION OTHER THAN RETIREMENT

NAMED EXECUTIVE OFFICERS WHO ARE NOT RETIREMENT ELIGIBLE

If the Named Executive Officers who are not retirement eligible had voluntarily
terminated employment other than by retirement on the Trigger Date:

Short-Term Incentive Compensation: The executives would not have been entitled
to any STIC Program awards for 2015.

Stock Options: All stock options granted to the executives would have been
forfeited on the termination date.

Performance Shares: The executives would have forfeited all performance shares.

AXA Miles: The executives would have forfeited all of the AXA Miles granted on
March 16, 2012.

Retirement Benefits: The executives would have been entitled to the benefits
described in the pension and nonqualified deferred compensation tables above,
except that they would no longer be entitled to any benefits under the ESB Plan.

MR. PEARSON

If Mr. Pearson had voluntarily terminated on the Trigger Date for "Good Reason"
as described below, he would have been entitled to: (i) severance pay equal to
the sum of two years of salary and two times the greatest of: (a) Mr. Pearson's
most recent STIC Program award, (b) the average of Mr. Pearson's last three
STIC Program awards and (c) Mr. Pearson's target STIC Program award for the
year in which termination occurred, (ii) a pro-rated STIC Program award at
target for the year of termination and (iii) a cash payment equal to the
additional employer contributions that Mr. Pearson would have received under
the 401(k) Plan and its related excess plan for the year of his termination if
those plans provided employer contributions on his severance pay and all of his
severance pay was paid in that year.

For this purpose, "Good Reason" includes a material reduction in Mr. Pearson's
duties or authority, the removal of Mr. Pearson from his positions, AXA
Equitable requiring Mr. Pearson to be based at an office more than 75 miles
from New York City, a diminution of Mr. Pearson's titles, a material failure by
the company to comply with the agreement's compensation provisions, a failure
of the company to secure a written assumption of the agreement by any successor
company and a change in control of AXA Financial (provided that Mr. Pearson
delivers notice of termination within 180 days after the change in control).
The severance benefits are contingent upon Mr. Pearson releasing all claims
against AXA Equitable and its affiliates and his entitlement to severance pay
will be discontinued if he provides services for a competitor. Also, in the
event of a termination of Mr. Pearson's employment by AXA Equitable without
cause or Mr. Pearson's resignation due to a change in control, Mr. Pearson's
severance benefits will cease after one year if certain performance conditions
are not met for each of the two consecutive fiscal years immediately preceding
the year of termination.

Mr. Pearson would have received the following amounts if he had voluntarily
terminated for Good Reason on the Trigger Date:

                                                
Severance Pay..................................... $  272,986
Pro-Rated Bonus................................... $   78,751
Cash Payment...................................... $   22,884



In addition, because Mr. Pearson would have been eligible to retire on the
Trigger Date, he would have been eligible for the retirement benefits described
above, regardless of whether he terminated for Good Reason.

DEATH

If the Named Executive Officers had terminated employment due to death on the
Trigger Date:

Short-Term Incentive Compensation: The executives' estates would not have been
entitled to any STIC Program awards for 2015.

Stock Options: All stock options would have immediately vested and would have
continued to be exercisable until the earlier of their expiration date and the
six-month anniversary of the date of death.

Performance Shares: The number of performance shares granted in 2014 and 2015
would have been multiplied by an assumed performance factor of 1.3 and the
number of performance shares granted in 2013 would have been multiplied by the
actual performance factor for that plan. The performance shares would have been
paid in AXA ordinary shares to the executive's heirs within 90 days following
death.

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AXA Miles: The executive's heirs would receive 50 AXA ordinary shares at the
end of the vesting period (i.e., March 16, 2016).

Retirement Benefits: The executives' heirs would have been entitled to the
benefits described in the pension and nonqualified deferred compensation tables
above.

INVOLUNTARY TERMINATION WITHOUT CAUSE

NAMED EXECUTIVE OFFICERS OTHER THAN MR. PEARSON

The Named Executive Officers, excluding Mr. Pearson, would have been eligible
for severance benefits under the Severance Benefit Plan, as supplemented by the
Supplemental Severance Plan (collectively, the "Severance Plan"), if an
involuntary termination of employment had occurred on the Trigger Date that
satisfied the conditions in the Severance Plan. To receive benefits, the
executives would have been required to sign a separation agreement including a
release of all claims against AXA Equitable and its affiliates and
non-solicitation provisions.

The severance benefits would have included:

   .   severance pay equal to 52 weeks' of base salary;

   .   additional severance pay equal to the greater of: (i) the most recent
       STIC Program award paid to the executive, (ii) the average of the three
       most recent STIC Program awards paid to the executive or (iii) the
       executive's target STIC Program award for 2015;

   .   a lump sum payment equal to the sum of: (i) the executive's target STIC
       Program award for 2015 and (ii) $40,000; and

   .   one year's continued participation in the ESB Plan.

The Named Executive Officers would have had a one-year severance period. If a
Named Executive Officer would have been eligible to retire prior to the end of
the severance period, all stock options granted to the Named Executive Officer
would have continued to vest and be exercisable until their expiration date,
except in the case of misconduct (for which the options would be
forfeited). Also, the Named Executive Officer would have been treated as if he
continued in the employ of AXA Equitable until the end of the vesting period
for his performance shares.

The following table lists the payments that the executives would have received
if they were involuntarily terminated under the Severance Plan on the Trigger
Date as well as the implications for their stock option and performance shares
awards:



                                              SEVERANCE BENEFITS                              EQUITY GRANTS
                                              ------------------ -------------------------------------------------------
                                                        LUMP SUM
NAME                                          SEVERANCE PAYMENT                      STOCK OPTIONS
--------------------------------------------  --------- -------- -------------------------------------------------------
                                                        
MALMSTROM, ANDERS............................   $45,138  $26,040 Options would continue to vest and be exercisable
                                                                 until the earlier of their expiration date and 30 days
                                                                 after the end of the one-year severance period.

LANE, NICHOLAS...............................   $59,515  $32,240 Options would continue to vest and be exercisable
                                                                 until the earlier of their expiration date and 30 days
                                                                 after the end of the one-year severance period.

PIAZZOLLA, SALVATORE.........................   $57,814  $26,040 Continued vesting in all options and ability to
                                                                 exercise the options through expiration date.






HATTEM, DAVE.................................   $39,264  $19,840 Continued vesting in all options and ability to
                                                                 exercise the options through expiration date.









                                              ------------------
                                                PERFORMANCE
NAME                                               SHARES
--------------------------------------------  -----------------
                                           
MALMSTROM, ANDERS............................    Forfeited



LANE, NICHOLAS...............................    Forfeited



PIAZZOLLA, SALVATORE.........................  Would receive
                                               payouts in the
                                               same time and
                                                in the same
                                              amounts as if he
                                               had continued
                                              to be employed.

HATTEM, DAVE.................................  Would receive
                                               payouts in the
                                               same time and
                                                in the same
                                              amounts as if he
                                               had continued
                                              to be employed.


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MR. PEARSON

Under Mr. Pearson's employment agreement, he waived any right to participate in
the Severance Plan. Rather, if Mr. Pearson's employment had been terminated
without "Cause" on the Trigger Date, he would have been entitled to the same
benefits as termination for Good Reason as described above, subject to the same
conditions. "Cause" is defined in Mr. Pearson's employment agreement as:
(i) willful failure to perform substantially his duties after reasonable notice
of his failure, (ii) willful misconduct that is materially injurious to the
company, (iii) conviction of, or plea of NOLO CONTEDERE to, a felony or
(iv) willful breach of any written covenant or agreement with the company to
not disclose information pertaining to them or to not compete or interfere with
the company.

CHANGE-IN-CONTROL

With the exception of Mr. Pearson, none of the Named Executive Officers are
entitled to any special benefits upon a change-in-control of AXA Financial
other than the benefits provided for all stock options granted under the Stock
Option Plan. For those options, if there is a change in control of AXA
Financial, all unvested options will become immediately exercisable for their
term regardless of the otherwise applicable exercise schedule.

As mentioned above, Mr. Pearson's employment agreement provides that "Good
Reason" includes Mr. Pearson's termination of employment in the event of a
change in control (provided that Mr. Pearson delivers notice of termination
within 180 days after the change in control). Accordingly, Mr. Pearson would
have been entitled to the benefits described above, subject to the same
conditions. For this purpose, a change in control includes: (a) any person
becoming the beneficial owner of more than 50% of the voting stock of AXA
Financial, (b) AXA and its affiliates ceasing to control the election of a
majority of the AXA Financial Board of directors and (c) approval by AXA
Financial's stock holders of a reorganization, merger or consolidation or sale
of all or substantially all of the assets of AXA Financial unless AXA and its
affiliates owned directly or indirectly more than 50% of voting power of the
company resulting from such transaction.

2015 DIRECTOR COMPENSATION TABLE

The following table provides information on compensation that was paid to our
directors for 2015 services.



                                                                                                            CHANGE IN
                                                                                                          PENSION VALUE
                                                                                                               AND
                                                      FEES                                                NONQUALIFIED
                                                     EARNED                                  NON-EQUITY     DEFERRED
                                                     OR PAID                      OPTION   INCENTIVE PLAN COMPENSATION
                                                   IN CASH/(1)/     STOCK       AWARDS/(3)  COMPENSATION    EARNINGS
NAME                                                   ($)      AWARDS/(2)/ ($)    /($)         ($)            ($)
----                                               ------------ -------------   ---------- -------------- -------------
                                                                                           
DE CASTRIES, HENRI................................           --            --           --             --            --
DUVERNE, DENIS....................................           --            --           --             --            --
DE OLIVEIRA, RAMON................................ $     27,800  $     33,777           --             --            --
FALLON-WALSH, BARBARA............................. $     42,167  $     33,333           --             --            --
HALE, DANNY L..................................... $     12,310  $     22,491           --             --            --
KAYE, DANIEL...................................... $      9,501  $      5,281           --             --            --
KRAUS, PETER S.................................... $         --  $         --           --             --            --
MATUS, KRISTI..................................... $      7,601  $      5,281           --             --            --
SCOTT, BERTRAM.................................... $     30,600  $     33,333           --             --            --
SLUTSKY, LORIE A.................................. $     30,733  $     33,333           --             --            --
VAUGHAN, RICHARD C................................ $     37,667  $     33,777           --             --            --








                                                      ALL OTHER
                                                   COMPENSATION/(4)/   TOTAL
NAME                                                     ($)            ($)
----                                               ----------------  ----------
                                                               
DE CASTRIES, HENRI................................ $        155,870  $  155,870
DUVERNE, DENIS.................................... $        103,913  $  103,913
DE OLIVEIRA, RAMON................................ $            296  $   61,873
FALLON-WALSH, BARBARA............................. $            596  $   76,096
HALE, DANNY L..................................... $            394  $   35,195
KAYE, DANIEL...................................... $             99  $   14,881
KRAUS, PETER S.................................... $             --  $       --
MATUS, KRISTI..................................... $            184  $   13,066
SCOTT, BERTRAM.................................... $            434  $   64,367
SLUTSKY, LORIE A.................................. $            332  $   64,398
VAUGHAN, RICHARD C................................ $          1,087  $   72,531


/(1)/For 2015, each of our non-officer directors received the following cash
     compensation:

   .   $25,000 cash retainer (pro-rated for partial years of service);

   .   $400 for each special board meeting attended;

   .   $500 for each Audit Committee meeting attended; and

   .   $400 for all other Committee meetings attended.

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In addition, the Chairpersons of the Organization and Compensation Committee,
the Investment Committee and the Investment and Finance Committee each received
a $3,333 retainer and the Chairman of the Audit Committee received a $4,167
retainer.

/(2)/The amounts reported in this column represent the aggregate grant date
     fair value of restricted and unrestricted stock awarded in 2015 in
     accordance with FASB ASC Topic 718, and the assumptions made in
     calculating them can be found in Note 13 of the Notes to the Consolidated
     Financial Statements. As of December 31, 2015, our directors had
     outstanding restricted stock awards in the following amounts:

                                             
   Mr. De Oliveira                                 161 restricted shares
   Ms. Fallon-Walsh                                161 restricted shares
   Mr. Hale/5/                                     161 restricted shares
   Mr. Scott                                       161 restricted shares
   Ms. Slutsky                                     161 restricted shares
   Mr. Vaughan                                     161 restricted shares



/(3)/As of December 31, 2015, our directors had outstanding stock options in
     the following amounts:

                                             
   Mr. De Oliveira                                 135 options
   Ms. Fallon-Walsh                                66 options
   Mr. Hale/5/                                     195 options
   Mr. Scott                                       66 options
   Ms. Slutsky                                     313 options
   Mr. Vaughan                                     195 options



/(4)/This column lists premiums paid by the company for group life insurance
     coverage and any amounts paid by the company for a director's spouse to
     accompany the director on a business trip or event.
/(5)/Mr. Hale retired on May 20, 2015.

THE EQUITY PLAN FOR DIRECTORS

Under the current terms of The Equity Plan for Directors (the "Equity Plan"),
non-officer directors are granted the following each year:

   .   a restricted stock award of $15,000 (granted in the first quarter); and

   .   a stock retainer of $18,333, payable in two installments in June and
       December.

For calendar years prior to 2014, non-officer directors were also granted
option awards each year.

Stock Options

The value of the stock option grants were determined using the Black-Scholes
methodology or other methodology used with respect to option awards
contemporaneously made to employees. The options are subject to a four-year
vesting schedule whereby one-third of each grant vests on the second, third and
fourth anniversaries of the grant date.

Restricted Stock

The number of shares of restricted stock to be granted to each non-officer
director is determined by dividing $15,000 by the fair market value of the
stock on the applicable grant date (rounded down to the nearest whole number).
During the restricted period, the directors are entitled to exercise full
voting rights on the restricted stock and receive all dividends and
distributions. The restricted stock has a three-year cliff vesting schedule.

Termination of Service

In the event a non-officer director dies or, after completing one year of
service, is removed without cause, is not reelected, retires or resigns:
(a) his or her options will become fully vested and exercisable at any time
prior to the earlier of the expiration of the grant or five years from
termination of service and (b) his or her restricted stock will immediately
become non-forfeitable; provided that if the director performs an act of
misconduct, all of his or her options and restricted stock then outstanding
will become forfeited. Upon any other type of termination, all outstanding
options and restricted stock are forfeited.

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Deferrals of Restricted Stock and Stock Retainer

Non-officer directors may elect to defer receipt of at least ten percent of
their stock retainer and/or restricted stock awards. Upon deferral, the
director receives deferred stock units in the same number and with the same
vesting restrictions, if any, as the underlying awards. The director is
entitled to receive dividend equivalents on such deferred stock units, if
applicable. The deferred stock units will be distributed in stock on an elected
distribution date or upon the occurrence of certain events.

Change in Control

Upon a change in control of AXA Financial, unless the awards will be assumed or
substituted following the change in control: (a) the options will either become
fully exercisable or cancelled in exchange for a payment in cash equal to the
excess, if any, of the change in control price over the exercise price, and
(b) the restricted stock will become immediately non-forfeitable.

CHARITABLE AWARD PROGRAM FOR DIRECTORS

Under the Charitable Award Program for Directors, a non-officer director may
designate up to five charitable organizations and/or education institutions to
receive an aggregate donation of $166,667 after his or her death. Although the
company may purchase life insurance policies insuring the lives of the
participants to financially support the program, it has not elected to do so.

NON-CONTRIBUTORY GROUP LIFE INSURANCE COVERAGE

Non-officer directors are eligible for $125,000 of non-contributory group life
insurance coverage.

MATCHING GIFTS

Non-officer directors may participate in AXA Foundation's Matching Gifts
program. Under this program, the AXA Foundation matches donations made by
participants to public charities of $50 or more, up to $667 per year.

BUSINESS TRAVEL ACCIDENT

All directors are covered for accidental loss of life while traveling to, or
returning from:

   .   board or committee meetings;

   .   trips taken at our request; and

   .   trips for which the director is compensated.

Each director is covered up to four times their annual compensation, subject to
certain maximums.

DIRECTOR EDUCATION

All directors are encouraged to attend director education programs as they deem
appropriate to stay abreast of developments in corporate governance and best
practices relevant to their contribution to the board generally, as well as to
their responsibilities in their specific committee assignments and other roles.
We generally reimburse non-officer directors for the cost to attend director
education programs offered by third parties, including related reasonable
travel and lodging expenses, up to a maximum amount of $1,667 per director each
calendar year.

THE POST-2004 VARIABLE DEFERRED COMPENSATION PLAN FOR DIRECTORS

Non-officer directors may defer up to 100% of their annual cash retainer and
meetings fees under The Post-2004 Variable Deferred Compensation Plan for
Directors (the "Deferral Plan"). Deferrals are credited to a bookkeeping
account in the director's name in the month that the compensation otherwise
would have been paid to him or her. The account is used solely for record
keeping purposes and no assets are actually placed into any account in the
director's name. The minimum deferral is 10%.

Account balances in the Deferral Plan are credited with gains and losses as if
invested in the available earnings crediting options chosen by the participant.
The Deferral Plan currently offers a variety of earnings crediting options
which are among those offered by the AXA Premier VIP Trust and EQ Advisors
Trust.

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Participants in the Deferral Plan elect the form and timing of payments from
their accounts. Payments may be received in any combination of a lump sum
and/or annual installments paid in consecutive years. Payments may begin in any
July or December after the year of deferral, but they must begin by the first
July or the first December following age 70 (72 in the case of certain
grandfathered directors). Participants make alternate elections in the event of
separation from service prior to the specified payment date and death prior to
both the specified payment date and separation from service.

The Deferral Plan was designed, and is intended to be administered, in
accordance with the requirements of Code Section 409A.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS

We are an indirect, wholly-owned subsidiary of AXA Financial. AXA Financial's
common stock is 100% owned by AXA and its subsidiaries. For additional
information regarding AXA, see "Business -- Parent Company".

SECURITY OWNERSHIP BY MANAGEMENT

The following table sets forth, as of March 1, 2016, certain information
regarding the beneficial ownership of common stock of AXA by each of our
directors and executive officers and by all of our directors and executive
officers as a group.

                             AXA COMMON STOCK/(1)/



                                                   NUMBER OF SHARES AND
                                                   NATURE OF BENEFICIAL
NAME OF BENEFICIAL OWNER                                OWNERSHIP       PERCENT OF CLASS
------------------------                           -------------------- ----------------
                                                                  
Mark Pearson/(2)/.................................              771,392                *
Henri de Castries/(3)/............................            3,758,786                *
Ramon de Oliveria/(4)/............................               26,468                *
Denis Duverne/(5)/................................            2,328,371                *
Barbara Fallon-Walsh/(6)/.........................               17,979                *
Daniel G. Kaye....................................                2,571                *
Peter S. Kraus....................................                   --                *
Kristi A. Matus...................................                2,571                *
Bertram L. Scott/(7)/.............................               17,984                *
Lorie A. Slutsky/(8)/.............................               45,747                *
Richard C. Vaughan/(9)/...........................               32,605                *
Priscilla S. Brown/(10)/..........................               10,623                *
Dave S. Hattem/(11)/..............................              158,755                *
Nick Lane/(12)/...................................              212,662                *
Anders Malmstrom/(13)/............................               92,474                *
Salvatore Piazzolla/(14)/.........................              115,612                *
Sharon Ritchey/(15)/..............................               43,045                *
All directors, director nominees and executive
  officers as a group (16 persons)/(16)/..........            7,637,645                *


*  Number of shares listed represents less than 1% of the outstanding AXA
   common stock.
/(1)/Holdings of AXA American Depositary Shares ("ADS") are expressed as their
     equivalent in AXA ordinary shares. Each AXA ADS represents the right to
     receive one AXA ordinary share.
/(2)/Includes 373,424 shares Mr. Pearson can acquire within 60 days under
     option plans. Also includes 257,467 unvested AXA performance shares.
/(3)/Includes 1,847,203 shares Mr. de Castries can acquire within 60 days under
     option plans. Also includes 236,703 unvested AXA performance shares.
/(4)/Includes 3,652 shares Mr. de Oliveira can acquire within 60 days under
     option plans.
/(5)/Includes 1,019,841 shares Mr. Duverne can acquire within 60 days under
     option plans. Also includes 204,210 unvested AXA performance shares.
/(6)/Includes (i) 1,418 shares Ms. Fallon-Walsh can acquire within 60 days
     under option plans and (ii) 15,998 deferred stock units under The Equity
     Plan for Directors.
/(7)/Includes (i) 1,418 shares Mr. Scott can acquire within 60 days under
     option plans and (ii) 14,382 deferred stock units under The Equity Plan
     for Directors.
/(8)/Includes (i) 9,393 shares Ms. Slutsky can acquire within 60 days under
     options plans and (ii) 36,354 deferred stock units under The Equity Plan
     for Directors.
/(9)/Includes 5,594 shares Mr. Vaughan can acquire within 60 days under option
     plans.
/(10)/Includes 10,623 unvested AXA performance shares.
/(11)/Includes 75,155 shares Mr. Hattem can acquire within 60 days under option
      plans. Also includes 64,414 unvested AXA performance shares.
/(12)/Includes 74,909 shares Mr. Lane can acquire within 60 days under option
      plans. Also includes 128,725 unvested AXA performance shares.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      114





/(13)/Includes 23,290 shares Mr. Malmstrom can acquire within 60 days under
      option plans. Also includes 68,102 unvested AXA performance shares.
/(14)/Includes 59,340 shares Mr. Piazzolla can acquire within 60 days under
      option plans. Also includes 46,354 unvested AXA performance shares.
/(15)/Includes 43,045 unvested AXA performance shares.
/(16)/Includes 3,494,637 shares the directors and executive officers as a group
      can acquire within 60 days under option plans.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      115





TRANSACTIONS WITH RELATED PERSONS, PROMOTERS AND CERTAIN CONTROL PERSONS

POLICIES AND PROCEDURES REGARDING TRANSACTIONS WITH RELATED PERSONS

AXA Financial, our indirect parent company, has formal policies covering its
employees and directors that are designed to avoid conflicts of interests that
may arise in certain related party transactions. For example, employees of AXA
Financial and its subsidiaries are subject to the Code of Ethics. The Code of
Ethics includes provisions designed to avoid conflicts of interests that may
lead to divided loyalties by requiring that employees, among other things, not
exercise any responsibility in a transaction in which they have an interest,
receive certain approvals before awarding any contract to a relative or close
personal friend and not take for their own benefit business opportunities
developed or learned of during the course of employment. Similarly, MLOA's
non-officer directors are subject to the AXA Financial Policy Statement on
Interests of Directors and Contracts With Directors And Their Relatives for
Non-Officer Directors (the "Policy Statement"). The Policy Statement includes
provisions designed to maintain the directors' independent judgment by
requiring, among other things, disclosure of interests in any proposed
transaction and abstention from voting if a director has a significant
financial interest in the transaction or the transaction is with a business
organization in which the director has an official affiliation. It further
prohibits certain credit related transactions and requires disclosure of
potential contracts with and employment of close relatives. Each director must
submit a report annually regarding his or her compliance with the Policy
Statement.

Other than as set forth above, MLOA does not have written policies regarding
the employment of immediate family members of any of its related persons.

As a wholly-owned indirect subsidiary of AXA Financial, and ultimately of AXA,
MLOA enters into various transactions with both AXA Financial and AXA and their
subsidiaries in the normal course of business including, among others, service
agreements, reinsurance transactions, and lending and other financing
arrangements. While there is no formal written policy for the review and
approval of transactions between MLOA and AXA and/or AXA Financial, such
transactions are routinely subject to a review and/or approval process. For
example, payments made by MLOA to AXA and its subsidiaries pursuant to certain
intercompany service or other agreements ("Intercompany Agreements") are
reviewed with the Audit Committee on an annual basis. The amount paid by MLOA
for any personnel, property and services provided under such Intercompany
Agreements may not exceed the fair market value of such personnel, property and
services. Additionally, Intercompany Agreements to which MLOA is a party are
subject to the approval of the Arizona Department of Insurance, pursuant to
Arizona's insurance holding company systems act.

In practice, any proposed related party transaction which management deems to
be significant or outside of the ordinary course of business would be submitted
to the Board of Directors for its approval.

TRANSACTIONS BETWEEN MLOA AND AFFILIATES

Under MLOA's service agreement with AXA Equitable, personnel services, employee
benefits, facilities, supplies and equipment are provided to MLOA to conduct
its business. The associated costs related to the service agreement are
allocated to MLOA based on methods that management believes are reasonable,
including a review of the nature of such costs and activities performed to
support MLOA. As a result of such allocations, MLOA incurred expenses of
$88,073,086, $67,404,204 and $87,241,694 for 2015, 2014 and 2013, respectively.

MLOA paid $63,846,023, $52,235,271 and $47,037,841 in commissions and fees for
the sale of its insurance products to AXA Distribution Holding Corporation and
its subsidiaries in 2015, 2014 and 2013, respectively. AXA Distribution Holding
Corporation is an indirect wholly-owned subsidiary of AXA Financial and its
subsidiaries include AXA Advisors, LLC, AXA Network LLC and PlanConnect, LLC.

In 2013, MLOA used a portion of the consideration received from the reinsurance
agreement with Protective Life to return $200,000,000 in capital to its parent,
AXA Equitable Financial Services, LLC, and to donate $20,000,000 to AXA
Foundation, Inc. (the "Foundation"). The Foundation was organized for the
purpose of distributing grants to various tax-exempt charitable organizations
and administering various matching gift programs for AXA Equitable and its
subsidiaries and affiliates, including MLOA.

Various AXA affiliates, including MLOA, cede a portion of their life, health
and catastrophe insurance business through reinsurance agreements to AXA Global
Life. Beginning in 2008 AXA Global Life, in turn, retrocedes a quota share
portion of these risks to MLOA on a one-year term basis.

MLOA cedes a portion of its life business through excess of retention treaties
to AXA Equitable on a yearly renewal term basis and reinsured the no lapse
guarantee riders through AXA RE Arizona Company.

During 2015, 2014 and 2014, premiums, claims and expenses assumed and ceded
under these agreements were not significant.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      116






MLOA paid $12,966,783, $2,193,006 and $1,876,091 in commissions and fees for
the sale of its insurance products to AXA Distributors in 2015, 2014 and 2013,
respectively.

In addition to the AXA Equitable service agreement, MLOA has various other
service and investment advisory agreements with AB. The amount of expenses
incurred by MLOA related to these agreements was $1,374,155, $1,156,818 and
$1,782,242 for 2015, 2014 and 2013, respectively.

      APPENDIX: INFORMATION ABOUT MONY LIFE INSURANCE COMPANY OF AMERICA

                                      117


                                   PART II


ITEM 13.    OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION



                                                                                ESTIMATED
         ITEM OF EXPENSE                                                         EXPENSE
         --------------------------------------------------------------------   ---------
                                                                             
         Registration fees...................................................   $       1
         Federal taxes.......................................................         N/A
         State taxes and fees (based on 50 state average)....................         N/A
         Trustees' fees......................................................         N/A
         Transfer agents' fees...............................................         N/A
         Printing and filing fees............................................   $  50,000
         Legal fees..........................................................   $  10,000
         Accounting fees.....................................................         N/A
         Audit fees..........................................................   $  20,000
         Engineering fees....................................................         N/A
         Directors and officers insurance premium paid by Registrant.........         N/A



ITEM 14.    INDEMNIFICATION OF DIRECTORS AND OFFICERS

The By-Laws of MONY Life Insurance Company of America provide, in Article VI as
follows:


                                 ARTICLE VI


        INDEMNIFICATION OF OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS

SECTION 1. NATURE OF INDEMNITY. The Corporation shall indemnify any person who
was or is a party or is threatened to be made a party to any threatened,
pending or completed action, suit or proceeding, whether civil, criminal,
administrative, or investigative, by reason of the fact that he or she is or
was or has agreed to become a director or officer of the Corporation, or is or
was serving or has agreed to serve at the request of the Corporation as a
director or officer of another corporation, partnership, joint venture, trust
or other enterprise, or by reason of any action alleged to have been taken or
omitted in such capacity, and may indemnify any person who was or is a party or
is threatened to be made a party to such an action, suit or proceeding by
reason of the fact that he or she is or was or has agreed to become an employee
or agent of the Corporation, or is or was serving or has agreed to serve at the
request of the Corporation as an employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against expenses
(including attorneys' fees), judgments, fines and amounts paid in settlement
actually and reasonably incurred by him or her or on his or her behalf in
connection with such action, suit or proceeding and any appeal therefrom, if he
or she acted in good faith and in a manner he or she reasonably believed to be
in or not opposed to the best interests of the Corporation, and, with respect
to any criminal action or proceeding had no reasonable cause to believe his or
her conduct was unlawful; except that in the case of an action or suit by or in
the right of the Corporation to procure a judgment in its favor (1) such
indemnification shall be limited to expenses (including attorneys' fees)
actually and reasonably incurred by such person in the defense or settlement of
such action or suit, and (2) no indemnification shall be made in respect of any
claim, issue or matter as to which such person shall have been adjudged to be
liable to the Corporation unless and only to the extent that the court in which
such action or suit was brought or other court of competent jurisdiction shall
determine upon application that, despite the adjudication of liability but in
view of all the circumstances of the case, such person is fairly and reasonably
entitled to indemnity.

The termination of any action, suit or proceeding by judgment, order,
settlement, conviction or upon a plea of no contest or its equivalent, shall
not, of itself, create a presumption that the person did not act in good faith
and in a manner which he or she reasonably believed to be in or not opposed to
the best interests of the Corporation, and, with respect to any criminal action
or proceeding, had reasonable cause to believe that his or her conduct was
unlawful.

