MLOA does not intend,understanding that actual future results may be materially different from expectations. All forward-looking statements made in this Annual Report on Form 10-K are qualified by these cautionary statements. Further, any forward-looking statement speaks only as of the date on which it is made, and is underwe undertake no obligation to update or revise any particular forward-looking statement includedto reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.

ii

defined terms and abbreviations, which are defined or summarized in the “Glossary” and “Acronyms” sections.

MONY Life is an indirect wholly owned subsidiary of AXA Financial and AXA Financial is an indirect wholly owned subsidiary of AXA S.A (“AXA”), a French holding company for an international group of insurance and related financial services companies. For additional information regarding AXA, see “Parent Company.”

PRODUCTS

Prior to the MONY Acquisition, we offered a broad portfolio of life insurance products consisting primarily of variable life and interest-sensitive life insurance products (including group interest-sensitive life insurance products). In addition, we previously offered whole life and a variety of term life insurance products, as well as a variety of annuity products, such as variable annuities, fixed deferred annuities and payout annuities. For additional information regarding certain features of our variable annuity products, see Note 6 of Notes to Financial Statements.

In connection with the integration of the MONY Companies with AXA Financial, management evaluated the products sold by MLOA as part of an overall review of insurance products offered by AXA Equitable and AXA Financial’s otherHoldings’ ongoing efforts to efficiently manage capital among its insurance subsidiaries, with a view towards reducing duplication of products, improvingimprove the quality of the product line-up of its insurance subsidiaries and enhancingenhance the overall profitability of AXA Financial Group. This evaluation resulted in our discontinuation, in 2005,its group of companies, most new sales

¹ As used in this Form 10-K, the terms “MLOA”, “we”, “our” and/or “us” refers to MONY Life Insurance Company of America, an Arizona stock life insurance company, “AXA Financial” refers to AXA Financial, Inc., a Delaware corporation incorporated in 1991, “AXA Financial Group” refers to AXA Financialrising interest rate environment.

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Distribution

Retailthrough third-party distribution channels.

Reinsurance

industry consists of many companies with no single company dominating the market for all products. We reinsure mostselectively compete with large, well-established life insurance companies in a mature market, where product features, price and service are key drivers. We primarily compete with others based on these drivers as well as distribution channel relationships, brand recognition, financial strength ratings and financial stability. We are selective in our markets of interest and will continue to focus deeply in those areas that align to our offering.

We alsorobust governance process that ensures that our underwriting decisions continue to reinsure a portionalign with our business and financial objectives, including risk appetite and pricing expectations.

We do not assume reinsurance from any non-affiliated insurance company. For additional information about reinsurance strategies implemented and affiliate reinsurance assumed, see Notes 7 and 8 of Notes to Financial Statements.

Policyholder Liabilities and Reserves

We establish, and carry as liabilities, actuarially determined amounts that are calculated to meet our policy obligations when a policy matures or is surrendered, an insured dies or becomes disabled or upon the occurrence of other covered events, or to provide for future annuity payments. Our reserve requirements are calculated based on a number of estimates and assumptions, including estimates and assumptions related to future mortality, morbidity, interest rates, future equity performance, reinvestment rates, persistency, claims experience and policyholder elections (i.e., lapses and surrenders, withdrawals and amounts of withdrawals, contributions and the allocation thereof etc.) which we modify to reflect our actual experience and/or refined assumptions when appropriate.

Pursuant to state insurance laws, we establish statutory reserves, reported as liabilities, to meet our obligations on our policies. These statutory reserves are established in amounts sufficient to meet policy and contract obligations, when taken together with expected future premiums and interest at assumed rates. Statutory reserves generally differ from actuarial liabilities for future policy benefits determined using U.S. GAAP.

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State insurance laws and regulations require that we submit to state insurance departments, with each annual report, an opinion and memorandum of a “qualified actuary” that the statutory reserves and related actuarial amounts recorded in support of specified policies and contracts, and the assets supporting such statutory reserves and related actuarial amounts, make adequate provision for its statutory liabilities with respect to these obligations.

For additional information on Policyholder Liabilities, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Estimates”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Continuing Operations by Segment – Insurance” and “Risk Factors.”

Underwriting and Pricing

Underwriting.    We employ detailed underwriting policies, guidelines and procedures designed to align mortality results with the assumptions used in product pricing while providing for competitive risk selection. The risk selection process is carried out by underwriters who evaluate policy applications based on information provided by the applicant and other sources. Specific tests, such as blood analysis, are used to evaluate policy applications based on the size of the policy, the age of the applicant and other factors. The purpose of this process is to determine the type and amount of risk that we are willing to accept. In addition, we are piloting alternative underwriting methods that rely on predictive modeling.

