Prudential 2001 Annual Report Download - page 164

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Prudential Financial, Inc.
Supplemental Combining Statement of Operations
Year Ended December 31, 2001 (in Millions, Except Per Share Amounts)
Financial
Services
Businesses
Closed
Block
Business Consolidated
REVENUES
Premiums ......................................................................... $ 8,227 $ 4,250 $12,477
Policy charges and fee income ......................................................... 1,803 — 1,803
Net investment income ............................................................... 5,239 3,897 9,136
Commissions and other income ........................................................ 4,356 124 4,480
Total revenues .................................................................. 19,625 8,271 27,896
BENEFITS AND EXPENSES
Policyholders’ benefits ............................................................... 8,170 4,588 12,758
Interest credited to policyholders’ account balances ........................................ 1,670 134 1,804
Dividends to policyholders ............................................................ 89 2,121 2,210
General and administrative expenses .................................................... 8,433 992 9,425
Total benefits and expenses ....................................................... 18,362 7,835 26,197
ADJUSTED OPERATING INCOME ................................................. 1,263 436 1,699
Items excluded from adjusted operating income
Realized investment gains (losses), net, and related charges:
Realized investment gains (losses), net ........................................... (162) (543) (705)
Related charges ............................................................. 26 (512) (486)
Total realized investment gains (losses), net, and related charges ...................... (136) (1,055) (1,191)
Divested businesses ............................................................. (147) — (147)
Demutualization costs and expenses ................................................. (588) — (588)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES ....... 392 (619) (227)
Total income tax expense (benefit) .................................................. 106 (163) (57)
INCOME (LOSS) FROM CONTINUING OPERATIONS ................................ 286 (456) (170)
DISCONTINUED OPERATIONS
Gain on disposal of healthcare operations, net of taxes .................................. 16 — 16
NET INCOME (LOSS) ............................................................. $ 302 $ (456) $ (154)
For the period
December 18 through
December 31, 2001
NET INCOME AFTER DATE OF DEMUTUALIZATION ............................... $ 38 $ 3 $ 41
EARNINGS PER SHARE AFTER DATE OF DEMUTUALIZATION
Financial Services Businesses
Net income per share of Common Stock — basic and diluted ........................ $ 0.07 $ 0.07
Closed Block Business
Net income per share of Class B Stock — basic and diluted .......................... $ 1.50 $ 1.50
See Notes to Supplemental Combining Financial Information
Growing and Protecting Your Wealth162