SECTION 6. SURVIVAL; PRESERVATION OF OTHER RIGHTS. The foregoing
indemnification provisions shall be deemed to be a contract between the
Corporation and each director, officer, employee and agent who serves in any
such capacity at any time while these provisions as well as the relevant
provisions of Title 10, Arizona Revised Statutes are in effect and any repeal
or modification thereof shall not affect any right or obligation then existing
with respect to any state of facts then or previously existing or any action,
suit or proceeding previously or thereafter brought or threatened based


  1



in whole or in part upon any such state of facts. Such a "contract right" may
not be modified retroactively without the consent of such director, officer,
employee or agent.

The indemnification provided by this Article shall not be deemed exclusive of
any other right to which those indemnified may be entitled under any by-law,
agreement, vote of stockholders or disinterested directors or otherwise, both
as to action in his or her official capacity and as to action in another
capacity while holding such office, and shall continue as to a person who has
ceased to be a director, officer, employee or agent and shall inure to the
benefit of the heirs, executors and administrators of such a person.

SECTION 7. INSURANCE. The Corporation may purchase and maintain insurance on
behalf of any person who is or was a director or officer of the Corporation, or
is or was serving at the request of the Corporation as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or
other enterprise against any liability asserted against such person and
incurred by such person in any such capacity or arising out of his or her
status as such, whether or not the Corporation would have the power to
indemnify such person against such liability under the provisions of this
By-Law.


ITEM 15.    RECENT SALES OF UNREGISTERED SECURITIES

None


ITEM 16.    EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

     (1)  Underwriting Agreement.

          (a) Wholesale Distribution Agreement dated April 1, 2005 by and
              between MONY Life Insurance Company of America, MONY Securities
              Corporation, and AXA Distributors, LLC, is incorporated herein by
              reference to the Registration Statement on Form S-3 (File No.
              333-177419) filed on October 20, 2011.


          (i) Form of the First Amendment dated as of October 1, 2013 to the
              Wholesale Distribution Agreement dated as of April 1, 2005
              between MONY Life Insurance Company of America and AXA
              Distributors, LLC, filed herewith to this Registration Statement
              on Form S-1 (File No. 333-195491) on April 19, 2016.



          (ii) Second Amendment dated as of August 1, 2015 to the Wholesale
               Distribution Agreement dated as of April 1, 2005 between MONY
               Life Insurance Company of America and AXA Distributors, LLC,
               filed herewith to this Registration Statement on Form S-1 (File
               No. 333-195491) on April 19, 2016.


          (b) Broker-Dealer Distribution and Servicing Agreement dated June 6,
              2005 by and between MONY Life Insurance Company of America and
              AXA Advisors, LLC, is incorporated herein by reference to the
              Registration Statement on Form S-1 (File No. 333-180068) filed on
              March 13, 2012.

          (c) General Agent Sales Agreement dated June 6, 2005 by and between
              MONY Life Insurance Company of America and AXA Network, LLC,
              incorporated herein by reference to the Registration Statement on
              Form S-1 (File No. 333-180068) filed on March 13, 2012.

          (i) First Amendment dated as of August 1, 2006 to General Agent Sales
              Agreement dated as of August 1, 2006 by and between MONY Life
              Insurance Company of America and AXA Network, incorporated herein
              by reference to Post-Effective Amendment No. 12 to the
              Registration Statement on Form N-6 (File No. 333-134304) filed on
              March 1, 2012.

          (ii) Second Amendment dated as of April 1, 2008 to General Agent
               Sales Agreement dated as of April 1, 2008 by and between MONY
               Life Insurance Company of America and AXA Network, LLC,
               incorporated herein by reference to the Registration Statement
               on Form S-1 (File No. 333-180068) filed on March 13, 2012.


          (iii) Form of the Third Amendment to General Agent Sales Agreement
                dated as of October 1, 2013 by and between MONY Life Insurance
                Company of America and AXA Network, LLC, previously filed with
                this registration statement on Form S-1 (333-195491) on April
                21, 2015.



          (iv) Form of the Fourth Amendment to General Agent Sales Agreement
               dated as of October 1, 2014 by and between MONY Life Insurance
               Company of America and AXA Network, LLC, previously filed with
               this registration statement on Form S-1 (333-195491) on April
               21, 2015.



          (v) Fifth Amendment to General Agent Sales Agreement, dated as of
              June 1, 2015 by and between MONY Life Insurance Company of
              America ("MONY America") and AXA NETWORK, LLC and the additional
              affiliated entities of AXA Network, LLC, incorporated herein by
              reference to the Registration Statement on Form N-6 (File No.
              333-207014) filed on December 23, 2015.




  2



     (2)  Not Applicable.

     (3)  (i)  Articles of Incorporation.

              (a)  Articles of Restatement of the Articles of Incorporation of
                   MONY Life Insurance Company of America (as Amended July 22,
                   2004), incorporated herein by reference to Post-Effective
                   Amendment No. 7 to the Registration Statement on Form N-4
                   (File No. 333-72632) filed on April 22, 2005.

     (3)  (ii)  By-Laws.

              (a)  By-Laws of MONY Life Insurance Company of America (as
                   Amended July 22, 2004), incorporated herein by reference to
                   Post-Effective Amendment No. 7 to the Registration Statement
                   on Form N-4 (File No. 333-72632) filed on April 22, 2005.

     (4)  Form of contract.

          (a) Proposed form of flexible payment variable annuity contract,
              incorporated herein by reference to the Registration Statement on
              Form N-4 (File No. 333-59717) filed on July 23, 1998.

          (b) Proposed form of flexible payment variable annuity contract,
              incorporated herein by reference to Pre-Effective Amendment No. 1
              to the Registration Statement on Form N-4 (File No. 333-72632)
              filed on January 9, 2002.

     (5)  Opinion and consent of counsel regarding legality


          (a) Opinion and consent of Shane Daly as to the legality of
              securities being registered, filed herewith.


     (8)  Opinion and consent of Robert Levy as to tax matters, incorporated
          herein by reference to Post-Effective Amendment No. 1 to Form S-1 on
          Form S-2 (File No. 333-105089) filed on August 4, 2004.

     (9)  Not Applicable.

     (10) Material Contracts.

          (a) Services Agreement between The Mutual Life Insurance Company of
              New York and MONY Life Insurance Company of America, incorporated
              herein by reference to Post-Effective Amendment No. 22 to the
              Registration Statement on Form N-6 (File No. 333-06071) filed on
              April 30, 2003.

          (b) Amended and Restated Services Agreement between MONY Life
              Insurance Company of America and AXA Equitable Life Insurance
              Company dated as of February 1, 2005, incorporated herein by
              reference to Annual Report on Form 10-K (File No. 333-65423)
              filed on March 31, 2005.

          (c) Broker-Dealer and General Agent Servicing Agreement for In-Force
              MLOA Products dated October 1, 2013, between MONY Life Insurance
              Company of America, AXA Advisors, LLC and AXA Network, LLC
              incorporated herein by reference to Post-Effective Amendment No.
              24 to the Registration Statement on Form S-6 (333-56969) filed on
              April 25, 2014.

          (d) Wholesale Level Servicing Agreement for In-Force MLOA Products
              dated October 1, 2013, between MONY Life Insurance Company of
              America and AXA Distributors, LLC, incorporated herein by
              reference to Post-Effective Amendment No. 24 to the Registration
              Statement on Form S-6 (333-56969) filed on April 25, 2014.

          (e) Reinsurance Agreement by and among MONY Life Insurance Company of
              America and Protective Life Insurance Company, dated October 1,
              2013, incorporated herein by reference to Post-Effective
              Amendment No. 24 to the Registration Statement on Form S-6
              (333-56969) filed on April 25, 2014.

     (11) Not Applicable.

     (12) Not Applicable.

     (15) Not Applicable.

     (16) Not Applicable.

     (21) Not Applicable.

     (23) Consents of Experts and Counsel.

          (a) Consent of Pricewaterhouse Coopers, LLP filed herewith.

          (b) See Item (5) above.



  3



     (24) Powers of Attorney.


          (a)  Powers of Attorney, filed herewith.


     (25) Not Applicable.

     (26) Not Applicable.

101.INS.     XBRL Instance Document, filed herewith.

101.SCH.     XBRL Taxonomy Extension Schema Document, filed herewith.

101.CAL.     XRL Taxonomy Extension Calculation Linkbase Document, filed
herewith.

101.LAB.     XBRL Taxonomy Label Linkbase Document, filed herewith.

101.PRE.     XBRL Taxonomy Extension Presentation Linkbase Document, filed
herewith.

101.DEF.     XBRL Taxonomy Extension Definition Linkbase Document, filed
herewith.


ITEM 17.    UNDERTAKINGS

     (a)  The undersigned registrant hereby undertakes:

          (1)  To file, during any period in which offers or sales are being
               made, a post-effective amendment to this registration
               statement:

               (i) to include any prospectus required by section 10 (a) (3) of
                   the Securities Act of 1933;

               (ii) to reflect in the prospectus any facts or events arising
                    after the effective date of the registration statement (or
                    the most recent post-effective amendment thereof) which,
                    individually or in the aggregate represent a fundamental
                    change in the information set forth in the registration
                    statement. Notwithstanding the foregoing, any increase or
                    decrease in volume of securities offered (if the total
                    dollar value of securities offered would not exceed that
                    which was registered) and any deviation from the low or
                    high end of the estimated maximum offering range may be
                    reflected in the form of prospectus filed with the
                    Commission pursuant to Rule 424 (b) if, in the aggregate,
                    the changes in volume and price represent no more than 20%
                    change in the maximum aggregate offering price set forth in
                    the "Calculation of Registration Fee" table in the
                    effective registration statement;

               (iii) to include any material information with respect to the
                     plan of distribution not previously disclosed in the
                     registration statement or any material change to such
                     information in the registration statement;

               provided, however, that paragraphs (a) (1) (i), (a) (1) (ii) and
               (a) (1) (iii) do not apply if the information required to be
               included in a post-effective amendment by those paragraphs is
               contained in periodic reports filed with or furnished to the
               Commission by the registrant pursuant to Section 13 or 15 (d) of
               the Securities Act of 1934 that are incorporated by reference in
               the registration statement, or is contained in a form of
               prospectus filed pursuant to Rule 424 (b) that is part of this
               Registration Statement.

          (2)  That, for the purpose of determining any liability under the
               Securities Act of 1933, each such post-effective amendment shall
               be deemed to be a new registration statement relating to the
               securities offered therein, and the offering of such securities
               at that time shall be deemed to be the initial bona fide
               offering thereof.

          (3)  To remove from registration by means of a post-effective
               amendment any of the securities being registered which remain
               unsold at the termination of the offering.

          (4)  That, for the purpose of determining liability under the
               Securities Act of 1933 to any purchaser, each prospectus filed
               pursuant to Rule 424 (b) as part of a registration statement
               relating to an offering, other than registration statements
               relying on Rule 430B or other than prospectuses filed in
               reliance on Rule 430A, shall be deemed to be part of and
               included in the registration statement as of the date it is
               first used after effectiveness. Provided, however, that no
               statement made in a registration statement or prospectus that is
               part of the registration statement or made in a document
               incorporated or deemed incorporated by reference into the
               registration statement or prospectus that is part of the
               registration statement will, as to a purchaser with a time of
               contract of sale prior to such first use, supersede or modify
               any statement that was made in the registration statement or
               prospectus that was part of the registration statement or made
               in any such document immediately prior to such date of first
               use.



  4



          (5)  That, for the purpose of determining liability of the Registrant
               under the Securities Act of 1933 to any purchaser in the initial
               distribution of the securities: The undersigned Registrant
               undertakes that in a primary offering of securities of the
               undersigned Registrant pursuant to this registration statement,
               regardless of the underwriting method used to sell the
               securities to the purchaser, if the securities are offered or
               sold to such purchaser by means of any of the following
               communications, the undersigned Registrant will be a seller to
               the purchaser and will be considered to offer or sell such
               securities to such purchaser: (i) Any preliminary prospectus or
               prospectus of the undersigned Registrant relating to the
               offering required to be filed pursuant to Rule 424; (ii) Any
               free writing prospectus relating to the offering prepared by or
               on behalf of the undersigned Registrant or used or referred to
               by the undersigned Registrant; (iii) The portion of any other
               free writing prospectus relating to the offering containing
               material information about the undersigned Registrant or its
               securities provided by or on behalf of the undersigned
               Registrant; and (iv) Any other communication that is an offer in
               the offering made by the undersigned Registrant to the
               purchaser.

     (b)  Insofar as indemnification for liabilities arising under the
          Securities Act of 1933 may be permitted to directors, officers and
          controlling persons of the registrant pursuant to the foregoing
          provisions, or otherwise, the registrant has been advised that in the
          opinion of the Securities and Exchange Commission such
          indemnification is against public policy as expressed in the Act and
          is, therefore, unenforceable. In the event that a claim for
          indemnification against such liabilities (other than the payment by
          the registrant of expenses incurred or paid by a director, officer or
          controlling person of the registrant in the successful defense of any
          action, suit or proceeding) is asserted by such director, officer or
          controlling person in connection with the securities being
          registered, the registrant will, unless in the opinion of its counsel
          the matter has been settled by controlling precedent, submit to a
          court of appropriate jurisdiction the question whether such
          indemnification by it is against public policy as expressed in the
          Act and will be governed by the final adjudication of such issue.



  5






                                 SIGNATURES


As required by the Securities Act of 1933 and the Investment Company Act of
1940, the Depositor has caused this Amendment to the Registration Statement to
be signed on its behalf, by the undersigned, duly authorized, in the City and
State of New York, on the 19th day of April, 2016.



MONY Life Insurance Company of America
                            (Registrant)


By:                  /s/ Shane Daly
    ----------------------------------------------------------------

                             SHANE DALY
            VICE PRESIDENT AND ASSOCIATE GENERAL COUNSEL
               MONY Life Insurance Company of America


Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, this Amendment to the Registration Statement has been
signed by the following persons in the capacities and on the date indicated:

PRINCIPAL EXECUTIVE OFFICER:

                         
                   *                    Chairman of the Board, Chief Executive Officer,
            Mark Pearson                  Director and President


            
PRINCIPAL FINANCIAL OFFICER:

                             
                   *                    Senior Executive Vice President and Chief Financial
        Anders B. Malmstrom               Officer


        
PRINCIPAL ACCOUNTING OFFICER:

                          
                   *                   Executive Vice President and Chief Accounting Officer
          Andrea M. Nitzan


          
DIRECTORS:


                                                                       
Mark Pearson                           Peter S. Kraus                        Lorie A. Slutsky
Barbara Fallon-Walsh                   Bertram L. Scott                      Richard C. Vaughan
Daniel G. Kaye                         Kristi A. Matus

*BY:        /S/ SHANE DALY
             Shane Daly
           ATTORNEY-IN-FACT
            April 19, 2016













                                EXHIBIT INDEX





                EXHIBIT NO.                                 DESCRIPTION                                    TAG VALUE
               ------------    ---------------------------------------------------------------------    --------------
                                                                                                  

                  (5)(a)                         Opinion and Consent of Shane Daly                         EX-99.5a

                  (23)(a)                     Consent of Pricewaterhouse Coopers, LLP                      EX-99.23a

                  (24)(a)                               Powers of Attorney

                  101.INS                             XBRL Instance Document                              EX-101.INS

                  101.SCH                     XBRL Taxonomy Extension Schema Document                     EX-101.SCH

                  101.CAL              XRL Taxonomy Extension Calculation Linkbase Document               EX-101.CAL

                  101.LAB                      XBRL Taxonomy Label Linkbase Document                      EX-101.LAB

                  101.PRE             XBRL Taxonomy Extension Presentation Linkbase Document              EX-101.PRE

                  101.DEF              XBRL Taxonomy Extension Definition Linkbase Document               EX-101.DEF

EX-99.5(A)

                                                                 EXHIBIT 99.5(A)

                     MONY Life Insurance Company of America
                            525 Washington Boulevard
                         Jersey City, New Jersey 07310

                                                                      SHANE DALY
                                                              Vice President and
                                                       Associate General Counsel

                                                                   (212)314-3912
                                                               FAX (212)707-1791

                                                                  LAW DEPARTMENT

                                                                  April 19, 2016

MONY Life Insurance Company of America
525 Washington Boulevard
Jersey City, New Jersey 07310

Dear Sirs:

      This opinion is furnished in connection with the filing by MONY Life
Insurance Company of America ("MONY America") of Pre-Effective Amendment No. 1
to a Registration Statement of MONY America for the purpose of registering
guaranteed interest account with market value adjustment interests under
flexible premium annuity contracts ("Interests") under the Securities Act of
1933, as previously reviewed by the staff.

      The Interests are purchased with contributions received under individual
variable annuity contracts (the "Contracts"). As described in the prospectus
included in the Registration Statement, the Contracts are designed to provide
for retirement income benefits.

      I have examined such corporate records of MONY America and provisions of
the Arizona Insurance Law as are relevant to authorization and issuance of the
Contracts and such other documents and laws as I consider appropriate. On the
basis of such examination, it is my opinion that:

      1. MONY America is a corporation duly organized and validly existing under
      the laws of the State of Arizona.

      2. The Contracts (including any Interests credited thereunder) are duly
      authorized and, when issued in accordance with applicable regulatory
      approvals, represent validly issued and binding obligations of MONY
      America.

      I hereby consent to the use of this opinion as an exhibit to the
Registration Statement.

                                        Very truly yours,

                                        /s/ Shane Daly
                                        ---------------------------------------
                                        Shane Daly

EX-99.23(A)

                                                                EXHIBIT 99.23(A)

            CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Pre-Effective Amendment No. 1 to
Registration Statement File No. 333-210276 on Form S-1 of our report dated March
18, 2016 relating to the financial statements of MONY Life Insurance Company of
America for the year ended December 31, 2015, which appears in such Registration
Statement. We also consent to the reference to us under the heading "Independent
registered public accounting firm" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP
New York, New York
April 19, 2016

EX-99.24(A)

                               POWER OF ATTORNEY

     KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of MONY Life Insurance Company of America (the "Company"), a stock life
insurance company, hereby constitutes and appoints Dave S. Hattem, Dominique
Baede, Karen Field Hazin, Naomi J. Weinstein, Kermitt J. Brooks, Ralph A.
Petruzzo, Shane Daly, Ira Shuman and each of them (with full power to each of
them to act alone), his or her true and lawful attorney-in-fact and agent for
him or her and on his or her behalf an d in his or her name, place and stead, to
execute and file any and all registration statements (and amendments thereto) by
the Company or its separate accounts relating to annuity contracts and life
insurance policies under the Securities Act of 1933 and/or the Investment
Company Act of 1940, including but not limited to the "Registration Statements,"
as defined below, with all exhibits and all instruments necessary or appropriate
in connection therewith, each of said attorneys-in-fact and agents being
empowered to act with or without the others, and to have full power and
authority to do or cause to be done in the name and on behalf of the undersigned
each and every act and thing requisite and necessary or appropriate with respect
thereto to be done in and about the premises in order to effectuate the same, as
fully to all intents and purposes as the undersigned might or could do in
person, hereby ratifying and confirming all that said attorneys-in-fact and
agents, or any of them, may do or cause to be done by virtue hereof.

     The "Registration Statements" covered by the Power of Attorney are defined
to include the registration statements listed below:

                  MONY AMERICA VARIABLE ACCOUNT A (811-05166)
                                   033-14362
                                   033-20453
                                   033-20696
                                   333-59717
                                   333-72632
                                   333-91776
                                   333-92066
           Form N-4 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT K (811-22886)
                                   333-191149
                                   333-191150
                                   333-207014
           Form N-6 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT L (811-04234)
                                   002-95990
                                   033-82570
                                   333-56969
                                   333-64417
                                   333-72578
                                   333-72596
                                   333-104162
                                   333-134304
           Form N-6 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT S (811-05100)
                                   033-13183
           Form N-6 registration statements to be filed as necessary.

MLOA



                     MONY LIFE INSURANCE COMPANY OF AMERICA
                                   333-132810
                                   333-195491
                                   333-210276

     Form S-1 or S-3 registration statements to be filed, as necessary, for
          Market Value Adjustment interests under MONY Variable Annuity and MONY
          Custom Master contracts issued by MONY Life Insurance Company of
          America.

     Form S-1 or S-3 registration statements to be filed, as necessary, for
          index-linked investment options to be offered with certain flexible
          premium variable life insurance policies. This includes, but is not
          limited to, the Market Stabilizer Option(R).

     Form S-1, S-3, N-4 or N-6 registration statements to be filed as necessary,
          including but not limited to any registration statements filed to
          continue the offering of, and/or register more securities for, any
          securities offered by the registration statements identified above.

IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this 9th
day of April, 2016.


                                       /s/ Barbara Fallon-Walsh
                                       -----------------------------------------
                                       Barbara Fallon-Walsh, Director

State of California)

County of San Diego) ss.:

On the 9th day of April in the year 2016, before me, the undersigned, personally
appeared Barbara Fallon-Walsh, personally known to me or proved to me on the
basis of satisfactory evidence to be the individual whose name is subscribed to
the within instrument and acknowledged to me that he or she executed the same in
his or her capacity, and that by his or her signature on the instrument, the
individual, or the person upon behalf of which the individual acted, executed
the instrument.


/s/ Hung Quoc Tu
--------------------------------------
Signature and Office of individual
taking acknowledgment

MLOA



                               POWER OF ATTORNEY

     KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of MONY Life Insurance Company of America (the "Company"), a stock life
insurance company, hereby constitutes and appoints Dave S. Hattem, Dominique
Baede, Karen Field Hazin, Naomi J. Weinstein, Kermitt J. Brooks, Ralph A.
Petruzzo, Shane Daly, Ira Shuman and each of them (with full power to each of
them to act alone), his or her true and lawful attorney-in-fact and agent for
him or her and on his or her behalf an d in his or her name, place and stead, to
execute and file any and all registration statements (and amendments thereto) by
the Company or its separate accounts relating to annuity contracts and life
insurance policies under the Securities Act of 1933 and/or the Investment
Company Act of 1940, including but not limited to the "Registration Statements,"
as defined below, with all exhibits and all instruments necessary or appropriate
in connection therewith, each of said attorneys-in-fact and agents being
empowered to act with or without the others, and to have full power and
authority to do or cause to be done in the name and on behalf of the undersigned
each and every act and thing requisite and necessary or appropriate with respect
thereto to be done in and about the premises in order to effectuate the same, as
fully to all intents and purposes as the undersigned might or could do in
person, hereby ratifying and confirming all that said attorneys-in-fact and
agents, or any of them, may do or cause to be done by virtue hereof.

     The "Registration Statements" covered by the Power of Attorney are defined
to include the registration statements listed below:

                  MONY AMERICA VARIABLE ACCOUNT A (811-05166)
                                   033-14362
                                   033-20453
                                   033-20696
                                   333-59717
                                   333-72632
                                   333-91776
                                   333-92066
           Form N-4 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT K (811-22886)
                                   333-191149
                                   333-191150
                                   333-207014
           Form N-6 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT L (811-04234)
                                   002-95990
                                   033-82570
                                   333-56969
                                   333-64417
                                   333-72578
                                   333-72596
                                   333-104162
                                   333-134304
           Form N-6 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT S (811-05100)
                                   033-13183
           Form N-6 registration statements to be filed as necessary.

MLOA



                     MONY LIFE INSURANCE COMPANY OF AMERICA
                                   333-132810
                                   333-195491
                                   333-210276

     Form S-1 or S-3 registration statements to be filed, as necessary, for
          Market Value Adjustment interests under MONY Variable Annuity and MONY
          Custom Master contracts issued by MONY Life Insurance Company of
          America.

     Form S-1 or S-3 registration statements to be filed, as necessary, for
          index-linked investment options to be offered with certain flexible
          premium variable life insurance policies. This includes, but is not
          limited to, the Market Stabilizer Option(R).

     Form S-1, S-3, N-4 or N-6 registration statements to be filed as necessary,
          including but not limited to any registration statements filed to
          continue the offering of, and/or register more securities for, any
          securities offered by the registration statements identified above.

IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this 12th
day of April, 2016.


                                       /s/ Daniel G. Kaye
                                       -----------------------------------------
                                       Daniel G. Kaye, Director

State of Illinois)

County of Cook) ss.:

On the 12th day of April in the year 2016, before me, the undersigned,
personally appeared Daniel G. Kaye, personally known to me or proved to me on
the basis of satisfactory evidence to be the individual whose name is subscribed
to the within instrument and acknowledged to me that he or she executed the same
in his or her capacity, and that by his or her signature on the instrument, the
individual, or the person upon behalf of which the individual acted, executed
the instrument.


/s/ Leticia Perez
--------------------------------------
Signature and Office of individual
taking acknowledgment

MLOA



                               POWER OF ATTORNEY

     KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of MONY Life Insurance Company of America (the "Company"), a stock life
insurance company, hereby constitutes and appoints Dave S. Hattem, Dominique
Baede, Karen Field Hazin, Naomi J. Weinstein, Kermitt J. Brooks, Ralph A.
Petruzzo, Shane Daly, Ira Shuman and each of them (with full power to each of
them to act alone), his or her true and lawful attorney-in-fact and agent for
him or her and on his or her behalf an d in his or her name, place and stead, to
execute and file any and all registration statements (and amendments thereto) by
the Company or its separate accounts relating to annuity contracts and life
insurance policies under the Securities Act of 1933 and/or the Investment
Company Act of 1940, including but not limited to the "Registration Statements,"
as defined below, with all exhibits and all instruments necessary or appropriate
in connection therewith, each of said attorneys-in-fact and agents being
empowered to act with or without the others, and to have full power and
authority to do or cause to be done in the name and on behalf of the undersigned
each and every act and thing requisite and necessary or appropriate with respect
thereto to be done in and about the premises in order to effectuate the same, as
fully to all intents and purposes as the undersigned might or could do in
person, hereby ratifying and confirming all that said attorneys-in-fact and
agents, or any of them, may do or cause to be done by virtue hereof.

     The "Registration Statements" covered by the Power of Attorney are defined
to include the registration statements listed below:

                  MONY AMERICA VARIABLE ACCOUNT A (811-05166)
                                   033-14362
                                   033-20453
                                   033-20696
                                   333-59717
                                   333-72632
                                   333-91776
                                   333-92066
           Form N-4 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT K (811-22886)
                                   333-191149
                                   333-191150
                                   333-207014
           Form N-6 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT L (811-04234)
                                   002-95990
                                   033-82570
                                   333-56969
                                   333-64417
                                   333-72578
                                   333-72596
                                   333-104162
                                   333-134304
           Form N-6 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT S (811-05100)
                                   033-13183
           Form N-6 registration statements to be filed as necessary.

MLOA



                     MONY LIFE INSURANCE COMPANY OF AMERICA
                                   333-132810
                                   333-195491
                                   333-210276

     Form S-1 or S-3 registration statements to be filed, as necessary, for
          Market Value Adjustment interests under MONY Variable Annuity and MONY
          Custom Master contracts issued by MONY Life Insurance Company of
          America.

     Form S-1 or S-3 registration statements to be filed, as necessary, for
          index-linked investment options to be offered with certain flexible
          premium variable life insurance policies. This includes, but is not
          limited to, the Market Stabilizer Option(R).

     Form S-1, S-3, N-4 or N-6 registration statements to be filed as necessary,
          including but not limited to any registration statements filed to
          continue the offering of, and/or register more securities for, any
          securities offered by the registration statements identified above.

IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this 11th
day of April, 2016.


                                       /s/ Peter S. Kraus
                                       -----------------------------------------
                                       Peter S. Kraus, Director

State of New York)

County of Bronx) ss.:

On the 11th day of April in the year 2016, before me, the undersigned,
personally appeared Peter S. Kraus, personally known to me or proved to me on
the basis of satisfactory evidence to be the individual whose name is subscribed
to the within instrument and acknowledged to me that he or she executed the same
in his or her capacity, and that by his or her signature on the instrument, the
individual, or the person upon behalf of which the individual acted, executed
the instrument.


/s/ Tina M. Walter
--------------------------------------
Signature and Office of individual
taking acknowledgment

MLOA



                               POWER OF ATTORNEY

     KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of MONY Life Insurance Company of America (the "Company"), a stock life
insurance company, hereby constitutes and appoints Dave S. Hattem, Dominique
Baede, Karen Field Hazin, Naomi J. Weinstein, Kermitt J. Brooks, Ralph A.
Petruzzo, Shane Daly, Ira Shuman and each of them (with full power to each of
them to act alone), his or her true and lawful attorney-in-fact and agent for
him or her and on his or her behalf an d in his or her name, place and stead, to
execute and file any and all registration statements (and amendments thereto) by
the Company or its separate accounts relating to annuity contracts and life
insurance policies under the Securities Act of 1933 and/or the Investment
Company Act of 1940, including but not limited to the "Registration Statements,"
as defined below, with all exhibits and all instruments necessary or appropriate
in connection therewith, each of said attorneys-in-fact and agents being
empowered to act with or without the others, and to have full power and
authority to do or cause to be done in the name and on behalf of the undersigned
each and every act and thing requisite and necessary or appropriate with respect
thereto to be done in and about the premises in order to effectuate the same, as
fully to all intents and purposes as the undersigned might or could do in
person, hereby ratifying and confirming all that said attorneys-in-fact and
agents, or any of them, may do or cause to be done by virtue hereof.

     The "Registration Statements" covered by the Power of Attorney are defined
to include the registration statements listed below:

                  MONY AMERICA VARIABLE ACCOUNT A (811-05166)
                                   033-14362
                                   033-20453
                                   033-20696
                                   333-59717
                                   333-72632
                                   333-91776
                                   333-92066
           Form N-4 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT K (811-22886)
                                   333-191149
                                   333-191150
                                   333-207014
           Form N-6 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT L (811-04234)
                                   002-95990
                                   033-82570
                                   333-56969
                                   333-64417
                                   333-72578
                                   333-72596
                                   333-104162
                                   333-134304
           Form N-6 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT S (811-05100)
                                   033-13183
           Form N-6 registration statements to be filed as necessary.