We have established senior level oversight of thehigh-quality underwriting process in orderand decisions.

Ourinflation and capital requirements. The primary source of revenue from our life insurance products are highly regulated bybusiness is premiums, investment income, asset-based fees (including investment management and 12b-1 fees) and policy charges (expense loads, surrender charges, mortality charges and other policy charges).

We continually review our underwriting and pricing guidelines with a view to maintaining competitive offerings that are consistent with maintaining our financial strength and meeting profitability goals.

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General Account Investment Portfolio

The General Account consists of a diversified portfolio of principally fixed-income investments.

The following table summarizes General Account Investment Assets by asset category at December 31, 2011:

MONY Life Insurance Company of America

General Account Investment Assets

We have an asset/liability management approach with separate investment objectives for specific classes of product liabilities, such asin-force life insurance and annuity. We have investment strategies to manage each product line’s investment return and liquidity requirements, consistent with management’s overall investment objectives for the General Account investment portfolio. Investments frequently meet the investment objectives of more than one class of product liabilities.

Investment Surveillance. As part of our investmentrisk management process, management,function, we continuously monitor the financial condition of our reinsurers in an effort to minimize our exposure to significant losses from reinsurer insolvencies.

the reinsured business. For additional information onregarding the General Account Investment Portfolio,Reinsurance Agreement, see Note 8 of the Notes to Financial Statements and “Management’s Discussion and Analysis of Financial Condition and Results of Operations – General Account Investment Portfolio.Operations.”

COMPETITION

There is strong competition among insurers, banks, brokerage firms

The principal competitive factors affecting our business are financial strength as evidenced,amounts in part, by financial and claims-paying ratings; size; product quality, range, features/functionality and price; crediting rates on fixed products; visibility, recognition and understandingexcess of our brandretention limits, we use both affiliate and non-affiliate reinsurance.

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We and our affiliated distributors must attract and retain productive sales representatives to sell our products. Strong competition continues among financial institutions for sales representatives with demonstrated ability. We compete with other financial institutions for sales representatives primarily on the basis of financial position, product breadth and features, support services and compensation policies. For additional information, see “Risk Factors.”

LegislativeFactors” and other changes affectingNotes 8 and 9 of the regulatory environment can affect our competitive position withinNotes to Financial Statements.

“Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 4 of the Notes to Financial Statements.

We are required to file detailed annual financial statements, prepared on a statutory accounting basis, with supervisory

Financial Statements.

Guaranty Associations and Similar Arrangements.Each ofmaintained the states in which we are admitted to transact business require life insurers doing business withinminimum surplus or capital or that the jurisdiction to participate in guaranty associations, which are organized to pay certain contractual insurance benefits owed pursuant to insurance policies issued by impaired, insolvent or failed insurers. These associations levy assessments, up to prescribed limits, on all member insurers in a particular state on the basis of the proportionate share of the premiums written by member insurers in the linesfurther transaction of business in which the impaired, insolvent or failed insurer is engaged. Some states permit member insurerswill be hazardous to recover assessments paid through full or partial premium tax offsets. During each of the past five years, the assessments levied against us have not been material.

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Risk Based Capital (“RBC”).policyholders. We are subject to RBC requirements and report our RBC based on a formula calculated by applying factors to various asset, premium and statutory reserve items, as well as taking into account the risk characteristics of the insurer. The major categories of risk involved are asset risk, insurance risk, interest rate risk, market risk and business risk. The formula is used as a regulatory tool to identify possible inadequately capitalized insurers for purposes of initiating regulatory action, and not as a means to rank insurers generally. State insurance laws provide insurance regulators the authority to require various actions by, or take various actions against, insurers whose RBC ratio does not meet or exceed certain RBC levels. The NAIC has approved RBC revisions for corporate bonds, real estate equity and longevity risk that took effect at year-end 2021 and are expected to have a modest net positive RBC impact on Equitable America. As of the date of the most recent annual statutory financial statements filed with insurance regulators, our RBC was in excess of each of those RBC levels.

EQAT, EQ Premier VIP Trust and 1290 Funds are registered as investment companies under the Investment Company Act and shares offered by these investment companies are also registered under the Securities Act.

