ORGANIZATION

MONY Life Insurance Company of America (“MLOA”) is an Arizona stock life insurance corporation. MLOA’s primary business is providing life insurance and employee benefit products to both individuals and businesses. MLOA is a direct, wholly-owned subsidiary of AXA Equitable Financial Services, LLC (“AEFS”). AEFS is a direct, wholly-owned subsidiary of AXA Financial, Inc. (“AXA Financial,” and collectively with its consolidated subsidiaries, “AXA Financial Group”). AXA Financial is a direct wholly-owned subsidiary of AXA Equitable Holdings, Inc. ("Holdings"). Holdings is an indirect wholly-owned subsidiary of AXA S.A. (“AXA”), a French holding company for the AXA Group, a worldwide leader in life, property and casualty and health insurance and asset management.

On May 10, 2017, AXA announced its intention to pursue the sale of a minority stake in our indirect parent, Holdings, through a proposed initial public offering (the "Holdings IPO") in the first half of 2018. On November 13, 2017, Holdings filed a Form S-1 registration statement with the Securities and Exchange Commission (the "SEC"). The completion of the proposed Holdings IPO will depend on, among other things, the SEC filing and review process and customary regulatory approvals, as well as market conditions. There can be no assurance that the proposed Holdings IPO will occur on the anticipated timeline or at all.

Revision of Prior Period Financial Statements

In 2017, management identified errors in its previous financial statements. These errors primarily related to the calculation of policyholders’ benefit reserves, interest credited to policyholders' account balances and deferred policy acquisition costs ("DAC") amortization for certain variable and interest sensitive life products and misclassification of an intangible asset for business acquired from a third party. Management evaluated the impact of these errors and concluded they were not material to any previously reported annual financial statements. In order to improve the consistency and comparability of the financial statements, management revised the balance sheet as of December 31, 2016 and the related statements of income (loss), comprehensive income (loss), shareholder's equity and cash flows for the years ended December 31, 2016 and 2015 to include the revisions presented below.



	As Previously Reported		Impact of Revisions			As Revised
	December 31,		December 31,			December 31,
	2016		2016			2016
	(in millions)
ASSETS
Investments:
Other invested assets	$	75	$	(7	)	$	68
Total investments	1,377		(7		)	1,370
Deferred policy acquisition costs	374		(21		)	353
Current and deferred income tax receivables	27		(3		)	24
Other assets	22		7			29
Total Assets	$	5,132	$	(24	)	$	5,108
Liabilities:
Policyholders’ account balances	$	2,403	$	(26	)	$	2,377
Future policy benefits and other policyholders’ liabilities	351		(4		)	347
Total Liabilities	4,709		(30		)	4,679
Equity:
Retained earnings	91		6			97
Total shareholder's equity	423		6			429
Total Liabilities and Shareholder’s Equity	$	5,132	$	(24	)	$	5,108



	As Previously Reported						Impact of Revisions						As Revised
	Year Ended December 31,						Year Ended December 31,						Year Ended December 31,
	2016			2015			2016			2015			2016			2015
	(in millions)
Statements of Income (Loss):
Revenues:
Policy charges and fee income	$	196		$	152		$	(8	)	$	1		$	188		$	153
Total revenues	250			201			(8		)	1			242			202
Benefits and other deductions:
Policyholders’ benefits	34			39			(5		)	2			29			41
Interest credited to policyholders’ account balances	49			42			(6		)	(7		)	43			35
Amortization of deferred policy acquisition costs, net	(10		)	(73		)	8			(3		)	(2		)	(76		)
Total benefits and other deductions	339			231			(3		)	(8		)	336			223
Income (loss) from operations, before income taxes	(89		)	(30		)	(5		)	9			(94		)	(21		)
Income tax (expense) benefit	33			13			2			(3		)	35			10
Net Income (Loss)	$	(56	)	$	(17	)	$	(3	)	$	6		$	(59	)	$	(11	)

Statements of Comprehensive Income (Loss):
Net Income (loss)	$	(56	)	$	(17	)	$	(3	)	$	6		$	(59	)	$	(11	)
Comprehensive Income (Loss)	$	(54	)	$	(29	)	$	(3	)	$	6		$	(57	)	$	(23	)



	As Previously Reported						Impact of Revisions						As Revised
	Year Ended December 31,						Year Ended December 31,						Year Ended December 31,
	2016			2015			2016			2015			2016			2015
	(in millions)
Statements of Shareholder's Equity:
Retained earnings, beginning of year	$	147		$	164		$	9		$	3		$	156		$	167
Net income (loss)	(56		)	(17		)	(3		)	6			(59		)	(11		)
Retained earnings, end of year	91			147			6			9			97			156
Total Shareholder’s Equity, End of Year	$	423		$	474		$	6		$	9		$	429		$	483
Statements of Cash flows:
Cash flow from operating activities:
Net income (loss)	$	(56	)	$	(17	)	$	(3	)	$	6		$	(59	)	$	(11	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Interest credited to policyholders’ account balances	49			42			(6		)	(7		)	43			35
Policy charges and fee income	(196		)	(152		)	8			(1		)	(188		)	(153		)
Changes in:
Deferred policy acquisition costs, net	(10		)	(73		)	8			(3		)	(2		)	(76		)
Future policy benefits	(4		)	10			(5		)	2			(9		)	12
Current and deferred income taxes	(26		)	(13		)	(2		)	3			(28		)	(10		)
Net cash provided by (used in) operating activities	$	(191	)	$	(191	)	$	—		$	—		$	(191	)	$	(191	)