MLOA



                     MONY LIFE INSURANCE COMPANY OF AMERICA
                                   333-132810
                                   333-195491
                                   333-210276

     Form S-1 or S-3 registration statements to be filed, as necessary, for
          Market Value Adjustment interests under MONY Variable Annuity and MONY
          Custom Master contracts issued by MONY Life Insurance Company of
          America.

     Form S-1 or S-3 registration statements to be filed, as necessary, for
          index-linked investment options to be offered with certain flexible
          premium variable life insurance policies. This includes, but is not
          limited to, the Market Stabilizer Option(R).

     Form S-1, S-3, N-4 or N-6 registration statements to be filed as necessary,
          including but not limited to any registration statements filed to
          continue the offering of, and/or register more securities for, any
          securities offered by the registration statements identified above.

IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this 12th
day of April, 2016.


                                       /s/ Kristi A. Matus
                                       -----------------------------------------
                                       Kristi A. Matus, Director

State of Massachusetts)

County of Middlesex) ss.:

On the 12th day of April in the year 2016, before me, the undersigned,
personally appeared Kristi A. Matus, personally known to me or proved to me on
the basis of satisfactory evidence to be the individual whose name is subscribed
to the within instrument and acknowledged to me that he or she executed the same
in his or her capacity, and that by his or her signature on the instrument, the
individual, or the person upon behalf of which the individual acted, executed
the instrument.


/s/ Vanessa Etienne
--------------------------------------
Signature and Office of individual
taking acknowledgment

MLOA



                               POWER OF ATTORNEY

     KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of MONY Life Insurance Company of America (the "Company"), a stock life
insurance company, hereby constitutes and appoints Dave S. Hattem, Dominique
Baede, Karen Field Hazin, Naomi J. Weinstein, Kermitt J. Brooks, Ralph A.
Petruzzo, Shane Daly, Ira Shuman and each of them (with full power to each of
them to act alone), his or her true and lawful attorney-in-fact and agent for
him or her and on his or her behalf an d in his or her name, place and stead, to
execute and file any and all registration statements (and amendments thereto) by
the Company or its separate accounts relating to annuity contracts and life
insurance policies under the Securities Act of 1933 and/or the Investment
Company Act of 1940, including but not limited to the "Registration Statements,"
as defined below, with all exhibits and all instruments necessary or appropriate
in connection therewith, each of said attorneys-in-fact and agents being
empowered to act with or without the others, and to have full power and
authority to do or cause to be done in the name and on behalf of the undersigned
each and every act and thing requisite and necessary or appropriate with respect
thereto to be done in and about the premises in order to effectuate the same, as
fully to all intents and purposes as the undersigned might or could do in
person, hereby ratifying and confirming all that said attorneys-in-fact and
agents, or any of them, may do or cause to be done by virtue hereof.

     The "Registration Statements" covered by the Power of Attorney are defined
to include the registration statements listed below:

                  MONY AMERICA VARIABLE ACCOUNT A (811-05166)
                                   033-14362
                                   033-20453
                                   033-20696
                                   333-59717
                                   333-72632
                                   333-91776
                                   333-92066
           Form N-4 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT K (811-22886)
                                   333-191149
                                   333-191150
                                   333-207014
           Form N-6 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT L (811-04234)
                                   002-95990
                                   033-82570
                                   333-56969
                                   333-64417
                                   333-72578
                                   333-72596
                                   333-104162
                                   333-134304
           Form N-6 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT S (811-05100)
                                   033-13183
           Form N-6 registration statements to be filed as necessary.

MLOA



                     MONY LIFE INSURANCE COMPANY OF AMERICA
                                   333-132810
                                   333-195491
                                   333-210276

     Form S-1 or S-3 registration statements to be filed, as necessary, for
          Market Value Adjustment interests under MONY Variable Annuity and MONY
          Custom Master contracts issued by MONY Life Insurance Company of
          America.

     Form S-1 or S-3 registration statements to be filed, as necessary, for
          index-linked investment options to be offered with certain flexible
          premium variable life insurance policies. This includes, but is not
          limited to, the Market Stabilizer Option(R).

     Form S-1, S-3, N-4 or N-6 registration statements to be filed as necessary,
          including but not limited to any registration statements filed to
          continue the offering of, and/or register more securities for, any
          securities offered by the registration statements identified above.

IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this 13th
day of April, 2016.


                                       /s/ Anders B. Malmstrom
                                       -----------------------------------------
                                       Anders B. Malmstrom,
                                       Senior Executive Vice President and Chief
                                       Financial Officer

State of New York)

County of New York) ss.:

On the 13th day of April in the year 2016, before me, the undersigned,
personally appeared Anders B. Malmstrom, personally known to me or proved to me
on the basis of satisfactory evidence to be the individual whose name is
subscribed to the within instrument and acknowledged to me that he or she
executed the same in his or her capacity, and that by his or her signature on
the instrument, the individual, or the person upon behalf of which the
individual acted, executed the instrument.


/s/ Denise Tedeschi
--------------------------------------
Signature and Office of individual
taking acknowledgment

MLOA



                               POWER OF ATTORNEY

     KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of MONY Life Insurance Company of America (the "Company"), a stock life
insurance company, hereby constitutes and appoints Dave S. Hattem, Dominique
Baede, Karen Field Hazin, Naomi J. Weinstein, Kermitt J. Brooks, Ralph A.
Petruzzo, Shane Daly, Ira Shuman and each of them (with full power to each of
them to act alone), his or her true and lawful attorney-in-fact and agent for
him or her and on his or her behalf an d in his or her name, place and stead, to
execute and file any and all registration statements (and amendments thereto) by
the Company or its separate accounts relating to annuity contracts and life
insurance policies under the Securities Act of 1933 and/or the Investment
Company Act of 1940, including but not limited to the "Registration Statements,"
as defined below, with all exhibits and all instruments necessary or appropriate
in connection therewith, each of said attorneys-in-fact and agents being
empowered to act with or without the others, and to have full power and
authority to do or cause to be done in the name and on behalf of the undersigned
each and every act and thing requisite and necessary or appropriate with respect
thereto to be done in and about the premises in order to effectuate the same, as
fully to all intents and purposes as the undersigned might or could do in
person, hereby ratifying and confirming all that said attorneys-in-fact and
agents, or any of them, may do or cause to be done by virtue hereof.

     The "Registration Statements" covered by the Power of Attorney are defined
to include the registration statements listed below:

                  MONY AMERICA VARIABLE ACCOUNT A (811-05166)
                                   033-14362
                                   033-20453
                                   033-20696
                                   333-59717
                                   333-72632
                                   333-91776
                                   333-92066
           Form N-4 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT K (811-22886)
                                   333-191149
                                   333-191150
                                   333-207014
           Form N-6 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT L (811-04234)
                                   002-95990
                                   033-82570
                                   333-56969
                                   333-64417
                                   333-72578
                                   333-72596
                                   333-104162
                                   333-134304
           Form N-6 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT S (811-05100)
                                   033-13183
           Form N-6 registration statements to be filed as necessary.

MLOA



                     MONY LIFE INSURANCE COMPANY OF AMERICA
                                   333-132810
                                   333-195491
                                   333-210276

     Form S-1 or S-3 registration statements to be filed, as necessary, for
          Market Value Adjustment interests under MONY Variable Annuity and MONY
          Custom Master contracts issued by MONY Life Insurance Company of
          America.

     Form S-1 or S-3 registration statements to be filed, as necessary, for
          index-linked investment options to be offered with certain flexible
          premium variable life insurance policies. This includes, but is not
          limited to, the Market Stabilizer Option(R).

     Form S-1, S-3, N-4 or N-6 registration statements to be filed as necessary,
          including but not limited to any registration statements filed to
          continue the offering of, and/or register more securities for, any
          securities offered by the registration statements identified above.

IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this 14th
day of April, 2016.


                                       /s/ Andrea Nitzan
                                       -----------------------------------------
                                       Andrea Nitzan, Executive Vice President,
                                       Chief Accounting Officer and Controller

State of New Jersey)

County of Union) ss.:

On the 14th day of April in the year 2016, before me, the undersigned,
personally appeared Andrea Nitzan, personally known to me or proved to me on the
basis of satisfactory evidence to be the individual whose name is subscribed to
the within instrument and acknowledged to me that he or she executed the same in
his or her capacity, and that by his or her signature on the instrument, the
individual, or the person upon behalf of which the individual acted, executed
the instrument.


/s/ Joellen Page
--------------------------------------
Signature and Office of individual
taking acknowledgment

MLOA



                               POWER OF ATTORNEY

     KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of MONY Life Insurance Company of America (the "Company"), a stock life
insurance company, hereby constitutes and appoints Dave S. Hattem, Dominique
Baede, Karen Field Hazin, Naomi J. Weinstein, Kermitt J. Brooks, Ralph A.
Petruzzo, Shane Daly, Ira Shuman and each of them (with full power to each of
them to act alone), his or her true and lawful attorney-in-fact and agent for
him or her and on his or her behalf an d in his or her name, place and stead, to
execute and file any and all registration statements (and amendments thereto) by
the Company or its separate accounts relating to annuity contracts and life
insurance policies under the Securities Act of 1933 and/or the Investment
Company Act of 1940, including but not limited to the "Registration Statements,"
as defined below, with all exhibits and all instruments necessary or appropriate
in connection therewith, each of said attorneys-in-fact and agents being
empowered to act with or without the others, and to have full power and
authority to do or cause to be done in the name and on behalf of the undersigned
each and every act and thing requisite and necessary or appropriate with respect
thereto to be done in and about the premises in order to effectuate the same, as
fully to all intents and purposes as the undersigned might or could do in
person, hereby ratifying and confirming all that said attorneys-in-fact and
agents, or any of them, may do or cause to be done by virtue hereof.

     The "Registration Statements" covered by the Power of Attorney are defined
to include the registration statements listed below:

                  MONY AMERICA VARIABLE ACCOUNT A (811-05166)
                                   033-14362
                                   033-20453
                                   033-20696
                                   333-59717
                                   333-72632
                                   333-91776
                                   333-92066
           Form N-4 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT K (811-22886)
                                   333-191149
                                   333-191150
                                   333-207014
           Form N-6 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT L (811-04234)
                                   002-95990
                                   033-82570
                                   333-56969
                                   333-64417
                                   333-72578
                                   333-72596
                                   333-104162
                                   333-134304
           Form N-6 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT S (811-05100)
                                   033-13183
           Form N-6 registration statements to be filed as necessary.

MLOA



                     MONY LIFE INSURANCE COMPANY OF AMERICA
                                   333-132810
                                   333-195491
                                   333-210276

     Form S-1 or S-3 registration statements to be filed, as necessary, for
          Market Value Adjustment interests under MONY Variable Annuity and MONY
          Custom Master contracts issued by MONY Life Insurance Company of
          America.

     Form S-1 or S-3 registration statements to be filed, as necessary, for
          index-linked investment options to be offered with certain flexible
          premium variable life insurance policies. This includes, but is not
          limited to, the Market Stabilizer Option(R).

     Form S-1, S-3, N-4 or N-6 registration statements to be filed as necessary,
          including but not limited to any registration statements filed to
          continue the offering of, and/or register more securities for, any
          securities offered by the registration statements identified above.

IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this 11th
day of April, 2016.


                                       /s/ Mark Pearson
                                       -----------------------------------------
                                       Mark Pearson, Chairman of the Board,
                                       President, Chief Executive Officer and
                                       Director

State of New York)

County of New York) ss.:

On the 11th day of April in the year 2016, before me, the undersigned,
personally appeared Mark Pearson, personally known to me or proved to me on the
basis of satisfactory evidence to be the individual whose name is subscribed to
the within instrument and acknowledged to me that he or she executed the same in
his or her capacity, and that by his or her signature on the instrument, the
individual, or the person upon behalf of which the individual acted, executed
the instrument.


/s/ Denise Tedeschi
--------------------------------------
Signature and Office of individual
taking acknowledgment

MLOA



                               POWER OF ATTORNEY

     KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of MONY Life Insurance Company of America (the "Company"), a stock life
insurance company, hereby constitutes and appoints Dave S. Hattem, Dominique
Baede, Karen Field Hazin, Naomi J. Weinstein, Kermitt J. Brooks, Ralph A.
Petruzzo, Shane Daly, Ira Shuman and each of them (with full power to each of
them to act alone), his or her true and lawful attorney-in-fact and agent for
him or her and on his or her behalf an d in his or her name, place and stead, to
execute and file any and all registration statements (and amendments thereto) by
the Company or its separate accounts relating to annuity contracts and life
insurance policies under the Securities Act of 1933 and/or the Investment
Company Act of 1940, including but not limited to the "Registration Statements,"
as defined below, with all exhibits and all instruments necessary or appropriate
in connection therewith, each of said attorneys-in-fact and agents being
empowered to act with or without the others, and to have full power and
authority to do or cause to be done in the name and on behalf of the undersigned
each and every act and thing requisite and necessary or appropriate with respect
thereto to be done in and about the premises in order to effectuate the same, as
fully to all intents and purposes as the undersigned might or could do in
person, hereby ratifying and confirming all that said attorneys-in-fact and
agents, or any of them, may do or cause to be done by virtue hereof.

     The "Registration Statements" covered by the Power of Attorney are defined
to include the registration statements listed below:

                  MONY AMERICA VARIABLE ACCOUNT A (811-05166)
                                   033-14362
                                   033-20453
                                   033-20696
                                   333-59717
                                   333-72632
                                   333-91776
                                   333-92066
           Form N-4 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT K (811-22886)
                                   333-191149
                                   333-191150
                                   333-207014
           Form N-6 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT L (811-04234)
                                   002-95990
                                   033-82570
                                   333-56969
                                   333-64417
                                   333-72578
                                   333-72596
                                   333-104162
                                   333-134304
           Form N-6 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT S (811-05100)
                                   033-13183
           Form N-6 registration statements to be filed as necessary.

MLOA



                     MONY LIFE INSURANCE COMPANY OF AMERICA
                                   333-132810
                                   333-195491
                                   333-210276

     Form S-1 or S-3 registration statements to be filed, as necessary, for
          Market Value Adjustment interests under MONY Variable Annuity and MONY
          Custom Master contracts issued by MONY Life Insurance Company of
          America.

     Form S-1 or S-3 registration statements to be filed, as necessary, for
          index-linked investment options to be offered with certain flexible
          premium variable life insurance policies. This includes, but is not
          limited to, the Market Stabilizer Option(R).

     Form S-1, S-3, N-4 or N-6 registration statements to be filed as necessary,
          including but not limited to any registration statements filed to
          continue the offering of, and/or register more securities for, any
          securities offered by the registration statements identified above.

IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this 11th
day of April, 2016.


                                       /s/ Bertram Scott
                                       -----------------------------------------
                                       Bertram Scott, Director

State of North Carolina)

County of Mecklenburg) ss.:

On the 11th day of April in the year 2016, before me, the undersigned,
personally appeared Bertram Scott, personally known to me or proved to me on the
basis of satisfactory evidence to be the individual whose name is subscribed to
the within instrument and acknowledged to me that he or she executed the same in
his or her capacity, and that by his or her signature on the instrument, the
individual, or the person upon behalf of which the individual acted, executed
the instrument.


/s/ Peter A. McCranie, Jr.
--------------------------------------
Signature and Office of individual
taking acknowledgment

MLOA



                               POWER OF ATTORNEY

     KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of MONY Life Insurance Company of America (the "Company"), a stock life
insurance company, hereby constitutes and appoints Dave S. Hattem, Dominique
Baede, Karen Field Hazin, Naomi J. Weinstein, Kermitt J. Brooks, Ralph A.
Petruzzo, Shane Daly, Ira Shuman and each of them (with full power to each of
them to act alone), his or her true and lawful attorney-in-fact and agent for
him or her and on his or her behalf an d in his or her name, place and stead, to
execute and file any and all registration statements (and amendments thereto) by
the Company or its separate accounts relating to annuity contracts and life
insurance policies under the Securities Act of 1933 and/or the Investment
Company Act of 1940, including but not limited to the "Registration Statements,"
as defined below, with all exhibits and all instruments necessary or appropriate
in connection therewith, each of said attorneys-in-fact and agents being
empowered to act with or without the others, and to have full power and
authority to do or cause to be done in the name and on behalf of the undersigned
each and every act and thing requisite and necessary or appropriate with respect
thereto to be done in and about the premises in order to effectuate the same, as
fully to all intents and purposes as the undersigned might or could do in
person, hereby ratifying and confirming all that said attorneys-in-fact and
agents, or any of them, may do or cause to be done by virtue hereof.

     The "Registration Statements" covered by the Power of Attorney are defined
to include the registration statements listed below:

                  MONY AMERICA VARIABLE ACCOUNT A (811-05166)
                                   033-14362
                                   033-20453
                                   033-20696
                                   333-59717
                                   333-72632
                                   333-91776
                                   333-92066
           Form N-4 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT K (811-22886)
                                   333-191149
                                   333-191150
                                   333-207014
           Form N-6 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT L (811-04234)
                                   002-95990
                                   033-82570
                                   333-56969
                                   333-64417
                                   333-72578
                                   333-72596
                                   333-104162
                                   333-134304
           Form N-6 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT S (811-05100)
                                   033-13183
           Form N-6 registration statements to be filed as necessary.

MLOA



                     MONY LIFE INSURANCE COMPANY OF AMERICA
                                   333-132810
                                   333-195491
                                   333-210276

     Form S-1 or S-3 registration statements to be filed, as necessary, for
          Market Value Adjustment interests under MONY Variable Annuity and MONY
          Custom Master contracts issued by MONY Life Insurance Company of
          America.

     Form S-1 or S-3 registration statements to be filed, as necessary, for
          index-linked investment options to be offered with certain flexible
          premium variable life insurance policies. This includes, but is not
          limited to, the Market Stabilizer Option(R).

     Form S-1, S-3, N-4 or N-6 registration statements to be filed as necessary,
          including but not limited to any registration statements filed to
          continue the offering of, and/or register more securities for, any
          securities offered by the registration statements identified above.

IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this 11th
day of April, 2016.


                                       /s/ Lorie A. Slutsky
                                       -----------------------------------------
                                       Lorie A. Slutsky, Director

State of New York)

County of New York) ss.:

On the 11th day of April in the year 2016, before me, the undersigned,
personally appeared Lorie A. Slutsky, personally known to me or proved to me on
the basis of satisfactory evidence to be the individual whose name is subscribed
to the within instrument and acknowledged to me that he or she executed the same
in his or her capacity, and that by his or her signature on the instrument, the
individual, or the person upon behalf of which the individual acted, executed
the instrument.


/s/ Joan Reedy
--------------------------------------
Signature and Office of individual
taking acknowledgment

MLOA



                               POWER OF ATTORNEY

     KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of MONY Life Insurance Company of America (the "Company"), a stock life
insurance company, hereby constitutes and appoints Dave S. Hattem, Dominique
Baede, Karen Field Hazin, Naomi J. Weinstein, Kermitt J. Brooks, Ralph A.
Petruzzo, Shane Daly, Ira Shuman and each of them (with full power to each of
them to act alone), his or her true and lawful attorney-in-fact and agent for
him or her and on his or her behalf an d in his or her name, place and stead, to
execute and file any and all registration statements (and amendments thereto) by
the Company or its separate accounts relating to annuity contracts and life
insurance policies under the Securities Act of 1933 and/or the Investment
Company Act of 1940, including but not limited to the "Registration Statements,"
as defined below, with all exhibits and all instruments necessary or appropriate
in connection therewith, each of said attorneys-in-fact and agents being
empowered to act with or without the others, and to have full power and
authority to do or cause to be done in the name and on behalf of the undersigned
each and every act and thing requisite and necessary or appropriate with respect
thereto to be done in and about the premises in order to effectuate the same, as
fully to all intents and purposes as the undersigned might or could do in
person, hereby ratifying and confirming all that said attorneys-in-fact and
agents, or any of them, may do or cause to be done by virtue hereof.

     The "Registration Statements" covered by the Power of Attorney are defined
to include the registration statements listed below:

                  MONY AMERICA VARIABLE ACCOUNT A (811-05166)
                                   033-14362
                                   033-20453
                                   033-20696
                                   333-59717
                                   333-72632
                                   333-91776
                                   333-92066
           Form N-4 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT K (811-22886)
                                   333-191149
                                   333-191150
                                   333-207014
           Form N-6 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT L (811-04234)
                                   002-95990
                                   033-82570
                                   333-56969
                                   333-64417
                                   333-72578
                                   333-72596
                                   333-104162
                                   333-134304
           Form N-6 registration statements to be filed as necessary.

                  MONY AMERICA VARIABLE ACCOUNT S (811-05100)
                                   033-13183
           Form N-6 registration statements to be filed as necessary.

MLOA



                     MONY LIFE INSURANCE COMPANY OF AMERICA
                                   333-132810
                                   333-195491
                                   333-210276

     Form S-1 or S-3 registration statements to be filed, as necessary, for
          Market Value Adjustment interests under MONY Variable Annuity and MONY
          Custom Master contracts issued by MONY Life Insurance Company of
          America.

     Form S-1 or S-3 registration statements to be filed, as necessary, for
          index-linked investment options to be offered with certain flexible
          premium variable life insurance policies. This includes, but is not
          limited to, the Market Stabilizer Option(R).

     Form S-1, S-3, N-4 or N-6 registration statements to be filed as necessary,
          including but not limited to any registration statements filed to
          continue the offering of, and/or register more securities for, any
          securities offered by the registration statements identified above.

IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this 11th
day of April, 2016.


                                       /s/ Richard C. Vaughan
                                       -----------------------------------------
                                       Richard C. Vaughan, Director

State of Florida)

County of Collier) ss.:

On the 11th day of April in the year 2016, before me, the undersigned,
personally appeared Richard C. Vaughan, personally known to me or proved to me
on the basis of satisfactory evidence to be the individual whose name is
subscribed to the within instrument and acknowledged to me that he or she
executed the same in his or her capacity, and that by his or her signature on
the instrument, the individual, or the person upon behalf of which the
individual acted, executed the instrument.


/s/ Stephen M. Rodriguez
--------------------------------------
Signature and Office of individual
taking acknowledgment

MLOA

XML

DOCUMENT AND ENTITY INFORMATION	12 Months Ended
	Dec. 31, 2015
Document And Entity Information [Abstract]
Document Type	S-1
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Entity Registrant Name	MONY LIFE INSURANCE CO OF AMERICA
Entity Central Index Key	0000835357
Entity Filer Category	Non-accelerated Filer

XML

BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
ASSETS:
Fixed maturities available for sale, at fair value (amortized cost $898 and $850)	$ 906	$ 878
Policy loans	159	151
Other invested assets	89	90
Total investments	1,154	1,119
Cash and cash equivalents	176	47
Amounts due from reinsurers	1,299	1,336
Deferred policy acquisition costs	364	292
Value of business acquired	9	7
Deferred cost of reinsurance	63	71
Current and deferred income tax receivables	1	0
Other assets	15	18
Separate Accounts’ assets	1,701	1,810
Total Assets	4,782	4,700
LIABILITIES
Policyholders’ account balances	2,158	1,919
Future policy benefits and other policyholders liabilities	389	389
Current and deferred income taxes	0	19
Other liabilities	60	63
Separate Accounts’ liabilities	1,701	1,810
Total liabilities	$ 4,308	$ 4,200
Commitments and contingent liabilities
SHAREHOLDER’S EQUITY
Common stock, $1.00 par value, 5.0 million shares authorized, 2.5 million issued and outstanding	$ 2	$ 2
Capital in excess of par value	320	317
Retained earnings	147	164
Accumulated other comprehensive income (loss)	5	17
Total shareholder's equity	474	500
Total Liabilities and Shareholder’s Equity	$ 4,782	$ 4,700

XML

BALANCE SHEETS (PARENTHETICALS) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Common stock, par value (in usd per share)	$ 1.00	$ 1.00
Common stock, shares authorized (in shares)	5,000,000	5,000,000
Common stock, shares issued (in shares)	2,500,000	2,500,000
Common stock, shares outstanding (in shares)	2,500,000	2,500,000
Fixed Maturities
Fixed maturities available for sale, amortized cost	$ 898	$ 850

XML

STATEMENTS OF EARNINGS (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
REVENUES
Universal life and investment-type product policy fee income	$ 152	$ 91	$ 131
Premiums	1	1	25
Net investment income (loss):
Investment income (loss) from derivatives	(9)	13	8
Other investment income (loss)	38	37	84
Net investment income (loss)	29	50	92
Investment gains (losses), net:
Total other-than-temporary impairment losses	(1)	(10)	(6)
Portion of loss recognized in other comprehensive income (loss)	0	0	0
Net impairment losses recognized	(1)	(10)	(6)
Other investment gains (losses), net	0	4	74
Total investment gains (losses), net	(1)	(6)	68
Equity in earnings (loss) of AllianceBernstein	5	1	5
Other income (loss)	9	8	5
Increase (decrease) in the fair value of the reinsurance contract asset	0	0	(7)
Total revenues	195	145	319
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits	39	31	78
Interest credited to policyholders’ account balances	36	39	65
Compensation and benefits	36	29	32
Commissions	121	73	80
Amortization of deferred policy acquisition costs and value of business acquired	35	14	21
Capitalization of deferred policy acquisition costs	(108)	(78)	(81)
Amortization of deferred cost of reinsurance	8	8	4
Rent expense	2	2	2
Other operating costs and expenses	56	37	74
Total benefits and other deductions	225	155	275
Earnings (loss), before income taxes	(30)	(10)	44
Income tax (expense) benefit	13	5	(16)
Net Earnings (Loss)	$ (17)	$ (5)	$ 28

XML

STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ (17)	$ (5)	$ 28
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Change in unrealized gains (losses), net of reclassification adjustment	(12)	9	(74)
Total other comprehensive income (loss), net of income taxes	(12)	9	(74)
Comprehensive Income (Loss)	$ (29)	$ 4	$ (46)

XML

STATEMENTS OF SHAREHOLDER’S EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Parent
Beginning of year at Dec. 31, 2012		$ 2	$ 516	$ 141	$ 82
Return of capital			(200)
Changes in capital in excess of par value			(1)
Net earnings (loss)	$ 28			28
Other comprehensive income (loss)	(74)				(74)
End of year at Dec. 31, 2013		2	315	169	8	$ 494
Return of capital			0
Changes in capital in excess of par value			2
Net earnings (loss)	(5)			(5)
Other comprehensive income (loss)	9				9
End of year at Dec. 31, 2014	500	$ 2	317	164	17	500
Return of capital			0
Changes in capital in excess of par value			3
Net earnings (loss)	(17)			(17)
Other comprehensive income (loss)	(12)				(12)
End of year at Dec. 31, 2015	$ 474		$ 320	$ 147	$ 5	$ 474

XML

STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Cash Flows [Abstract]
Net earnings (loss)	$ (17)	$ (5)	$ 28
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Interest credited to policyholders’ account balances	36	39	65
Universal life and investment-type product policy fee income	(152)	(91)	(131)
(Income) loss from derivative instruments	9	(13)	(8)
Change in accrued investment income	0	(1)	3
Investment (gains) losses, net	1	6	(68)
Change in deferred policy acquisition costs and value of business acquired	(73)	(64)	(60)
Change in the fair value of the reinsurance contract asset	0	0	7
Change in future policy benefits	6	26	(18)
Change in other policyholders liabilities	4	2	(2)
Change in current and deferred income taxes	(13)	(67)	(20)
Provision for depreciation and amortization	2	3	7
Dividends from AB Units	5	5	4
Equity in earnings from AB	(5)	(1)	(5)
Amortization of deferred reinsurance costs	8	8	4
Cash transferred as result of reinsurance agreement with Protective Life	0	0	(74)
Other, net	(2)	(24)	41
Net cash provided by (used in) operating activities	(191)	(177)	(227)
Cash flows from investing activities:
Maturities and repayments of fixed maturities and mortgage loans	86	159	290
Sales of investments	19	38	111
Purchases of investments	(153)	(314)	(251)
Cash settlement related to derivative instruments	(7)	1	(4)
Other, net	(12)	(46)	19
Net cash provided by (used in) investing activities	(67)	(162)	165
Cash flows from financing activities:
Deposits	406	281	279
Withdrawals and transfers to Separate Accounts	(19)	(41)	(41)
Change in collateralized pledged liabilities	0	7	12
Return of capital	0	0	(200)
Net cash provided by (used in) financing activities	387	247	50
Change in cash and cash equivalents	129	(92)	(12)
Cash and cash equivalents, beginning of year	47	139	151
Cash and Cash Equivalents, End of Year	176	47	139
Schedule of non-cash financing activities:
Share-based Programs	$ 3	$ 2	$ 0

XML

ORGANIZATION

12 Months Ended

Dec. 31, 2015

Organization [Abstract]

ORGANIZATION

ORGANIZATION

MONY Life Insurance Company of America (“MLOA”) is an Arizona stock life insurance company. MLOA’s primary business is providing life insurance and employee benefit products to both individuals and businesses. MLOA is a wholly-owned subsidiary of AXA Equitable Financial Services, LLC (“AEFS”). AEFS is a wholly-owned subsidiary of AXA Financial, Inc. (“AXA Financial” and together with its consolidated subsidiaries “AXA Financial Group”). AXA Financial is an indirect, wholly-owned subsidiary of AXA, a French holding company for the AXA Group, a worldwide leader in financial protection.

