AXA Axa Common Stock

A.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and the issuer credit ratings (ICR) of �aa-� of certain life insurance subsidiaries of AXA Financial, Inc. (AXA Financial) (New York, NY) including its core operating subsidiaries, AXA Equitable Life Insurance Company and MONY Life Insurance Company. AXA Financial is a member of AXA SA (Paris, France) (NYSE: AXA). A.M. Best also has affirmed the ICR of �a-� of AXA Financial and the ratings on its existing debt securities. Concurrently, A.M. Best has downgraded the FSR to A (Excellent) from A+ (Superior) and the ICR to �a+� from �aa-� for U.S. Financial Life Insurance Company (Cincinnati, OH), reflecting the company�s run-off status. The outlook for all ratings is stable. (See below for a detailed listing of the companies and ratings.) These ratings reflect AXA Financial�s industry position as a leading variable annuity writer, global asset manager and integral part of AXA Group, a worldwide leader in financial protection and wealth management. AXA Financial continues to generate strong and consistent operating results, which in recent years has contributed to significant improvements in its risk-based capital position. Its Financial Advisory/Insurance segment has diverse distribution channels, which have allowed AXA Financial to maintain its competitive position among the industry leaders. The segment continues to generate solid GAAP revenue and pre-tax earnings growth, driven primarily by asset-based fee income from separate account products. The Investment Management segment, through its 63% ownership of AllianceBernstein (Alliance), has generated consistent earnings and adds product diversification and international exposure to AXA Financial. A.M. Best believes Alliance has a well-diversified business model across product type, global asset allocation, client type and client location. AXA Financial historically has been a significant source of capital for its parent through regular dividends, which may inhibit its ability to retain future earnings to fund internal growth. In addition, the company is exposed to a decline in the equity markets on both sides of the balance sheet, through its investment in Alliance and variable insurance products with secondary guarantees, as well as to reduced revenues from asset fees related to separate account investments. A.M. Best also notes that the exposure from variable annuity secondary guarantees is largely offset by AXA Financial�s reinsurance and hedging programs. Nevertheless, the intensifying competitive climate will challenge AXA Financial to meet its goal of continuing to increase its market share in the variable annuity market. The FSR of A+ (Superior) and ICRs of �aa-� have been affirmed with a stable outlook for the following subsidiaries of AXA Financial, Inc.: AXA Equitable Life Insurance Company AXA Life and Annuity Company MONY Life Insurance Company MONY Life Insurance Company of America The FSR has been downgraded with a stable outlook to A (Excellent) from A+ (Superior) and the ICR to �a+� from �aa-� for U.S. Financial Life Insurance Company. The following debt ratings have been affirmed with a stable outlook: AXA Financial, Inc.� -- �a-� on $480 million 7.75% senior unsecured notes, due 2010 -- �a-� on $350 million 7% senior unsecured debentures, due 2028 The MONY Group, Inc. (assumed by AXA Financial, Inc.)� -- �a-� on $300 million 8.35% senior unsecured notes, due 2010 AXA Equitable Life Insurance Company� -- �a� on $200 million 7.7% surplus notes, due 2015 The following indicative debt ratings have been affirmed with a stable outlook for AXA Financial, Inc.�s universal shelf registration: AXA Financial, Inc.� -- �a-� on senior unsecured debt -- �bbb+� on subordinated debt AXA Financial Capital Trust I, II, III and IV -- �bbb+� on preferred securities For Best�s Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.