Prudential 2002 Annual Report Download - page 37
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Please find page 37 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.Results of Operations for Financial Services Businesses by Division and
Closed Block Business
The following tables summarize certain financial data for each of our three divisions and for Corporate and
Other operations, which together comprise our Financial Services Businesses, and our Closed Block Business. In
managing the Financial Services Businesses, we analyze our operating performance using “adjusted operating
income,” which is a non-GAAP measure that excludes certain items as described above under “—Consolidated
Results of Operations.” Amounts for the Financial Services Businesses presented below, under “Adjusted
operating income,” are prepared on that basis.
For the Year Ended
December 31,
2002 2001 2000
(in millions)
Income (loss) from continuing operations before income taxes:
Financial Services Businesses:
Individual Life and Annuities .............................................................. $ 243 $ 284 $ 249
GroupInsurance ........................................................................ 26 (2) 156
Property and Casualty Insurance ............................................................ 4 91 166
Total Insurance Division .............................................................. 273 373 571
Investment Management .................................................................. 203 133 206
Financial Advisory ...................................................................... (41) (136) 399
Retirement ............................................................................. (235) 24 71
Other Asset Management ................................................................. 45 55 42
Total Investment Division ............................................................. (28) 76 718
International Insurance ................................................................... 584 554 281
International Investments ................................................................. (10) (41) (24)
Total International Insurance and Investments Division ...................................... 574 513 257
Corporate and Other ..................................................................... 2 (484) (1,016)
Income from continuing operations before income taxes ............................................. 821 478 530
Incometaxes ........................................................................... 80 129 292
Income from continuing operations after income taxes—Financial Services Businesses .................... 741 349 238
Discontinued Operations:
Income (loss) from discontinued operations, net of taxes ............................................. (62) (47) 73
Net income—Financial Services Businesses ...................................................... 679 302 311
Net income (loss)—Closed Block Business (3) .................................................... (485) (456) 87
Total ............................................................................. $ 194 $ (154) $ 398
For the Year Ended
December 31,
2002 2001 2000
(in millions)
Adjusted operating income(1):
Individual Life and Annuities .............................................................. $ 390 $ 380 $ 261
GroupInsurance ........................................................................ 155 70 158
Property and Casualty Insurance ............................................................ 10 95 150
Total Insurance Division ................................................................ 555 545 569
Investment Management .................................................................. 139 141 205
Financial Advisory ...................................................................... (41) (136) 399
Retirement ............................................................................. 141 110 187
Other Asset Management ................................................................. 45 55 42
Total Investment Division ............................................................. 284 170 833
International Insurance(2) ................................................................. 757 611 296
InternationalInvestments..................................................................(10)(41)(24)
Total International Insurance and Investments Division ...................................... 747 570 272
Corporate and Other ..................................................................... 194 64 43
Total Financial Services Businesses ..................................................... 1,780 1,349 1,717
Growing and Protecting Your Wealth36