On October 1, 2013, MLOA reinsured an in-force book of life insurance and annuity policies written primarily prior to 2004 by MLOA to Protective Life Insurance Company (“Protective Life”). MLOA transferred and ceded assets to Protective Life equal to $1,308 million, net of ceding commission of $370 million for consideration of the transfer of liabilities amounting to $1,374 million in connection with the reinsurance agreement. As a result of the reinsurance agreement MLOA recorded a deferred cost of reinsurance asset amounting to $95 million which is amortized over the life of the underlying reinsured policies. Refer to the table below for a detailed description of assets and liabilities transferred, ceded and written off as a result of the reinsurance agreement with Protective Life on October 1, 2013. In 2014, MLOA recorded an out of period adjustment which reduced the deferred cost of reinsurance asset by $12 million. For additional information on this adjustment, see Note 2. Amortization of the deferred cost of reinsurance asset in 2015, 2014 and 2013 was $8 million$8 million and $4 million respectively.

Calculation of deferred cost of reinsurance
October 1, 2013
(In Millions)
Transferred or Ceded Assets (Net of Ceding Commission):
Fixed Maturities	$	1,102
Cash	74
Policy loans	132
Total assets transferred or ceded (Net of Ceding Commission)	$	1,308
Transferred Liabilities:
Future policyholder benefits and other policyholders liabilities	$	1,334
Amounts due to reinsurer	40
Total liabilities transferred	$	1,374
Accelerated Amortization of Assets and Liabilities Resulting from the Reinsurance Agreement:
Value of business acquired	$	117
Deferred policy acquisition costs	71
Initial Fee Liability	(27		)
Net accelerated amortization of assets and liabilities	$	161
Deferred Cost of Reinsurance	$	95

XML

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The preparation of the accompanying financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions (including normal, recurring accruals) that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. The accompanying financial statements reflect all adjustments necessary in the opinion of management for a fair presentation of the financial position of MLOA and its results of operations and cash flows for the periods presented.

The years “2015”, “2014” and “2013” refer to the years ended December 31, 2015, 2014 and 2013, respectively. Certain reclassifications have been made in the amounts presented for prior periods to conform those periods to the current presentation.

Future Adoption of New Accounting Pronouncements

In February 2015, the Financial Accounting Standard Board ("FASB") issued a new consolidation standard that makes targeted amendments to the VIE assessment, including guidance specific to limited partnerships and similar entities, and ends the deferral granted to investment companies for applying the VIE guidance. The new standard is effective for annual periods, beginning after December 15, 2015, but may be early-adopted in any interim period. Management currently is evaluating the impacts this guidance may have on the MLOA’s financial statements.

In August 2014, the FASB issued new guidance which requires management to evaluate whether there is “substantial doubt” about the reporting entity’s ability to continue as a going concern and provide related footnote disclosures about those uncertainties, if they exist. The new guidance is effective for annual periods, ending after December 15, 2016 and interim periods thereafter. Management does not expect implementation of this guidance will have a material impact on MLOA’s financial statements.

Investments

The carrying values of fixed maturities classified as available-for-sale (“AFS”) are reported at fair value. Changes in fair value are reported in comprehensive income. The amortized cost of fixed maturities is adjusted for impairments in value deemed to be other than temporary which are recognized in Investment gains (losses), net. The redeemable preferred stock investments that are reported in fixed maturities include real estate investment trusts (“REIT”), perpetual preferred stock and redeemable preferred stock. These securities may not have a stated maturity, may not be cumulative and do not provide for mandatory redemption by the issuer.

MLOA determines the fair values of fixed maturities and equity securities based upon quoted prices in active markets, when available, or through the use of alternative approaches when market quotes are not readily accessible or available. These alternative approaches include matrix or model pricing and use of independent pricing services, each supported by reference to principal market trades or other observable market assumptions for similar securities. More specifically, the matrix pricing approach to fair value is a discounted cash flow methodology that incorporates market interest rates commensurate with the credit quality and duration of the investment.

MLOA’s management, with the assistance of its investment advisors, monitors the investment performance of its portfolio and reviews AFS securities with unrealized losses for other-than-temporary impairments (“OTTI”). Integral to this review is an assessment made each quarter, on a security-by-security basis, by the Investments Under Surveillance (“IUS”) Committee, of various indicators of credit deterioration to determine whether the investment security is expected to recover. This assessment includes, but is not limited to, consideration of the duration and severity of the unrealized loss, failure, if any, of the issuer of the security to make scheduled payments, actions taken by rating agencies, adverse conditions specifically related to the security or sector, the financial strength, liquidity, and continued viability of the issuer and, for equity securities only, the intent and ability to hold the investment until recovery, and results in identification of specific securities for which OTTI is recognized.

If there is no intent to sell or likely requirement to dispose of the fixed maturity security before its recovery, only the credit loss component of any resulting OTTI is recognized in earnings (loss) and the remainder of the fair value loss is recognized in Other Comprehensive Income ("OCI"). The amount of credit loss is the shortfall of the present value of the cash flows expected to be collected as compared to the amortized cost basis of the security. The present value is calculated by discounting management’s best estimate of projected future cash flows at the effective interest rate implicit in the debt security prior to impairment. Projections of future cash flows are based on assumptions regarding probability of default and estimates regarding the amount and timing of recoveries. These assumptions and estimates require use of management judgment and consider internal credit analyses as well as market observable data relevant to the collectability of the security. For mortgage- and asset-backed securities, projected future cash flows also include assumptions regarding prepayments and underlying collateral value.

Policy loans are stated at unpaid principal balances.

Equity securities, which include common stock and non-redeemable preferred stock classified as AFS securities, are carried at fair value and are included in Other invested assets with changes in fair value reported in OCI.

Units in AllianceBernstein L.P. (“AB”), a subsidiary of AXA Financial, are carried on the equity method and reported in Other invested assets.

Short-term investments are reported at amortized cost that approximates fair value and are included in Other invested assets.

Cash and cash equivalents includes cash on hand, amounts due from banks and highly liquid debt instruments purchased with an original maturity of three months or less. Due to the short-term nature of these investments, the recorded value is deemed to approximate fair value.

All securities owned, including United States government and agency securities and mortgage-backed securities, are reported in the financial statements on a trade date basis.

Derivatives

Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, values of securities or commodities, credit spreads, market volatility, expected returns, and liquidity. Values can also be affected by changes in estimates and assumptions, including those related to counterparty behavior and non-performance risk used in valuation models. Derivative financial instruments generally used by MLOA include equity options and may be exchange-traded or contracted in the over-the-counter market. All derivative positions are carried in the balance sheets at fair value, generally by obtaining quoted market prices or through the use of valuation models.

Freestanding derivative contracts are reported in the balance sheets either as assets within “Other invested assets” or as liabilities within “Other liabilities.” MLOA nets the fair value of all derivative financial instruments with counterparties for which a standardized “ISDA Master Agreement” and related Credit Support Annex (“CSA”) have been executed. MLOA uses derivatives to manage asset/liability risk but has not designated those economic relationships under the criteria to qualify for hedge accounting treatment. All changes in the fair value of MLOA freestanding derivative positions, including net receipts and payments, are included in “Investment income (loss) from derivative instruments” without considering changes in the fair value of the economically associated assets or liabilities.

MLOA is a party to financial instruments and other contracts that contain “embedded” derivative instruments. At inception, MLOA assesses whether the economic characteristics of the embedded instrument are “clearly and closely related” to the economic characteristics of the remaining component of the “host contract” and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When those criteria are satisfied, the resulting embedded derivative is bifurcated from the host contract, carried in the balance sheets at fair value, and changes in its fair value are recognized immediately and captioned in the statements of earnings (loss) according to the nature of the related host contract. For certain financial instruments that contain an embedded derivative that otherwise would need to be bifurcated and reported at fair value, the Company instead may elect to carry the entire instrument at fair value.

Mortgage Loans on Real Estate (“mortgage loans”):

Mortgage loans are stated at unpaid principal balances, net of unamortized discounts and valuation allowances. Valuation allowances are based on the present value of expected future cash flows discounted at the loan’s original effective interest rate or on its collateral value if the loan is collateral dependent. However, if foreclosure is or becomes probable, the collateral value measurement method is used.

For commercial and agricultural mortgage loans, an allowance for credit loss is typically recommended when management believes it is probable that principal and interest will not be collected according to the contractual terms. Factors that influence management’s judgment in determining allowance for credit losses include the following:

• Loan-to-value ratio - Derived from current loan balance divided by the fair market value of the property. An allowance for credit loss is typically recommended when the loan-to-value ratio is in excess of 100%. In the case where the loan-to-value is in excess of 100%, the allowance for credit loss is derived by taking the difference between the fair market value (less cost of sale) and the current loan balance.

• Debt service coverage ratio - Derived from actual net operating income divided by annual debt service. If the ratio is below 1.0x, then the income from the property does not support the debt.

• Occupancy - Criteria varies by property type but low or below market occupancy is an indicator of sub-par property performance.

• Lease expirations - The percentage of leases expiring in the upcoming 12 to 36 months are monitored as a decline in rent and/or occupancy may negatively impact the debt service coverage ratio. In the case of single-tenant properties or properties with large tenant exposure, the lease expiration is a material risk factor.

• Maturity - Mortgage loans that are not fully amortizing and have upcoming maturities within the next 12 to 24 months are monitored in conjunction with the capital markets to determine the borrower’s ability to refinance the debt and/or pay off the balloon balance.

• Borrower/tenant related issues - Financial concerns, potential bankruptcy, or words or actions that indicate imminent default or abandonment of property.

• Payment status - current vs. delinquent - A history of delinquent payments may be a cause for concern.

• Property condition - Significant deferred maintenance observed during lenders annual site inspections.

• Other - Any other factors such as current economic conditions may call into question the performance of the loan.

Net Investment Income (Loss), Investment Gains (Losses), Net and Unrealized Investment Gains (Losses)

Realized investment gains (losses) are determined by identification with the specific asset and are presented as a component of revenue. Changes in the valuation allowances are included in Investment gains (losses), net.

Unrealized investment gains (losses) on fixed maturities and equity securities designated as AFS held by MLOA are accounted for as a separate component of Accumulated Other Comprehensive Income ("AOCI"), net of related deferred income taxes and amounts attributable to Deferred Acquisition Cost ("DAC") and value of business acquired (“VOBA”) related to variable life and investment-type products.

Changes in unrealized gains (losses) reflect changes in fair value of only those fixed maturities classified as AFS and do not reflect any changes in fair value of policyholders’ account balances and future policy benefits.

Fair Value of Financial Instruments

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The accounting guidance established a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value:

Level 1 Unadjusted quoted prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data.

Level 3 Unobservable inputs supported by little or no market activity and often requiring significant management judgment or estimation, such as an entity’s own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability.

MLOA defines fair value as the unadjusted quoted market prices for those instruments that are actively traded in financial markets. In cases where quoted market prices are not available, fair values are measured using present value or other valuation techniques. The fair value determinations are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such adjustments do not reflect any premium or discount that could result from offering for sale at one time MLOA’s entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair value cannot be substantiated by direct comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument.

Management is responsible for the determination of the value of investments carried at fair value and the supporting methodologies and assumptions. Under the terms of various service agreements, MLOA often utilizes independent valuation service providers to gather, analyze, and interpret market information and derive fair values based upon relevant methodologies and assumptions for individual securities. These independent valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of widely accepted valuation models, provide a single fair value measurement for individual securities for which a fair value has been requested. As further described below with respect to specific asset classes, these inputs include, but are not limited to, market prices for recent trades and transactions in comparable securities, benchmark yields, interest rate yield curves, credit spreads, quoted prices for similar securities, and other market-observable information, as applicable. Specific attributes of the security being valued also are considered, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security- or issuer-specific information. When insufficient market observable information is available upon which to measure fair value, MLOA either will request brokers knowledgeable about these securities to provide a non-binding quote or will employ widely accepted internal valuation models. Fair values received from independent valuation service providers and brokers and those internally modeled or otherwise estimated are assessed for reasonableness. To validate reasonableness, prices also are internally reviewed by those with relevant expertise through comparison with directly observed recent market trades.

Recognition of Insurance Income and Related Expenses

Deposits related to variable life and investment-type contracts are reported as increases to policyholders’ account balances. Revenues from these contracts consist of fees assessed during the period against policyholders’ account balances for mortality charges, policy administration charges and surrender charges. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policyholders’ account balances.

Premiums from non-participating traditional life and annuity policies with life contingencies generally are recognized in income when due. Benefits and expenses are matched with such income so as to result in the recognition of profits over the life of the contracts. This match is accomplished by means of the provision for liabilities for future policy benefits and the deferral and subsequent amortization of DAC.

For contracts with a single premium or a limited number of premium payments due over a significantly shorter period than the total period over which benefits are provided, premiums are recorded as revenue when due with any excess profit deferred and recognized in income in a constant relationship to insurance in-force or, for annuities, the amount of expected future benefit payments.

DAC and VOBA

DAC. Acquisition costs that vary with and are primarily related to the acquisition of new and renewal insurance business, reflecting incremental direct costs of contract acquisition with independent third parties or employees that are essential to the contract transaction, as well as the portion of employee compensation, including payroll fringe benefits and other costs directly related to underwriting, policy issuance and processing, medical inspection, and contract selling for successfully negotiated contracts including commissions, underwriting, agency and policy issue expenses, are deferred. DAC is subject to recoverability testing at the time of policy issue and loss recognition testing at the end of each accounting period.

After the initial establishment of reserves, premium deficiency and loss recognition tests are performed each period end using best estimate assumptions as of the testing date without provisions for adverse deviation. When the liabilities for future policy benefits plus the present value of expected future gross premiums for the aggregate product group are insufficient to provide for expected future policy benefits and expenses for that line of business (i.e., reserves net of any DAC asset), DAC would first be written off and thereafter, if required, a premium deficiency reserve would be established by a charge to earnings.

VOBA. VOBA, which arose from MLOA’s 2004 acquisition by AXA Financial, was established in accordance with purchase accounting guidance for business combinations. VOBA is the actuarially determined present value of estimated future gross profits from insurance contracts in force at the date of the acquisition. VOBA is amortized over the expected life of the contracts (up to 50 years from the date of issue) according to the type of contract using the methods described below as applicable. VOBA is subject to loss recognition testing at the end of each accounting period.

Amortization Policy. For universal life (“UL”) and investment type products, DAC and VOBA are amortized over the expected total life of the contract group as a constant percentage of estimated gross profits arising principally from investment results, Separate Account fees, mortality and expense margins and surrender charges based on historical and anticipated future experience, updated at the end of each accounting period. When estimated gross profits are expected to be negative for multiple years of a contract life, DAC and VOBA are amortized using the present value of estimated assessments. The effect on the amortization of DAC and VOBA of updates to estimated gross profits or assessments is reflected in earnings in the period such estimated gross profits or assessments are updated. A decrease in expected gross profits or assessments would accelerate DAC and VOBA amortization. Conversely, an increase in expected gross profits or assessments would slow DAC and VOBA amortization. The effect on the DAC and VOBA assets that would result from realization of unrealized gains (losses) is recognized with an offset to AOCI in shareholders’ equity as of the balance sheet date.

A significant assumption in the amortization of DAC and VOBA on variable and interest-sensitive life insurance relates to projected future Separate Account performance. Management sets estimated future gross profit or assessment assumptions related to Separate Account performance using a long-term view of expected average market returns by applying a reversion to the mean approach, a commonly used industry practice. This future return approach influences the projection of fees earned, as well as other sources of estimated gross profits. Returns that are higher than expectations for a given period produce higher than expected account balances, increase the fees earned resulting in higher expected future gross profits and lower DAC and VOBA amortization for the period. The opposite occurs when returns are lower than expected.

In applying this approach to develop estimates of future returns, it is assumed that the market will return to an average gross long-term return estimate, developed with reference to historical long-term equity market performance. In 2015, based upon management’s current expectations of interest rates and future fund growth, MLOA updated its reversion to the mean ("RTM") assumption from 9.0% to 7.0%. The average gross long term return measurement start date was also updated to December 31, 2014. Management has set limitations as to maximum and minimum future rate of return assumptions, as well as a limitation on the duration of use of these maximum or minimum rates of return. At December 31, 2015, the average gross short-term and long-term annual return estimate on variable and interest-sensitive life insurance was 7.0% (5.0% net of product weighted average Separate Account fees), and the gross maximum and minimum short-term annual rate of return limitations were 15.0% (13.0% net of product weighted average Separate Account fees) and 0.0% (-2.0% net of product weighted average Separate Account fees), respectively. The maximum duration over which these rate limitations may be applied is 5 years. This approach will continue to be applied in future periods. These assumptions of long-term growth are subject to assessment of the reasonableness of resulting estimates of future return assumptions.

If actual market returns continue at levels that would result in assuming future market returns of 15.0% for more than 5 years in order to reach the average gross long-term return estimate, the application of the 5 year maximum duration limitation would result in an acceleration of DAC and VOBA amortization. Conversely, actual market returns resulting in assumed future market returns of 0.0% for more than 5 years would result in a required deceleration of DAC and VOBA amortization.

In addition, projections of future mortality assumptions related to variable and interest-sensitive life products are based on a long-term average of actual experience. This assumption is updated quarterly to reflect recent experience as it emerges. Improvement of life mortality in future periods from that currently projected would result in future deceleration of DAC and VOBA amortization. Conversely, deterioration of life mortality in future periods from that currently projected would result in future acceleration of DAC and VOBA amortization. Generally, life mortality experience has been improving in recent years.

Other significant assumptions underlying gross profit estimates for UL and investment-type products relate to contract persistency and General Account investment spread.

Deferred Cost of or Gain on Reinsurance

The cost of or gain on reinsurance at the inception of a coinsurance treaty, defined as the difference between the initial coinsurance premium paid and the amount of the net liabilities relating to the underlying reinsured policies in accordance with the reinsurance agreement, net of the ceded commission received is deferred and amortized over the lives of the underlying policies.

Policyholders’ Account Balances and Future Policy Benefits

Policyholders’ account balances for variable life and investment-type contracts are equal to the policy account values. The policy account values represent an accumulation of gross premium payments plus credited interest less expense and mortality charges and withdrawals.

MLOA had issued certain variable annuity products with a guaranteed minimum death benefit (“GMDB”) feature. MLOA also had issued certain variable annuity products that contain a GMIB feature which, if elected by the policyholder after a stipulated waiting period from contract issuance, guarantees a minimum lifetime annuity based on predetermined annuity purchase rates that may be in excess of what the contract account value can purchase at then-current annuity purchase rates. This minimum lifetime annuity is based on predetermined annuity purchase rates applied to a GMIB base. Reserves for GMDB and GMIB obligations are calculated on the basis of actuarial assumptions related to projected benefits and related contract charges generally over the lives of the contracts using assumptions consistent with those used in estimating gross profits for purposes of amortizing DAC and VOBA. The determination of this estimated liability is based on models that involve numerous estimates and subjective judgments, including those regarding expected market rates of return and volatility, contract surrender and withdrawal rates, mortality experience, and, for contracts with the GMIB feature, GMIB election rates. Assumptions regarding Separate Account performance used for purposes of this calculation are set using a long-term view of expected average market returns by applying a reversion to the mean approach, consistent with that used for DAC and VOBA amortization. There can be no assurance that actual experience will be consistent with management’s estimates. MLOA’s variable annuity contracts with GMDB and GMIB features in-force that guarantee one of the following:

• Return of Premium: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals);

• Ratchet: the benefit is the greatest of current account value, premiums paid (adjusted for withdrawals), or the highest account value on any anniversary up to contractually specified ages (adjusted for withdrawals);

• Roll-Up: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals) accumulated at contractually specified interest rates up to specified ages; or

• Combo: the benefit is the greater of the ratchet benefit or the roll-up benefit which may include a five-year or an annual reset.

In connection with the reinsurance agreement with Protective Life, MLOA has reinsured 100% of the risk associated with variable annuity products with GMDB and GMIB features.

Reinsurance recoverable balances were calculated using methodologies and assumptions that are consistent with those used to calculate the direct liabilities.

For non-participating traditional life insurance policies, future policy benefit liabilities are estimated using a net level premium method on the basis of actuarial assumptions as to mortality, persistency and interest established at policy issue. Assumptions established at policy issue as to mortality and persistency are based on MLOA’s experience that, together with interest and expense assumptions, includes a margin for adverse deviation. Benefit liabilities for traditional annuities during the accumulation period are equal to accumulated contractholders’ fund balances and, after annuitization, are equal to the present value of expected future payments.

When the liabilities for future policy benefits plus the present value of expected future gross premiums for a product are insufficient to provide for expected future policy benefits and expenses for that product, DAC and VOBA are written off and thereafter, if required, a premium deficiency reserve is established by a charge to earnings.

Separate Accounts

Generally, Separate Accounts established under Arizona State Insurance Law are not chargeable with liabilities that arise from any other business of MLOA. Separate Accounts assets are subject to General Account claims only to the extent Separate Accounts assets exceed Separate Accounts liabilities. Assets and liabilities of the Separate Accounts represent the net deposits and accumulated net investment earnings (loss) less fees, held primarily for the benefit of contractholders, and for which MLOA does not bear the investment risk. Separate Accounts’ assets and liabilities are shown on separate lines in the balance sheets. Assets held in Separate Accounts are reported at quoted market values or, where quoted values are not readily available or accessible for these securities, their fair value measures most often are determined through the use of model pricing that effectively discounts prospective cash flows to present value using appropriate sector-adjusted credit spreads commensurate with the security’s duration, also taking into consideration issuer-specific credit quality and liquidity. The assets and liabilities of two Separate Accounts are presented and accounted for as General Account assets and liabilities due to the fact that not all of the investment performance in those Separate Accounts is passed through to policyholders. Investment assets in these Separate Accounts principally consist of fixed maturities that are classified as AFS in the accompanying consolidated financial statements. These Separate Accounts are combined on a line-by-line basis with the Company’s General Account assets, liabilities, revenues and expenses and the accounting for these investments is consistent with the methodologies described herein for similar financial instruments held within the General Account.

The investment results of Separate Accounts, including unrealized gains (losses), on which MLOA does not bear the investment risk are reflected directly in Separate Accounts liabilities. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to contractholders of such Separate Accounts are offset within the same line in the consolidated statements of earnings (loss). For 2015, 2014 and 2013, investment results of such Separate Accounts were gains (losses) of $(12) million, $24 million and $256 million, respectively.

Deposits to Separate Accounts are reported as increases in Separate Accounts liabilities and are not reported in revenues. Mortality, policy administration and surrender charges on all policies including those funded by Separate Accounts are included in revenues.

MLOA reports the General Account’s interests in Separate Accounts as other invested assets in the balance sheets.

Other Accounting Policies

AXA Financial and certain of its consolidated subsidiaries and affiliates, including MLOA, file a consolidated Federal income tax return.MLOA provides for Federal and state income taxes currently payable, as well as those deferred due to temporary differences between the financial reporting and tax bases of assets and liabilities. Current Federal income taxes are charged or credited to operations based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year.  Deferred income tax assets and liabilities are recognized based on the difference between financial statement carrying amounts and income tax bases of assets and liabilities using enacted income tax rates and laws. Valuation allowances are established when management determines, based on available information, that it is more likely than not that deferred tax assets will not be realized.

Under accounting for uncertainty in income taxes guidance, MLOA determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded in the financial statements.  Tax positions are then measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement.

Out of Period Adjustments

In 2014, MLOA recorded an out-of-period adjustments ("OOPA") in its financial statements related to an overstatement of shadow VOBA in shareholder’s equity, which subsequently resulted in an overstatement of the deferred cost of reinsurance asset. In addition in 2014, MLOA recorded an OOPA related to the application of the equity method of accounting for its investment in AB. The impact of these OOPAs resulted in a $2 million decrease in Net earnings ($3 million before taxes) and an $8 million decrease to other comprehensive income in 2014. In 2013, MLOA recorded an OOPA in its financial statements related to an understatement of the current and deferred tax liability. The net impact of this OOPA increased Current and deferred income taxes and Income tax expense by $2 million in 2013. Management has evaluated the impact of all out of period corrections both individually and in the aggregate and concluded they are not material to any previously reported annual financial statements, or periods in which they were corrected.

Assumption Updates and Refinements

In 2015, based upon management’s current expectations of interest rates and future fund growth, MLOA updated its RTM assumption used to calculate variable and interest sensitive life reserves (“VISL”) and amortization of DAC from 9.0% to 7.0%.  The impact of this assumption update in 2015 was an increase in VISL reserves of $4 million and an increase in amortization of DAC of $8 million.  In 2015, the after tax impact of this assumption update increased the Net loss by approximately $8 million.

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INVESTMENTS (Notes)

12 Months Ended

Dec. 31, 2015

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS

Fixed Maturities

The following table provides information relating to fixed maturities classified as AFS:

Available-for-Sale Securities by Classification
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		OTTI in AOCI(1)
December 31, 2015:
Fixed Maturity Securities:
Public corporate	$	631	$	16	$	10	$	637	$	—
Private corporate	183		4		2		185		—
U.S. Treasury, government and agency	29		—		—		29		—
States and political subdivisions	6		1		—		7		—
Commercial mortgage-backed	32		6		7		31		1
Redeemable preferred stock	17		—		—		17		—
Total at December 31, 2015	$	898	$	27	$	19	$	906	$	1
December 31, 2014:
Fixed Maturity Securities:
Public corporate	$	575	$	27	$	2	$	600	$	—
Private corporate	190		11		0		201		—
U.S. Treasury, government and agency	27		—		—		27		—
States and political subdivisions	6		—		—		6		—
Commercial mortgage-backed	34		3		11		26		1
Redeemable preferred stock	18		—		—		18		—
Total at December 31, 2014	$	850	$	41	$	13	$	878	$	1

⁽¹⁾  Amounts represent OTTI losses in AOCI, which were not included in earnings (loss) in accordance with current accounting guidance.

The contractual maturities of AFS fixed maturities (excluding redeemable preferred stock) at December 31, 2015 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Available-for-Sale Fixed Maturity Securities
Contractual Maturities at December 31, 2015
	Amortized Cost		Fair Value
	(In Millions)
Due in one year or less	$	29	$	30
Due in years two through five	171		179
Due in years six through ten	620		619
Due after ten years	29		30
Subtotal	849		858
Commercial mortgage-backed securities	32		31
Total	$	881	$	889

The following table shows proceeds from sales, gross gains (losses) from sales and OTTI for AFS fixed maturities during 2015, 2014 and 2013:

	December 31,
	2015			2014			2013
	(In Millions)
Proceeds from sales(1)	$	19		$	39		$	1,200
Gross gains on sales(2)	$	—		$	1		$	84
Gross losses on sales(3)	$	—		$	1		$	9
Total OTTI	$	(1	)	$	(10	)	$	(6	)
Non-credit losses recognized in OCI	—			—			—
Credit losses recognized in earnings (loss)	$	(1	)	$	(10	)	$	(6	)

⁽¹⁾  2013 amount includes $1,090 million of transfer of assets to Protective Life.

⁽²⁾  2013 amount includes $81 million of gross gains from assets transferred to Protective Life.

⁽³⁾  2013 amount includes $6 million of gross losses from assets transferred to Protective Life.

The following table sets forth the amount of credit loss impairments on fixed maturity securities held by MLOA at the dates indicated and the corresponding changes in such amounts.

Fixed Maturity Securities - Credit Loss Impairments
	2015			2014
	(In Millions)
Balances at January 1,	$	(51	)	$	(60	)
Previously recognized impairments on securities that matured, paid, prepaid or sold	10			19
Recognized impairments on securities impaired to fair value this period(1)	—			—
Impairments recognized this period on securities not previously impaired	—			(9		)
Additional impairments this period on securities previously impaired	(1		)	(1		)
Increases due to passage of time on previously recorded credit losses	—			—
Accretion of previously recognized impairments due to increases in expected cash flows	—			—
Balances at December 31,	$	(42	)	$	(51	)

⁽¹⁾  Represents circumstances where MLOA determined in the current period that it intends to sell the security or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.

