Prudential 2003 Annual Report Download - page 175

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PRUDENTIAL FINANCIAL, INC.
Supplemental Combining Statements of Operations
Years Ended December 31, 2003 and 2002 (in millions)
2003 2002
Financial
Services
Businesses
Closed
Block
Business Consolidated
Financial
Services
Businesses
Closed
Block
Business Consolidated
REVENUES
Premiums ......................................... $ 9,373 $3,860 $13,233 $ 9,031 $4,022 $13,053
Policy charges and fee income ......................... 2,001 — 2,001 1,780 — 1,780
Net investment income ............................... 5,049 3,632 8,681 5,201 3,618 8,819
Realized investment gains (losses), net .................. (156) 426 270 (778) (587) (1,365)
Commissions and other income ........................ 3,658 64 3,722 3,948 68 4,016
Total revenues .................................. 19,925 7,982 27,907 19,182 7,121 26,303
BENEFITS AND EXPENSES
Policyholders’ benefits ............................... 9,250 4,174 13,424 9,073 4,305 13,378
Interest credited to policyholders’ account balances ........ 1,691 139 1,830 1,707 139 1,846
Dividends to policyholders ............................ 150 2,452 2,602 138 2,506 2,644
General and administrative expenses .................... 6,755 847 7,602 7,427 928 8,355
Loss on disposition of property and casualty insurance
operations ....................................... 491 — 491 — — —
Total benefits and expenses ....................... 18,337 7,612 25,949 18,345 7,878 26,223
INCOME (LOSS) FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES ....................... 1,588 370 1,958 837 (757) 80
Total income tax expense (benefit) .................. 519 131 650 83 (272) (189)
INCOME (LOSS) FROM CONTINUING
OPERATIONS .................................. 1,069 239 1,308 754 (485) 269
DISCONTINUED OPERATIONS
Loss from discontinued operations, net of taxes ............ (44) — (44) (75) — (75)
NET INCOME (LOSS) ............................. $ 1,025 $ 239 $ 1,264 $ 679 $ (485) $ 194
See Notes to Supplemental Combining Financial Information
Prudential Financial 2003 Annual Report 173