Prudential 2015 Annual Report Download - page 48

Sales Results
The following table sets forth annualized new business premiums, as defined under “—Segment measures” above, on an actual and
constant exchange rate basis for the periods indicated.
Year ended December 31,
2015 2014 2013
(in millions)
Annualized new business premiums:
On an actual exchange rate basis:
Life Planner operations ............................................................................. $1,117 $1,161 $1,128
Gibraltar Life ..................................................................................... 1,548 1,584 1,756
Total ........................................................................................ $2,665 $2,745 $2,884
On a constant exchange rate basis:
Life Planner operations ............................................................................. $1,181 $1,096 $1,034
Gibraltar Life ..................................................................................... 1,619 1,506 1,598
Total ........................................................................................ $2,800 $2,602 $2,632
2015 to 2014 Annual Comparison. The table below presents annualized new business premiums on a constant exchange rate basis,
by product and distribution channel, for the periods indicated.
Year Ended December 31, 2015 Year Ended December 31, 2014
Life
Accident
&
Health
Retirement
(1) Annuity Total Life
Accident
&
Health
Retirement
(1) Annuity Total
(in millions)
Life Planner .............................. $ 729 $116 $271 $ 65 $1,181 $ 613 $100 $319 $ 64 $1,096
Gibraltar Life:
Life Consultants ....................... 347 61 126 134 668 330 64 123 142 659
Banks(2) ............................. 480 1 40 180 701 418 1 10 176 605
Independent Agency .................... 104 24 69 53 250 95 24 62 61 242
Subtotal ................................. 931 86 235 367 1,619 843 89 195 379 1,506
Total ................................ $1,660 $202 $506 $432 $2,800 $1,456 $189 $514 $443 $2,602
(1) Includes retirement income, endowment and savings variable universal life.
(2) Single pay life annualized new business premiums, which include 10% of first year premiums, and 3 year limited pay annualized new business
premiums, which include 100% of new business premiums, represented 5% and 51%, respectively, of total Japanese bank distribution channel
annualized new business premiums, excluding annuity products, for the year ended December 31, 2015, and 7% and 57%, respectively, of total
Japanese bank distribution channel annualized new business premiums, excluding annuity products, for the year ended December 31, 2014.
Annualized new business premiums, on a constant exchange rate basis, from our Life Planner operations increased $85 million. The
increase primarily reflects growth in Life Planner headcount and productivity in our Japanese operations as well as in our Brazilian
operation. The impacts resulted in an increase in sales of term life products in Japan and whole life products and accident and health
products in Brazil. The increase also reflects higher sales of certain life protection products in our Korean operation.
Annualized new business premiums, on a constant exchange rate basis, from our Gibraltar Life operations increased $113 million.
Bank channel sales increased $96 million primarily driven by higher sales of U.S. dollar-denominated whole life and retirement products as
well as certain yen-denominated life protection products. Life Consultant sales increased $9 million as higher sales of yen-denominated
whole life products, U.S. dollar-denominated annuity products and Australian dollar-denominated retirement products were mostly offset
by lower sales of Australian dollar-denominated annuity products. Independent Agency sales increased $8 million primarily driven by
higher sales of yen-denominated term life products and certain retirement products, partially offset by lower sales of Australian dollar-
denominated annuity products.
2014 to 2013 Annual Comparison. The table below presents annualized new business premiums on a constant exchange rate basis,
by product and distribution channel, for the periods indicated.
Year Ended December 31, 2014 Year Ended December 31, 2013
Life
Accident
&
Health
Retirement
(1) Annuity Total Life
Accident
&
Health
Retirement
(1) Annuity Total
(in millions)
Life Planner .............................. $ 613 $100 $319 $ 64 $1,096 $ 487 $ 93 $404 $ 50 $1,034
Gibraltar Life:
Life Consultants ....................... 330 64 123 142 659 379 82 127 109 697
Banks(2) ............................. 418 1 10 176 605 598 1 9 91 699
Independent Agency .................... 95 24 62 61 242 78 27 68 29 202
Subtotal ................................. 843 89 195 379 1,506 1,055 110 204 229 1,598
Total ............................ $1,456 $189 $514 $443 $2,602 $1,542 $203 $608 $279 $2,632
46 Prudential Financial, Inc. 2015 Annual Report