Net unrealized investment gains (losses) on fixed maturities and equity securities classified as AFS are included in the balance sheets as a component of AOCI. The table below presents these amounts as of the dates indicated:

	December 31,
	2015		2014
	(In Millions)
AFS Securities:
Fixed maturity securities:
With OTTI loss	$	4	$	(1	)
All other	4		29
Net Unrealized (Gains) Losses	$	8	$	28

Changes in net unrealized investment gains (losses) recognized in AOCI include reclassification adjustments to reflect amounts realized in Net earnings (loss) for the current period that had been part of OCI in earlier periods. The tables that follow below present a rollforward of net unrealized investment gains (losses) recognized in AOCI, split between amounts related to fixed maturity securities on which an OTTI loss has been recognized, and all other:

Net Unrealized Gains (Losses) on Fixed Maturity Securities with OTTI Losses
	Net Unrealized Gains (Losses) on Investments			DAC and VOBA			Deferred Income Tax Asset(Liability)			AOCI Gain (Loss) Related to Net Unrealized Investment Gains(Losses)
	(In Millions)
Balance, January 1, 2015	$	(1	)	$	—		$	—		$	(1	)
Net investment gains (losses) arising during the period	4			—			—			4
Reclassification adjustment for OTTI losses:
Included in Net earnings (loss)	1			—			—			1
Impact of net unrealized investment gains (losses) on:
DAC and VOBA	—			—			—			—
Deferred income taxes	—			—			(2		)	(2		)
Balance, December 31, 2015	$	4		$	—		$	(2	)	$	2
Balance, January 1, 2014	$	(4	)	$	(1	)	$	2		$	(3	)
Net investment gains (losses) arising during the period	—			—			—			—
Reclassification adjustment for OTTI losses:
Included in Net earnings (loss)	3			—			—			3
Impact of net unrealized investment gains (losses) on:
DAC and VOBA	—			1			—			1
Deferred income taxes	—			—			(2		)	(2		)
Balance, December 31, 2014	$	(1	)	$	—		$	—		$	(1	)

All Other Net Unrealized Investment Gains (Losses) in AOCI
	Net Unrealized Gains (Losses) on Investments			DAC and VOBA			Deferred Income Tax Asset(Liability)			AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
	(In Millions)
Balance, January 1, 2015	$	29		$	(2	)	$	(9	)	$	18
Net investment gains (losses) arising during the period	(24		)	—			—			(24		)
Reclassification adjustment for OTTI losses:
Included in Net earnings (loss)	(1		)	—			—			(1		)
Impact of net unrealized investment gains (losses) on:
DAC and VOBA	—			—			—			—
Deferred income taxes	—			—			9			9
Balance, December 31, 2015	$	4		$	(2	)	$	0		$	2
Balance, January 1, 2014	$	5		$	12		$	(6	)	$	11
Net investment gains (losses) arising during the period	17			—			—			17
Reclassification adjustment for OTTI losses:
Included in Net earnings (loss)	7			—			—			7
Impact of net unrealized investment gains (losses) on:
DAC and VOBA	—			(14		)	—			(14		)
Deferred income taxes	—			—			(3		)	(3		)
Balance, December 31, 2014	$	29		$	(2	)	$	(9	)	$	18

The following tables disclose the fair values and gross unrealized losses of the 141 issues at December 31, 2015 and the 70 issues at December 31, 2014 of fixed maturities that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated:

	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(In Millions)
December 31, 2015
Fixed Maturity Securities:
Public corporate	$	243	$	9	$	11	$	1	$	254	$	10
Private corporate	58		2		—		—		58		2
U.S. Treasury, government and agency	16		—		—		—		16		—
Commercial mortgage-backed	4		—		13		7		17		7
Redeemable preferred stock	—		—		2		—		2		—
Total	$	321	$	11	$	26	$	8	$	347	$	19
December 31, 2014
Fixed Maturity Securities:
Public corporate	$	29	$	1	$	37	$	1	$	66	$	2
Private corporate	12		—		1		—		13		—
U.S. Treasury, government
U.S. Treasury, government and agency	16		—		—		—		16		—
States and political subdivisions	1		—		—		—		1		—
Commercial mortgage-backed	1		—		20		11		21		11
Redeemable preferred stock	5		—		4		—		9		—
Total	$	64	$	1	$	62	$	12	$	126	$	13

MLOA’s investments in fixed maturity securities do not include concentrations of credit risk of any single issuer greater than 10% of the shareholder’s equity of MLOA, other than securities of the U.S. government, U.S. government agencies and certain securities guaranteed by the U.S. government. MLOA maintains a diversified portfolio of corporate securities across industries and issuers and does not have exposure to any single issuer in excess of 1.3% of total investments. The largest exposures to a single issuer of corporate securities held at December 31, 2015 and 2014 were $15 million and $15 million, respectively. Corporate high yield securities, consisting primarily of public high yield bonds, are classified as other than investment grade by the various rating agencies, i.e., a rating below Baa3/BBB- or the National Association of Insurance Commissioners (“NAIC”) designation of 3 (medium grade), 4 or 5 (below investment grade) or 6 (in or near default). At December 31, 2015 and 2014, respectively, approximately $42 million and $48 million, or 4.7% and 5.6%, of the $898 million and $850 million aggregate amortized cost of fixed maturities held by MLOA were considered to be other than investment grade. These securities had net unrealized losses of $1 million and $8 million at December 31, 2015 and 2014, respectively. At December 31, 2015 and 2014, respectively, the $8 million and $12 million of gross unrealized losses of twelve months or more were concentrated in commercial mortgage-backed securities. In accordance with the policy described in Note 2, MLOA concluded that an adjustment to earnings for OTTI for these securities was not warranted at either December 31, 2015 or 2014. At December 31, 2015, MLOA did not intend to sell the securities nor will it likely be required to dispose of the securities before the anticipated recovery of their remaining amortized cost basis.

At December 31, 2015, the carrying value of fixed maturities that were non-income producing for the twelve months preceding that date was $2 million.

Mortgage Loans

During 2014 all of MLOA’s mortgage loans matured or prepaid and there were no outstanding balances at December 31, 2015 and 2014.

Equity Method Investments

The following table presents MLOA’s investment in 2.6 million units of AB (approximately 94% ownership) with a fair value of $62 million and $67 million at December 31, 2015 and 2014, respectively. MLOA’s investment in AB, an affiliate, is included in Other invested assets:

	2015			2014
	(In Millions)
Balance at January 1,	$	63		$	70
Equity in net earnings (loss)	5			1
Dividends received	(5		)	(5		)
Other	—			(3		)
Balance at December 31,	$	63		$	63

The tables below detail the condensed balance sheets and statements of earnings (loss) of AB and MLOA’s equity investment and equity in earnings (loss) of AB.

	December 31,
	2015		2014
	(In Millions)
Balance Sheets:
Total Assets	$	7,436	$	7,378
Total Liabilities	3,368		3,246
Redeemable non-controlling interest	13		17
Total Partners’ Capital	4,055		4,116
Total Liabilities and Partners’ Capital	$	7,436	$	7,379
MLOA’s Equity investment in AB	$	63	$	63
	2015		2014		2013
	(In Millions)
Statements of Earnings (Loss):
Total revenues	$	3,021	$	3,005	$	2,915
Total Expenses	2,390		2,397		2,351
Net Earnings (Loss)	$	587	$	570	$	518
MLOA’s Equity in earnings (loss) of AB	$	5	$	1	$	5

Derivatives and Offsetting Assets and Liabilities

MLOA hedges crediting rates in the Market Stabilizer Option® (“MSO”) in the variable life insurance products and Indexed Universal Life (“IUL”) insurance products. The MSO permits the contract owner to participate in the performance of an index, ETF or commodity price movement up to a cap for a set period of time. They also contain a protection feature, in which MLOA will absorb, up to a certain percentage the loss of value in an index, ETF or commodity price, which varies by product segment.

In order to support the returns associated with these features, MLOA enters into derivative contracts whose payouts, in combination with fixed income investments, emulate those of the index, ETF or commodity price, subject to caps and buffers.

The tables below present quantitative disclosures about MLOA’s derivative instruments, including those embedded in other contracts though required to be accounted for as derivative instruments.

Derivative Instruments by Category
			Fair Value
	Notional Amount		Asset Derivatives		Liability Derivatives		Gains (Losses) Reported In Earnings (Loss)
	(In Millions)
At or For the Year Ended, December 31, 2015:
Freestanding derivatives:
Equity contracts:(1)
Options	$	518	$	28	$	4	$	(9	)
Net investment income (loss)							(9		)
Embedded derivatives:
MSO and IUL indexed features(2)	—		—		24		8
Balance, December 31, 2015	$	518	$	28	$	28	$	(1	)
At or For the Year Ended, December 31, 2014:
Freestanding derivatives:
Equity contracts:(1)
Options	$	307	$	32	$	6	$	13
Net investment income (loss)							13
Embedded derivatives:
MSO and IUL indexed features(2)	—		—		26		(13		)
Balance, December 31, 2014	$	307	$	32	$	32	$	—

(1)Reported in Other invested assets in MLOA’s balance sheets.

(2)MSO and IUL are reported in Future policyholders’ benefits and other policyholders’ liabilities in the balance sheets.

Credit Risk

Although notional amount is the most commonly used measure of volume in the derivatives market, it is not used as a measure of credit risk. A derivative with positive fair value (a derivative asset) indicates existence of credit risk because the counterparty would owe money to MLOA if the contract were closed at the reporting date. Alternatively, a derivative contract with negative fair value (a derivative liability) indicates MLOA would owe money to the counterparty if the contract were closed at the reporting date. To reduce credit exposures in OTC derivative transactions MLOA generally enters into master agreements that provide for a netting of financial exposures with the counterparty and allow for collateral arrangements as further described below under “ISDA Master Agreements.” MLOA further controls and minimizes its counterparty exposure through a credit appraisal and approval process.

ISDA Master Agreements

Netting Provisions. The standardized “ISDA Master Agreement” under which MLOA conducts its OTC derivative transactions includes provisions for payment netting. In the normal course of business activities, if there is more than one derivative transaction with a single counterparty, MLOA will set-off the cash flows of those derivatives into a single amount to be exchanged in settlement of the resulting net payable or receivable with that counterparty. In the event of default, insolvency, or other similar event pre-defined under the ISDA Master Agreement that would result in termination of OTC derivatives transactions before their maturity, netting procedures would be applied to calculate a single net payable or receivable with the counterparty.

Collateral Arrangements. MLOA generally has executed a CSA under the ISDA Master Agreement it maintains with each of its OTC derivative counterparties that requires both posting and accepting collateral either in the form of cash or high-quality securities, such as U.S. Treasury securities or those issued by government agencies. These CSAs are bilateral agreements that require collateral postings by the party “out-of-the-money” or in a net derivative liability position. Various thresholds for the amount and timing of collateralization of net liability positions are applicable. Consequently, the credit exposure of MLOA’s OTC derivative contracts is limited to the net positive estimated fair value of those contracts at the reporting date after taking into consideration the existence of netting agreements and any collateral received pursuant to CSAs. Derivatives are recognized at fair value in the consolidated balance sheets and are reported either as assets in Other invested assets or as liabilities in Other liabilities, except for embedded insurance-related derivatives as described above and derivatives transacted with a related counterparty. MLOA nets the fair value of all derivative financial instruments with counterparties for which an ISDA Master Agreement and related CSA have been executed.

At December 31, 2015 and 2014, respectively, MLOA held $27 million and $26 million in cash and securities collateral delivered by trade counterparties, representing the fair value of the related derivative agreements. This unrestricted cash collateral is reported in Cash and cash equivalents, and the obligation to return it is reported in Other liabilities in the balance sheets. The aggregate fair value of all collateralized derivative transactions that were in a liability position at December 31, 2015 and 2014 was not material.

The following table presents information about MLOA’s offsetting of financial assets and liabilities and derivative instruments at December 31, 2015.

Offsetting of Financial Assets and Liabilities and Derivative Instruments
At December 31, 2015
	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheets		Net Amounts Presented in the Balance Sheets
	(In Millions)
ASSETS
Description
Derivatives:
Equity contracts	$	28	$	4	$	24
Total Derivatives, subject to an ISDA Master Agreement(1)	28		4		24
Other financial instruments	65		—		65
Other invested assets	$	93	$	4	$	89
LIABILITIES
Description
Derivatives:
Equity contracts	$	4	$	4	$	—
Total Derivatives, subject to an ISDA Master Agreement(1)	4		4		—
Other financial liabilities	60		—		60
Other liabilities	$	64	$	4	$	60

⁽¹⁾    All derivatives were subject to ISDA Master Agreements at December 31, 2015.

The following table presents information about MLOA’s gross collateral amounts that are not offset in the balance sheets at December 31, 2015.

Gross Collateral Amounts Not Offset in the Balance Sheets
At December 31, 2015
	Net Amounts Presented in the Balance Sheets		Collateral (Received)/Held
			Financial Instruments			Cash			Net Amounts
	(In Millions)
ASSETS
Counterparty A	$	3	$	—		$	(3	)	$	—
Counterparty V	1		—			(1		)	—
Counterparty F	2		—			(2		)	—
Counterparty G	2		—			(2		)	—
Counterparty H	6		(6		)	—			—
Counterparty K	7		—			(7		)	—
Counterparty L	2		—			(2		)	—
Counterparty T	1		—			(1		)	—
Total Derivatives	$	24	$	(6	)	$	(18	)	$	—
Other financial assets	65		—			—			65
Other invested assets	$	89	$	(6	)	$	(18	)	$	65

The following table presents information about MLOA’s offsetting of financial assets and liabilities and derivative instruments at December 31, 2014.

Offsetting of Financial Assets and Liabilities and Derivative Instruments
At December 31, 2014
	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheets		Net Amounts Presented in the Balance Sheets
	(In Millions)
ASSETS
Description
Derivatives:
Equity contracts	$	32	$	6	$	26
Total Derivatives, subject to an ISDA Master Agreement(1)	32		6		26
Other financial instruments	64		—		64
Other invested assets	$	96	$	6	$	90
LIABILITIES
Description
Derivatives:
Equity contracts	$	6	$	6	$	—
Total Derivatives, subject to an ISDA Master Agreement(1)	6		6		—
Other financial liabilities	63		—		63
Other liabilities	$	69	$	6	$	63

⁽¹⁾    All derivatives were subject to ISDA Master Agreements at December 31, 2014.

The following table presents information about MLOA’s gross collateral amounts that are not offset in the balance sheets at December 31, 2014.

Gross Collateral Amounts Not Offset in the Balance Sheets
At December 31, 2014
	Net Amounts Presented in the Balance Sheets		Collateral (Received)/Held
			Financial Instruments			Cash			Net Amounts
	(In Millions)
ASSETS
Counterparty A	$	5	$	—		$	(5	)	$	—
Counterparty F	1		—			(1		)	—
Counterparty G	3		—			(3		)	—
Counterparty H	6		(6		)	—			—
Counterparty K	6		—			(6		)	—
Counterparty L	4		—			(4		)	—
Counterparty T	1		—			(1		)	—
Total Derivatives	$	26	$	(6	)	$	(20	)	$	—
Other financial assets	64		—			—			64
Other invested assets	$	90	$	(6	)	$	(20	)	$	64

Net Investment Income (Loss)

The following table breaks out Net investment income (loss) by asset category:

	2015			2014			2013
	(In Millions)
Fixed maturities	$	40		$	36		$	79
Mortgage loans on real estate	—			2			2
Policy loans	1			1			6
Derivative instruments	(9		)	13			8
Gross investment income (loss)	32			52			95
Investment expenses	(3		)	(2		)	(3		)
Net Investment Income (Loss)	$	29		$	50		$	92

For 2015, 2014 and 2013 net investment income (loss) from derivatives included $6 million, $8 million and $2 million of realized gains (losses) on contracts closed during those periods and $(15) million, $5 million and $6 million of unrealized gains (losses) on derivative positions at year end.

Investment Gains (Losses), Net

Investment gains (losses), net including changes in the valuation allowances and OTTI are as follows:

	2015			2014			2013
	(In Millions)
Fixed maturities	$	(1	)	$	(10	)	$	67
Mortgage loans on real estate	—			4			1
Investment Gains (Losses), Net	$	(1	)	$	(6	)	$	68

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VALUE OF BUSINESS ACQUIRED

12 Months Ended

Dec. 31, 2015

Value Of Business Acquired [Abstract]

VALUE OF BUSINESS ACQUIRED

VALUE OF BUSINESS ACQUIRED

The following table presents MLOA’s VOBA asset at December 31, 2015 and 2014:

	Gross Carrying Amount		Accumulated Amortization and Other				Net
	(In Millions)
VOBA
December 31, 2015	$	416	$	(407	)	(1)	$	9
December 31, 2014	$	416	$	(409	)	(1)	$	7

(1) Includes reactivity to unrealized investment gains (losses) and $117 million of accelerated VOBA amortization resulting from the reinsurance agreement with Protective Life which is included in the deferred cost of reinsurance.

For 2015, 2014 and 2013, amortization (negative amortization) expense related to VOBA was $0 million, $10 million and $11 million, respectively. VOBA amortization is estimated to range between $0 million and $1 million annually through 2020.

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FAIR VALUE DISCLOSURES

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES

Assets and Liabilities measured at fair value on a recurring basis are summarized below. At December 31, 2015 and 2014, no assets were required to be measured at fair value on a non-recurring basis. Fair value measurements are required on a non-recurring basis for certain assets, including goodwill and mortgage loans on real estate, only when an OTTI or other event occurs. When such fair value measurements are recorded, they must be classified and disclosed within the fair value hierarchy.

Fair Value Measurements
	Level 1		Level 2		Level 3		Total
	(In Millions)
December 31, 2015
Assets:
Investments:
Fixed maturity Securities, available-for-sale:
Corporate	$	—	$	814	$	8	$	822
U.S. Treasury, government and agency	—		29		—		29
States and political subdivisions	—		7		—		7
Commercial mortgage-backed	—		—		31		31
Redeemable preferred stock	9		8		—		17
Subtotal	9		858		39		906
Other equity investments	1		—		—		1
Options	—		24		—		24
Cash equivalents	170		—		—		170
Separate Accounts’ assets	1,686		14		—		1,700
Total Assets	$	1,866	$	896	$	39	$	2,801
Liabilities:
MSO and IUL indexed features’ liability	$	—	$	24	$	—	$	24
Total Liabilities	$	—	$	24	$	—	$	24
December 31, 2014
Assets:
Investments:
Fixed maturity Securities, available-for-sale:
Corporate	$	—	$	793	$	8	$	801
U.S. Treasury, government and agency	—		27		—		27
States and political subdivisions	—		6		—		6
Commercial mortgage-backed	—		—		26		26
Redeemable preferred stock	10		8		—		18
Subtotal	10		834		34		878
Other equity investments	1		—		—		1
Options	—		26		—		26
Cash equivalents	42		—		—		42
Separate Accounts’ assets	1,794		15		—		1,809
Total Assets	$	1,847	$	875	$	34	$	2,756
Liabilities:
MSO and IUL indexed features’ liability	$	—	$	26	$	—	$	26
Total Liabilities	$	—	$	26	$	—	$	26

At December 31, 2015 and 2014, respectively, the fair value of public fixed maturities is approximately $701 million and $661 million or approximately 25.0% and 24.0% of MLOA’s total assets measured at fair value on a recurring basis. The fair values of MLOA’s public fixed maturity securities are generally based on prices obtained from independent valuation service providers and for which MLOA maintains a vendor hierarchy by asset type based on historical pricing experience and vendor expertise. Although each security generally is priced by multiple independent valuation service providers, MLOA ultimately uses the price received from the independent valuation service provider highest in the vendor hierarchy based on the respective asset type, with limited exception. To validate reasonableness, prices also are internally reviewed by those with relevant expertise through comparison with directly observed recent market trades. Consistent with the fair value hierarchy, public fixed maturity securities validated in this manner generally are reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs. If the pricing information received from independent valuation service providers is not reflective of market activity or other inputs observable in the market, MLOA may challenge the price through a formal process in accordance with the terms of the respective independent valuation service provider agreement. If as a result it is determined that the independent valuation service provider is able to reprice the security in a manner agreed as more consistent with current market observations, the security remains within Level 2. Alternatively, a Level 3 classification may result if the pricing information then is sourced from another vendor, non-binding broker quotes, or internally-developed valuations for which MLOA’s own assumptions about market-participant inputs would be used in pricing the security.

At December 31, 2015 and 2014, respectively, the fair value of private fixed maturities is approximately $205 million and $217 million or approximately 7.3% and 7.9% of MLOA’s total assets measured at fair value on a recurring basis. The fair values of MLOA’s private fixed maturities, which primarily are comprised of investments in private placement securities generally are determined using a discounted cash flow model. In certain cases, these models use observable inputs with a discount rate based upon the average of spread surveys collected from private market intermediaries who are active in both primary and secondary transactions, taking into account, among other factors, the credit quality and industry sector of the issuer and the reduced liquidity associated with private placements. Generally, these securities have been reflected within Level 2. For certain private fixed maturities, the discounted cash flow model may also incorporate unobservable inputs, which reflect MLOA’s own assumptions about the inputs market participants would use in pricing the asset. To the extent management determines that such unobservable inputs are significant to the fair value measurement of a security, a Level 3 classification generally is made.

At December 31, 2015 and 2014, respectively, investments classified as Level 1 comprise approximately 66.6% and 67.0% of assets measured at fair value on a recurring basis and primarily include redeemable preferred stock, cash equivalents and Separate Accounts assets. Fair value measurements classified as Level 1 include exchange-traded prices of fixed maturities, equity securities and net asset values for transacting subscriptions and redemptions of mutual fund shares held by Separate Accounts. Cash equivalents classified as Level 1 include money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less, and are carried at cost as a proxy for fair value measurement due to their short-term nature.

At December 31, 2015 and 2014, respectively, investments classified as Level 2 comprise approximately 32.0% and 31.7% of assets measured at fair value on a recurring basis and primarily include U.S. government and agency securities and certain corporate debt securities, such as public and private fixed maturities. As market quotes generally are not readily available or accessible for these securities, their fair value measures are determined utilizing relevant information generated by market transactions involving comparable securities and often are based on model pricing techniques that effectively discount prospective cash flows to present value using appropriate sector-adjusted credit spreads commensurate with the security’s duration, also taking into consideration issuer-specific credit quality and liquidity.

MLOA’s IUL product and in the MSO investment option available in some life contracts offer investment options which permit the contract owner to participate in the performance of an index, ETF or commodity price. These investment options, which depending on the product and on the index selected can currently have 1 or 3 year terms, provide for participation in the performance of specified indices, ETF or commodity price movement up to a segment-specific declared maximum rate. Under certain conditions that vary by product, e.g. holding these segments for the full term, these segments also shield policyholders from some or all negative investment performance associated with these indices, ETF or commodity price. These investment options have defined formulaic liability amounts, and the current values of the option component of these segment reserves are accounted for as Level 2 embedded derivatives. The fair values of these embedded derivatives are based on prices obtained from independent valuation service providers.

At December 31, 2015 and 2014, respectively, investments classified as Level 3 comprise approximately 1.4% and 1.2% of assets measured at fair value on a recurring basis and primarily include commercial mortgage-backed securities (“CMBS”) and corporate debt securities. Determinations to classify fair value measures within Level 3 of the valuation hierarchy generally are based upon the significance of the unobservable factors to the overall fair value measurement. At December 31, 2015 and 2014, MLOA did not hold any fixed maturities, included in the Level 3 classification, with indicative pricing obtained from brokers that otherwise could not be corroborated to market observable data. MLOA applies various due-diligence procedures, as considered appropriate, to validate these non-binding broker quotes for reasonableness, based on its understanding of the markets, including use of internally-developed assumptions about inputs a market participant would use to price the security. In addition, approximately $31 million and $26 million of mortgage- and asset-backed securities, including CMBS, are classified as Level 3 at December 31, 2015 and 2014, respectively. MLOA utilizes prices obtained from an independent valuation service vendor to measure fair value of CMBS securities.

In 2015, AFS fixed maturities with fair value of $1 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 0.2% of total equity at December 31, 2015. In 2014, there were no AFS fixed maturities transferred from Level 2 into the Level 3 or from Level 3 to Level 2 classification.

The table below presents a reconciliation for all Level 3 assets at December 31, 2015 and 2014, respectively.

Level 3 Instruments
Fair Value Measurements
	Corporate			Commercial Mortgage- backed			Asset- backed			GMIB Reinsurance Contracts
	(In Millions)
Balance, January 1, 2015	$	8		$	26		$	—		$	—
Total gains (losses), realized and unrealized included in:
Earnings (loss) as:
Investment gains (losses), net	—			(2		)	—			—
Other comprehensive income (loss)	—			8			—			—
Sales	(1		)	(1		)	—			—
Transfers into Level 3(1)	1			—			—			—
Balance, December 31, 2015	$	8		$	31		$	—		$	—
Balance, January 1, 2014	$	9		$	24		$	—		$	—
Total gains (losses), realized and unrealized included in:
Earnings (loss) as:
Investment gains (losses), net	(1		)	(11		)	—			—
Other comprehensive income (loss)	1			13			—			—
Sales	(1		)	—			—			—
Transfers into Level 3(1)	—			—			—			—
Balance, December 31, 2014	$	8		$	26		$	—		$	—
Balance, January 1, 2013	$	35		$	35		$	6		$	7
Total gains (losses), realized and unrealized included in:
Earnings (loss) as:
Investment gains (losses), net	2			(9		)	2			—
Increase (decrease) in the fair value of reinsurance contracts	—			—			—			(7		)
Other comprehensive income (loss)	(2		)	(1		)	(2		)	—
Sales	(26		)	(1		)	(6		)	—
Transfers into Level 3(1)	—			—			—			—
Balance, December 31, 2013	$	9		$	24		$	—		$	—

⁽¹⁾  Transfers into/out of Level 3 classification are reflected at beginning-of-period fair values.

The table below details changes in unrealized gains (losses) for 2015 and 2014 by category for Level 3 assets still held at December 31, 2015 and 2014, respectively.

	OCI
	(In Millions)
Level 3 Instruments
Full Year 2015
Still Held at December 31, 2015:
Change in unrealized gains (losses):
Fixed maturity securities, available-for-sale:
Corporate	$	(1	)
Commercial mortgage-backed	8
Total	$	7
Level 3 Instruments
Full Year 2014
Still Held at December 31, 2014:
Change in unrealized gains (losses):
Fixed maturity securities, available-for-sale:
Corporate	$	1
Commercial mortgage-backed	$	12
Total	$	13

At December 31, 2015 and 2014, MLOA had $39 million and $34 million, respectively, of investments classified as Level 3. The underlying quantitative inputs to measure the fair value of these investments are not developed by MLOA and are not readily available. These investments primarily consist of certain privately placed debt securities with limited trading activity, including asset-backed instruments, and their fair values generally reflect unadjusted prices obtained from independent valuation service providers and indicative, non-binding quotes obtained from third-party broker-dealers recognized as market participants. Significant increases or decreases in the fair value amounts received from these pricing sources may result in MLOA’s reporting significantly higher or lower fair value measurements for these Level 3 investments.

The carrying values and fair values at December 31, 2015 and 2014 for financial instruments not otherwise disclosed in Note 3 are presented in the table below. Certain financial instruments are exempt from the requirements for fair value disclosure, such as insurance liabilities other than financial guarantees and investment contracts and pension and other postretirement obligations.

	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
	(In Millions)
December 31, 2015
Policyholders liabilities: Investment contracts	$	177	$	—	$	—	$	184	$	184
Policy Loans	159		—		—		189		189
December 31, 2014
Policyholders liabilities: Investment contracts	$	190	$	—	$	—	$	200	$	200
Policy Loans	151		—		—		184		184

The fair value of policy loans is calculated by discounting expected cash flows based upon the U.S. treasury yield curve and historical loan repayment patterns.

The fair values for MLOA’s supplementary contracts not involving life contingencies, single premium deferred annuities and certain annuities, which are included in Policyholder’s account balances, are estimated using projected cash flows discounted at rates reflecting current market rates. Significant unobservable inputs reflected in the cash flows include lapse rates and withdrawal rates. Incremental adjustments may be made to the fair value to reflect non-performance risk.

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REINSURANCE

12 Months Ended

Dec. 31, 2015

Reinsurance Disclosures [Abstract]

REINSURANCE

REINSURANCE

MLOA cedes and assumes reinsurance with other insurance companies. Since ceded reinsurance does not relieve the originating insurer of liability, MLOA evaluates the financial condition of its reinsurers to minimize its exposure to significant losses from reinsurer insolvencies.

On October 1, 2013, MLOA entered into an agreement with Protective Life to reinsure an in-force book of life insurance and annuity policies, written primarily prior to 2004. As of December 31, 2015 and 2014 included in MLOA’s balance sheet were Amounts due from reinsurers of $1,179 million and $1,213 million, respectively (net of $130 million and $131 million of ceded policy loans, respectively), including $1,124 million and $1,154 million of Policyholder’s account balances relating to the reinsurance agreement with Protective Life. During 2015, 2014 and 2013, respectively, total premiums ceded to Protective Life were $21 million, $24 million and $6 million and policyholder benefits ceded were $219 million, $242 million and $18 million. As of December 31, 2015, Protective Life is rated AA-. Included in the reinsured business to Protective Life were policies with GMDB and GMIB features which had a reserve balance of $9 million and $1 million at December 31, 2015, respectively and $5 million and $1 million at December 31, 2014, respectively. As a result of the reinsurance agreement Protective Life will receive all the benefits from and assumes all the risks from other reinsurance contracts to which MLOA was a party for the block of business reinsured.

For business not reinsured with Protective Life, MLOA generally reinsures its variable life, UL and term life insurance policies on an excess of retention basis. MLOA generally retains up to a maximum of $4 million of mortality risk on single-life policies and up to a maximum of $6 million of mortality risk on second-to-die policies. For amounts applied for in excess of those limits, reinsurance is ceded to AXA Equitable Life Insurance Company (“AXA Equitable”), an affiliate and wholly-owned subsidiary of AXA Financial, up to a combined maximum of $20 million of risk on single-life policies and up to a maximum of $25 million on second-to-die policies. For amounts issued in excess of those limits MLOA typically obtains reinsurance from unaffiliated third parties. The reinsurance arrangements obligate the reinsurer to pay a portion of any death claim in excess of the amount MLOA retained in exchange for an agreed-upon premium.

At December 31, 2015 and 2014, respectively, amounts due from reinsurers related to insurance contracts amounted to $1,299 million and $1,336 million, of which $33 million and $37 million (not including Protective Life) related to one specific reinsurer, which is rated AA- with the remainder of the reinsurers rated AA- or not rated.  A contingent liability exists with respect to reinsurance should the reinsurers be unable to meet their obligations.

For affiliated reinsurance agreements see Note 7 “Related Party Transactions”.

The following table summarizes the effect of reinsurance:

	2015		2014		2013
	(In Millions)
Direct premiums	39		$	46	$	72
Assumed	1		1		1
Reinsurance ceded	(39	)	(46)		(48)
Premiums	1		$	1	$	25
Variable Life and Investment-type Product Policy Fee Income Ceded	73		$	48	$	31
Policyholders’ Benefits Ceded	261		$	291	$	125

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RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2015

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

In 2013, MLOA used a portion of the consideration received from the reinsurance agreement with Protective to return $200 million of capital to its parent AEFS and to donate $20 million to AXA Foundation, Inc. (the “Foundation”). The Foundation was organized for the purpose of distributing grants to various tax-exempt charitable organizations and administering various matching gift programs for AXA Equitable and its subsidiaries and affiliates, including MLOA.

