AXAHF AXA Sa (QX)

NOTES TO FINANCIAL STATEMENTS

The following description of the AXA Equitable 401(k) Plan (the “Plan”) sponsored by AXA Equitable Life Insurance Company (“AXA Equitable” or the “Company”) is provided for general information purposes only. Participants should refer to the Plan document for more complete information.

General

The Plan is a defined contribution plan with a cash or deferred arrangement providing benefits for eligible common-law employees and statutory employees of AXA Equitable and certain participating affiliates. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, and the Internal Revenue Code of 1986 (the “Code”), as amended.

Plan Fiduciary, Administrator and Trustee

The named fiduciaries of the Plan are the Administrative Committee and the Investment Committee. The Administrative Committee serves as the Plan administrator, Northern Trust is the directed trustee of the Plan and Fidelity serves as the legal custodian for the Fixed income investment. The Investment Committee no longer acts as the trustee of the Plan since November 17, 2011. The Plan has an agreement with AonHewitt, formerly known as Hewitt Associates LLC, (“Hewitt”), for the recordkeeping and administration of the Plan, effective as of March 21, 2011, and with Northern Trust for the custodial trustee and disbursement agent functions, effective as of March 24, 2011.

Eligibility

The Plan covers full-time employees, “Group I” part-time employees, financed financial professionals, and statutory employees, as well as other employees of AXA Equitable and employees of certain participating affiliates who are scheduled to work a minimum of 1,000 hours in a Plan year.

Contributions

Eligible new hires are automatically enrolled in the Plan after performing one hour of service. Each year, participants may contribute to the Plan on a before-tax basis, an after-tax basis, or a Roth 401(k) basis (or any combination of the foregoing), up to a percentage of annual compensation as defined in the Plan. New participants are automatically deemed to have elected, after 30 days at work, a 3% before-tax contribution rate (See Note 8), which is automatically invested in the target allocation fund closest to the individual’s 65 ^th birthday. Participants can elect to have before-tax contributions automatically increase each year by 1% until the participant reaches a 6% deferral percentage or elects out of the automatic increase program. The new hire can opt-out, change the contribution rate, or change the investment option at any time. The maximum before-tax and/or Roth 401(k) contribution a participant can contribute is 75% of his or her annual eligible compensation, subject to reduction by limits imposed by the Code ($17,000 for 2012 and $16,500 for 2011). The maximum after-tax contribution is $25,000 or 20% of the participant’s annual eligible compensation (10% for Puerto Rican participants), whichever is less, provided that the participant’s combined before-tax, Roth 401(k) and after-tax contributions cannot exceed 100% of his or her annual eligible compensation (Puerto Rican participants cannot make 401(k) Roth contributions). Participants who have attained age 50 before the end of the Plan year were eligible to make catch-up contributions in the amount of $5,500 for 2012 and 2011 ($1,500 for Puerto Rican participants). The maximum before-tax and/or Roth 401(k) contribution that a participant eligible for catch up contributions can contribute per the Code was $22,500 for 2012 and $22,000 for 2011 ($18,500 in 2012 and $18,000 in 2011 for Puerto Rican participants). Participants may also contribute amounts representing eligible rollover distributions from other qualified defined benefit or defined contribution plans.

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Effective February 12, 2012, the Company and certain participating affiliates replaced the 401(k) Plan 3% match with a discretionary profit sharing contribution opportunity of up to 4% of each participant’s annual eligible compensation if the applicable employer meets certain performance goals. Other participating affiliates continue to make matching contributions. For 2012, the Company did not make any profit sharing contributions as it did not meet the performance goals set forth for 2012.

AXA Private Equity and AXA IM Rose, both affiliates of the Company, maintained the 3% match and did not adopt the new profit sharing contribution formula.

AXA Liabilities Managers Inc., AXA Art Insurance Corporation and Fine Art Services International (U.S.) Inc. (collectively “AXA LM”), all affiliates of the Company, provide a 5% matching contribution and a retirement program contribution which is based on the AXA LM participant’s age and years of service.

Employer matching contributions are invested in (i) accordance with the participants’ current investment election or, (ii) if no election, in the qualified default investment designated by the Investment Committee. Profit sharing contributions, if made, are invested in the same manner.

Allocation Provisions

Participants direct the investment of their contributions into various investment options offered by the Plan. In 2012, the Plan offered twelve target allocation funds through a group annuity contract, sixteen mutual funds, a Company stock fund, a self-directed brokerage window program and a fixed income fund as investment options for participants. Effective July 21, 2010, the Company stock fund changed from a unitized stock fund to an individual share accounting fund. No new contributions, loan repayments, or transfers can be made to the Company stock fund on or after March 22, 2010.

