Prudential 2002 Annual Report Download - page 22
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Please find page 22 of the 2002 Prudential annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.As of or for the Year Ended December 31,
2002 2001 2000 1999 1998
(in millions, except per share and ratio
information)
Income Statement Data:
Revenues:
Premiums......................................................... $13,531 $12,477 $10,181 $ 9,528 $ 9,048
Policy charges and fee income ........................................ 1,653 1,803 1,639 1,516 1,465
Net investment income .............................................. 8,832 9,138 9,479 9,348 9,436
Realized investment gains (losses), net .................................. (1,358) (671) (266) 924 2,641
Commissions and other income ....................................... 4,017 4,324 5,299 5,095 4,299
Totalrevenues ................................................... 26,675 27,071 26,332 26,411 26,889
Benefits and expenses:
Policyholders’ benefits .............................................. 13,658 12,752 10,640 10,226 9,786
Interest credited to policyholders’ account balances ........................ 1,846 1,804 1,751 1,811 1,953
Dividends to policyholders ........................................... 2,644 2,722 2,724 2,571 2,477
General and administrative expenses ................................... 8,443 9,346 9,875 9,396 8,916
Capital markets restructuring ......................................... — — 476 — —
Sales practices remedies and costs ..................................... 20 — — 100 1,150
Demutualization costs and expenses .................................... — 588 143 75 24
Total benefits and expenses ........................................ 26,611 27,212 25,609 24,179 24,306
Income (loss) from continuing operations before income taxes ................... 64 (141) 723 2,232 2,583
Income tax expense (benefit) ............................................. (192) (34) 398 1,033 964
Income (loss) from continuing operations ................................... 256 (107) 325 1,199 1,619
Income (loss) from discontinued operations, net of taxes ........................ (62) (47) 73 (386) (513)
Netincome(loss) ...................................................... $ 194 $ (154) $ 398 $ 813 $ 1,106
Basic and diluted income from continuing operations per share—Common Stock(1) . . $ 1.36 $ 0.07
Basic and diluted net income per share—Common Stock(1) ..................... $ 1.25 $ 0.07
Basic and diluted net income (loss) per share—Class B Stock(1) ................. $(264.00) $ 1.50
Dividends declared per share—Common Stock ............................... $ 0.40
Dividends declared per share—Class B Stock ................................ $ 9.625
Ratio of earnings to fixed charges(2) ....................................... 1.04 1.23 1.79 1.83
Division and Segment Data:
Income (loss) from continuing operations before income taxes(3):
Individual Life and Annuities ......................................... $ 243 $ 284 $ 249 $ 200
GroupInsurance ................................................... 26 (2) 156 143
Property and Casualty Insurance ....................................... 4 91 166 161
TotalInsurance .................................................. 273 373 571 504
Investment Management ............................................. 203 133 206 189
Financial Advisory ................................................. (41) (136) 399 347
Retirement ........................................................ (235) 24 71 294
Other Asset Management ............................................ 45 55 42 43
Total Investment ................................................. (28) 76 718 873
International Insurance .............................................. 584 554 281 227
International Investments ............................................ (10) (41) (24) (19)
Total International Insurance and Investments .......................... 574 513 257 208
Corporate and Other ................................................ 2 (484) (1,016) 303
Total—Financial Services Businesses ................................ 821 478 530 1,888
ClosedBlockBusiness .............................................. (757) (619) 193 344
Total .......................................................... $ 64 $ (141) $ 723 $ 2,232
Prudential Financial 2002 Annual Report 21