Under its service agreement with AXA Equitable, personnel services, employee benefits, facilities, supplies and equipment are provided to MLOA to conduct its business. The associated costs related to the service agreement are allocated to MLOA based on methods that management believes are reasonable, including a review of the nature of such costs and activities performed to support MLOA. As a result of such allocations, MLOA incurred expenses of $88 million, $67 million and $87 million for 2015, 2014 and 2013, respectively. At December 31, 2015 and 2014, respectively, MLOA reported a $15 million and $16 million payable to AXA Equitable in connection with its service agreement.

Various AXA affiliates, including MLOA, cede a portion of their life, health and catastrophe insurance business through reinsurance agreements to AXA Global Life an affiliate. Beginning in 2008 AXA Global Life, in turn, retrocedes a quota share portion of these risks to MLOA on a one-year term basis.

MLOA cedes a portion of its life business through excess of retention treaties to AXA Equitable on a yearly renewal term basis and reinsured the no lapse guarantee riders through AXA RE Arizona Company, an affiliate.

During 2015, 2014 and 2013, premiums, claims and expenses assumed and ceded under these agreements were not significant.

In 2015, 2014 and 2013, respectively, MLOA paid AXA Distribution Holding Corporation ("AXA Distribution") and its subsidiaries $64 million, $52 million and $47 million of commissions and fees for sales of insurance products.

MLOA paid $13 million, $2 million and $2 million in commissions and fees for the sale of its insurance products to AXA Distributors, LLC ("AXA Distributors") a broker-dealer and insurance general agency affiliate, in 2015, 2014 and 2013, respectively.

In addition to the AXA Equitable service agreement, MLOA has various other service and investment advisory agreements with affiliates. The amount of expenses incurred by MLOA related to these agreements were $1 million, $1 million and $2 million for 2015, 2014 and 2013, respectively.

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SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2015

Share-based Compensation [Abstract]

SHARE BASED COMPENSATION

SHARE-BASED COMPENSATION

Certain employees of AXA Equitable who perform services for MLOA participate in various share-based payment arrangements sponsored by AXA Financial or AXA. MLOA was allocated $3 million, $2 million and $3 million of compensation costs, included in Compensation and benefits in the statement of Earnings (Loss), for share-based payment arrangements during 2015, 2014 and 2013, respectively.

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INCOME TAXES

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

A summary of the income tax (expense) benefit in the statements of earnings (loss) follows:

	2015		2014			2013
	(In Millions)
Income tax (expense) benefit:
Current (expense) benefit	$	5	$	(3	)	$	(90	)
Deferred (expense) benefit	8		8			74
Total	$	13	$	5		$	(16	)

The Federal income taxes attributable to operations are different from the amounts determined by multiplying the earnings (loss), before income taxes by the expected Federal income tax rate of 35%. The sources of the difference and their tax effects are as follows:

	2015		2014		2013
	(In Millions)
Expected income tax (expense) benefit	$	11	$	4	$	(15	)
Dividends received deduction	1		1		1
Prior year adjustment	—		—		(2		)
Other	1		—		—
Income Tax (Expense) Benefit	$	13	$	5	$	(16	)

The components of the net deferred income taxes are as follows:

	December 31, 2015				December 31, 2014
	Assets		Liabilities		Assets		Liabilities
	(In Millions)
Reserves and reinsurance	$	97	$	—	$	105	$	—
DAC	—		93		—		78
VOBA	—		3		—		3
Investments	—		10		—		18
Goodwill and other intangible assets	—		—		—		9
Other	12		—		—		8
Total	$	109	$	106	$	105	$	116

MLOA does not provide income taxes on the undistributed earnings related to its investment in AB units except to the extent that such earnings are not permanently invested outside the United States. As of December 31, 2015, $8 million of accumulated undistributed earnings related to its investment in AB units were permanently invested outside the United States. At existing applicable income tax rates, additional taxes of approximately $3 million would need to be provided if such earnings were remitted to the United States.

At December 31, 2015 and 2014, of the total amount of unrecognized tax benefits, $7 million and $6 million, respectively, would affect the effective tax rate.

MLOA recognizes accrued interest and penalties related to unrecognized tax benefits in tax (expense) benefit. Interest and penalties included in the amounts of unrecognized tax benefits at December 31, 2015 and 2014 were $1 million and $0 million, respectively. Tax expense for 2015 reflected an expense of $0 million in interest expense related to unrecognized tax benefits.

A reconciliation of unrecognized tax benefits (excluding interest and penalties) follows:

	2015		2014		2013
	(In Millions)
Balance, beginning of year	$	6	$	5	$	4
Additions for tax positions of prior years	1		1		1
Balance, End of Year	$	7	$	6	$	5

It is reasonably possible that the total amounts of unrecognized tax benefits will change within the next 12 months. The possible change in the amount of unrecognized tax benefits cannot be estimated at this time.

During the first quarter of 2016, the Company agreed to the Internal Revenue Service’s draft Revenue Agent’s Reports for MONY’s consolidated amended Federal 2004-2007 and consolidated Federal 2008 and 2009 corporate income tax returns. The expected impact on MLOA’s statement of earnings (loss) is an income tax benefit of approximately $2 million.

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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2015

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

AOCI represents cumulative gains (losses) on investments that are not reflected in earnings (loss). The balances for the past three years follow:

	December 31,
	2015		2014		2013
	(In Millions)
Unrealized gains (losses) on investments, net of adjustments	$	5	$	17	$	8
Total Accumulated Other Comprehensive Income (Loss)	$	5	$	17	$	8

The components of OCI for the past three years follow:

	December 31,
	2015			2014			2013
	(In Millions)
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the year	$	(13	)	$	11		$	(58	)
(Gains) losses reclassified into net earnings (loss) during the year(1)	—			7			(44		)
Change in net unrealized gains (losses) on investments	(13		)	18			(102		)
Adjustments for DAC, VOBA and Other	1			(9		)	28
Other Comprehensive Income (Loss), net of adjustments and (net of deferred income tax expense (benefit) of $(6), $(5) and $40	$	(12	)	$	9		$	(74	)

(1) See “Reclassification adjustments” in Note 3. Reclassification amounts presented net of income tax expense (benefit) of $0 million, $(3) million and $24 million for 2015, 2014 and 2013, respectively.

Investment gains and losses reclassified from AOCI to net earnings (loss) primarily consist of realized gains (losses) on sales and OTTI of AFS securities and are included in Total investment gains (losses), net on the statements of earnings (loss). Amounts presented in the table above are net of tax.

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LITIGATION

12 Months Ended

Dec. 31, 2015

Litigation [Abstract]

LITIGATION

LITIGATION

A number of lawsuits, claims, assessments and regulatory inquiries have been filed or commenced against life insurers in the jurisdictions in which MLOA does business. These actions and proceedings involve, among other things, insurers’ sales practices, alleged agent misconduct, alleged failure to properly supervise agents, contract administration, product design, features and accompanying disclosure, cost of insurance increases, the use of captive reinsurers, payment of death benefits and the reporting and escheatment of unclaimed property, alleged breach of fiduciary duties, alleged mismanagement of client funds and other matters. Some of the matters have resulted in the award of substantial judgments against other insurers, including material amounts of punitive damages, or in substantial settlements. Courts, juries and regulators often have substantial discretion in awarding damage awards and fines, including punitive damages. MLOA, from time to time, is involved in such actions and proceedings. While the ultimate outcome of such matters cannot be predicted with certainty, in the opinion of management no such matter is likely to have a material adverse effect on MLOA’s financial position or results of operations. However, it should be noted that the frequency of large damage awards, including large punitive damage awards and regulatory fines that bear little or no relation to actual economic damages incurred, continues to create the potential for an unpredictable judgment in any given matter.

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STATUTORY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2015

Statutory Financial Information [Abstract]

STATUTORY FINANCIAL INFORMATION

STATUTORY FINANCIAL INFORMATION

MLOA is restricted as to the amounts it may pay as dividends to AEFS. Under Arizona Insurance Law, a domestic life insurer may not, without prior approval of the Director of Insurance, pay a dividend to its shareholder exceeding an amount calculated based on a statutory formula. This formula would not permit MLOA to pay shareholder dividends during 2016. For 2015, 2014 and 2013, MLOA’s statutory net income (loss) was $(4) million, $12 million and $34 million, respectively. Statutory surplus, capital stock and Asset Valuation Reserve (“AVR”) totaled $366 million and $401 million at December 31, 2015 and 2014, respectively. There were no shareholder dividends paid to its parent by MLOA in 2015, 2014 and 2013. In 2013 MLOA, utilized a portion of the consideration from the reinsurance agreement with Protective Life to return $200 million of surplus to its parent, AEFS.

At December 31, 2015, MLOA, in accordance with various government and state regulations, had $6 million of securities on deposit with such government or state agencies.

At December 31, 2015 and for the year then ended, there were no differences in net income (loss) and capital and surplus resulting from practices prescribed and permitted by the Arizona Department of Insurance and those prescribed by NAIC Accounting Practices and Procedures effective at December 31, 2015.

Accounting practices used to prepare statutory financial statements for regulatory filings of stock life insurance companies differ in certain instances from U.S. GAAP. The differences between statutory surplus and capital stock determined in accordance with Statutory Accounting Principles (“SAP”) and total shareholder’s equity under U.S. GAAP are primarily: (a) the inclusion in SAP of an AVR intended to stabilize surplus from fluctuations in the value of the investment portfolio; (b) future policy benefits and policyholders’ account balances under SAP differ from U.S. GAAP due to differences between actuarial assumptions and reserving methodologies; (c) certain policy acquisition costs are expensed under SAP but deferred under U.S. GAAP and amortized over future periods to achieve a matching of revenues and expenses; (d) under SAP, Federal income taxes are provided on the basis of amounts currently payable with limited recognition of deferred tax assets while under U.S. GAAP, deferred taxes are recorded for temporary differences between the financial statements and tax basis of assets and liabilities where the probability of realization is reasonably assured; (e) the valuation of assets under SAP and U.S. GAAP differ due to different investment valuation and depreciation methodologies, as well as the deferral of interest-related realized capital gains and losses on fixed income investments; (f) the valuation of the investment in Alliance Units under SAP reflects a portion of the market value appreciation rather than the equity in the underlying net assets as required under U.S. GAAP; (g) computer software development costs are capitalized under U.S. GAAP but expensed under SAP; (h) certain assets, primarily pre-paid assets, are not admissible under SAP but are admissible under U.S. GAAP (i) the fair valuing of all acquired assets and liabilities including VOBA assets required for U.S. GAAP purchase accounting and (j) cost of reinsurance is recognized as expense under SAP and amortized over the life of the underlying reinsured policies under U.S. GAAP.

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SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The preparation of the accompanying financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions (including normal, recurring accruals) that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. The accompanying financial statements reflect all adjustments necessary in the opinion of management for a fair presentation of the financial position of MLOA and its results of operations and cash flows for the periods presented.

The years “2015”, “2014” and “2013” refer to the years ended December 31, 2015, 2014 and 2013, respectively. Certain reclassifications have been made in the amounts presented for prior periods to conform those periods to the current presentation.

Future Adoption of New Accounting Pronouncements

Future Adoption of New Accounting Pronouncements

In February 2015, the Financial Accounting Standard Board ("FASB") issued a new consolidation standard that makes targeted amendments to the VIE assessment, including guidance specific to limited partnerships and similar entities, and ends the deferral granted to investment companies for applying the VIE guidance. The new standard is effective for annual periods, beginning after December 15, 2015, but may be early-adopted in any interim period. Management currently is evaluating the impacts this guidance may have on the MLOA’s financial statements.

In August 2014, the FASB issued new guidance which requires management to evaluate whether there is “substantial doubt” about the reporting entity’s ability to continue as a going concern and provide related footnote disclosures about those uncertainties, if they exist. The new guidance is effective for annual periods, ending after December 15, 2016 and interim periods thereafter. Management does not expect implementation of this guidance will have a material impact on MLOA’s financial statements.

Investments

Investments

The carrying values of fixed maturities classified as available-for-sale (“AFS”) are reported at fair value. Changes in fair value are reported in comprehensive income. The amortized cost of fixed maturities is adjusted for impairments in value deemed to be other than temporary which are recognized in Investment gains (losses), net. The redeemable preferred stock investments that are reported in fixed maturities include real estate investment trusts (“REIT”), perpetual preferred stock and redeemable preferred stock. These securities may not have a stated maturity, may not be cumulative and do not provide for mandatory redemption by the issuer.

MLOA determines the fair values of fixed maturities and equity securities based upon quoted prices in active markets, when available, or through the use of alternative approaches when market quotes are not readily accessible or available. These alternative approaches include matrix or model pricing and use of independent pricing services, each supported by reference to principal market trades or other observable market assumptions for similar securities. More specifically, the matrix pricing approach to fair value is a discounted cash flow methodology that incorporates market interest rates commensurate with the credit quality and duration of the investment.

MLOA’s management, with the assistance of its investment advisors, monitors the investment performance of its portfolio and reviews AFS securities with unrealized losses for other-than-temporary impairments (“OTTI”). Integral to this review is an assessment made each quarter, on a security-by-security basis, by the Investments Under Surveillance (“IUS”) Committee, of various indicators of credit deterioration to determine whether the investment security is expected to recover. This assessment includes, but is not limited to, consideration of the duration and severity of the unrealized loss, failure, if any, of the issuer of the security to make scheduled payments, actions taken by rating agencies, adverse conditions specifically related to the security or sector, the financial strength, liquidity, and continued viability of the issuer and, for equity securities only, the intent and ability to hold the investment until recovery, and results in identification of specific securities for which OTTI is recognized.

If there is no intent to sell or likely requirement to dispose of the fixed maturity security before its recovery, only the credit loss component of any resulting OTTI is recognized in earnings (loss) and the remainder of the fair value loss is recognized in Other Comprehensive Income ("OCI"). The amount of credit loss is the shortfall of the present value of the cash flows expected to be collected as compared to the amortized cost basis of the security. The present value is calculated by discounting management’s best estimate of projected future cash flows at the effective interest rate implicit in the debt security prior to impairment. Projections of future cash flows are based on assumptions regarding probability of default and estimates regarding the amount and timing of recoveries. These assumptions and estimates require use of management judgment and consider internal credit analyses as well as market observable data relevant to the collectability of the security. For mortgage- and asset-backed securities, projected future cash flows also include assumptions regarding prepayments and underlying collateral value.

Policy loans are stated at unpaid principal balances.

Equity securities, which include common stock and non-redeemable preferred stock classified as AFS securities, are carried at fair value and are included in Other invested assets with changes in fair value reported in OCI.

Units in AllianceBernstein L.P. (“AB”), a subsidiary of AXA Financial, are carried on the equity method and reported in Other invested assets.

Short-term investments are reported at amortized cost that approximates fair value and are included in Other invested assets.

Cash and cash equivalents includes cash on hand, amounts due from banks and highly liquid debt instruments purchased with an original maturity of three months or less. Due to the short-term nature of these investments, the recorded value is deemed to approximate fair value.

All securities owned, including United States government and agency securities and mortgage-backed securities, are reported in the financial statements on a trade date basis.

Derivatives

Derivatives

Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, values of securities or commodities, credit spreads, market volatility, expected returns, and liquidity. Values can also be affected by changes in estimates and assumptions, including those related to counterparty behavior and non-performance risk used in valuation models. Derivative financial instruments generally used by MLOA include equity options and may be exchange-traded or contracted in the over-the-counter market. All derivative positions are carried in the balance sheets at fair value, generally by obtaining quoted market prices or through the use of valuation models.

Freestanding derivative contracts are reported in the balance sheets either as assets within “Other invested assets” or as liabilities within “Other liabilities.” MLOA nets the fair value of all derivative financial instruments with counterparties for which a standardized “ISDA Master Agreement” and related Credit Support Annex (“CSA”) have been executed. MLOA uses derivatives to manage asset/liability risk but has not designated those economic relationships under the criteria to qualify for hedge accounting treatment. All changes in the fair value of MLOA freestanding derivative positions, including net receipts and payments, are included in “Investment income (loss) from derivative instruments” without considering changes in the fair value of the economically associated assets or liabilities.

MLOA is a party to financial instruments and other contracts that contain “embedded” derivative instruments. At inception, MLOA assesses whether the economic characteristics of the embedded instrument are “clearly and closely related” to the economic characteristics of the remaining component of the “host contract” and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When those criteria are satisfied, the resulting embedded derivative is bifurcated from the host contract, carried in the balance sheets at fair value, and changes in its fair value are recognized immediately and captioned in the statements of earnings (loss) according to the nature of the related host contract. For certain financial instruments that contain an embedded derivative that otherwise would need to be bifurcated and reported at fair value, the Company instead may elect to carry the entire instrument at fair value.

Mortgage Loans on Real Estate (mortgage loans)

Mortgage Loans on Real Estate (“mortgage loans”):

Mortgage loans are stated at unpaid principal balances, net of unamortized discounts and valuation allowances. Valuation allowances are based on the present value of expected future cash flows discounted at the loan’s original effective interest rate or on its collateral value if the loan is collateral dependent. However, if foreclosure is or becomes probable, the collateral value measurement method is used.

For commercial and agricultural mortgage loans, an allowance for credit loss is typically recommended when management believes it is probable that principal and interest will not be collected according to the contractual terms. Factors that influence management’s judgment in determining allowance for credit losses include the following:

• Loan-to-value ratio - Derived from current loan balance divided by the fair market value of the property. An allowance for credit loss is typically recommended when the loan-to-value ratio is in excess of 100%. In the case where the loan-to-value is in excess of 100%, the allowance for credit loss is derived by taking the difference between the fair market value (less cost of sale) and the current loan balance.

• Debt service coverage ratio - Derived from actual net operating income divided by annual debt service. If the ratio is below 1.0x, then the income from the property does not support the debt.

• Occupancy - Criteria varies by property type but low or below market occupancy is an indicator of sub-par property performance.

• Lease expirations - The percentage of leases expiring in the upcoming 12 to 36 months are monitored as a decline in rent and/or occupancy may negatively impact the debt service coverage ratio. In the case of single-tenant properties or properties with large tenant exposure, the lease expiration is a material risk factor.

• Maturity - Mortgage loans that are not fully amortizing and have upcoming maturities within the next 12 to 24 months are monitored in conjunction with the capital markets to determine the borrower’s ability to refinance the debt and/or pay off the balloon balance.

• Borrower/tenant related issues - Financial concerns, potential bankruptcy, or words or actions that indicate imminent default or abandonment of property.

• Payment status - current vs. delinquent - A history of delinquent payments may be a cause for concern.

• Property condition - Significant deferred maintenance observed during lenders annual site inspections.

• Other - Any other factors such as current economic conditions may call into question the performance of the loan.

Net Investment Income (Loss), Investment Gains (Losses), Net and Unrealized Investment Gains (Losses)

Net Investment Income (Loss), Investment Gains (Losses), Net and Unrealized Investment Gains (Losses)

Realized investment gains (losses) are determined by identification with the specific asset and are presented as a component of revenue. Changes in the valuation allowances are included in Investment gains (losses), net.

Unrealized investment gains (losses) on fixed maturities and equity securities designated as AFS held by MLOA are accounted for as a separate component of Accumulated Other Comprehensive Income ("AOCI"), net of related deferred income taxes and amounts attributable to Deferred Acquisition Cost ("DAC") and value of business acquired (“VOBA”) related to variable life and investment-type products.

Changes in unrealized gains (losses) reflect changes in fair value of only those fixed maturities classified as AFS and do not reflect any changes in fair value of policyholders’ account balances and future policy benefits.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The accounting guidance established a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value:

Level 1 Unadjusted quoted prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data.

Level 3 Unobservable inputs supported by little or no market activity and often requiring significant management judgment or estimation, such as an entity’s own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability.

MLOA defines fair value as the unadjusted quoted market prices for those instruments that are actively traded in financial markets. In cases where quoted market prices are not available, fair values are measured using present value or other valuation techniques. The fair value determinations are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such adjustments do not reflect any premium or discount that could result from offering for sale at one time MLOA’s entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair value cannot be substantiated by direct comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument.

Management is responsible for the determination of the value of investments carried at fair value and the supporting methodologies and assumptions. Under the terms of various service agreements, MLOA often utilizes independent valuation service providers to gather, analyze, and interpret market information and derive fair values based upon relevant methodologies and assumptions for individual securities. These independent valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of widely accepted valuation models, provide a single fair value measurement for individual securities for which a fair value has been requested. As further described below with respect to specific asset classes, these inputs include, but are not limited to, market prices for recent trades and transactions in comparable securities, benchmark yields, interest rate yield curves, credit spreads, quoted prices for similar securities, and other market-observable information, as applicable. Specific attributes of the security being valued also are considered, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security- or issuer-specific information. When insufficient market observable information is available upon which to measure fair value, MLOA either will request brokers knowledgeable about these securities to provide a non-binding quote or will employ widely accepted internal valuation models. Fair values received from independent valuation service providers and brokers and those internally modeled or otherwise estimated are assessed for reasonableness. To validate reasonableness, prices also are internally reviewed by those with relevant expertise through comparison with directly observed recent market trades.

Recognition of Insurance Income and Related Expenses

Recognition of Insurance Income and Related Expenses

Deposits related to variable life and investment-type contracts are reported as increases to policyholders’ account balances. Revenues from these contracts consist of fees assessed during the period against policyholders’ account balances for mortality charges, policy administration charges and surrender charges. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policyholders’ account balances.

Premiums from non-participating traditional life and annuity policies with life contingencies generally are recognized in income when due. Benefits and expenses are matched with such income so as to result in the recognition of profits over the life of the contracts. This match is accomplished by means of the provision for liabilities for future policy benefits and the deferral and subsequent amortization of DAC.

For contracts with a single premium or a limited number of premium payments due over a significantly shorter period than the total period over which benefits are provided, premiums are recorded as revenue when due with any excess profit deferred and recognized in income in a constant relationship to insurance in-force or, for annuities, the amount of expected future benefit payments.

DAC and VOBA

DAC and VOBA

DAC. Acquisition costs that vary with and are primarily related to the acquisition of new and renewal insurance business, reflecting incremental direct costs of contract acquisition with independent third parties or employees that are essential to the contract transaction, as well as the portion of employee compensation, including payroll fringe benefits and other costs directly related to underwriting, policy issuance and processing, medical inspection, and contract selling for successfully negotiated contracts including commissions, underwriting, agency and policy issue expenses, are deferred. DAC is subject to recoverability testing at the time of policy issue and loss recognition testing at the end of each accounting period.

After the initial establishment of reserves, premium deficiency and loss recognition tests are performed each period end using best estimate assumptions as of the testing date without provisions for adverse deviation. When the liabilities for future policy benefits plus the present value of expected future gross premiums for the aggregate product group are insufficient to provide for expected future policy benefits and expenses for that line of business (i.e., reserves net of any DAC asset), DAC would first be written off and thereafter, if required, a premium deficiency reserve would be established by a charge to earnings.

VOBA. VOBA, which arose from MLOA’s 2004 acquisition by AXA Financial, was established in accordance with purchase accounting guidance for business combinations. VOBA is the actuarially determined present value of estimated future gross profits from insurance contracts in force at the date of the acquisition. VOBA is amortized over the expected life of the contracts (up to 50 years from the date of issue) according to the type of contract using the methods described below as applicable. VOBA is subject to loss recognition testing at the end of each accounting period.

Amortization Policy. For universal life (“UL”) and investment type products, DAC and VOBA are amortized over the expected total life of the contract group as a constant percentage of estimated gross profits arising principally from investment results, Separate Account fees, mortality and expense margins and surrender charges based on historical and anticipated future experience, updated at the end of each accounting period. When estimated gross profits are expected to be negative for multiple years of a contract life, DAC and VOBA are amortized using the present value of estimated assessments. The effect on the amortization of DAC and VOBA of updates to estimated gross profits or assessments is reflected in earnings in the period such estimated gross profits or assessments are updated. A decrease in expected gross profits or assessments would accelerate DAC and VOBA amortization. Conversely, an increase in expected gross profits or assessments would slow DAC and VOBA amortization. The effect on the DAC and VOBA assets that would result from realization of unrealized gains (losses) is recognized with an offset to AOCI in shareholders’ equity as of the balance sheet date.

A significant assumption in the amortization of DAC and VOBA on variable and interest-sensitive life insurance relates to projected future Separate Account performance. Management sets estimated future gross profit or assessment assumptions related to Separate Account performance using a long-term view of expected average market returns by applying a reversion to the mean approach, a commonly used industry practice. This future return approach influences the projection of fees earned, as well as other sources of estimated gross profits. Returns that are higher than expectations for a given period produce higher than expected account balances, increase the fees earned resulting in higher expected future gross profits and lower DAC and VOBA amortization for the period. The opposite occurs when returns are lower than expected.

In applying this approach to develop estimates of future returns, it is assumed that the market will return to an average gross long-term return estimate, developed with reference to historical long-term equity market performance. In 2015, based upon management’s current expectations of interest rates and future fund growth, MLOA updated its reversion to the mean ("RTM") assumption from 9.0% to 7.0%. The average gross long term return measurement start date was also updated to December 31, 2014. Management has set limitations as to maximum and minimum future rate of return assumptions, as well as a limitation on the duration of use of these maximum or minimum rates of return. At December 31, 2015, the average gross short-term and long-term annual return estimate on variable and interest-sensitive life insurance was 7.0% (5.0% net of product weighted average Separate Account fees), and the gross maximum and minimum short-term annual rate of return limitations were 15.0% (13.0% net of product weighted average Separate Account fees) and 0.0% (-2.0% net of product weighted average Separate Account fees), respectively. The maximum duration over which these rate limitations may be applied is 5 years. This approach will continue to be applied in future periods. These assumptions of long-term growth are subject to assessment of the reasonableness of resulting estimates of future return assumptions.

If actual market returns continue at levels that would result in assuming future market returns of 15.0% for more than 5 years in order to reach the average gross long-term return estimate, the application of the 5 year maximum duration limitation would result in an acceleration of DAC and VOBA amortization. Conversely, actual market returns resulting in assumed future market returns of 0.0% for more than 5 years would result in a required deceleration of DAC and VOBA amortization.

In addition, projections of future mortality assumptions related to variable and interest-sensitive life products are based on a long-term average of actual experience. This assumption is updated quarterly to reflect recent experience as it emerges. Improvement of life mortality in future periods from that currently projected would result in future deceleration of DAC and VOBA amortization. Conversely, deterioration of life mortality in future periods from that currently projected would result in future acceleration of DAC and VOBA amortization. Generally, life mortality experience has been improving in recent years.

Other significant assumptions underlying gross profit estimates for UL and investment-type products relate to contract persistency and General Account investment spread.

Deferred Cost of or Gain on Reinsurance

Deferred Cost of or Gain on Reinsurance

The cost of or gain on reinsurance at the inception of a coinsurance treaty, defined as the difference between the initial coinsurance premium paid and the amount of the net liabilities relating to the underlying reinsured policies in accordance with the reinsurance agreement, net of the ceded commission received is deferred and amortized over the lives of the underlying policies.

Policyholders Account Balances and Future Policy Benefits

Policyholders’ Account Balances and Future Policy Benefits

Policyholders’ account balances for variable life and investment-type contracts are equal to the policy account values. The policy account values represent an accumulation of gross premium payments plus credited interest less expense and mortality charges and withdrawals.

MLOA had issued certain variable annuity products with a guaranteed minimum death benefit (“GMDB”) feature. MLOA also had issued certain variable annuity products that contain a GMIB feature which, if elected by the policyholder after a stipulated waiting period from contract issuance, guarantees a minimum lifetime annuity based on predetermined annuity purchase rates that may be in excess of what the contract account value can purchase at then-current annuity purchase rates. This minimum lifetime annuity is based on predetermined annuity purchase rates applied to a GMIB base. Reserves for GMDB and GMIB obligations are calculated on the basis of actuarial assumptions related to projected benefits and related contract charges generally over the lives of the contracts using assumptions consistent with those used in estimating gross profits for purposes of amortizing DAC and VOBA. The determination of this estimated liability is based on models that involve numerous estimates and subjective judgments, including those regarding expected market rates of return and volatility, contract surrender and withdrawal rates, mortality experience, and, for contracts with the GMIB feature, GMIB election rates. Assumptions regarding Separate Account performance used for purposes of this calculation are set using a long-term view of expected average market returns by applying a reversion to the mean approach, consistent with that used for DAC and VOBA amortization. There can be no assurance that actual experience will be consistent with management’s estimates. MLOA’s variable annuity contracts with GMDB and GMIB features in-force that guarantee one of the following:

• Return of Premium: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals);

• Ratchet: the benefit is the greatest of current account value, premiums paid (adjusted for withdrawals), or the highest account value on any anniversary up to contractually specified ages (adjusted for withdrawals);

• Roll-Up: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals) accumulated at contractually specified interest rates up to specified ages; or

• Combo: the benefit is the greater of the ratchet benefit or the roll-up benefit which may include a five-year or an annual reset.

In connection with the reinsurance agreement with Protective Life, MLOA has reinsured 100% of the risk associated with variable annuity products with GMDB and GMIB features.

Reinsurance recoverable balances were calculated using methodologies and assumptions that are consistent with those used to calculate the direct liabilities.

