Prudential 2011 Annual Report Download - page 274

PRUDENTIAL FINANCIAL, INC.
Supplemental Combining Statements of Operations
Years Ended December 31, 2011 and 2010 (in millions)
2011 2010
Financial
Services
Businesses
Closed Block
Business Consolidated
Financial
Services
Businesses
Closed Block
Business Consolidated
REVENUES
Premiums ................................................ $21,420 $2,918 $24,338 $15,253 $ 3,007 $18,260
Policy charges and fee income ............................... 3,924 0 3,924 3,321 0 3,321
Net investment income ..................................... 9,910 3,214 13,124 8,618 3,247 11,865
Asset management fees and other income ....................... 4,790 38 4,828 3,666 38 3,704
Realized investment gains (losses), net
Other-than-temporary impairments on fixed maturity
securities ...................................... (1,390) (812) (2,202) (1,937) (1,079) (3,016)
Other-than-temporary impairments on fixed maturity
securities transferred to Other Comprehensive Income . . 959 708 1,667 1,373 911 2,284
Other realized investment gains (losses), net ............ 2,417 949 3,366 820 962 1,782
Total realized investment gains (losses), net ......... 1,986 845 2,831 256 794 1,050
Total revenues ........................................ 42,030 7,015 49,045 31,114 7,086 38,200
BENEFITS AND EXPENSES
Policyholders’ benefits ..................................... 20,132 3,482 23,614 14,773 3,512 18,285
Interest credited to policyholders’ account balances ................ 4,345 139 4,484 4,069 140 4,209
Dividends to policyholders .................................. 152 2,571 2,723 118 2,071 2,189
Amortization of deferred policy acquisition costs ................. 3,238 54 3,292 1,370 67 1,437
General and administrative expenses .......................... 9,243 572 9,815 7,117 571 7,688
Total benefits and expenses .............................. 37,110 6,818 43,928 27,447 6,361 33,808
INCOME FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES AND EQUITY IN EARNINGS OF
OPERATING JOINT VENTURES ........................ 4,920 197 5,117 3,667 725 4,392
Income tax expense .................................... 1,537 62 1,599 1,058 245 1,303
INCOME FROM CONTINUING OPERATIONS BEFORE
EQUITY IN EARNINGS OF OPERATING JOINT
VENTURES ........................................... 3,383 135 3,518 2,609 480 3,089
Equity in earnings of operating joint ventures, net of taxes ......... 185 0 185 84 0 84
INCOME FROM CONTINUING OPERATIONS ............. 3,568 135 3,703 2,693 480 3,173
Income from discontinued operations, net of taxes ................ 35 0 35 32 1 33
NET INCOME ........................................... 3,603 135 3,738 2,725 481 3,206
Less: Income attributable to noncontrolling interests .............. 72 0 72 11 0 11
NET INCOME ATTRIBUTABLE TO PRUDENTIAL
FINANCIAL, INC. ..................................... $ 3,531 $ 135 $ 3,666 $ 2,714 $ 481 $ 3,195
See Notes to Supplemental Combining Financial Information
272 Prudential Financial, Inc. 2011 Annual Report