Contacts:    Media Relations
             Jeff Tolvin
             AXA Financial
             (212) 314-2811
             JEFFREY.TOLVIN@AXA-FINANCIAL.COM


For immediate release


           AXA FINANCIAL, INC. ANNOUNCES CLOSING OF ITS ACQUISITION OF
                               THE MONY GROUP INC.

         New York, N.Y., July 8, 2004 - AXA Financial, Inc., announced today
that following the receipt of all required regulatory approvals and the
satisfaction of all conditions in its merger agreement, it has completed its
acquisition of The MONY Group Inc.

         As a result of the acquisition, MONY is now a wholly owned subsidiary
of AXA Financial. MONY common stock (NYSE: MNY) was de-listed from the New York
Stock Exchange and ceased trading prior to the opening of trading today, July 8,
2004. MONY has also filed to de-register its common stock and senior notes
registered with the Securities and Exchange Commission effective today.

         Under terms of the merger agreement, which MONY stockholders approved
on May 18, 2004, MONY stockholders of record immediately prior to the merger
will receive $31.00 in cash from AXA Financial, plus dividends totaling $0.34755
from MONY for each share of MONY common stock.

         Christopher M. "Kip" Condron, president and chief executive officer of
AXA Financial, said, "We are excited to welcome the clients, financial
professionals and



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employees of MONY to the AXA Financial family. We've been eagerly looking
forward to this day so that we can begin implementing the strategies we've
developed in recent months for merging our companies.

         "We believe that this merger significantly enhances the scale of AXA
Financial and that together our industry-leading brands, robust product
platforms, multi-channel distribution networks, strong client bases, and highly
dedicated and trained sales and employee work forces will enable us to greatly
expand our presence and influence in the U.S. market for financial advice."


ABOUT AXA FINANCIAL

         AXA Financial, with approximately $522.6 billion in assets under
management as of March 31, 2004, is one of the premier U.S. financial protection
organizations through its strong brands: The Equitable Life Assurance Society of
the U.S., AXA Advisors, LLC, Alliance Capital Management, L.P., Sanford C.
Bernstein and AXA Distributors, LLC. AXA Financial is a member of the global AXA
Group.


ABOUT MONY

         MONY is a financial services firm that manages a portfolio of member
companies, including MONY Life Insurance Company, The Advest Group, Inc.,
Enterprise Capital Management, Inc., Matrix Capital Markets Group, Inc.,
Lebenthal, a division of Advest, Inc., and U.S. Financial Life Insurance
Company. These companies manufacture and distribute protection, asset
accumulation and retail brokerage products and services to individuals,
corporations and institutions through advisory and wholesale distribution
channels. MONY has approximately $60 billion in assets under management and
administration as of March 31, 2004.


ABOUT AXA GROUP

         AXA is a worldwide leader in financial protection and wealth
management. AXA's operations are diverse geographically, with major operations
in Western Europe, North America, and the Asia/Pacific region. AXA had $979
billion in assets under management and reported revenues of approximately $81
billion for the full year 2003. The AXA ordinary share is listed and trades
under the symbol AXA on the Paris Stock Exchange. The AXA American Depositary
Share is also listed on the NYSE under the ticker symbol AXA.


FORWARD LOOKING STATEMENTS

         Certain statements contained herein are forward-looking statements
including, but not limited to, statements that are predictions of or indicate
future events, trends, plans or objectives. Undue reliance should not be placed
on such statements because, by their nature, they are subject to known and
unknown risks and uncertainties, including the risk that the proposed
acquisition



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may not be consummated. The following factors, among others, could
cause actual results to differ materially from those described herein or from
past results: the risk that the AXA Financial and MONY businesses will not be
integrated successfully, including, among others, the possibilities that
following the merger AXA Financial and MONY may not be able to retain current
MONY clients, sales professionals and employees or to successfully market
current MONY products and services; the costs related to the transaction; the
risks of operation in highly regulated industries ; other economic, business,
competitive and/or regulatory factors affecting AXA Financial's and MONY's
businesses generally; and the risk of future catastrophic events including
possible future terrorist related incidents.


         Please refer to AXA Financial's Annual Report on Form 10-K for the year
ended December 31, 2003 for a description of certain important factors, risks
and uncertainties that may affect AXA Financial's business. Please refer to
MONY's Annual Report on Form 10-K for the year ended December 31, 2003, for a
description of certain important factors, risks and uncertainties that may
affect MONY's business. AXA Financial and MONY do not undertake any obligation
to publicly update or revise any of these forward-looking statements, whether to
reflect new information, future events or otherwise.


          AXA Financial files reports and other information with the SEC, and
prior to MONY's filing as of today's date to de-register its public securities,
MONY also filed reports and other information with the SEC. You may read and
copy any reports and other information filed by the companies at the SEC's
public reference room[s] at 450 Fifth Street, N.W., Washington, D.C. 20549.


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