ThereReserve Board, the FDIC, the Farm Credit Administration, and the Federal Housing Finance Agency (collectively, the “Prudential Regulators”), with respect to the respective entities they regulate, to develop margin rules for OTC derivatives and capital rules for regulated dealers and major participants. The Prudential Regulators completed substantially all of the required regulations by 2017, and the CFTC finalized one of its last remaining rules - the capital rules for swap dealers in July 2020. In December 2019 the SEC finalized and adopted the final set of rules related to security-based swaps, and the rules, including registration of dealers in security-based swaps became effective on or prior to November 1, 2021.

Income, Capital Gains and Dividend Tax Rates.    Federal tax legislation passed in 2001 and 2003 reduced income tax rates, and tax ratesdeferral on long-term capital gains and qualifying corporate dividends. Such changes have lessened the tax appeal of cash valuesome life insurance and annuity products. Legislation passed in December 2010 extended these lower rates until taxable years beginning after December 31, 2012, after which time these lower rates will expire. The tax advantagesmodification or elimination of cash value life insurance andthis tax-favored status could also reduce demand for our products. In addition, if the treatment of earnings accrued inside an annuity products would favorably increase in the event of higher income and capital gains tax ratescontract was changed prospectively, and the applicationtax-favored status of a new 3.5% FICA tax on investment type income for higher earning taxpayers in 2013. Proposals related to higher income taxpayers, such as a minimum tax rateexisting contracts was grandfathered, holders of 30% or taxing dividend income at ordinary income tax rates, could also make life insurance and annuity products more attractive to such taxpayers. The attractivenessexisting

Other Proposals.    The U.S. Congress may also consider proposals for, among other things, the comprehensive overhaul of the Federal tax law and/or tax incentives targeted particularly to lower and middle-income taxpayers.that we pay. For example, as partthe adoption of deficit reduction ideas being discussed, there“principles based” approaches for calculating statutory reserves may be renewed interest inlead the Treasury Department and the IRS to issue guidance that changes the way that deductible insurance reserves are determined, potentially reducing future tax reform options, which could present sweeping changesdeductions for us.

Recent tax rulings indicate lifetime annuity guarantees can be placed upon mutual fund type investment portfolios outside the annuity contract. Such portfolios would not be tax-deferred but would be eligibleconfidentiality of customer information, and to pass capital gain or lossnotify customers about their policies and dividend treatment to the policyholders. Development of such new annuity designs could impact the attractiveness or pricing of current annuity guarantee designs but expand the market for such guarantees.

The current, rapidly changing economic environment and projectionspractices relating to government budget deficits may increasetheir collection and disclosure of customer information and their practices related to protecting the likelihoodsecurity and confidentiality of substantial changesthat information. We maintain, and we require our third-party service providers to Federal tax law. Management cannot predict what, if any, legislation will actually be proposed or enacted based on these proposals or what other proposals or legislation, if any, may be introduced or enacted relatingmaintain, security controls designed to ensure the integrity, confidentiality, and availability of our business or whatsystems and the effect of any such legislation might be.

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Privacy of Customer Information

confidential and sensitive information we maintain and process. We have adopted a privacy policy outlining the Company’s procedures and practices to be followed by members of the AXA Financial Group relating to the collection, maintenance, disclosure, disposal and protection of customer information, including personal information. Customer information may only be usedAs required by law, subject to conduct company business. AXA Financial Group companies may not disclose customer information to third parties except as required or permitted by law. Customer information may not be sold or rented to third parties. Acertain exceptions, a copy of the privacy policy is mailed to customers on an annual basis. Federal and state laws andgenerally require that we provide notice to affected individuals, law enforcement, regulators and/or potentially others if there is a situation in which customer information is disclosed to and/or accessed or acquired by unauthorized third parties. Federal regulations require financial institutions to implement programs to protect the security and confidentiality ofagainst unauthorized access to this customer information, and report breaches in which customer information is intentionally or accidentally disclosed to third parties. Violation of thesedetect, prevent, and mitigate identity theft. Federal and state laws and regulations regulate the ability of financial institutions to make telemarketing calls and to send unsolicited e-mail or fax messages to both consumers and customers, and also regulate the permissible uses of certain categories of customer information.

PARENT COMPANY

AXA,Statements.

Difficult conditionsvaccines against COVID-19 and its variants.

Factors such as consumer spending, business investment, government spending, the volatility and strength of the equity markets, interest rates, deflation and inflation all affect the business and economic environment and, ultimately, the amount and profitabilityThe value of our business. investments and derivatives portfolios may also be adversely affected by reductions in price transparency, changes in the assumptions or methodology we use to estimate fair value and changes in investor confidence or preferences, which could potentially result in higher realized or unrealized losses. Market volatility may also make it difficult to transact in or to value certain of our securities if trading becomes less frequent.

hedging instruments.

