Prudential 2015 Annual Report Download - page 109

PRUDENTIAL FINANCIAL, INC.
Consolidated Statements of Operations
Years Ended December 31, 2015, 2014 and 2013 (in millions, except per share amounts)
2015 2014 2013
REVENUES
Premiums ................................................................................... $28,521 $29,293 $26,237
Policy charges and fee income ................................................................... 5,972 6,179 5,415
Net investment income ......................................................................... 14,829 15,256 14,729
Asset management and service fees ............................................................... 3,772 3,719 3,485
Other income (loss) ............................................................................ 0 (1,978) (3,199)
Realized investment gains (losses), net:
Other-than-temporary impairments on fixed maturity securities ................................. (180) (127) (1,055)
Other-than-temporary impairments on fixed maturity securities transferred to Other comprehensive
income ............................................................................ 39 71 856
Other realized investment gains (losses), net ................................................ 4,166 1,692 (5,007)
Total realized investment gains (losses), net ............................................ 4,025 1,636 (5,206)
Total revenues ............................................................................ 57,119 54,105 41,461
BENEFITS AND EXPENSES
Policyholders’ benefits ......................................................................... 30,627 31,587 26,733
Interest credited to policyholders’ account balances .................................................. 3,479 4,263 3,111
Dividends to policyholders ...................................................................... 2,212 2,716 2,050
Amortization of deferred policy acquisition costs .................................................... 2,120 1,973 240
General and administrative expenses .............................................................. 10,912 11,807 11,011
Total benefits and expenses ................................................................. 49,350 52,346 43,145
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY IN
EARNINGS OF OPERATING JOINT VENTURES ............................................. 7,769 1,759 (1,684)
Total income tax expense (benefit) ........................................................ 2,072 349 (1,058)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE EQUITY IN EARNINGS OF
OPERATING JOINT VENTURES ........................................................... 5,697 1,410 (626)
Equity in earnings of operating joint ventures, net of taxes ............................................. 15 16 59
INCOME (LOSS) FROM CONTINUING OPERATIONS .......................................... 5,712 1,426 (567)
Income (loss) from discontinued operations, net of taxes .............................................. 0 12 7
NET INCOME (LOSS) ........................................................................ 5,712 1,438 (560)
Less: Income (loss) attributable to noncontrolling interests ............................................. 70 57 107
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC ..................... $ 5,642 $ 1,381 $ (667)
EARNINGS PER SHARE(1)
Basic earnings per share—Common Stock:
Income (loss) from continuing operations attributable to Prudential Financial, Inc. .................. $ 12.37 $ 3.23 $ (1.57)
Income (loss) from discontinued operations, net of taxes ...................................... 0.00 0.02 0.02
Net income (loss) attributable to Prudential Financial, Inc. ..................................... $ 12.37 $ 3.25 $ (1.55)
Diluted earnings per share—Common Stock:
Income (loss) from continuing operations attributable to Prudential Financial, Inc. .................. $ 12.17 $ 3.20 $ (1.57)
Income (loss) from discontinued operations, net of taxes ...................................... 0.00 0.03 0.02
Net income (loss) attributable to Prudential Financial, Inc. ..................................... $ 12.17 $ 3.23 $ (1.55)
Dividends declared per share of Common Stock ................................................. $ 2.44 $ 2.17 $ 1.73
(1) For 2015, represents consolidated earnings per share of Common Stock. For 2014 and 2013, represents earnings of the Company’s former Financial
Services Businesses per share of Common Stock. See Note 16 for additional information.
See Notes to Consolidated Financial Statements
Prudential Financial, Inc. 2015 Annual Report 107