Participant Accounts

Each participant’s account is credited with the participant’s contribution, matching/profit sharing contribution and investment earnings/losses, and is also charged with an annual fee for administrative expenses taken proportionately on a quarterly basis from each fund. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account balance.

Notes Receivable from Participants

Actively employed participants may borrow from their fund accounts, in $100 increments, a minimum of $1,000 up to a maximum equal to the lesser of (i) $50,000 or (ii) 50% of their vested account balance (minus any outstanding loans). The loans are collateralized by the balance in the participant’s account. Interest on the loan is equal to the prime rate at the beginning of the calendar quarter during which the loan is issued plus one percent. The interest rates for all outstanding loans ranged from four and one quarter to eleven percent as of December 31, 2012 and 2011. Principal and interest is paid over a range of one to five years for loans other than to purchase a principal residence and one to fifteen years for residential loans. Active participants whose loan is deemed distributed are not permitted to participate in the Plan for 6 months from the date of the deemed distribution. However, an active participant is permitted to transfer account balances among investment funds (except to the Company stock fund).

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Payment of Benefits

Upon termination of service, including due to death, disability, or retirement, the normal form of benefit is a single sum cash payment (except for the MONY Life Retirement Plan for Field Underwriters (“FURP”) subaccounts, in which the normal form of benefit for single individuals is a straight life annuity and for married individuals (as defined under Federal law) is a qualified joint and survivor annuity). Additional forms of distribution available for participants include systematic withdrawal payments or the purchase of an annuity. Required minimum distributions as required by the Code are also paid, as necessary.

Effective January 1, 2011, a participant who is not an active participant (regardless of whether the participant has “retired directly from service” within the meaning of the AXA Equitable Retirement Plan (the “Retirement Plan”) or the MONY Life Retirement Income Security Plan (“RISPE”) for Employees or is Disabled) may elect, to make partial lump sum withdrawals from his or her Plan accounts.

Vesting

Participants are vested immediately in their own contributions plus actual earnings, if any, thereon. Employer matching contributions and profit sharing contributions are vested upon completion of three years of service. Participants also become 100% vested upon reaching normal retirement age, or becoming disabled, or dying while in service, or if AXA Equitable terminates the Plan or discontinues all employer contributions.

Effective January 3, 2011, any service performed for AXA Rosenberg Investment Management LLC and its affiliates up through and including January 2, 2011, by an individual who was employed by AXA Rosenberg Investment Management LLC immediately prior to January 3, 2011 and who became an employee, financial professional or manager of AXA Equitable and its related employers on January 3, 2011, will be treated as service for purposes of participation and vesting.

In addition, certain participants whose employment was terminated effective July 1, 2012 due to an outsourcing transaction became fully vested in their account balances.

AXA LM participants are fully vested in their retirement program contributions.

Forfeited Accounts

Upon termination of service, other than due to death or disability (as described above), a participant will forfeit the non-vested portion of his or her account balance. Forfeitures will be used to pay for administrative expenses (see Note 7) or to reduce employer matching contributions or profit sharing contributions. The balance in the forfeiture account totaled $1,461,565 and $863,311 at December 31, 2012 and 2011, respectively. During 2012, $1,973,181 from the forfeiture account was used to pay for administrative expenses.

Plan Expenses and Administration

The Plan has an administrative agreement with Hewitt, effective March 21, 2011, for the recordkeeping and administration of the Plan. The Plan reimburses AXA Equitable for administrative services paid on the Plan’s behalf (see Note 7).

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Use of Estimates and Basis of Accounting

The accompanying financial statements are prepared in conformity with U.S. generally accepted accounting principles (“US GAAP”) which requires management to make estimates that affect the financial statements and accompanying notes. Actual results could differ from those estimates. The accompanying financial statements reflect all adjustments, if any, necessary in the opinion of management for a fair presentation of the net assets available for Plan benefits and changes therein for the periods presented.

Accounting Changes

In May 2011, the FASB amended its guidance on fair value measurements and disclosure requirements to enhance the comparability between US GAAP and IFRS. The amendments address specific considerations about fair value measurements and require expanded disclosures, including quantitative information about the unobservable inputs used in Level 3 fair value measurements, qualitative discussion of the sensitivities of these measurements to changes in the underlying inputs, and categorization by level of the fair value hierarchy for items that are not measured at fair value in the statement of financial position but for which the fair value is required to be disclosed. These amendments are effective for reporting periods beginning after December 15, 2011 with early adoption prohibited. Except for compliance with the additional disclosures imposed by this new guidance, adoption is not expected to have a material impact on the Plan financial statements.