For non-participating traditional life insurance policies, future policy benefit liabilities are estimated using a net level premium method on the basis of actuarial assumptions as to mortality, persistency and interest established at policy issue. Assumptions established at policy issue as to mortality and persistency are based on MLOA’s experience that, together with interest and expense assumptions, includes a margin for adverse deviation. Benefit liabilities for traditional annuities during the accumulation period are equal to accumulated contractholders’ fund balances and, after annuitization, are equal to the present value of expected future payments.

When the liabilities for future policy benefits plus the present value of expected future gross premiums for a product are insufficient to provide for expected future policy benefits and expenses for that product, DAC and VOBA are written off and thereafter, if required, a premium deficiency reserve is established by a charge to earnings.

Separate Accounts

Separate Accounts

Generally, Separate Accounts established under Arizona State Insurance Law are not chargeable with liabilities that arise from any other business of MLOA. Separate Accounts assets are subject to General Account claims only to the extent Separate Accounts assets exceed Separate Accounts liabilities. Assets and liabilities of the Separate Accounts represent the net deposits and accumulated net investment earnings (loss) less fees, held primarily for the benefit of contractholders, and for which MLOA does not bear the investment risk. Separate Accounts’ assets and liabilities are shown on separate lines in the balance sheets. Assets held in Separate Accounts are reported at quoted market values or, where quoted values are not readily available or accessible for these securities, their fair value measures most often are determined through the use of model pricing that effectively discounts prospective cash flows to present value using appropriate sector-adjusted credit spreads commensurate with the security’s duration, also taking into consideration issuer-specific credit quality and liquidity. The assets and liabilities of two Separate Accounts are presented and accounted for as General Account assets and liabilities due to the fact that not all of the investment performance in those Separate Accounts is passed through to policyholders. Investment assets in these Separate Accounts principally consist of fixed maturities that are classified as AFS in the accompanying consolidated financial statements. These Separate Accounts are combined on a line-by-line basis with the Company’s General Account assets, liabilities, revenues and expenses and the accounting for these investments is consistent with the methodologies described herein for similar financial instruments held within the General Account.

The investment results of Separate Accounts, including unrealized gains (losses), on which MLOA does not bear the investment risk are reflected directly in Separate Accounts liabilities. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to contractholders of such Separate Accounts are offset within the same line in the consolidated statements of earnings (loss). For 2015, 2014 and 2013, investment results of such Separate Accounts were gains (losses) of $(12) million, $24 million and $256 million, respectively.

Deposits to Separate Accounts are reported as increases in Separate Accounts liabilities and are not reported in revenues. Mortality, policy administration and surrender charges on all policies including those funded by Separate Accounts are included in revenues.

MLOA reports the General Account’s interests in Separate Accounts as other invested assets in the balance sheets.

Other Accounting Policies

Other Accounting Policies

AXA Financial and certain of its consolidated subsidiaries and affiliates, including MLOA, file a consolidated Federal income tax return.MLOA provides for Federal and state income taxes currently payable, as well as those deferred due to temporary differences between the financial reporting and tax bases of assets and liabilities. Current Federal income taxes are charged or credited to operations based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year.  Deferred income tax assets and liabilities are recognized based on the difference between financial statement carrying amounts and income tax bases of assets and liabilities using enacted income tax rates and laws. Valuation allowances are established when management determines, based on available information, that it is more likely than not that deferred tax assets will not be realized.

Under accounting for uncertainty in income taxes guidance, MLOA determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded in the financial statements.  Tax positions are then measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement.

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ORGANIZATION (Tables)

12 Months Ended

Dec. 31, 2015

Organization [Abstract]

Schedule Of Deferred Cost Of Reinsurance

Calculation of deferred cost of reinsurance
October 1, 2013
(In Millions)
Transferred or Ceded Assets (Net of Ceding Commission):
Fixed Maturities	$	1,102
Cash	74
Policy loans	132
Total assets transferred or ceded (Net of Ceding Commission)	$	1,308
Transferred Liabilities:
Future policyholder benefits and other policyholders liabilities	$	1,334
Amounts due to reinsurer	40
Total liabilities transferred	$	1,374
Accelerated Amortization of Assets and Liabilities Resulting from the Reinsurance Agreement:
Value of business acquired	$	117
Deferred policy acquisition costs	71
Initial Fee Liability	(27		)
Net accelerated amortization of assets and liabilities	$	161
Deferred Cost of Reinsurance	$	95

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INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Available-for-sale Securities

The following table provides information relating to fixed maturities classified as AFS:

Available-for-Sale Securities by Classification
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		OTTI in AOCI(1)
December 31, 2015:
Fixed Maturity Securities:
Public corporate	$	631	$	16	$	10	$	637	$	—
Private corporate	183		4		2		185		—
U.S. Treasury, government and agency	29		—		—		29		—
States and political subdivisions	6		1		—		7		—
Commercial mortgage-backed	32		6		7		31		1
Redeemable preferred stock	17		—		—		17		—
Total at December 31, 2015	$	898	$	27	$	19	$	906	$	1
December 31, 2014:
Fixed Maturity Securities:
Public corporate	$	575	$	27	$	2	$	600	$	—
Private corporate	190		11		0		201		—
U.S. Treasury, government and agency	27		—		—		27		—
States and political subdivisions	6		—		—		6		—
Commercial mortgage-backed	34		3		11		26		1
Redeemable preferred stock	18		—		—		18		—
Total at December 31, 2014	$	850	$	41	$	13	$	878	$	1

⁽¹⁾  Amounts represent OTTI losses in AOCI, which were not included in earnings (loss) in accordance with current accounting guidance.

Investments Classified by Contractual Maturity Date

The contractual maturities of AFS fixed maturities (excluding redeemable preferred stock) at December 31, 2015 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Available-for-Sale Fixed Maturity Securities
Contractual Maturities at December 31, 2015
	Amortized Cost		Fair Value
	(In Millions)
Due in one year or less	$	29	$	30
Due in years two through five	171		179
Due in years six through ten	620		619
Due after ten years	29		30
Subtotal	849		858
Commercial mortgage-backed securities	32		31
Total	$	881	$	889

Available For Sale Fixed Maturities Proceeds Gross Gains And Gross Losses From Sales And Other Than Temporary Impairments

The following table shows proceeds from sales, gross gains (losses) from sales and OTTI for AFS fixed maturities during 2015, 2014 and 2013:

	December 31,
	2015			2014			2013
	(In Millions)
Proceeds from sales(1)	$	19		$	39		$	1,200
Gross gains on sales(2)	$	—		$	1		$	84
Gross losses on sales(3)	$	—		$	1		$	9
Total OTTI	$	(1	)	$	(10	)	$	(6	)
Non-credit losses recognized in OCI	—			—			—
Credit losses recognized in earnings (loss)	$	(1	)	$	(10	)	$	(6	)

⁽¹⁾  2013 amount includes $1,090 million of transfer of assets to Protective Life.

⁽²⁾  2013 amount includes $81 million of gross gains from assets transferred to Protective Life.

⁽³⁾  2013 amount includes $6 million of gross losses from assets transferred to Protective Life.

Fixed Maturities Credit Losses Impairments

The following table sets forth the amount of credit loss impairments on fixed maturity securities held by MLOA at the dates indicated and the corresponding changes in such amounts.

Fixed Maturity Securities - Credit Loss Impairments
	2015			2014
	(In Millions)
Balances at January 1,	$	(51	)	$	(60	)
Previously recognized impairments on securities that matured, paid, prepaid or sold	10			19
Recognized impairments on securities impaired to fair value this period(1)	—			—
Impairments recognized this period on securities not previously impaired	—			(9		)
Additional impairments this period on securities previously impaired	(1		)	(1		)
Increases due to passage of time on previously recorded credit losses	—			—
Accretion of previously recognized impairments due to increases in expected cash flows	—			—
Balances at December 31,	$	(42	)	$	(51	)

⁽¹⁾  Represents circumstances where MLOA determined in the current period that it intends to sell the security or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.

Unrealized Gain (Loss) on Investments

Net unrealized investment gains (losses) on fixed maturities and equity securities classified as AFS are included in the balance sheets as a component of AOCI. The table below presents these amounts as of the dates indicated:

	December 31,
	2015		2014
	(In Millions)
AFS Securities:
Fixed maturity securities:
With OTTI loss	$	4	$	(1	)
All other	4		29
Net Unrealized (Gains) Losses	$	8	$	28

Unrealized Gain Loss On Investments With Other Than Temporary Impairment

The tables that follow below present a rollforward of net unrealized investment gains (losses) recognized in AOCI, split between amounts related to fixed maturity securities on which an OTTI loss has been recognized, and all other:

Net Unrealized Gains (Losses) on Fixed Maturity Securities with OTTI Losses
	Net Unrealized Gains (Losses) on Investments			DAC and VOBA			Deferred Income Tax Asset(Liability)			AOCI Gain (Loss) Related to Net Unrealized Investment Gains(Losses)
	(In Millions)
Balance, January 1, 2015	$	(1	)	$	—		$	—		$	(1	)
Net investment gains (losses) arising during the period	4			—			—			4
Reclassification adjustment for OTTI losses:
Included in Net earnings (loss)	1			—			—			1
Impact of net unrealized investment gains (losses) on:
DAC and VOBA	—			—			—			—
Deferred income taxes	—			—			(2		)	(2		)
Balance, December 31, 2015	$	4		$	—		$	(2	)	$	2
Balance, January 1, 2014	$	(4	)	$	(1	)	$	2		$	(3	)
Net investment gains (losses) arising during the period	—			—			—			—
Reclassification adjustment for OTTI losses:
Included in Net earnings (loss)	3			—			—			3
Impact of net unrealized investment gains (losses) on:
DAC and VOBA	—			1			—			1
Deferred income taxes	—			—			(2		)	(2		)
Balance, December 31, 2014	$	(1	)	$	—		$	—		$	(1	)

Other Net Unrealized Investment Gains Losses In Accumulated Other Comprehensive Income

All Other Net Unrealized Investment Gains (Losses) in AOCI
	Net Unrealized Gains (Losses) on Investments			DAC and VOBA			Deferred Income Tax Asset(Liability)			AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
	(In Millions)
Balance, January 1, 2015	$	29		$	(2	)	$	(9	)	$	18
Net investment gains (losses) arising during the period	(24		)	—			—			(24		)
Reclassification adjustment for OTTI losses:
Included in Net earnings (loss)	(1		)	—			—			(1		)
Impact of net unrealized investment gains (losses) on:
DAC and VOBA	—			—			—			—
Deferred income taxes	—			—			9			9
Balance, December 31, 2015	$	4		$	(2	)	$	0		$	2
Balance, January 1, 2014	$	5		$	12		$	(6	)	$	11
Net investment gains (losses) arising during the period	17			—			—			17
Reclassification adjustment for OTTI losses:
Included in Net earnings (loss)	7			—			—			7
Impact of net unrealized investment gains (losses) on:
DAC and VOBA	—			(14		)	—			(14		)
Deferred income taxes	—			—			(3		)	(3		)
Balance, December 31, 2014	$	29		$	(2	)	$	(9	)	$	18

Schedule of Unrealized Loss on Investments

The following tables disclose the fair values and gross unrealized losses of the 141 issues at December 31, 2015 and the 70 issues at December 31, 2014 of fixed maturities that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated:

	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(In Millions)
December 31, 2015
Fixed Maturity Securities:
Public corporate	$	243	$	9	$	11	$	1	$	254	$	10
Private corporate	58		2		—		—		58		2
U.S. Treasury, government and agency	16		—		—		—		16		—
Commercial mortgage-backed	4		—		13		7		17		7
Redeemable preferred stock	—		—		2		—		2		—
Total	$	321	$	11	$	26	$	8	$	347	$	19
December 31, 2014
Fixed Maturity Securities:
Public corporate	$	29	$	1	$	37	$	1	$	66	$	2
Private corporate	12		—		1		—		13		—
U.S. Treasury, government
U.S. Treasury, government and agency	16		—		—		—		16		—
States and political subdivisions	1		—		—		—		1		—
Commercial mortgage-backed	1		—		20		11		21		11
Redeemable preferred stock	5		—		4		—		9		—
Total	$	64	$	1	$	62	$	12	$	126	$	13

Investments in and Advances to Affiliates

The following table presents MLOA’s investment in 2.6 million units of AB (approximately 94% ownership) with a fair value of $62 million and $67 million at December 31, 2015 and 2014, respectively. MLOA’s investment in AB, an affiliate, is included in Other invested assets:

	2015			2014
	(In Millions)
Balance at January 1,	$	63		$	70
Equity in net earnings (loss)	5			1
Dividends received	(5		)	(5		)
Other	—			(3		)
Balance at December 31,	$	63		$	63

Equity Method Investments

The tables below detail the condensed balance sheets and statements of earnings (loss) of AB and MLOA’s equity investment and equity in earnings (loss) of AB.

	December 31,
	2015		2014
	(In Millions)
Balance Sheets:
Total Assets	$	7,436	$	7,378
Total Liabilities	3,368		3,246
Redeemable non-controlling interest	13		17
Total Partners’ Capital	4,055		4,116
Total Liabilities and Partners’ Capital	$	7,436	$	7,379
MLOA’s Equity investment in AB	$	63	$	63
	2015		2014		2013
	(In Millions)
Statements of Earnings (Loss):
Total revenues	$	3,021	$	3,005	$	2,915
Total Expenses	2,390		2,397		2,351
Net Earnings (Loss)	$	587	$	570	$	518
MLOA’s Equity in earnings (loss) of AB	$	5	$	1	$	5

Schedule of Derivative Instruments

The tables below present quantitative disclosures about MLOA’s derivative instruments, including those embedded in other contracts though required to be accounted for as derivative instruments.

Derivative Instruments by Category
			Fair Value
	Notional Amount		Asset Derivatives		Liability Derivatives		Gains (Losses) Reported In Earnings (Loss)
	(In Millions)
At or For the Year Ended, December 31, 2015:
Freestanding derivatives:
Equity contracts:(1)
Options	$	518	$	28	$	4	$	(9	)
Net investment income (loss)							(9		)
Embedded derivatives:
MSO and IUL indexed features(2)	—		—		24		8
Balance, December 31, 2015	$	518	$	28	$	28	$	(1	)
At or For the Year Ended, December 31, 2014:
Freestanding derivatives:
Equity contracts:(1)
Options	$	307	$	32	$	6	$	13
Net investment income (loss)							13
Embedded derivatives:
MSO and IUL indexed features(2)	—		—		26		(13		)
Balance, December 31, 2014	$	307	$	32	$	32	$	—

(1)Reported in Other invested assets in MLOA’s balance sheets.

(2)MSO and IUL are reported in Future policyholders’ benefits and other policyholders’ liabilities in the balance sheets.

Offsetting Assets And Liabilities

The following table presents information about MLOA’s offsetting of financial assets and liabilities and derivative instruments at December 31, 2014.

Offsetting of Financial Assets and Liabilities and Derivative Instruments
At December 31, 2014
	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheets		Net Amounts Presented in the Balance Sheets
	(In Millions)
ASSETS
Description
Derivatives:
Equity contracts	$	32	$	6	$	26
Total Derivatives, subject to an ISDA Master Agreement(1)	32		6		26
Other financial instruments	64		—		64
Other invested assets	$	96	$	6	$	90
LIABILITIES
Description
Derivatives:
Equity contracts	$	6	$	6	$	—
Total Derivatives, subject to an ISDA Master Agreement(1)	6		6		—
Other financial liabilities	63		—		63
Other liabilities	$	69	$	6	$	63

⁽¹⁾    All derivatives were subject to ISDA Master Agreements at December 31, 2014.

The following table presents information about MLOA’s offsetting of financial assets and liabilities and derivative instruments at December 31, 2015.

Offsetting of Financial Assets and Liabilities and Derivative Instruments
At December 31, 2015
	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheets		Net Amounts Presented in the Balance Sheets
	(In Millions)
ASSETS
Description
Derivatives:
Equity contracts	$	28	$	4	$	24
Total Derivatives, subject to an ISDA Master Agreement(1)	28		4		24
Other financial instruments	65		—		65
Other invested assets	$	93	$	4	$	89
LIABILITIES
Description
Derivatives:
Equity contracts	$	4	$	4	$	—
Total Derivatives, subject to an ISDA Master Agreement(1)	4		4		—
Other financial liabilities	60		—		60
Other liabilities	$	64	$	4	$	60

⁽¹⁾    All derivatives were subject to ISDA Master Agreements at December 31, 2015.

Collateral Arrangements By Counterparty Not Offset In Consolidated Balance Sheets

The following table presents information about MLOA’s gross collateral amounts that are not offset in the balance sheets at December 31, 2014.

Gross Collateral Amounts Not Offset in the Balance Sheets
At December 31, 2014
	Net Amounts Presented in the Balance Sheets		Collateral (Received)/Held
			Financial Instruments			Cash			Net Amounts
	(In Millions)
ASSETS
Counterparty A	$	5	$	—		$	(5	)	$	—
Counterparty F	1		—			(1		)	—
Counterparty G	3		—			(3		)	—
Counterparty H	6		(6		)	—			—
Counterparty K	6		—			(6		)	—
Counterparty L	4		—			(4		)	—
Counterparty T	1		—			(1		)	—
Total Derivatives	$	26	$	(6	)	$	(20	)	$	—
Other financial assets	64		—			—			64
Other invested assets	$	90	$	(6	)	$	(20	)	$	64

The following table presents information about MLOA’s gross collateral amounts that are not offset in the balance sheets at December 31, 2015.

Gross Collateral Amounts Not Offset in the Balance Sheets
At December 31, 2015
	Net Amounts Presented in the Balance Sheets		Collateral (Received)/Held
			Financial Instruments			Cash			Net Amounts
	(In Millions)
ASSETS
Counterparty A	$	3	$	—		$	(3	)	$	—
Counterparty V	1		—			(1		)	—
Counterparty F	2		—			(2		)	—
Counterparty G	2		—			(2		)	—
Counterparty H	6		(6		)	—			—
Counterparty K	7		—			(7		)	—
Counterparty L	2		—			(2		)	—
Counterparty T	1		—			(1		)	—
Total Derivatives	$	24	$	(6	)	$	(18	)	$	—
Other financial assets	65		—			—			65
Other invested assets	$	89	$	(6	)	$	(18	)	$	65

Investment Income

The following table breaks out Net investment income (loss) by asset category:

	2015			2014			2013
	(In Millions)
Fixed maturities	$	40		$	36		$	79
Mortgage loans on real estate	—			2			2
Policy loans	1			1			6
Derivative instruments	(9		)	13			8
Gross investment income (loss)	32			52			95
Investment expenses	(3		)	(2		)	(3		)
Net Investment Income (Loss)	$	29		$	50		$	92

Realized Gain (Loss) on Investments

Investment gains (losses), net including changes in the valuation allowances and OTTI are as follows:

	2015			2014			2013
	(In Millions)
Fixed maturities	$	(1	)	$	(10	)	$	67
Mortgage loans on real estate	—			4			1
Investment Gains (Losses), Net	$	(1	)	$	(6	)	$	68

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VALUE OF BUISNESS ACQUIRED (Tables)

12 Months Ended

Dec. 31, 2015

Value Of Business Acquired [Abstract]

Value Of Business Acquired

The following table presents MLOA’s VOBA asset at December 31, 2015 and 2014:

	Gross Carrying Amount		Accumulated Amortization and Other				Net
	(In Millions)
VOBA
December 31, 2015	$	416	$	(407	)	(1)	$	9
December 31, 2014	$	416	$	(409	)	(1)	$	7

(1) Includes reactivity to unrealized investment gains (losses) and $117 million of accelerated VOBA amortization resulting from the reinsurance agreement with Protective Life which is included in the deferred cost of reinsurance.

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FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

Assets and Liabilities measured at fair value on a recurring basis are summarized below. At December 31, 2015 and 2014, no assets were required to be measured at fair value on a non-recurring basis. Fair value measurements are required on a non-recurring basis for certain assets, including goodwill and mortgage loans on real estate, only when an OTTI or other event occurs. When such fair value measurements are recorded, they must be classified and disclosed within the fair value hierarchy.

Fair Value Measurements
	Level 1		Level 2		Level 3		Total
	(In Millions)
December 31, 2015
Assets:
Investments:
Fixed maturity Securities, available-for-sale:
Corporate	$	—	$	814	$	8	$	822
U.S. Treasury, government and agency	—		29		—		29
States and political subdivisions	—		7		—		7
Commercial mortgage-backed	—		—		31		31
Redeemable preferred stock	9		8		—		17
Subtotal	9		858		39		906
Other equity investments	1		—		—		1
Options	—		24		—		24
Cash equivalents	170		—		—		170
Separate Accounts’ assets	1,686		14		—		1,700
Total Assets	$	1,866	$	896	$	39	$	2,801
Liabilities:
MSO and IUL indexed features’ liability	$	—	$	24	$	—	$	24
Total Liabilities	$	—	$	24	$	—	$	24
December 31, 2014
Assets:
Investments:
Fixed maturity Securities, available-for-sale:
Corporate	$	—	$	793	$	8	$	801
U.S. Treasury, government and agency	—		27		—		27
States and political subdivisions	—		6		—		6
Commercial mortgage-backed	—		—		26		26
Redeemable preferred stock	10		8		—		18
Subtotal	10		834		34		878
Other equity investments	1		—		—		1
Options	—		26		—		26
Cash equivalents	42		—		—		42
Separate Accounts’ assets	1,794		15		—		1,809
Total Assets	$	1,847	$	875	$	34	$	2,756
Liabilities:
MSO and IUL indexed features’ liability	$	—	$	26	$	—	$	26
Total Liabilities	$	—	$	26	$	—	$	26

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The table below presents a reconciliation for all Level 3 assets at December 31, 2015 and 2014, respectively.

Level 3 Instruments
Fair Value Measurements
	Corporate			Commercial Mortgage- backed			Asset- backed			GMIB Reinsurance Contracts
	(In Millions)
Balance, January 1, 2015	$	8		$	26		$	—		$	—
Total gains (losses), realized and unrealized included in:
Earnings (loss) as:
Investment gains (losses), net	—			(2		)	—			—
Other comprehensive income (loss)	—			8			—			—
Sales	(1		)	(1		)	—			—
Transfers into Level 3(1)	1			—			—			—
Balance, December 31, 2015	$	8		$	31		$	—		$	—
Balance, January 1, 2014	$	9		$	24		$	—		$	—
Total gains (losses), realized and unrealized included in:
Earnings (loss) as:
Investment gains (losses), net	(1		)	(11		)	—			—
Other comprehensive income (loss)	1			13			—			—
Sales	(1		)	—			—			—
Transfers into Level 3(1)	—			—			—			—
Balance, December 31, 2014	$	8		$	26		$	—		$	—
Balance, January 1, 2013	$	35		$	35		$	6		$	7
Total gains (losses), realized and unrealized included in:
Earnings (loss) as:
Investment gains (losses), net	2			(9		)	2			—
Increase (decrease) in the fair value of reinsurance contracts	—			—			—			(7		)
Other comprehensive income (loss)	(2		)	(1		)	(2		)	—
Sales	(26		)	(1		)	(6		)	—
Transfers into Level 3(1)	—			—			—			—
Balance, December 31, 2013	$	9		$	24		$	—		$	—

⁽¹⁾  Transfers into/out of Level 3 classification are reflected at beginning-of-period fair values.

Fair Value Assets Unrealized Gains Losses By Category For Level 3 Assets And Liabilities Still Held

The table below details changes in unrealized gains (losses) for 2015 and 2014 by category for Level 3 assets still held at December 31, 2015 and 2014, respectively.

	OCI
	(In Millions)
Level 3 Instruments
Full Year 2015
Still Held at December 31, 2015:
Change in unrealized gains (losses):
Fixed maturity securities, available-for-sale:
Corporate	$	(1	)
Commercial mortgage-backed	8
Total	$	7
Level 3 Instruments
Full Year 2014
Still Held at December 31, 2014:
Change in unrealized gains (losses):
Fixed maturity securities, available-for-sale:
Corporate	$	1
Commercial mortgage-backed	$	12
Total	$	13

Fair Value Disclosure Financial Instruments Not Carried At Fair Value

The carrying values and fair values at December 31, 2015 and 2014 for financial instruments not otherwise disclosed in Note 3 are presented in the table below. Certain financial instruments are exempt from the requirements for fair value disclosure, such as insurance liabilities other than financial guarantees and investment contracts and pension and other postretirement obligations.

	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
	(In Millions)
December 31, 2015
Policyholders liabilities: Investment contracts	$	177	$	—	$	—	$	184	$	184
Policy Loans	159		—		—		189		189
December 31, 2014
Policyholders liabilities: Investment contracts	$	190	$	—	$	—	$	200	$	200
Policy Loans	151		—		—		184		184

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REINSURANCE (Tables)

12 Months Ended

Dec. 31, 2015

Reinsurance Disclosures [Abstract]

Schedule Of Effect Of Reinsurance

The following table summarizes the effect of reinsurance:

	2015		2014		2013
	(In Millions)
Direct premiums	39		$	46	$	72
Assumed	1		1		1
Reinsurance ceded	(39	)	(46)		(48)
Premiums	1		$	1	$	25
Variable Life and Investment-type Product Policy Fee Income Ceded	73		$	48	$	31
Policyholders’ Benefits Ceded	261		$	291	$	125

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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Summary Of Income Tax Expense Benefit

A summary of the income tax (expense) benefit in the statements of earnings (loss) follows:

	2015		2014			2013
	(In Millions)
Income tax (expense) benefit:
Current (expense) benefit	$	5	$	(3	)	$	(90	)
Deferred (expense) benefit	8		8			74
Total	$	13	$	5		$	(16	)

Schedule of Components of Income Tax Expense (Benefit)

The sources of the difference and their tax effects are as follows:

	2015		2014		2013
	(In Millions)
Expected income tax (expense) benefit	$	11	$	4	$	(15	)
Dividends received deduction	1		1		1
Prior year adjustment	—		—		(2		)
Other	1		—		—
Income Tax (Expense) Benefit	$	13	$	5	$	(16	)

Schedule of Deferred Tax Assets and Liabilities

The components of the net deferred income taxes are as follows:

	December 31, 2015				December 31, 2014
	Assets		Liabilities		Assets		Liabilities
	(In Millions)
Reserves and reinsurance	$	97	$	—	$	105	$	—
DAC	—		93		—		78
VOBA	—		3		—		3
Investments	—		10		—		18
Goodwill and other intangible assets	—		—		—		9
Other	12		—		—		8
Total	$	109	$	106	$	105	$	116

Unrecognized Tax Benefits Reconciliation

A reconciliation of unrecognized tax benefits (excluding interest and penalties) follows:

	2015		2014		2013
	(In Millions)
Balance, beginning of year	$	6	$	5	$	4
Additions for tax positions of prior years	1		1		1
Balance, End of Year	$	7	$	6	$	5

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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

12 Months Ended

Dec. 31, 2015

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The balances for the past three years follow:

	December 31,
	2015		2014		2013
	(In Millions)
Unrealized gains (losses) on investments, net of adjustments	$	5	$	17	$	8
Total Accumulated Other Comprehensive Income (Loss)	$	5	$	17	$	8

Comprehensive Income (Loss)

The components of OCI for the past three years follow:

	December 31,
	2015			2014			2013
	(In Millions)
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the year	$	(13	)	$	11		$	(58	)
(Gains) losses reclassified into net earnings (loss) during the year(1)	—			7			(44		)
Change in net unrealized gains (losses) on investments	(13		)	18			(102		)
Adjustments for DAC, VOBA and Other	1			(9		)	28
Other Comprehensive Income (Loss), net of adjustments and (net of deferred income tax expense (benefit) of $(6), $(5) and $40	$	(12	)	$	9		$	(74	)

(1) See “Reclassification adjustments” in Note 3. Reclassification amounts presented net of income tax expense (benefit) of $0 million, $(3) million and $24 million for 2015, 2014 and 2013, respectively.

