AXA Equitable, MONY Life and MLOA have certain variable annuity contracts with GMDB, GMIB and GWBL features in-force that guarantee one of the following:

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

		GMDB		GMIB		Total

		(In Millions)

Balance at January 1, 2011		$	1,271	$	2,313	$	3,584
	Paid guarantee benefits		(143)		(33)		(176)
	Other changes in reserve		390		1,592		1,982
Balance at September 30, 2011		$	1,518	$	3,872	$	5,390

Balance at January 1, 2010		$	1,092	$	1,561	$	2,653
	Paid guarantee benefits		(159)		(32)		(191)
	Other changes in reserve		418		1,510		1,928
Balance at September 30, 2010		$	1,351	$	3,039	$	4,390

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

The September 30, 2011 values for variable annuity contracts in-force on such date with GMDB and GMIB features are presented in the following table. For contracts with the GMDB feature, the net amount at risk in the event of death is the amount by which the GMDB benefits exceed related account values. For contracts with the GMIB feature, the net amount at risk in the event of annuitization is the amount by which the present value of the GMIB benefits exceeds related account values, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. Since variable annuity contracts with GMDB guarantees may also offer GMIB guarantees in the same contract, the GMDB and GMIB amounts listed are not mutually exclusive:

			Return
			of
			Premium		Ratchet		Roll-Up		Combo		Total

			(Dollars In Millions)
GMDB:
	Account values invested in:
		General Account	$	12,274	$	463	$	121	$	522	$	13,380
		Separate Accounts	$	26,622	$	7,173	$	3,576	$	31,078	$	68,449
	Net amount at risk, gross		$	2,418	$	1,850	$	3,123	$	15,108	$	22,499
	Net amount at risk, net of
		amounts reinsured	$	2,418	$	1,707	$	2,138	$	15,082	$	21,345
	Average attained age of contractholders			50.5		63.5		68.5		63.4		54.3
	Percentage of contractholders over age 70			3.0%		26.5%		46.6%		27.8%		10.5%
	Range of contractually
		specified interest rates		N/A		N/A		3% - 6%		3% - 6.5%		3% - 6.5%

GMIB:
	Account values invested in:
		General Account		N/A		N/A	$	54	$	572	$	626
		Separate Accounts		N/A		N/A	$	2,459	$	41,689	$	44,148
	Net amount at risk, gross			N/A		N/A	$	2,070	$	8,987	$	11,057
	Net amount at risk, net of
		amounts reinsured		N/A		N/A	$	609	$	7,832	$	8,441
	Weighted average years
		remaining until annuitization		N/A		N/A		0.6		5.1		5.1
	Range of contractually specified
		interest rates		N/A		N/A		3% - 6%		3% - 6.5%		3% - 6.5%

The GWBL and other guaranteed benefits related liability, not included above, was $244 million and $38 million at September 30, 2011 and December 31, 2010, respectively, which is accounted for as embedded derivatives. This liability reflects the present value of expected future payments (benefits) less the fees attributable to these features over a range of market consistent economic scenarios.

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

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

	Investment in Variable Insurance Trust Mutual Funds

		September 30,		December 31,
		2011		2010

		(In Millions)

GMDB:
	Equity	$	44,247	$	49,925
	Fixed income		4,011		4,109
	Balanced		19,410		22,252
	Other		781		768
	Total	$	68,449	$	77,054

GMIB:
	Equity	$	28,128	$	31,911
	Fixed income		2,394		2,471
	Balanced		13,237		15,629
	Other		389		375
	Total	$	44,148	$	50,386

Beginning in 2003, AXA Equitable established a program intended to hedge certain risks associated first with the GMDB feature and, beginning in 2004, with the GMIB feature of the Accumulator® series of variable annuity products. The program has also been extended to cover other guaranteed benefits as they have been made available. This program currently utilizes derivative instruments, such as exchange-traded equity, currency, and interest rate futures contracts, total return and/or equity swaps, interest rate swap and floor contracts, swaptions, variance swaps, equity options as well as repo transactions, that collectively are managed in an effort to reduce the economic impact of unfavorable changes in guaranteed benefits' exposures attributable to movements in the equity and fixed income markets. At the present time, this program hedges certain economic risks on products sold from 2001 forward, to the extent such risks are not reinsured. At September 30, 2011, the total account value and net amount at risk of the hedged variable annuity contracts were $51,121 million and $18,545 million, respectively, with the GMDB feature and $37,801 million and $7,858 million, respectively, with the GMIB feature.

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

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

The following table summarizes the no lapse guarantee liabilities reflected in the General Account in Future policy benefits and other policyholders' liabilities:

		Direct Liability⁽¹⁾

		(In Millions)

Balance at January 1, 2011		$	375
	Other changes in reserves		40
Balance at September 30, 2011		$	415

Balance at January 1, 2010		$	255
	Other changes in reserves		83
Balance at September 30, 2010		$	338