Retirement Cornerstone 17 Series B. Variable Annuity

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1 Retirement Cornerstone 17 Series B Variable Annuity PROTECTED BENEFIT ACCOUNT INVESTMENT OPTIONS Retirement Cornerstone Series B is a combination variable and fixed annuity deferred contract issued by AXA Equitable Life Insurance Company (New York, NY) and is designed to help people to contribute toward their retirement. Annuities are long-term financial products designed for retirement purposes. The variable investment options shown below are not the only ones available in the Retirement Cornerstone product. Please refer to the prospectus for further information. The investment options listed below are available through the Retirement Cornerstone variable annuity. Retirement Cornerstone 17 contains two distinct accounts within a single tax-deferred product, providing an innovative, comprehensive approach to managing retirement needs. The Protected Benefit Account funds the Guaranteed Minimum Income Benefit (GMIB). The GMIB, an optional rider available for an additional fee, ensures you will be able to generate lifetime income no matter how your investment portfolios perform, and no matter how long you live, as long as you stay within certain withdrawal guidelines. The Account (not shown) offers an extensive platform of investment options from well-known investment managers. As your needs change over the years, you can simply transfer assets from the Account to the Protected Benefit Account. Transfers from the Protected Benefit Account to the Account are not allowed. The investment options available in the Protected Benefit Account are also available in the Account. Please keep this information in mind when reviewing the performance information on the accompanying pages: The performance data represents past performance, which is not an estimate, indication or guarantee of future results. Rates of return and principal will fluctuate and units may be worth more or less than your original contribution when redeemed. Current performance may be lower or higher than the performance data quoted. Individuals cannot invest directly in an index. The Annualized Monthly Rates of Return performance shown below reflect reinvestment of dividends and capital gains and deduction of all annuity contract fees and charges except the withdrawal charges and the annual administrative charge. ANNUALIZED RATES OF RETURN AS OF March 31, 2018 Name Year to Date* 1 Yr 3 Yrs 5 Yrs 10 Yrs Page 1 of 6 Since Variable Option Variable Option Date Since Date AXA Aggressiv e Strategy /30/ /12/2012 AXA/AB Dy namic Aggressiv e Grow th /20/ /13/2017 AXA Grow th Strategy /30/ /30/2009 AXA/AB Dy namic Grow th /26/ /30/2015 AXA/JPMorgan Strategic Allocation /20/ /13/2017 AXA/Goldman Sachs Strategic Allocation /26/ /30/2015 AXA Moderate Grow th Strategy /30/ /30/2009 AXA/AB Dy namic Moderate Grow th /30/ /18/2011 AXA/Legg Mason Strategic Allocation /22/ /19/2016 AXA Balanced Strategy /30/ /30/2009 AXA/Inv esco Strategic Allocation /26/ /30/2015 AXA Conserv ativ e Grow th Strategy /30/ /30/2009 AXA Conserv ativ e Strategy /30/ /30/2009 *returns of less than 1 year are not annualized. The Date is the date that the underlying portfolio was established. The Variable Option Date is the date that the variable investment option was first offered to contract owners. The results shown for periods from the inception of a variable investment option are based on actual historical investment experiences of the variable investment option. Results shown from the Date to the Variable

2 Option Date are hypothetical. For these predating instances when the variable investment options had not yet commenced operations (the time period from the Date to the Variable Option Date), we have shown hypothetical results that would have applied had it been in operation. Except for the "Since Variable Option ", performance is available back to Date. STANDARDIZED COMPUTATION OF PERFORMANCE AS OF March 31, 2018 The Standardized (SEC) quarter end performance is net of all annuity contract fees and charges including the annual administrative charge and the maximum applicable withdrawal charge of 7% in contract year one and two, 6% in year three and four, 5% in year five, 3% in year six, 