Prudential 2001 Annual Report Download - page 33

Prudential Financial, Inc.
Selected Financial Data—GAAP As of or for the Year Ended December 31,
2001 2000 1999 1998 1997
(in millions)
Income Statement Data:
Revenues:
Premiums ........................................................... $ 12,477 $ 10,181 $ 9,528 $ 9,048 $ 9,043
Policy charges and fee income ........................................... 1,803 1,639 1,516 1,465 1,423
Net investment income ................................................. 9,151 9,497 9,367 9,454 9,458
Realized investment gains (losses), net ..................................... (705) (288) 924 2,641 2,168
Commissions and other income .......................................... 4,451 5,475 5,233 4,416 4,381
Total revenues ...................................................... 27,177 26,504 26,568 27,024 26,473
Benefits and expenses:
Policyholders’ benefits ................................................. 12,752 10,640 10,226 9,786 9,956
Interest credited to policyholders’ account balances .......................... 1,804 1,751 1,811 1,953 2,170
Dividends to policyholders .............................................. 2,722 2,724 2,571 2,477 2,422
General and administrative expenses ...................................... 9,538 10,043 9,530 9,037 8,525
Capital markets restructuring ............................................ — 476 — — —
Sales practices remedies and costs ........................................ — — 100 1,150 2,030
Demutualization costs and expenses ....................................... 588 143 75 24 —
Total benefits and expenses ........................................... 27,404 25,777 24,313 24,427 25,103
Income (loss) from continuing operations before income taxes ...................... (227) 727 2,255 2,597 1,370
Income tax expense (benefit) ................................................ (57) 406 1,042 970 407
Income (loss) from continuing operations ...................................... (170) 321 1,213 1,627 963
Discontinued operations:
Loss from healthcare operations, net of taxes ................................ — — — (298) (353)
Gain (loss) on disposal of healthcare operations, net of taxes ................... 16 77 (400) (223) —
Net gain (loss) from discontinued operations, net of taxes .................... 16 77 (400) (521) (353)
Net income (loss) ......................................................... $ (154) $ 398 $ 813 $ 1,106 $ 610
Basic and diluted earnings per share—Common Stock(1) ...................... $ 0.07
Basic and diluted earnings per share—Class B Stock(1) ....................... $ 1.50
Division and Segment Data:
Income (loss) from continuing operations before income taxes(2):
Individual Life Insurance ............................................... $ 228 $ 108 $ 94 $ 196
Private Client Group ................................................... (239) 237 224 114
Retail Investments ..................................................... 130 233 180 343
Property and Casualty Insurance ......................................... 91 166 161 327
Total U.S. Consumer ................................................. 210 744 659 980
Group Insurance ...................................................... (2) 156 143 221
Other Employee Benefits ............................................... 27 113 342 715
Total Employee Benefits .............................................. 25 269 485 936
International Insurance ................................................. 554 281 227 153
International Securities and Investments ................................... (88) 26 15 13
Total International ................................................... 466 307 242 166
Investment Management and Advisory Services ............................. 97 155 156 145
Other Asset Management ............................................... 114 122 97 22
Total Asset Management ............................................. 211 277 253 167
Corporate and Other ................................................... (520) (1,063) 272 (1,319)
Total—Financial Services Businesses ................................... 392 534 1,911 930
Closed Block Business ................................................. (619) 193 344 1,667
Total ............................................................. $ (227) $ 727 $ 2,255 $ 2,597
Balance Sheet Data:
Total investments excluding policy loans ....................................... $157,264 $140,469 $151,338 $148,837 $146,594
Separate account assets ..................................................... 77,158 82,217 82,131 80,931 73,451
Total assets .............................................................. 293,030 272,753 285,094 279,422 259,571
Future policy benefits, policyholders’ account balances and unpaid claims and claim
adjustment expenses ................................................... 133,732 104,130 102,887 104,301 105,615
Separate account liabilities .................................................. 77,158 82,217 82,131 80,931 73,451
Short-term debt ........................................................... 5,405 11,131 10,858 10,082 6,774
Long-term debt ........................................................... 5,304 2,502 5,513 4,734 4,273
Total liabilities ........................................................... 271,887 252,145 265,803 259,027 239,853
Guaranteed minority interest in Trust holding solely debentures of Parent ............. 690 ————
Equity .................................................................. 20,453 20,608 19,291 20,395 19,718
Equity excluding net unrealized investment gains and losses on available-for-sale
securities ............................................................ 19,225 20,249 19,951 19,123 17,966
(1) Earnings per share data reflects earnings for the period from December 18, 2001, the date of demutualization, through December 31, 2001 only.
Net income during this period was $38 million and $3 million for the Financial Services Businesses and Closed Block Business, respectively.
(2) Prepared in accordance with GAAP. Operating results by division and segment for 1997 are neither readily available nor practicable to obtain.
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