Prudential 2015 Annual Report Download - page 12

SELECTED FINANCIAL DATA
We derived the selected consolidated income statement data for the years ended December 31, 2015, 2014 and 2013, and the selected
consolidated balance sheet data as of December 31, 2015 and 2014, from our Consolidated Financial Statements included elsewhere herein.
We derived the selected consolidated income statement data for the years ended December 31, 2012 and 2011, and the selected
consolidated balance sheet data as of December 31, 2013, 2012 and 2011, from consolidated financial statements not included herein.
See Note 3 to the Consolidated Financial Statements for a discussion of acquisitions and dispositions during 2015, 2014 and 2013.
Results for the year ended December 31, 2012, included approximately $32 billion of premiums reflecting two significant pension risk
transfer transactions. On November 1, 2012, we issued a non-participating group annuity contract to the General Motors Salaried
Employees Pension Trust, and assumed responsibility for providing specified benefits to certain participants. On December 10, 2012, we
issued a non-participating group annuity contract to the Verizon Management Pension Plan and assumed responsibility for providing
specified benefits to certain participants. The premiums from these transactions were largely offset by a corresponding increase in
policyholders’ benefits, including the change in policy reserves.
On February 1, 2011, we acquired the AIG Star Life Insurance Co., Ltd, AIG Edison Life Insurance Company, AIG Financial
Assurance Japan K.K. and AIG Edison Service Co., Ltd. (collectively, the “Star and Edison Businesses”) from American International
Group, Inc. (“AIG”). The results of these companies are reported with the Gibraltar Life operations and are included in the results
presented below from the date of acquisition. The Star and Edison companies were merged into Gibraltar Life on January 1, 2012.
Our Gibraltar Life operations use a November 30 fiscal year end. Consolidated balance sheet data as of December 31, 2015, 2014,
2013, 2012 and 2011, include Gibraltar Life assets and liabilities as of November 30 for each respective year. Consolidated income
statement data for the years ended December 31, 2015, 2014, 2013, 2012 and 2011, include Gibraltar Life results for the twelve months
ended November 30 for each respective year.
This selected consolidated financial information should be read in conjunction with “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” and the Consolidated Financial Statements included elsewhere herein.
Year Ended December 31,
2015 2014 2013 2012 2011
(in millions, except per share and ratio information)
Income Statement Data:
Revenues:
Premiums .................................................................... $28,521 $29,293 $26,237 $65,354 $24,301
Policy charges and fee income .................................................... 5,972 6,179 5,415 4,489 3,924
Net investment income .......................................................... 14,829 15,256 14,729 13,661 13,124
Asset management and service fees ................................................ 3,772 3,719 3,485 3,053 2,897
Other income .................................................................. 0 (1,978) (3,199) (269) 2,008
Realized investment gains (losses), net .............................................. 4,025 1,636 (5,206) (1,441) 2,831
Total revenues ............................................................. 57,119 54,105 41,461 84,847 49,085
Benefits and expenses:
Policyholders’ benefits .......................................................... 30,627 31,587 26,733 65,131 23,614
Interest credited to policyholders’ account balances ................................... 3,479 4,263 3,111 4,234 4,484
Dividends to policyholders ....................................................... 2,212 2,716 2,050 2,176 2,723
Amortization of deferred policy acquisition costs ..................................... 2,120 1,973 240 1,504 2,695
General and administrative expenses ............................................... 10,912 11,807 11,011 11,094 10,605
Total benefits and expenses .................................................. 49,350 52,346 43,145 84,139 44,121
Income (loss) from continuing operations before income taxes and equity in earnings of operating
joint ventures .................................................................... 7,769 1,759 (1,684) 708 4,964
Income tax expense (benefit) ......................................................... 2,072 349 (1,058) 213 1,515
Income (loss) from continuing operations before equity in earnings of operating joint ventures ..... 5,697 1,410 (626) 495 3,449
Equity in earnings of operating joint ventures, net of taxes .................................. 15 16 59 60 182
Income (loss) from continuing operations ............................................... 5,712 1,426 (567) 555 3,631
Income (loss) from discontinued operations, net of taxes .................................... 0 12 7 15 35
Net income (loss) .................................................................. 5,712 1,438 (560) 570 3,666
Less: Income (loss) attributable to noncontrolling interests .................................. 70 57 107 50 34
Net Income (loss) attributable to Prudential Financial, Inc. .................................. $ 5,642 $ 1,381 $ (667) $ 520 $ 3,632
10 Prudential Financial, Inc. 2015 Annual Report