1% in year seven, and 0% all subsequent years. The performance figures do not reflect the cost of optional features, and if they did, performance returns would have been lower. Name 1 Year 5 Years 10 Years Since Variable Option Variable Option Date AXA Aggressiv e Strategy /30/2012 AXA/AB Dy namic Aggressiv e Grow th /20/2017 AXA Grow th Strategy /30/2012 AXA/AB Dy namic Grow th /26/2015 AXA/JPMorgan Strategic Allocation /20/2017 AXA/Goldman Sachs Strategic Allocation /26/2015 AXA Moderate Grow th Strategy /30/2012 AXA/AB Dy namic Moderate Grow th /30/2012 AXA/Legg Mason Strategic Allocation /22/2016 AXA Balanced Strategy /30/2012 AXA/Inv esco Strategic Allocation /26/2015 AXA Conserv ativ e Grow th Strategy /30/2012 AXA Conserv ativ e Strategy /30/2012 PORTFOLIO RATES OF RETURN VERSUS BENCHMARKS Annualized and calendar rates of return shown in the charts below are net of portfolio management fees, operating expenses and 12b-1 fees. Performance data DOES NOT reflect any expenses or charges associated with owning a Retirement Cornerstone variable annuity. When such charges are deducted, actual investment performance will be lower. performance is compared to primary broad market indices and blended benchmarks that reflect the types of securities in which these portfolios may invest. Since market indices have no fees, portfolio performance excludes variable annuity contract-related fees and expenses which are reflected in the preceding charts. Variable annuity contract-related fees and expenses pay for certain features and benefits that are not typically associated with actively managing and operating the portfolios. Excluding these fees allows investors to focus solely on the performance history of each portfolio after the ongoing costs of investing in these portfolios, such as management fees, distribution (12b-1) fees and other portfolio expenses, are reflected. Benchmark Definitions. Blended benchmarks reflect a mix of broad market indices that represent the different asset classes in which each portfolio invests, based on their target allocation among these asset classes. The benchmarks are rebalanced monthly. AXA Aggressive Strategy - 17% BIG / 13% MSCI EAFE / 13% S&P 400 / 41% S&P 500 / 13% Russell 2000 / 3% T Bill AXA/AB Dynamic Aggressive Growth - 20% BIG / 24% MSCI EAFE/ 5% S&P 400/ 46% S&P 500/ 5% Russell 2000 AXA Growth Strategy - 25% BIG / 12% MSCI EAFE / 12% S&P 400 / 34% S&P 500 / 12% Russell 2000 / 5% T Bill AXA/AB Dynamic Growth - 30% BIG / 21% MSCI EAFE/ 4% S&P 400/ 41% S&P 500/ 4% Russell 2000 AXA/J.P. Morgan Strategic Allocation - 65% MSCI World 100% Hedged to USD (Net) / 35% BarCap U.S. Inter. Treasury AXA/Goldman Sachs Strategic Allocation - 60% MSCI World 100% Hedged to USD (Net) / 40% BarCap Treas 7-10 Yrs AXA Moderate Growth Strategy - 33% BIG / 10% MSCI EAFE / 10% S&P 400 / 30% S&P 500 / 10% Russell 2000 / 7% T Bill AXA/AB Dynamic Moderate Growth - 40% BIG / 18% MSCI EAFE/ 4% S&P 400 / 34% S&P 500/ 4% Russell 2000 AXA/Legg Mason Strategic Allocation 45% BarCap Treas 3-7Yrs / 26.5% MSCI EAFE/ 7.5% S&P 400 / 17% S&P 500/ 4% Russell 2000 AXA Balanced Strategy - 42% BIG/ 8% MSCI EAFE / 8% S&P 400 / 26% S&P 500 / 8% Russell 2000 / 8% T Bill Page 2 of 6

3 AXA/Invesco Strategic Allocation - 50% BIG / 20% MSCI EAFE / 3.5% S&P 400 / 23% S&P 500 / 3.5% Russell 2000 AXA Conservative Strategy - 66% BIG/ 3% MSCI EAFE / 3% S&P 400 / 11% S&P 500 / 3% Russell 2000 / 14% T Bill AXA Conservative Growth Strategy - 50% BIG / 7% MSCI EAFE / 7% S&P 400 / 19% S&P 500 / 7% Russell 2000 / 10% T Bill Bloomberg Barclays U.S. Intermediate Government Bond Index ( BIG ) is an unmanaged index of securities consisting of all U.S. Treasury and agency securities with remaining maturities of from one to ten years. Bloomberg Barclays Intermediate U.S. Treasury Index (BarCap U.S. Inter. Treasury) The Bloomberg Barclays U.S. Treasury Index measures US dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. Bloomberg Barclays U.S. Treasury Bond 3-7 Year Term Index ("BarCap Treas 3-7Yrs") measures the performance of government bonds issued by the U.S. Treasury that have a remaining maturity of more than three years and less than seven years. Morgan Stanley Capital International EAFE Index ( MSCI EAFE ). Is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Standard & Poor s MidCap 400 Index ( S&P 400 ) is a weighted index of 400 domestic stocks chosen for market size, liquidity, and industry group representation. Standard & Poor s 500 Composite Stock Index ( S&P 500 ) is a weighted index of common stocks of 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of U.S. equities. Russell 2000 Index ( Russell 2000 ) is an unmanaged index which measures the performance of approximately 2000 of the smallest companies in the Russell 3000 Index, which represents approximately 10% of the total market capitalization of the Russell 3000 Index. Morgan Stanley Capital International AC World (Net) Index ( MSCI World ) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 23 developed markets and 23 emerging markets. ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index ( T- Bill ). Measures the returns of negotiable debt obligations issued by the U.S. government and backed by its full faith and credit, having a maturity of three months. Page 3 of 6

4 PORTFOLIO RATES OF RETURN VERSUS BENCHMARKS ANNUALIZED RETURNS AS OF March 31, 2018 Name YTD* 1 Year 3 Years 5 Years 10 Years Since AXA Aggressiv e Strategy /12/2012 Blended Benchmark AXA/AB Dy namic Aggressiv e Grow th /13/2017 Blended Benchmark AXA Grow th Strategy /30/2009 Blended Benchmark AXA/AB Dy namic Grow th /30/2015 Blended Benchmark AXA/JPMorgan Strategic Allocation /13/2017 Blended Benchmark AXA/Goldman Sachs Strategic Allocation /30/2015 Blended Benchmark AXA Moderate Grow th Strategy /30/2009 Blended Benchmark AXA/AB Dy namic Moderate Grow th /18/2011 Blended Benchmark AXA/Legg Mason Strategic Allocation /19/2016 Blended Benchmark AXA Balanced Strategy /30/2009 Blended Benchmark AXA/Inv esco Strategic Allocation /30/2015 Blended Benchmark AXA Conserv ativ e Grow th Strategy /30/2009 Blended Benchmark AXA Conserv ativ e Strategy /30/2009 Blended Benchmark Date Primary Broad Market Indices Standard & Poor s 500 Index N/A N/A Bloomberg Barclay s U.S. Intermediate Gov ernment Bond Index N/A N/A *returns of less than 1 year are not annualized. Page 4 of 6

5 PORTFOLIO RATES OF RETURN VERSUS BENCHMARKS BY CALENDAR YEAR Name Date AXA Aggressive Strategy 15.71% 9.15% -1.14% 6.24% 23.38% 04/12/12 Blended Benchmark 16.22% 10.69% 0.01% 7.28% 24.80% AXA/AB Dynamic Aggressive Growth 11/13/17 Blended Benchmark AXA Growth Strategy 13.74% 8.13% -1.01% 5.63% 20.24% 11.17% -4.38% 11.67% 04/30/09 Blended Benchmark 14.17% 9.53% 0.12% 6.45% 21.28% 12.08% 0.35% 14.07% AXA/AB Dynamic Growth 14.70% 4.06% 04/30/15 Blended Benchmark 15.43% 7.17% AXA/JPMorgan Strategic Allocation 11/13/17 Blended Benchmark AXA/Goldman Sachs Strategic Allocation 10.39% 5.93% 04/30/15 Blended Benchmark 13.46% 5.06% AXA Moderate Growth Strategy 11.82% 7.01% -0.76% 5.02% 16.86% 9.89% -3.36% 10.84% 04/30/09 Blended Benchmark 12.24% 8.29% 0.32% 5.92% 17.87% 10.53% 1.16% 12.69% AXA/AB Dynamic Moderate Growth 12.91% 3.74% -0.55% 4.76% 16.12% 7.80% 02/18/11 Blended Benchmark 13.22% 6.42% 0.80% 5.30% 16.65% 10.66% AXA/Legg Mason Strategic Allocation 10.74% 02/19/16 Blended Benchmark 13.33% AXA Balanced Strategy 9.84% 5.96% -0.61% 4.36% 13.67% 8.52% -2.40% 10.11% 04/30/09 Blended Benchmark 10.34% 7.06% 0.52% 5.41% 14.52% 9.01% 2.00% 11.33% AXA/Invesco Strategic Allocation 9.75% 3.26% 04/30/15 Blended Benchmark 11.25% 5.05% AXA Conservative Growth Strategy 7.97% 5.02% -0.48% 3.81% 10.54% 7.17% -1.32% 9.05% 04/30/09 Blended Benchmark 8.39% 5.88% 0.58% 4.57% 11.25% 7.51% 2.52% 10.04% AXA Conservative Strategy 4.31% 2.79% -0.15% 2.58% 4.42% 4.47% 0.70% 7.23% 04/30/09 Blended Benchmark 4.72% 3.38% 0.87% 3.48% 4.98% 4.44% 3.93% 7.04% Primary Broad Market Indices Standard & Poor s 500 Index 21.83% 11.96% 1.38% 13.69% 32.39% 16.00% 2.11% 15.06% Bloomberg Barclays U.S. Intermediate Government Bond Index 1.14% 1.05% 1.18% 2.52% -1.25% 1.73% 6.08% 4.98% Risks. All investments options involve risk, including possible loss of principal. Fixed income securities are subject to interest rate, credit, inflation, and reinvestment risk. As interest rates rise, the value of fixed income securities falls. In rapidly declining markets, significant losses will likely occur. Conversely, when markets are rapidly accelerating, market appreciation may not be fully realized due to the fund s more conservative allocation. Equity securities are subject to price fluctuation and possible loss of principal. International investments are subject to special risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Small- and midcap stocks involve greater risks and volatility than large-cap stocks. s may include exchange-traded funds ( ETFs ), and in addition to the fund s operating expenses, you will indirectly bear the operating expenses of any underlying fund. