1. AXA Equitable Protection Report Key Findings of AXA’s Global Life Insurance Needs and Realities Survey December 2007 About the study More than 4,000 people in 11 countries participated in the AXA Protection Report, the company’s first survey of global life risk needs and realities. Working and non-working people aged 25-65 were surveyed about their attitudes and behaviors toward life risks (illness, death, accidents, financial hardship, etc), protection perceptions and rates of insurance coverage. The study distinguishes responses according to four life stage categories: single, pre-nesters, nesters and post-nesters. Surprising results came from the U.S. survey, in which more than 360 people participated. For more information and a complete copy of the survey results, go to www.axa-equitable.com. Key Findings Who is Concerned About Life Risks A. 25 percent of Americans say they hate taking risks.  57 percent of Americans say that they don’t think about risks or their consequences.  Still, 25 percent of Americans are risk adverse, saying that they are highly aware of life accidents and hate to take risks.  And 13 percent believe in taking risks. B. Women are uniformly more concerned about life risks.  Women are more concerned than men when it comes to their health, retirement finances, saving money, home ownership, and reducing their financial burden.  Nester females place higher importance than do others on ensuring their children’s future.  Despite this, 27 percent of nester females with financially dependent children say that while they are aware of life accidents, they do not think about the consequences. 13% None of these 5% Believe in taking risks Do not like to think about risks 5% No point in thinking about risks 25% Aware of life accidents, but do not think about it 27% Highly aware of life accidents, and hate taking risks 25% Hate taking risks 25% Aware of life accidents but don’t think about them 27% No point in thinking about risks 25% None of these 5% Do not like to think about risks 5% 13% Believe in taking risks Attitude Toward Life Risks

2. C. The underinsured worry more  The insurance that might provide peace of mind may be particularly lacking for people who think most frequently about life risks.  40 percent of Americans who describe themselves as feeling “not well insured” are more likely than others to think about life risks frequently and believe a negative event will likely happen to them. What They’re Concerned About A. The life risks that insurance covers – death, financial hardship and reduction in standard of living – are on the minds of Americans.  11 percent of Americans describe themselves as “not very well insured.”  Those who feel they are not well insured are more likely to say they do nothing in particular to stay healthy. Overall Feeling of Coverage Against Life Risks 5% Not at all insured 11% Not very well insured 43 % Very well insured 41 % Somewhat insured 11% Not very well insured

3. B. Health matters most.  80 percent of U.S. adults surveyed say their health is most important to them.  Nesters, however, say that ensuring their children’s future is nearly as important as their own health.  A majority of Americans say serious illness and car accidents are the negative events most likely to happen to them. Most don’t view terrorism and plane crashes as likely to happen to them. –96 percent of Americans surveyed don’t think they will be involved in a plane crash. –Just 3 percent view a terrorist event as likely to happen to them. Who They’re Concerned About A. Compared to people in other countries, Americans are more likely to be concerned about their partners and children.  95 percent of those with children say it is the impact on their children they think about.  95 percent of those with spouses or partners say it is the impact on their spouse/partner they think about.  100 percent of nester males say they think about the impact life risks have on their partners and children. What Americans Care About Very Important Neutral Not Important

4. What They’re Doing About Their Concerns A. Americans lead the world in talking about their concerns but many only do so only in passing.  Compared to other countries surveyed, Americans are mostly likely to discuss their concerns.  87 percent of Americans with a spouse or partner have spoken about life risks with that person. A third of them, however, say they only discuss it in passing.  A significant number – 13 percent of Americans with a spouse or partner – say they never discuss life risks.  Women are uniformly more likely to talk about life risks than males.  Those who feel very well insured are much more likely to have spoken with loved ones and/or professionals about the consequences of life risks than those who do not feel well insured. However, only 43 percent of Americans say they feel “very well insured.”  Fewer than half of Americans have talked to an insurance agent or broker about preparing for list risks. How People Talk About Life Risks With Their Partner or Spouse 56% In Detail 13% Never 31% Only in Passing

5. Life Insurance Health, medical, hospitalization insurance Short-term disability insurance Long-term disability insurance Long-term care insurance Protection Insurance Ownership B. Americans believe in life insurance but not always in buying it. Nearly half either don’t or can’t say why they have not purchased life insurance.  While a majority of Americans believe life insurance protects their loved ones and provides peace of mind, one third of them have not purchased coverage themselves.  The birth of a child and marriage most frequently prompt Americans to buy life insurance. Women are more likely than men to say it was the birth of a child that led them to purchase life insurance.  Among those who have not purchased individual life insurance on their own, the most common reason for not purchasing it was having life insurance provided by their employer (26 percent). The second most common reason was that they felt it was “too expensive” (18 percent).  A lack of knowledge exists: 43 percent either do not provide a reason or do not know why they don’t purchase life insurance.

6. A significant number of Americans rely exclusively on their employers for protection. However, for many a gap exists.  Americans are more likely to be covered by employer-provided insurance than are people in other countries. Since they are more likely to receive at least some insurance from their employers, they are less likely to have only insurance products they purchased themselves.  16 percent of Americans say they have not purchased life insurance because it is provided through their employer.  Employer-sponsored group life insurance coverage is typically tied to a multiple of an employee’s income. According to LIMRA’s 2004 “Trends in Life Insurance Ownership Among U.S. Households” study, the average group coverage of all American households was $154,000.  According to a calculation of existing coverage and needs developed for the AXA Equitable Protection Report, on average, Americans 25 to 65 years of age have an insurance gap of $180,000. Nesters, who have financially dependent children, have the highest gap – $371,000. Determining the Amount of the Gap in Death Coverage Gap in Household coverage = Amount of Household coverage needed – Existing Household life insurance + Other Household liquid assets Explanation of Insurance Gap Amount of uninsured household debt/loan + ( Current annual gross household income x number of dependents) = Coverage Need Coverage need – (life insurance, existing coverage + liquid assets) = Insurance Gap