Prudential 2002 Annual Report Download - page 157
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Supplemental Combining Statements of Operations
Years Ended December 31, 2002 and 2001 (in millions)
2002 2001
Financial
Services
Businesses
Closed
Block
Business Consolidated
Financial
Services
Businesses
Closed
Block
Business Consolidated
REVENUES
Premiums .................................... $ 9,509 $4,022 $13,531 $ 8,227 $4,250 $12,477
Policy charges and fee income .................... 1,653 — 1,653 1,803 — 1,803
Net investment income .......................... 5,214 3,618 8,832 5,241 3,897 9,138
Realized investment losses, net ................... (771) (587) (1,358) (128) (543) (671)
Commissions and other income ................... 3,949 68 4,017 4,200 124 4,324
Totalrevenues ............................ 19,554 7,121 26,675 19,343 7,728 27,071
BENEFITS AND EXPENSES
Policyholders’ benefits .......................... 9,353 4,305 13,658 8,164 4,588 12,752
Interest credited to policyholders’ account balances . . . 1,707 139 1,846 1,670 134 1,804
Dividends to policyholders ....................... 138 2,506 2,644 89 2,633 2,722
General and administrative expenses ............... 7,535 928 8,463 8,354 992 9,346
Demutualization costs and expenses ............... — — — 588 — 588
Total benefits and expenses .................. 18,733 7,878 26,611 18,865 8,347 27,212
INCOME (LOSS) FROM CONTINUING
OPERATIONS BEFORE INCOME TAXES .... 821 (757) 64 478 (619) (141)
Total income tax expense (benefit) ............ 80 (272) (192) 129 (163) (34)
INCOME (LOSS) FROM CONTINUING
OPERATIONS ............................. 741 (485) 256 349 (456) (107)
DISCONTINUED OPERATIONS
Loss from discontinued operations, net of taxes ...... (62) — (62) (47) — (47)
NET INCOME (LOSS) ........................ $ 679 $ (485) $ 194 $ 302 $ (456) $ (154)
See Notes to Supplemental Combining Financial Information
Growing and Protecting Your Wealth156