Prudential 2001 Annual Report Download - page 102

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Prudential Financial, Inc.
Consolidated Statements of Operations
Years Ended December 31, 2001, 2000 and 1999 (in Millions, Except Per Share Amounts)
2001 2000 1999
REVENUES
Premiums ................................................................................. $12,477 $10,181 $ 9,528
Policy charges and fee income ................................................................. 1,803 1,639 1,516
Net investment income ....................................................................... 9,151 9,497 9,367
Realized investment gains (losses), net ........................................................... (705) (288) 924
Commissions and other income ................................................................ 4,451 5,475 5,233
Total revenues .......................................................................... 27,177 26,504 26,568
BENEFITS AND EXPENSES
Policyholders’ benefits ....................................................................... 12,752 10,640 10,226
Interest credited to policyholders’ account balances ................................................ 1,804 1,751 1,811
Dividends to policyholders .................................................................... 2,722 2,724 2,571
General and administrative expenses ............................................................ 9,538 10,043 9,530
Capital markets restructuring .................................................................. — 476 —
Sales practices remedies and costs .............................................................. — — 100
Demutualization costs and expenses:
Administrative expenses .................................................................. 248 143 75
Consideration to former Canadian branch policyholders ......................................... 340 — —
Total benefits and expenses ............................................................... 27,404 25,777 24,313
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES ............... (227) 727 2,255
Income taxes:
Current ............................................................................... (927) 434 690
Deferred .............................................................................. 870 (28) 352
Total income tax expense (benefit) ...................................................... (57) 406 1,042
INCOME (LOSS) FROM CONTINUING OPERATIONS ........................................ (170) 321 1,213
DISCONTINUED OPERATIONS
Gain (loss) on disposal of healthcare operations, net of taxes ......................................... 16 77 (400)
NET INCOME (LOSS) ..................................................................... $ (154) $ 398 $ 813
For the period
December 18 through
December 31, 2001
INCOME FROM CONTINUING OPERATIONS AND NET INCOME AFTER DATE OF
DEMUTUALIZATION
Financial Services Businesses (attributable to Common Stock) .............................................. $ 38
Closed Block Business (attributable to Class B Stock) .................................................... 3
Consolidated ..................................................................................... $ 41
EARNINGS PER SHARE AFTER DATE OF DEMUTUALIZATION
Financial Services Businesses
Net income per share of Common Stock—basic and diluted ............................................ $0.07
Closed Block Business
Net income per share of Class B Stock—basic and diluted ............................................. $1.50
See Notes to Consolidated Financial Statements
Growing and Protecting Your Wealth100