Prudential 2001 Annual Report Download - page 3

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Financial Services Businesses
In millions, except per share amounts
As of or for the year ended December 31, 2001 2000
OPERATING RESULTS(A)
Revenues $ 19,625 $ 17,885
Benefits and expenses 18,362 16,164
Adjusted operating income
before income taxes $ 1,263 $ 1,721
ADJUSTED OPERATING INCOME
U.S. Consumer Division $ 310 $ 740
Employee Benefits Division 183 387
International Division(B) 523 322
Asset Management Division 219 276
Corporate and Other 28 (4)
Total Financial Services Businesses $ 1,263 $ 1,721
PER SHARE OF COMMON STOCK(C)
Equivalent share basis - diluted(D):
Adjusted operating income $ 1.31 $ 1.91
Net income $ .52 $ .53
Book value(E) $ 32.15
Consolidated Information
In millions
As of or for the year ended December 31, 2001 2000
OPERATING RESULTS
Total revenues $ 27,177 $ 26,504
Income (loss) after income taxes:
Continuing operations $ (170) $ 321
Discontinued operations $ 16 $ 77
Net income (loss):
Financial Services Businesses $ 302 $ 311
Closed Block Business (456)87
Consolidated net income (loss) $ (154) $ 398
FINANCIAL POSITION
Invested assets $ 165,834 $ 148,515
Total assets $ 293,030 $ 272,753
Attributed equity(E):
Financial Services Businesses $ 19,646
Closed Block Business 807
Total equity $ 20,453
Assets under management (in billions) $ 388 $ 371
Assets under management
& administration (in billions) $ 590 $ 593
Prude ntial Financ ial 2 00 1 Annual Repo rt 1
(A) Adjusted operating income
is a non-GAAP measure
which excludes net realized
investment gains, losses and
related charges; sales practices
costs; demutualization costs
and expenses; and results of
divested and discontinued
businesses. Revenues and
benefits and expenses
presented as components
of adjusted operating
income are on the same
basis and exclude these items
as well. See Management’s
Discussion and Analysis of
Financial Condition and
Results of Operations for
further discussion of adjusted
operating income.
(B) Results of our International
Division include the results
of Gibraltar Life from
April 2, 2001, the date of
its reorganization, through
November 30, 2001.
(C) Per share of Common Stock
information reflects results and
book value attributable to the
Financial Services Businesses.
(D) For purposes of equivalent
share basis earnings per
share, shares of Common
Stock issued were assumed
to be outstanding for
periods presented, and
earnings were not adjusted
for demutualization or related
transactions, including
establishment of the Financial
Services Businesses and
Closed Block Business.
(E) The Financial Services
Businesses and Closed
Block Business were
established in connection with
demutualization. As a result,
book value per share and
attributed equity for periods
prior to demutualization are
not presented. Book value
per share excludes the effect
of net unrealized investment
gains and losses (SFAS No. 115).