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ORGANIZATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Oct. 01, 2013	Dec. 31, 2012
Deferred Cost Of Reinsurance [Line Items]
Amortization of deferred cost of reinsurance	$ 8	$ 8	$ 4
Transferred Or Ceded Assets (Net of Ceding commissions [Abstract]
Fixed Maturities	906	878
Cash	176	47	$ 139		$ 151
Policy loans	159	151
Transferred Liabilities [Abstract]
Future policyholder benefits and other policyholders liabilities	389	389
Accelerated Amortization Of Assets And Liabilities [Abstract]
Value of business acquired	9	7
Deferred policy acquisition costs	364	292
Deferred Cost of Reinsurance	63	71
Protective Life
Deferred Cost Of Reinsurance [Line Items]
Ceding commission				$ 370
Transferred Or Ceded Assets (Net of Ceding commissions [Abstract]
Fixed Maturities				1,102
Cash				74
Policy loans				132
Total assets transferred or ceded (Net of Ceding Commission)				1,308
Transferred Liabilities [Abstract]
Future policyholder benefits and other policyholders liabilities				1,334
Amounts due to reinsurer				40
Total liabilities transferred				1,374
Accelerated Amortization Of Assets And Liabilities [Abstract]
Value of business acquired	$ 117	117		117
Deferred policy acquisition costs				71
Initial Fee Liability				(27)
Net accelerated amortization of assets and liabilities				161
Deferred Cost of Reinsurance				$ 95
Change in Estimates | Deferred Cost Of Reinsurance And Equity Accounting Error
Deferred Cost Of Reinsurance [Line Items]
Amortization of deferred cost of reinsurance		$ 12

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SIGNIFICANT ACCOUNTING POLICIES - DAC AND VOBA (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
DAC [Abstract]
VOBA Amortization Period Maximum (in years)	50 years
Mean (RTM) assumption (as a percent)	7.00%	9.00%
Average gross short-term and long-term annual return estimate (as a percent)	7.00%
Average net short-term and long-term annual return estimate (as a percent)	5.00%
Gross maximum short-term annual rate of return limitations (as a percent)	15.00%
Net maximum short-term annual rate of return limitations (as a percent)	13.00%
Gross minimum short-term annual rate of return limitations (as a percent)	0.00%
Net minimum short-term annual rate of return limitations (as a percent)	(2.00%)
Term of rate limitations (in years)	5 years

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SIGNIFICANT ACCOUNTING POLICIES - SEPARATE ACCOUNTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Separate Accounts Disclosure [Abstract]
Gain (loss) recognized on assets transferred to separate account	$ (12)	$ 24	$ 256

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SIGNIFICANT ACCOUNTING POLICIES - OUT OF PERIOD ADJUSTMENTS AND ASSUMPTIONS UPDATES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Net earnings (loss)	$ (17)	$ (5)	$ 28
Earnings (loss), before income taxes	(30)	(10)	44
Other comprehensive income (loss)	(12)	9	(74)
Income tax expense (benefit)	$ (13)	$ (5)	16
Mean (RTM) assumption (as a percent)	7.00%	9.00%
Policyholders’ benefits	$ 39	$ 31	78
Update RTM Assumptions
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Net earnings (loss)	$ (8)
Mean (RTM) assumption (as a percent)	7.00%	9.00%
Policyholders’ benefits	$ 4
Amortization of deferred policy acquisition costs	$ 8
Change in Estimates | Deferred Cost Of Reinsurance And Equity Accounting Error
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Net earnings (loss)		$ (2)
Earnings (loss), before income taxes		(3)
Other comprehensive income (loss)		$ (8)
Change in Estimates | Current And Deferred Tax Liability
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Income tax expense (benefit)			$ 2

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INVESTMENTS (AVAILABLE-FOR-SALE SECURITIES) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 906	$ 878
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Due in one year or less, Amortized Cost	29
Due in years two through five, Amortized Cost	171
Due in years six through ten, Amortized Cost	620
Due after ten years, Amortized Cost	29
Subtotal	849
Debt Maturities, Amortized Cost Basis	881
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less, Fair Value	30
Due in years two through five, Fair Value	179
Due in years six through ten, Fair Value	619
Due after ten years, Fair Value	30
Subtotal	858
Available For Sale Securities, Debt Maturities, Fair Value	889
Available For Sale Fixed Maturities Proceeds Gross Gains And Gross Losses From Sales And Other Than Temporary Impairments [Abstract]
Proceeds from sales	19	39	$ 1,200
Gross gains on sales	0	1	84
Gross losses on sales	0	1	9
Total other-than-temporary impairment losses	(1)	(10)	(6)
Portion of loss recognized in other comprehensive income (loss)	0	0	0
Credit losses recognized in earnings (loss)	(1)	(10)	(6)
Fixed Maturities - Credit Loss Impairments
Balance at January 1,	(51)	(60)
Previously recognized impairments on securities that matured, paid, prepaid or sold	10	19
Recognized impairments on securities impaired to fair value this period	0	0
Impairments recognized this period on securities not previously impaired	0	(9)
Additional impairments this period on securities previously impaired	(1)	(1)
Increases due to passage of time on previously recorded credit losses	0	0
Accretion of previously recognized impairments due to increases in expected cash flows	0	0
Balances at December 31,	(42)	(51)	(60)
Protective Life
Available For Sale Fixed Maturities Proceeds Gross Gains And Gross Losses From Sales And Other Than Temporary Impairments [Abstract]
Proceeds from sales			1,090
Gross gains on sales			81
Gross losses on sales			$ 6
Public Corporate
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	631	575
Gross Unrealized Gains	16	27
Gross Unrealized Losses	10	2
Fair Value	637	600
Private Corporate
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	183	190
Gross Unrealized Gains	4	11
Gross Unrealized Losses	2	0
Fair Value	185	201
US Treasury Government And Agency
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	29	27
Fair Value	29	27
State and Political Sub-divisions
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	6	6
Gross Unrealized Gains	1
Fair Value	7	6
Commercial Mortgage-backed
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	32	34
Gross Unrealized Gains	6	3
Gross Unrealized Losses	7	11
Fair Value	31	26
OTTI in AOCI	1	1
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]
AFS without a single maturity date, amortized cost	32
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
AFS without a single maturity date, Fair Value	31
Redeemable preferred stock
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	17	18
Gross Unrealized Gains		0
Gross Unrealized Losses	0	0
Fair Value	17	18
Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	898	850
Gross Unrealized Gains	27	41
Gross Unrealized Losses	19	13
Fair Value	906	878
OTTI in AOCI	$ 1	$ 1

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INVESTMENTS (NET UNREALIZED GAINS (LOSSES)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract]
Net unrealized gains (losses) arising during the year	$ (13)	$ 11	$ (58)
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax	0	7	(44)
Net Unrealized Gains (Losses) On Investments | All other
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract]
Balance, beginning of year	29	5
Net unrealized gains (losses) arising during the year	(24)	17
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax	(1)	7
Balance, End of Year	4	29	5
DAC and VOBA | All other
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract]
Balance, beginning of year	(2)	12
Deferred Policy Acquisition Cost Amortization Expense Unrealized Investment Gains Losses	0	(14)
Balance, End of Year	(2)	(2)	12
Deferred Income Tax Asset Liability | All other
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract]
Balance, beginning of year	(9)	(6)
Impact of net unrealized investment gains (losses) on Deferred income taxes	9	(3)
Balance, End of Year	0	(9)	(6)
AOCI Gain Losses Related To Net Unrealized Investment Gains Losses | All other
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract]
Balance, beginning of year	18	11
Net unrealized gains (losses) arising during the year	(24)	17
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax	(1)	7
Deferred Policy Acquisition Cost Amortization Expense Unrealized Investment Gains Losses	0	(14)
Impact of net unrealized investment gains (losses) on Deferred income taxes	9	(3)
Balance, End of Year	2	18	11
Fixed Maturities
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract]
Balance, beginning of year	28
Balance, End of Year	8	28
Fixed Maturities | With OTTI loss
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract]
Balance, beginning of year	(1)
Balance, End of Year	4	(1)
Fixed Maturities | All other
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract]
Balance, beginning of year	29
Balance, End of Year	4	29
Fixed Maturities | Net Unrealized Gains (Losses) On Investments | With OTTI loss
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract]
Balance, beginning of year	(1)	(4)
Net unrealized gains (losses) arising during the year	4	0
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax	1	3
Balance, End of Year	4	(1)	(4)
Fixed Maturities | DAC and VOBA | With OTTI loss
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract]
Balance, beginning of year	0	(1)
Deferred Policy Acquisition Cost Amortization Expense Unrealized Investment Gains Losses	0	1
Balance, End of Year	0	0	(1)
Fixed Maturities | Deferred Income Tax Asset Liability | With OTTI loss
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract]
Balance, beginning of year	0	2
Impact of net unrealized investment gains (losses) on Deferred income taxes	(2)	(2)
Balance, End of Year	(2)	0	2
Fixed Maturities | AOCI Gain Losses Related To Net Unrealized Investment Gains Losses | With OTTI loss
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract]
Balance, beginning of year	(1)	(3)
Net unrealized gains (losses) arising during the year	4	0
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax	1	3
Deferred Policy Acquisition Cost Amortization Expense Unrealized Investment Gains Losses	0	1
Impact of net unrealized investment gains (losses) on Deferred income taxes	(2)	(2)
Balance, End of Year	$ 2	$ (1)	$ (3)

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INVESTMENTS (CONTINUOUS UNREALIZED LOSS POSITION) (Details) $ in Millions	Dec. 31, 2015 USD ($) securities	Dec. 31, 2014 USD ($) securities
Investments In Fixed Maturity Securities Other Disclosure [Abstract]
Number Of Fixed Maturities | securities	141	70
Public Corporate
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	$ 243	$ 29
Less than 12 Months, Gross Unrealized Losses	(9)	(1)
12 Months or Longer, Fair Value	11	37
12 Months or Longer, Gross Unrealized Losses	(1)	(1)
Total Fair Value	254	66
Total, Gross Unrealized Losses	(10)	(2)
Investments In Fixed Maturity Securities Other Disclosure [Abstract]
Amortized Cost	631	575
Private Corporate
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	58	12
Less than 12 Months, Gross Unrealized Losses	(2)	0
12 Months or Longer, Fair Value	0	1
12 Months or Longer, Gross Unrealized Losses	0	0
Total Fair Value	58	13
Total, Gross Unrealized Losses	(2)	0
Investments In Fixed Maturity Securities Other Disclosure [Abstract]
Amortized Cost	183	190
US Treasury Government And Agency
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	16	16
Less than 12 Months, Gross Unrealized Losses	0	0
12 Months or Longer, Fair Value	0	0
12 Months or Longer, Gross Unrealized Losses	0	0
Total Fair Value	16	16
Total, Gross Unrealized Losses	0	0
Investments In Fixed Maturity Securities Other Disclosure [Abstract]
Amortized Cost	29	27
State and Political Sub-divisions
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value		1
Less than 12 Months, Gross Unrealized Losses		0
12 Months or Longer, Fair Value		0
12 Months or Longer, Gross Unrealized Losses		0
Total Fair Value		1
Total, Gross Unrealized Losses		0
Investments In Fixed Maturity Securities Other Disclosure [Abstract]
Amortized Cost	6	6
Commercial Mortgage-backed
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	4	1
Less than 12 Months, Gross Unrealized Losses	0	0
12 Months or Longer, Fair Value	13	20
12 Months or Longer, Gross Unrealized Losses	(7)	(11)
Total Fair Value	17	21
Total, Gross Unrealized Losses	(7)	(11)
Investments In Fixed Maturity Securities Other Disclosure [Abstract]
Amortized Cost	32	34
Redeemable preferred stock
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	0	5
Less than 12 Months, Gross Unrealized Losses	0	0
12 Months or Longer, Fair Value	2	4
12 Months or Longer, Gross Unrealized Losses	0	0
Total Fair Value	2	9
Total, Gross Unrealized Losses	0	0
Investments In Fixed Maturity Securities Other Disclosure [Abstract]
Amortized Cost	17	18
Fixed Maturities
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	321	64
Less than 12 Months, Gross Unrealized Losses	(11)	(1)
12 Months or Longer, Fair Value	26	62
12 Months or Longer, Gross Unrealized Losses	(8)	(12)
Total Fair Value	347	126
Total, Gross Unrealized Losses	$ (19)	(13)
Investments In Fixed Maturity Securities Other Disclosure [Abstract]
Debt Securities Exposure In Single Issuer Greater Than Stated Percentage Of Total Investments	1.30%
Debt Securities Exposure In Single Issuer Of Total Investments	$ 15	15
Amortized Cost	898	850
Unrealized investment gains (losses)	8	28
The carrying value of fixed maturities non-income producing	2
Fixed Maturities | Other Than Investment Grade
Investments In Fixed Maturity Securities Other Disclosure [Abstract]
Available-for-sale Securities, Amortized Cost Basis Other Than Investment Grade	$ 42	$ 48
Percentage Of Available For Sale Securities	4.70%	5.60%
Unrealized investment gains (losses)	$ 1	$ 8

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INVESTMENTS (EQUITY METHOD INVESTMENTS) (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Equity method investments, fair value				$ 1	$ 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Balance at January 1,	$ 63	$ 70
Equity in earnings (loss) of AllianceBernstein	5	1	$ 5
Dividends received	(5)	(5)
Other	0	(3)
Balance at December 31,	63	63	70
Equity Method Investment, Summarized Financial Information [Abstract]
Total Assets				7,436	7,378
Total Liabilities				3,368	3,246
Redeemable non-controlling interest				13	17
Total Partner's Capital				4,055	4,116
Total Liabilities and Partners' Capital				7,436	7,379
MLOA's Equity investment in AllianceBernstein	63	70	70	$ 63	63
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Total Revenues	3,021	3,005	2,915
Total Expenses	2,390	2,397	2,351
Net Earnings (Loss)	587	570	518
MLOA's Equity in earnings (loss) of AllianceBernstein	$ 5	$ 1	$ 5
AB Investment
Schedule of Equity Method Investments [Line Items]
Investments units in Alliance Bernstein				2.6
Equity method investment, ownership percentage				94.00%
Equity method investments, fair value				$ 62	$ 67

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INVESTMENTS (DERIVATIVES) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 518	$ 307
Derivative Asset, Fair Value, Net	28	32
Derivative Liability, Fair Value, Net	28	32
Gain (losses) reported in net earnings (losses)	(1)	0
Derivative Instrument Detail [Abstract]
Cash And Securities Collateral For Derivative Contract	27	26
Equity Contracts Options
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	518	307
Derivative Asset, Fair Value, Net	28	32
Derivative Liability, Fair Value, Net	4	6
Gain (losses) reported in net earnings (losses)	(9)	13
Net Investment Income (Loss)
Derivatives, Fair Value [Line Items]
Gain (losses) reported in net earnings (losses)	(9)	13
MSO and IUL indexed features
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Net	24	26
Gain (losses) reported in net earnings (losses)	$ 8	$ (13)

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INVESTMENTS (OFFSETTING FINANCIAL ASSETS) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Offsetting Assets [Line Items]
Net amounts presented in the balance sheets	$ 89	$ 90
Equity Contract
Offsetting Assets [Line Items]
Gross amounts recognized	28	32
Gross amounts offset in the balance sheets	4	6
Net amounts presented in the balance sheets	24	26
Derivatives Subject to an ISDA Master Agreements
Offsetting Assets [Line Items]
Gross amounts recognized	28	32
Gross amounts offset in the balance sheets	4	6
Net amounts presented in the balance sheets	24	26
Other Financial Instruments
Offsetting Assets [Line Items]
Gross amounts recognized	65	64
Gross amounts offset in the balance sheets	0	0
Net amounts presented in the balance sheets	65	64
Other Invested Assets
Offsetting Assets [Line Items]
Gross amounts recognized	93	96
Gross amounts offset in the balance sheets	4	6
Net amounts presented in the balance sheets	$ 89	$ 90

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INVESTMENTS (OFFSETTING FINANCIAL LIABILITIES) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Equity Contract
Offsetting Liabilities [Line Items]
Gross amount recognized	$ 4	$ 6
Gross amounts offset in the balance sheets	4	6
Net amounts presented in the balance sheets	0	0
Derivatives Subject to an ISDA Master Agreements
Offsetting Liabilities [Line Items]
Gross amount recognized	4	6
Gross amounts offset in the balance sheets	4	6
Net amounts presented in the balance sheets	0	0
Other Financial Liabilities
Offsetting Liabilities [Line Items]
Gross amount recognized	60	63
Gross amounts offset in the balance sheets	0	0
Net amounts presented in the balance sheets	60	63
Other Liabilities
Offsetting Liabilities [Line Items]
Gross amount recognized	64	69
Gross amounts offset in the balance sheets	4	6
Net amounts presented in the balance sheets	$ 60	$ 63

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INVESTMENTS (OFFSETTING COLLATERAL) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Offsetting Assets [Line Items]
Net amounts presented in the balance sheets	$ 89	$ 90
Colleteral Securities (Received)	(6)	(6)
Collateral Cash (Received)	(18)	(20)
Net Amounts	65	64
Counterparty A
Offsetting Assets [Line Items]
Net amounts presented in the balance sheets	3	5
Collateral Cash (Received)	(3)	(5)
Net Amounts	0	0
Counterparty V
Offsetting Assets [Line Items]
Net amounts presented in the balance sheets	1
Collateral Cash (Received)	(1)
Net Amounts	0
Counterparty F
Offsetting Assets [Line Items]
Net amounts presented in the balance sheets	2	1
Collateral Cash (Received)	(2)	(1)
Net Amounts	0	0
Counterparty G
Offsetting Assets [Line Items]
Net amounts presented in the balance sheets	2	3
Collateral Cash (Received)	(2)	(3)
Net Amounts	0	0
Counterparty H
Offsetting Assets [Line Items]
Net amounts presented in the balance sheets	6	6
Colleteral Securities (Received)	(6)	(6)
Collateral Cash (Received)	0	0
Net Amounts	0	0
Counterparty K
Offsetting Assets [Line Items]
Net amounts presented in the balance sheets	7	6
Collateral Cash (Received)	(7)	(6)
Net Amounts	0	0
Counterparty L
Offsetting Assets [Line Items]
Net amounts presented in the balance sheets	2	4
Collateral Cash (Received)	(2)	(4)
Net Amounts	0	0
Counterparty T
Offsetting Assets [Line Items]
Net amounts presented in the balance sheets	1	1
Collateral Cash (Received)	(1)	(1)
Net Amounts	0	0
Total Derivatives
Offsetting Assets [Line Items]
Net amounts presented in the balance sheets	24	26
Colleteral Securities (Received)	(6)	(6)
Collateral Cash (Received)	(18)	(20)
Net Amounts	0	0
Other Financial Instruments
Offsetting Assets [Line Items]
Net amounts presented in the balance sheets	65	64
Collateral Cash (Received)		0
Net Amounts	$ 65	$ 64

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INVESTMENTS (NET INVESTMENT INCOME) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net Investment Income [Line Items]
Gross investment income (loss)	$ 32	$ 52	$ 95
Investment expenses	(3)	(2)	(3)
Net Investment Income (Loss)	29	50	92
Investment Gains (Losses), Net	(1)	(6)	68
Fixed Maturities
Net Investment Income [Line Items]
Gross investment income (loss)	40	36	79
Investment Gains (Losses), Net	(1)	(10)	67
Mortgage Loans on Real Estate
Net Investment Income [Line Items]
Gross investment income (loss)	0	2	2
Investment Gains (Losses), Net	0	4	1
Policy Loans
Net Investment Income [Line Items]
Gross investment income (loss)	1	1	6
Derivative
Net Investment Income [Line Items]
Gross investment income (loss)	(9)	13	8
Gain (Loss) on Sale of Derivatives	6	8	2
Unrealized Gain (Loss) on Derivatives	$ (15)	$ 5	$ 6

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VALUE OF BUSINESS ACQUIRED (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Oct. 01, 2013
Value Of Business Acquired [Line Items]
Gross Carrying Amount	$ 416	$ 416
Accumulated Amortization and Other	(407)	(409)
Net	9	7
Total amortization	0	10	$ 11
Amortization Of Value Of Business Acquired VOBA Low End Range	0
Amortization Of Value Of Business Acquired VOBA High End Range	1
Protective Life
Value Of Business Acquired [Line Items]
Net	$ 117	$ 117		$ 117

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FAIR VALUE DISCLOSURES - FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed marutity securities, available-for-sale	$ 906	$ 878
Other equity securities	1	1
Options	28	32
Cash equivalents	170	42
Separate accounts assets	1,700	1,809
Assets, Fair Value Disclosure	2,801	2,756
Liabilities, Fair Value Disclosure [Abstract]
Total liabilities	24	26
Corporate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed marutity securities, available-for-sale	822	801
US Treasury Government And Agency
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed marutity securities, available-for-sale	29	27
State and Political Sub-divisions
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed marutity securities, available-for-sale	7	6
Commercial Mortgage-backed
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed marutity securities, available-for-sale	31	26
Redeemable preferred stock
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed marutity securities, available-for-sale	17	18
Options
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Options	24	26
MSO and IUL indexed features
Liabilities, Fair Value Disclosure [Abstract]
MSO and IUL indexed features liabilities	24	26
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed marutity securities, available-for-sale	9	10
Other equity securities	1	1
Cash equivalents	170	42
Separate accounts assets	1,686	1,794
Assets, Fair Value Disclosure	1,866	1,847
Level 1 | Redeemable preferred stock
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed marutity securities, available-for-sale	9	10
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed marutity securities, available-for-sale	858	834
Separate accounts assets	14	15
Assets, Fair Value Disclosure	896	875
Liabilities, Fair Value Disclosure [Abstract]
Total liabilities	24	26
Level 2 | Corporate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed marutity securities, available-for-sale	814	793
Level 2 | US Treasury Government And Agency
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed marutity securities, available-for-sale	29	27
Level 2 | State and Political Sub-divisions
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed marutity securities, available-for-sale	7	6
Level 2 | Redeemable preferred stock
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed marutity securities, available-for-sale	8	8
Level 2 | Options
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Options	24	26
Level 2 | MSO and IUL indexed features
Liabilities, Fair Value Disclosure [Abstract]
MSO and IUL indexed features liabilities	24	26
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed marutity securities, available-for-sale	39	34
Assets, Fair Value Disclosure	39	34
Level 3 | Corporate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed marutity securities, available-for-sale	8	8
Level 3 | Commercial Mortgage-backed
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed marutity securities, available-for-sale	$ 31	$ 26

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FAIR VALUE DISCLOSURES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value Financial Instruments [Line Items]
Fixed marutity securities, available-for-sale	$ 906	$ 878
Transfers into level 3	$ 1
Percentage of AFS fixed maturities transferred into Level 3 to total equity	0.20%
Level 1
Fair Value Financial Instruments [Line Items]
Fixed marutity securities, available-for-sale	$ 9	$ 10
Percentage of assets measured at fair value on recurring basis	66.60%	67.00%
Level 2
Fair Value Financial Instruments [Line Items]
Fixed marutity securities, available-for-sale	$ 858	$ 834
Percentage of assets measured at fair value on recurring basis	32.00%	31.70%
Level 3
Fair Value Financial Instruments [Line Items]
Fixed marutity securities, available-for-sale	$ 39	$ 34
Percentage of assets measured at fair value on recurring basis	1.40%	1.20%
Mortgage, asset-backed securities and CBMS measured at fair value	$ 31	$ 26
Public Fixed Maturities
Fair Value Financial Instruments [Line Items]
Fixed marutity securities, available-for-sale	$ 701	$ 661
Percentage of available-for-sale, fixed maturity measured at fair value	25.00%	24.00%
Private Fixed Maturities
Fair Value Financial Instruments [Line Items]
Fixed marutity securities, available-for-sale	$ 205	$ 217
Percentage of available-for-sale, fixed maturity measured at fair value	7.30%	7.90%

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FAIR VALUE DISCLOSURES - LEVEL 3 INSTRUMENTS FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Total Gains Losses Realized Unrealized Included In [Abstract]
Investment Gains (Losses), Net	$ (1)	$ (6)	$ 68
Transfers into level 3	1
Level 3 Assets And Liabilities Still Held
Total Gains Losses Realized Unrealized Included In [Abstract]
Other Comprehensive Income (Loss)	7	13
Corporate | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Opening Balance	8	9	35
Total Gains Losses Realized Unrealized Included In [Abstract]
Investment Gains (Losses), Net	0	(1)	2
Other Comprehensive Income (Loss)	0	1	(2)
Sales	(1)	(1)	(26)
Transfers into level 3	1		0
Closing Balance	8	8	9
Corporate | Level 3 Assets And Liabilities Still Held
Total Gains Losses Realized Unrealized Included In [Abstract]
Other Comprehensive Income (Loss)	(1)	1
Commercial Mortgage-backed | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Opening Balance	26	24	35
Total Gains Losses Realized Unrealized Included In [Abstract]
Investment Gains (Losses), Net	(2)	(11)	(9)
Other Comprehensive Income (Loss)	8	13	(1)
Sales	(1)	0	(1)
Closing Balance	31	26	24
Commercial Mortgage-backed | Level 3 Assets And Liabilities Still Held
Total Gains Losses Realized Unrealized Included In [Abstract]
Other Comprehensive Income (Loss)	8	12
Asset-backed | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Opening Balance	0	0	6
Total Gains Losses Realized Unrealized Included In [Abstract]
Investment Gains (Losses), Net	0	0	2
Other Comprehensive Income (Loss)	0	0	(2)
Sales	0	0	(6)
Closing Balance	0	0	0
GMIB Reinsurance Contracts | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Opening Balance	0	0	7
Total Gains Losses Realized Unrealized Included In [Abstract]
Increase (decrease) in the fair value of the reinsurance contracts			(7)
Closing Balance	$ 0	$ 0	$ 0

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FAIR VALUE DISCLOSURES - CARRYING VALUES AND FAIR VALUES OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments classified as Level 3	$ 39	$ 34
Financial Instruments [Abstract]
Policyholders' liabilities: Investment contracts	2,158	1,919
Policy loans	159	151
Reported Value Measurement
Financial Instruments [Abstract]
Policyholders' liabilities: Investment contracts	177	190
Policy loans	159	151
Estimate of Fair Value Measurement
Financial Instruments [Abstract]
Policyholders' liabilities: Investment contracts	184	200
Policy loans	189	184
Estimate of Fair Value Measurement | Level 3
Financial Instruments [Abstract]
Policyholders' liabilities: Investment contracts	184	200
Policy loans	$ 189	$ 184

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REINSURANCE (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Amounts due from reinsurers	$ 1,299	$ 1,336
Total premiums ceded	39	46	$ 48
Policyholder benefits ceded	261	291	125
Reinsurer Concentration Risk
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Amounts due from reinsurers	33	37
Variable Universal Term Life Insurance Single Life
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Maximum amount of mortality risk retained	4
Variable Universal Term Life Insurance Second To Die Life
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Maximum amount of mortality risk retained	6
Protective Life
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Amounts due from reinsurers	1,179	1,213
Ceded policy loans	130	131
Ceded policyholders' account balances	1,124	1,154
Total premiums ceded	21	24	6
Policyholder benefits ceded	219	242	$ 18
Protective Life | Guaranteed Minimum Death Benefit
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Amounts due from reinsurers	9	5
Protective Life | Guaranteed Minimum Income Benefit
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Amounts due from reinsurers	1	$ 1
AXA Equitable | Variable Universal Term Life Insurance Single Life
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Maximum amount of mortality risk retained	20
AXA Equitable | Variable Universal Term Life Insurance Second To Die Life
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Maximum amount of mortality risk retained	$ 25

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REINSURANCE - SCHEDULE OF EFFECT OF REINSURANCE (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reinsurance Disclosures [Abstract]
Direct premiums	$ 39	$ 46	$ 72
Assumed	1	1	1
Reinsurance ceded	(39)	(46)	(48)
Premiums	1	1	25
Variable Life and Investment-type Product Policy Fee Income Ceded	73	48	31
Policyholders’ Benefits Ceded	$ 261	$ 291	$ 125

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RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Return of capital	$ 0	$ 0	$ 200
Expenses from related party transactions	1	1	2
Commissions and fees paid for the sale of insurance products	152	91	131
AXA Equitable Financial Services
Related Party Transaction [Line Items]
Return of capital			200
AXA Foundation
Related Party Transaction [Line Items]
Donations to affiliates			20
AXA Equitable
Related Party Transaction [Line Items]
Expenses from related party transactions	88	67	87
Accounts payable to related parties	15	16
AXA Distribution
Related Party Transaction [Line Items]
Expenses from related party transactions	64	52	47
Commissions and fees paid for the sale of insurance products	$ 13	$ 2	$ 2

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SHARE-BASED COMPENSATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation [Abstract]
Allocated compensation costs	$ 3	$ 2	$ 3

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INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Examination [Line Items]
Federal income tax rate (as a percent)		35.00%
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current (expense) benefit		$ 5	$ (3)	$ (90)
Deferred (expense) benefit		8	8	74
Income Tax (Expense) Benefit		13	5	(16)
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Expected income tax (expense) benefit		11	4	(15)
Dividends received deduction		1	1	1
Prior year adjustment		0	0	(2)
Other		1	0	0
Income Tax (Expense) Benefit		$ 13	$ 5	$ (16)
Pro Forma | Internal Revenue Service (IRS)
Income Tax Examination [Line Items]
Expected impact on income tax benefit of amended corporate income tax returns	$ (2)

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INCOME TAXES - NET DEFERRED INCOME TAXES AND URECOGNIZED TAX BENEFITS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Components of Deferred Tax Assets [Abstract]
Reserves and reinsurance	$ 97	$ 105
Other, Assets	12
Total, Assets	109	105
Components of Deferred Tax Liabilities [Abstract]
DAC	93	78
VOBA	3	3
Investments	10	18
Goodwill and other intangible assets		9
Other, Liabilities		8
Total, Liabilities	106	116
Income Tax Uncertainties [Abstract]
Accumulated undistributed earnings of foreign subsidiaries	8
Amount of additional taxes that would need to be provided if earnings were remitted	3
Unrecognized tax benefits that would impact the effective tax rate	7	6
Interest and penalties included in unrecognized tax benefits	1	0
Interest expense related to unrecognized tax benefits	0
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance, beginning of year	6	5	$ 4
Additions for tax positions of prior years	1	1	1
Balance, End of Year	$ 7	$ 6	$ 5

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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Unrealized gains (losses) on investments, net of adjustments	$ 5	$ 17	$ 8
Total Accumulated Other Comprehensive Income (Loss)	5	17	8
Net unrealized gains (losses) arising during the year	(13)	11	(58)
(Gains) losses reclassified into net earnings (loss) during the year	0	7	(44)
Change in net unrealized gains (losses) on investments	(13)	18	(102)
Adjustments for DAC, VOBA and Other	1	(9)	28
Total other comprehensive income (loss), net of income taxes	(12)	9	(74)
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract]
Deferred income tax expense (benefit)	(6)	(5)	40
Income tax expense (benefit)	$ 0	$ (3)	$ 24

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STATUTORY FINANCIAL INFORMATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statutory Financial Information [Abstract]
Statutory net income (loss)	$ (4)	$ 12	$ 34
Statutory surplus, capital stock and Asset Valuation Reserve	366	401
Return of surplus	0	$ 0	$ 200
Securities on deposit with such government or state agencies	$ 6