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Part I, Item 3.

LEGAL PROCEEDINGS

The matters set forth in Note 13 of Notes to Financial Statements for the year ended December 31, 2011 (Part II, Item 8 of this report) are incorporated herein by reference.

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and “Risk Factors—Legal and Regulatory Risks—Legal proceedings and regulatory actions.”

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Regulatory Risks.”

BACKGROUND

MLOA, established in The management’s narrative that follows represents a discussion and analysis of Equitable America’s financial condition and results of operations and not the statefinancial condition and results of Arizona in 1969, is a wholly ownedoperations of Holdings.

CURRENT MARKET CONDITIONS AND OVERVIEW

MLOA’s“Risk Factors—Risks Relating to Conditions in the Financial Markets and Economy—The coronavirus (COVID-19) pandemic.”

Management believes the critical accounting policies relating to the following areas are most dependent on the application of estimates, assumptions and judgments:

Revenue Recognition

Profits on non-participating traditional life policies and annuity contracts with life contingencies emerge from the matching of benefits and other expenses against the related premiums. Profits on universal life-type and investment-type contracts emerge from the matching of benefits and other expenses against the related contract margins. This matching is accomplished by means of the provision for •liabilities for future policy benefitsbenefits;

Insurance Reserves and Policyholderoperations. Actual results could differ from these estimates.  

Sensitivityperiod that we feel is indicative of Future Rate of Return Assumptions on GMDB/GMIB Reserves

The future rate of return assumptions used in establishing reserves for GMDB and GMIB features regarding Separate Account performance used for purposes of this calculation are set using a long-term view of expected average market returns by applying a reversiontrend. Generally, we do not expect trends to change significantly in the short-term and, to the mean approach,extent these trends may change, we expect such changes to be gradual over the long-term. In a sustained low interest rate environment, there is an increased likelihood that the reserves determined based on best estimate assumptions may be greater than the net liabilities.

The GMDB/GMIB reserve balance before reinsurance ceded was $8 million at December 31, 2011. The sensitivityNote 7 of the reservesNotes to Financial Statements for GMDB and GMIB features related to variable annuity policies relative to the future rate of return assumptions by quantifying the adjustments to these reserves that would be required assuming both a 100 basis point (“BP”) increase and decrease in the future rate of return would be less than $100,000. This sensitivity considers only the direct effect of changes in the future rate of return on operating results due to the change in the reserve balance and not changes in any other assumptions such as persistency, mortality, or expenses included in the evaluation of the reserves, or any changes on DAC and the GMIB reinsurance asset.

policyholder benefit liabilities.

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DAC and VOBA

Acquisition costs that vary with and are primarily related to the acquisitionissuance of new and renewal insurance business only with respect to actual policies acquired or renewed. We utilize various techniques to estimate the portion of an employee’s time spent on qualifying acquisition activities that result in actual sales, including commissions, underwriting, agencysurveys, interviews, representative time studies and policy issue expenses,other methods. These estimates include assumptions that are deferred. Dependingreviewed and updated on the type of contract, DAC is amortized over the expected total life of the contract group, based on MLOA’s estimates of the level and timing of gross margins, gross profitsa periodic basis or assessments,more frequently to reflect significant changes in processes or anticipated premiums. In calculating DAC amortization, we are required to make assumptions about investment results including hedging costs, Separate Account performance, Separate Account fees, mortality and expense margins, lapse rates and anticipated surrender charges that impact the estimates of the level and timing of estimated gross profits or assessments, margins and anticipated future experience. VOBA, which arose from MLOA’s acquisition by AXA Financial, was established in accordance with purchase accounting guidance for business combinations. VOBA is the actuarially determined present value of estimated future gross profits from insurance contracts in force at the date of the acquisition. DAC and VOBA are amortized over the expected life of the contracts (up to 50 years from date of issue) according to the type of contract using the methods described below as applicable. DAC and VOBA are subject to loss recognition testing at the end of each accounting period.

Non-participating distribution methods.

may be such that profits are expected to be recognized in earlier years and then followed by losses in later years. In these situations, an additional profits followed by loss liability should be recognized by an amount necessary to sufficiently offset the losses that would be recognized in later years. At December 31, 2021, no PFBL reserve was required.

The variable annuity contracts DAC balance was $74 million at December 31, 2011.