Prudential 2012 Annual Report Download - page 109

PRUDENTIAL FINANCIAL, INC.
Consolidated Statements of Operations
Years Ended December 31, 2012, 2011 and 2010 (in millions, except per share amounts)
2012 2011 2010
REVENUES
Premiums ........................................................................................ $65,354 $24,301 $18,238
Policy charges and fee income ....................................................................... 4,489 3,924 3,323
Net investment income ............................................................................. 13,661 13,124 11,865
Asset management fees and other income ............................................................... 2,752 4,850 3,741
Realized investment gains (losses), net:
Other-than-temporary impairments on fixed maturity securities ..................................... (1,611) (2,202) (3,016)
Other-than-temporary impairments on fixed maturity securities transferred to Other Comprehensive
Income ................................................................................ 1,274 1,667 2,284
Other realized investment gains (losses), net .................................................... (1,104) 3,366 1,782
Total realized investment gains (losses), net ................................................. (1,441) 2,831 1,050
Total revenues ................................................................................ 84,815 49,030 38,217
BENEFITS AND EXPENSES
Policyholders’ benefits ............................................................................. 65,131 23,614 18,285
Interest credited to policyholders’ account balances ....................................................... 4,234 4,484 4,209
Dividends to policyholders .......................................................................... 2,176 2,723 2,189
Amortization of deferred policy acquisition costs ......................................................... 1,504 2,695 1,085
General and administrative expenses .................................................................. 11,094 10,605 8,309
Total benefits and expenses ...................................................................... 84,139 44,121 34,077
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS
OF OPERATING JOINT VENTURES ............................................................ 676 4,909 4,140
Income taxes:
Current ...................................................................................... 1,088 447 (368)
Deferred ..................................................................................... (884) 1,041 1,611
Total income tax expense (benefit) ............................................................ 204 1,488 1,243
INCOME FROM CONTINUING OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT
VENTURES ................................................................................... 472 3,421 2,897
Equity in earnings of operating joint ventures, net of taxes ................................................. 60 182 82
INCOME FROM CONTINUING OPERATIONS ..................................................... 532 3,603 2,979
Income from discontinued operations, net of taxes ........................................................ 15 35 33
NET INCOME ................................................................................... 547 3,638 3,012
Less: Income attributable to noncontrolling interests ...................................................... 78 72 11
NET INCOME ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC ................................. $ 469 $ 3,566 $ 3,001
EARNINGS PER SHARE (See Note 16)
Financial Services Businesses
Basic earnings per share—Common Stock:
Income from continuing operations attributable to Prudential Financial, Inc. ........................... $ 0.91 $ 7.01 $ 5.31
Income from discontinued operations, net of taxes ................................................ 0.04 0.07 0.07
Net income attributable to Prudential Financial, Inc. .............................................. $ 0.95 $ 7.08 $ 5.38
Diluted earnings per share—Common Stock:
Income from continuing operations attributable to Prudential Financial, Inc. ........................... $ 0.91 $ 6.92 $ 5.25
Income from discontinued operations, net of taxes ................................................ 0.03 0.07 0.07
Net income attributable to Prudential Financial, Inc. .............................................. $ 0.94 $ 6.99 $ 5.32
Dividends declared per share of Common Stock ..................................................... $ 1.60 $ 1.45 $ 1.15
Closed Block Business
Basic and Diluted earnings per share—Class B Stock:
Income from continuing operations attributable to Prudential Financial, Inc. ........................... $ 11.50 $ 61.00 $229.00
Income (loss) from discontinued operations, net of taxes ........................................... (1.00) 0.00 0.50
Net income attributable to Prudential Financial, Inc. .............................................. $ 10.50 $ 61.00 $229.50
Dividends declared per share of Class B Stock ....................................................... $ 9.625 $ 9.625 $ 9.625
See Notes to Consolidated Financial Statements
Prudential Financial, Inc. 2012 Annual Report 107