Prudential 2005 Annual Report Download - page 167
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PRUDENTIAL FINANCIAL, INC.
Supplemental Combining Statements of Operations
Years Ended December 31, 2005 and 2004 (in millions)
2005 2004
Financial
Services
Businesses
Closed
Block
Business Consolidated
Financial
Services
Businesses
Closed
Block
Business Consolidated
REVENUES
Premiums ............................................... $10,066 $3,619 $13,685 $ 8,683 $3,776 $12,459
Policy charges and fee income ............................... 2,555 — 2,555 2,372 — 2,372
Net investment income ..................................... 6,839 3,721 10,560 5,749 3,681 9,430
Realized investment gains, net ............................... 739 636 1,375 83 715 798
Asset management fees and other income ...................... 3,483 50 3,533 3,005 59 3,064
Total revenues ........................................ 23,682 8,026 31,708 19,892 8,231 28,123
BENEFITS AND EXPENSES
Policyholders’ benefits ..................................... 9,847 3,993 13,840 8,780 4,056 12,836
Interest credited to policyholders’ account balances .............. 2,562 137 2,699 2,222 137 2,359
Dividends to policyholders .................................. 207 2,653 2,860 121 2,364 2,485
General and administrative expenses .......................... 7,077 761 7,838 6,316 759 7,075
Total benefits and expenses ............................. 19,693 7,544 27,237 17,439 7,316 24,755
INCOME FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES, EXTRAORDINARY GAIN ON
ACQUISITION AND CUMULATIVE EFFECT OF
ACCOUNTING CHANGE .............................. 3,989 482 4,471 2,453 915 3,368
Total income tax expense ............................... 708 161 869 622 333 955
INCOME FROM CONTINUING OPERATIONS BEFORE
EXTRAORDINARY GAIN ON ACQUISITION AND
CUMULATIVE EFFECT OF ACCOUNTING CHANGE .... 3,281 321 3,602 1,831 582 2,413
Loss from discontinued operations, net of taxes .................. (62) — (62) (99) — (99)
Extraordinary gain on acquisition, net of taxes .................. — — — 21 — 21
Cumulative effect of accounting change, net of taxes ............. — — — (79) — (79)
NET INCOME .......................................... $ 3,219 $ 321 $ 3,540 $ 1,674 $ 582 $ 2,256
See Notes to Supplemental Combining Financial Information
Prudential Financial 2005 Annual Report 165