Prudential 2003 Annual Report Download - page 97

PRUDENTIAL FINANCIAL, INC.
Consolidated Statements of Financial Position
December 31, 2003 and 2002 (in millions, except share amounts)
2003 2002
ASSETS
Fixed maturities:
Available for sale, at fair value (amortized cost: 2003—$121,193; 2002—$117,869) ............................ $128,943 $125,463
Held to maturity, at amortized cost (fair value: 2003—$3,084; 2002—$2,673) ................................. 3,068 2,612
Trading account assets, at fair value ....................................................................... 3,302 3,449
Equity securities, available for sale, at fair value (cost: 2003—$2,799; 2002—$2,849) ............................... 3,401 2,807
Commercial loans ..................................................................................... 19,469 19,401
Policy loans .......................................................................................... 8,152 8,827
Securities purchased under agreements to resell .............................................................. 1,464 4,844
Cash collateral for borrowed securities ..................................................................... — 4,660
Other long-term investments ............................................................................. 5,609 5,408
Short-term investments ................................................................................. 7,633 5,737
Total investments ............................................................................. 181,041 183,208
Cash and cash equivalents .............................................................................. 7,949 9,898
Accrued investment income ............................................................................. 1,797 1,790
Broker-dealer related receivables ......................................................................... 1,098 5,631
Deferred policy acquisition costs ......................................................................... 7,826 7,031
Other assets .......................................................................................... 14,883 14,503
Separate account assets ................................................................................. 106,680 70,555
TOTAL ASSETS ............................................................................. $321,274 $292,616
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Future policy benefits .................................................................................. $ 94,845 $ 90,460
Policyholders’ account balances .......................................................................... 49,691 46,280
Unpaid claims and claim adjustment expenses ............................................................... 1,687 3,428
Policyholders’ dividends ................................................................................ 4,688 3,675
Securities sold under agreements to repurchase .............................................................. 9,654 14,902
Cash collateral for loaned securities ....................................................................... 5,786 10,231
Income taxes payable .................................................................................. 2,282 1,933
Broker-dealer related payables ........................................................................... 2,364 4,838
Securities sold but not yet purchased ...................................................................... 1,598 1,996
Short-term debt ....................................................................................... 4,739 3,469
Long-term debt ....................................................................................... 5,610 4,757
Other liabilities ....................................................................................... 10,358 14,072
Separate account liabilities .............................................................................. 106,680 70,555
Total liabilities ............................................................................... 299,982 270,596
Guaranteed beneficial interest in Trust holding solely debentures of Parent ........................................ — 690
COMMITMENTS AND CONTINGENCIES (See Note 20)
STOCKHOLDERS’ EQUITY
Preferred Stock ($.01 par value; 10,000,000 shares authorized; none issued) ....................................... — —
Common Stock ($.01 par value; 1,500,000,000 shares authorized; 584,590,320 and 584,511,144 shares issued at
December 31, 2003 and 2002, respectively) ............................................................... 6 6
Class B Stock ($.01 par value; 10,000,000 shares authorized; 2,000,000 shares issued and outstanding at
December 31, 2003 and 2002, respectively) ............................................................... — —
Additional paid-in capital ............................................................................... 19,560 19,513
Common Stock held in treasury, at cost (49,736,520 and 24,283,271 shares at December 31, 2003 and 2002, respectively) . . (1,632) (743)
Deferred compensation ................................................................................. (48) (21)
Accumulated other comprehensive income ................................................................. 2,446 2,585
Retained earnings (deficit) .............................................................................. 960 (10)
Total stockholders’ equity ....................................................................... 21,292 21,330
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY ........................................ $321,274 $292,616
See Notes to Consolidated Financial Statements
Prudential Financial 2003 Annual Report 95