Prudential 2003 Annual Report Download - page 18
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16 Growing and Protecting Your Wealth
Prudential Financial, Inc. 2003 Annual Report
(1) We measure this goal based on after-tax adjusted operating income
and attributed equity of our Financial Services Businesses. Adjusted
operating income, which is not measured in accordance with generally
accepted accounting principles (GAAP), excludes net realized
investment gains (losses). A significant element of realized losses is
impairments and losses from sales of credit-impaired securities, the
timing of which depends largely on market credit cycles and can vary
considerably across periods. The timing of other sales that would
result in gains or losses is largely subject to our discretion and
influenced by market opportunities. The fluctuating effects of these
transactions could distort trends in the underlying profitability of our
businesses. Adjusted operating income also excludes the results of
divested businesses, which are not relevant to our ongoing operations,
and certain other items, described elsewhere herein. Because we do
not predict future realized investment gains (losses), we cannot
provide a measure of our goal based on income from continuing
operations of the Financial Services Businesses, which is the GAAP
measure most comparable to adjusted operating income.
(2) Includes distribution by Wachovia Securities.
All facts and figures as of December 31, 2003, unless otherwise noted.
“Prudential Financial,” “The Rock,” and
are registered service marks of The Prudential Insurance Company
of America.
Strategic Partners variable annuities are issued by Pruco Life
Insurance Company (in New York, issued by Pruco Life Insurance
Company of New Jersey).
PruLife® SUL Protector and PruLife® SUL Plus are issued by Pruco
Life Insurance Company in all states except New York, where
they are issued by Pruco Life Insurance Company of New Jersey.
Both Pruco Life companies are located at 213 Washington Street,
Newark, NJ 07102.
Prudential Real Estate brokerage services are offered by the franchisees
of The Prudential Real Estate Affiliates, Inc. Most franchisees are
independently owned and operated. Equal Housing Opportunity.
Securities products and services are distributed by Prudential
Investment Management Services LLC, Three Gateway Center,
Newark, NJ 07102, and Pruco Securities, LLC, 751 Broad Street,
Newark, NJ 07102.
All are Prudential Financial companies, and each is responsible
for its own financial condition and contractual obligations.