AXA Financial, Inc. is a subsidiary of AXA S.A. AXA Financial, Inc., together with its subsidiaries, provides financial advisory, insurance, and investment management products and services. It operates in two segments, Financial Advisory/Insurance and Investment Management. The Financial Advisory/Insurance segment offers variable and interest-sensitive life insurance products, variable and fixed-interest annuity products, mutual funds and other investment products, asset management services, and financial planning and other services principally to individuals, small and medium-size businesses, and professional and trade associations. This segment provides its products on a retail and wholesale basis in 50 states, the District of Columbia, and Puerto Rico through financial professionals, national and regional securities firms, independent financial planning and other broker-dealers, banks, and brokerage general agencies. The Investment Management segment offers investment products and services, such as separately managed accounts, subadvisory relationships, structured products, collective investment trusts, mutual funds, hedge funds, and other investment vehicles to its institutional clients.