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MONY MERGER FREQUENTLY ASKED QUESTIONS Shareholder Information
The MONY Group Inc. The MONY-AXA Financial merger will have no effect on existing life insurance or annuity policies issued by MONY or its subsidiary companies.
Frequently Asked Questions
For MONY shareholders, what are the U.S. federal income tax consequences of the AXA Financial merger?
The receipt of cash in exchange for shares is a taxable transaction for U.S. federal income tax purposes and may also be a taxable transaction under applicable state, local or foreign tax laws. You should consult your own tax advisor about the particular tax consequences of the merger transaction to you. What is my cost basis in my shares?
If you received your shares in MONY's demutualization (which occurred in November 1998) and received your stock dividends in cash, your cost basis in those shares is zero. If you received your shares in MONY's demutualization and reinvested your stock dividends in additional shares, your basis in those additional shares is the amount of the dividends. If you purchased shares of The MONY Group Inc. on the open market or via the Company's direct purchase and sale program, the amount you paid for those shares (plus dividends and any transaction costs) will be your cost basis for purposes of determining the taxable gain or loss upon receipt of the merger consideration. You should consult your own tax advisor about the particular tax consequences of the merger transaction to you. Will I be subject to income tax on the merger consideration if I received my stock in the demutualization?
The MONY Group Inc. cannot give specific tax advice. You should consult your own tax advisor about the particular tax consequences of the merger transaction to you. In general, the exchange of stock for cash as a result of the merger is a taxable event under U.S. federal income tax laws and may also be a taxable event under applicable state, local or foreign tax laws. If you obtained your stock in the demutualization of the company in November, 1998, and received your stock dividends in cash, your cost basis in that stock is zero. If you received your shares in MONY's demutualization and reinvested your stock dividends in additional shares, your basis in those additional shares is the amount of the dividends. Will I have to pay income tax on the dividend I receive on my stock (as a result of the merger)?
Cash dividends paid to shareholders are generally considered taxable income to the shareholder. The final dividend paid by The MONY Group Inc. to shareholders of record at the closing of the transaction was a cash dividend. Pension and profit sharing plans, welfare funds, corporations, and tax-exempt entities should consult their tax advisors concerning the taxation of dividends. If I sold shares of The MONY Group Inc. through the direct purchase and sale program prior to the closing of the AXA Financial merger, what do I need to know about the tax implications of the sale?
The MONY Group Inc. cannot give specific tax advice. You should consult your own tax advisor about the particular tax consequences of the merger transaction to you. In general, the proceeds of a sale of your shares are subject to income taxation. If the sale was made via our direct purchase and sale program, The MONY Group Inc. has reported the transaction to the Internal Revenue Service, as required by law. At the time you sold shares, we mailed you a tax form 1099-B listing the proceeds of the sale of your shares. The tax form was attached to your check. What happens to MONY common stock now that the merger has closed?
Trading in MONY common stock on the New York Stock Exchange has ceased and price quotations for MONY common stock are no longer available. Ownership interests in The MONY Group Inc. been have converted into a right to receive the merger consideration. What did MONY stockholders receive once the merger closed?
In the merger, holders of each issued and outstanding share of MONY common stock not subject to an appraisal demand received $31.34755 per share in cash ($31.00 per share in cash from AXA Financial, Inc., plus $0.34755 in a dividend from The MONY Group Inc.) without interest and less any required withholding tax. Payments were made to MONY policyholders who owned shares of MNY (the NYSE symbol for MONY) as a result of its demutualization in 1998, as well as to people or firms who purchased shares of MNY in the open market. If I have MONY stock certificates, can I still receive the merger consideration?
Yes. Please mail your stock certificates to:
We suggest that you send your certificates via insurable/trackable mail. The method of delivery is the option and risk of the surrendering stockholder. If you have any questions, please contact our transfer agent, Computershare at 1-800-926-6669 or at MONY@Computershare.com I don't remember buying shares of MONY stock. How did I become an owner of these shares?
On November 16, 1998, The Mutual Life Insurance Company of New York successfully completed its conversion from a mutual life insurance company to a shareholder-owned company, a process called demutualization. In connection with the conversion, The Mutual Life Insurance Company of New York's name changed to MONY Life Insurance Company. Eligible policyholders of Mutual of New York received consideration in the form of common stock of The MONY Group Inc. An eligible policyholder is a person who was the owner on August 14, 1998 (the date the Company's plan to convert to a stock company was approved by its Board of Trustees) of an in-force policy issued by Mutual of New York that remained in force on November 16, 1998, the effective date of the demutualization. Mutual of New York's conversion to a stock company and the receipt of stock by policyholders did not affect their policy benefits, values, premiums or guarantees. Policies that were eligible for dividends continue to be eligible for dividends as declared. As always, policy dividends may vary from year to year. Shares distributed to policyholders at demutualization were issued in "book-entry" form, without stock certificates, and were registered in the shareholder's name on the books of the Company maintained by Computershare, the Company's stock transfer agent. A shareholder does not receive a stock certificate for book-entry shares unless one is requested. In July, 2004, the Company completed a transaction whereby it became a wholly owned subsidiary of AXA Financial, Inc. All issued and outstanding shares of The MONY Group Inc., including those issued in connection with the demutualization, were cancelled in exchange for the right to receive the merger consideration of $31.00 in cash plus a final dividend of $0.34755 in cash. Policyholders who received shares as a part of the demutualization (described above) have a cost basis of zero in those shares. You should consult your own tax advisor about the particular tax consequences of the merger transaction to you. Like the demutualization, the merger with AXA Financial, Inc. will have no effect on your rights, obligations or benefits under any life insurance or annuity policy purchased from any MONY company. Now that the transaction has closed, what will happen to The MONY Group Inc.?
The MONY Group Inc. merged with and into AXA Financial, Inc., and its member companies have become a wholly owned subsidiary of AXA Financial, Inc., a wholly owned subsidiary of AXA, a holding company for an international group of insurance and related financial services companies. Is AXA listed on the New York Stock Exchange?
Yes. Shares of AXA are traded on the New York Stock Exchange (NYSE: AXA) in the form of American Depositary Shares. AXA Financial, Inc. is not an issuer of publicly traded equity securities. Who should be contacted with questions?
If you have questions about the transaction, you may contact MONY's shareholder services personnel at: The MONY Group Inc. How can I change or correct the address associated with my Shareholder account?
Contact MONY's Shareholder Service Center by telephone at 1-800-926-6669 or in writing if you need to make an address change or correction. The address is: The MONY Group Inc. To change the address on your MONY annuity contract or life insurance policy, contact our service center at 1-800-487-6669. Do I still have access to a financial professional who can help me with my MONY products?
You will continue to receive the full range of services and advice required to support your MONY products. As part of the integration, we are combining each company’s registered representatives and having AXA Advisors assume MSC’s responsibilities for the policies or contracts. We can assure you that after the integration is completed, a Registered Representative of AXA Advisors will be available to you to help you meet your financial protection and investment needs. If you have questions about this, please contact us at 1-800-487-6669. I used to access My MONY to view my MONY life insurance policies, annuity contracts and/or MONY Securities brokerage accounts. How can I view that information now?
You can continue to access policy and contract information and execute online transactions by visiting AXAonline.com, using you’re My MONY login ID. You can also continue to access your account information through the same toll-free number that has always been available to you: (800) 487-6669. Where can I get information about AXA Financial and AXA Group?
You can access information about AXA Financial at www.axa-financial.com and www.axaonline.com and you can access information about AXA Group at www.axa.com/en/. |
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