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short. Options and other derivatives, such as futures, can be illiquid, may disproportionately increase losses, and have a potentially large impact on fund performance. U.S. Treasuries are direct debt obligations issued by the U.S. government and backed by its full faith and credit. The U.S. government guarantees the principal and interest payments on U.S. Treasuries when the securities are held to maturity. s may feature AXA Equitable s proprietary managed-volatility strategy (or may invest in underlying portfolios that Page 5 of 6

6 feature this strategy) that currently utilizes futures and options to manage equity exposure when market volatility increases above specific thresholds set for the portfolio. It is not possible to manage volatility fully or perfectly, which could cause these portfolios to underperform or experience losses. What is a Variable Annuity? A variable annuity is a long-term, tax-deferred accumulation product. In its most basic terms, an annuity is a contract between you and an insurance company to accumulate funds and then to provide lifetime payments. A variable annuity allows you to adopt a personal investment strategy to allocate your investment among a range of investment portfolio options. An annuity contract has two phases: An accumulation phase, which allows tax-deferred growth potential, and an annuitization phase, when you withdraw your money plus any earnings your annuity has accumulated. There are fees and charges associated with variable annuities, which include, but are not limited to, mortality and expense risk charges, sales and surrender charges, administrative fees, and additional charges for optional benefits. Withdrawals will be subject to ordinary income tax and, if made prior to age 59 ½, may be subject to an additional 10% federal income tax penalty. Amounts in the annuity's variable investment options are subject to fluctuation in value and market risk, including loss of principal. Annuities contain limitations and restrictions. For costs and complete details contact a financial professional. The Retirement Cornerstone 17 variable annuity is issued by AXA Equitable Life Insurance Company(NY,NY). Co-distributed by affiliates AXA Advisors, LLC and AXA Distributors, LLC (members FINRA, SIPC). Certain types of contracts, features and benefits may not be available in all jurisdictions. This document must be preceded or accompanied by a current prospectus. Please consider the charges, risks, expenses, and investment objectives carefully before purchasing a variable annuity or making an investment option selection. AXA Equitable may discontinue contributions and transfers among investment options or make other changes in contribution and transfer requirements and limitations. If we discontinue contributions and transfers into the Protected Benefit Account, you will no longer be able to fund your guaranteed benefits. This flyer is not a complete description of the Retirement Cornerstone variable annuity. Contract form #s: ICC12BASE4 and ICC12BASE3 and any state variations Variable annuities: Are Not a Deposit of Any Bank * Are Not FDIC Insured * Are Not Insured by Any Federal Government Agency * Are Not Guaranteed by Any Bank or Savings Association * May Go Down in Value AXA is the brand name of AXA Equitable Financial Services, LLC and its family of companies, including AXA Equitable Life Insurance Company (NY,NY), AXA Advisors, LLC, and AXA Distributors, LLC. AXA S.A. is a French holding company for a group of international insurance and financial services companies, including AXA Equitable Financial Services, LLC. The obligations of AXA Equitable Life Insurance Company are backed solely by their claims-paying ability. GE (04/18) (exp. 4/20) Page 6 of 6