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CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) (USD $) In Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
REVENUES
Universal life and investment-type product policy fee income	$ 850	$ 826	$ 2,659	$ 2,414
Premiums	362	375	1,133	1,148
Net investment income (loss):
Investment income (loss) from derivative instruments	6,570	(438)	6,255	2,366
Other Investment Income Loss	981	885	2,629	2,485
Total net investment income (loss)	7,551	447	8,884	4,851
Investment gains (losses), net:
Total other-than-temporary impairment losses	0	(180)	(25)	(276)
Portion of loss recognized in other comprehensive income (loss)	0	11	1	17
Net impairment losses recognized	0	(169)	(24)	(259)
Other investment gains (losses), net	14	2	9	29
Total investment gains (losses), net	14	(167)	(15)	(230)
Commissions, fees and other income	979	926	3,048	2,820
Increase (decrease) in fair value of reinsurance contracts	1,156	308	1,089	894
Total revenues	10,912	2,715	16,798	11,897
BENEFITS AND OTHER DEDUCTIONS
Policyholders benefits	2,705	1,855	4,439	4,256
Interest credited to policyholders account balances	249	277	798	789
Compensation and benefits	530	619	1,738	1,796
Commissions	305	232	833	691
Distribution related payments	77	72	230	210
Amortization of deferred sales commissions	9	12	29	36
Interest expense	85	88	253	276
Amortization of deferred policy acquisition costs and value of business acquired	3,134	(41)	3,693	1,062
Capitalization of deferred policy acquisition costs	(289)	(226)	(775)	(681)
Rent expense	73	73	212	210
Amortization Of Intangible Assets	10	9	30	29
Other operating costs and expenses	261	354	920	924
Total benefits and other deductions	7,149	3,324	12,400	9,598
Earnings (loss) from continuing operations, before income taxes	3,763	(609)	4,398	2,299
Income tax (expense) benefit	(1,182)	215	(1,341)	(597)
Net earnings (loss)	2,581	(394)	3,057	1,702
Less: net (earnings) loss attributable to the noncontrolling interest	(26)	(23)	(135)	(126)
Net Earnings (Loss) Attributable to AXA Financial	$ 2,555	$ (417)	$ 2,922	$ 1,576

The adjustment that represents the periodic charge against earnings to reduce the value of business acquired (VOBA) over the expected life of the underlying insurance contracts. VOBA reflects the estimated fair value of a life insurance business in force and represents the portion of the cost to acquire the business that is allocated to the value of the right to receive future cash flows from insurance contracts existing at the date of acquisition. Such value is the present value of the actuarially determined projected cash flows for the acquired policies. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. This element also includes Amount of deferred policy acquisition costs charged to expense in the period, generally in proportion to related revenue earned, estimated gross profits, or over the customer relationship or some other period.

AXA FINANCIAL INC 10-Q