Valuation of Investments and Income Recognition

The Plan’s investments are stated at fair value. A description of the valuation methodologies used for assets measured at fair value is described in Note 4, Fair Value Disclosures . Purchases and sales of securities are recorded on a trade-date basis. Dividends are recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Net appreciation/(depreciation) includes the Plan’s unrealized and realized gains and losses on investments bought and sold as well as held during the year.

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Investment contracts held by a defined contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the plan. The Statement of Net Assets Available for Benefits presents the fair value of the investment contracts as well as the adjustment of the fully benefit-responsive investment contracts from fair value to contract value. The Statement of Changes in Net Assets Available for Benefits is prepared on a contract value basis. The fair value of the investments is monitored and fluctuations in value are recorded as an unrealized gain or loss, as necessary, depending on whether the value of the investments has increased or decreased. When an investment is sold the change in value from the date acquired is recognized as a realized gain or loss.

Payment of Benefits

Benefits are recorded when paid.

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During 2012, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year), appreciated in value by $146,675,766, as follows:

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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 also establishes 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:

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities.

The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in methodologies used at December 31, 2012 and 2011.

Bonds

Bonds valued at the closing price reported in the active market in which the individual security is traded generally would be categorized as Level 1. When quoted prices in active markets are not available, the Plan estimates fair value based on market standard valuation methodologies, including discounted cash flow methodologies, matrix pricing, or other similar techniques. For bonds 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 and are generally Level 2. 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 and are generally Level 3.

Common stock

Common Stock valued based on the last sale price traded in an active market generally would be classified as Level 1. Securities with quoted prices in markets that were not active are considered Level 2.

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Mutual funds, including target allocation funds

Mutual funds valued at the closing net asset value of shares held by the Plan are classified as Level 1. When quoted prices in active markets are not available these securities are generally considered either Level 2 or 3 depending on the availability and observability of the inputs most significant to the measurement of fair value.

GIC wrappers

The fair value of the GIC wrappers contracts for synthetic guaranteed investment contracts is determined using the replacement cost methodology that incorporates various inputs including the difference between market rate for wrap fees and the actual wrap fees currently charged. GIC wrappers are classified as Level 3.

Short-term investments

Short-term investments primarily consist of corporate bonds with maturities of one year or less from the reporting date. The fair values of these securities and their levels within the fair value hierarchy are determined in the same manner as bonds.

The methodologies used to measure the fair values of the Plan’s investments may produce amounts that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with those applied by other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

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Assets measured at fair value on a recurring basis as of December 31, 2012:

Except for the company stock fund, SSGA S&P 500 Index Non-Lending CL A, and the Synthetic GIC Contracts further segregated in footnote 3, there are no significant concentrations within or across the categories of invested assets.

In 2012, bonds with fair value of $16,574,643 were transferred out of Level 3 and into Level 2 primarily due to change in pricing sources. These transfers in the aggregate represent approximately 1% of total assets at December 31, 2012. In addition, index mutual funds with fair value of $64,921,700 were transferred out of Level 1 and into Level 2. These transfers in the aggregate represent approximately 4% of total assets at December 31, 2012. All transfers between levels of the fair value hierarchy are recognized at the beginning of the calendar quarter in which the actual date of transfer occurred.

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Assets measured at fair value on a recurring basis as of December 31, 2011:

Except for the company stock fund, SSGA S&P 500 Index Non-Lending CLA, and the Synthetic GIC Contracts further segregated in footnote 3, there are no significant concentrations within or across the categories of invested assets.

In 2011, bonds with fair value of $24,327,448 respectively were transferred out of Level 2 and into Level 3 primarily due to change in pricing sources. These transfers in the aggregate represent approximately 1.6% of total assets at December 31, 2011.

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The table below presents reconciliation for Level 3 assets for the 2012 Plan year, January 1, 2012 to December 31, 2012:

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Gains and losses (realized and unrealized) included in changes in net assets for the period above are reported in net appreciation in fair value of investments in the Statement of Changes in Net Assets Available for Benefits.

The following table discloses quantitative information about Level 3 fair value measurements by category for assets and liabilities as of December 31, 2012.