Prudential 2007 Annual Report Download - page 124
Download and view the complete annual report
Please find page 124 of the 2007 Prudential annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114 -
115 -
116 -
117 -
118 -
119 -
120 -
121 -
122 -
123 -
124 -
125 -
126 -
127 -
128 -
129 -
130 -
131 -
132 -
133 -
134 -
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
 |
 |
PRUDENTIAL FINANCIAL, INC.
Notes to Consolidated Financial Statements
4. INVESTMENTS (continued)
Equity Method Investments
The following tables set forth summarized combined financial information for significant joint ventures and limited partnership
interests accounted for under the equity method, including the Company’s investment in operating joint ventures that are discussed in more
detail in Note 6. Changes between periods in the tables below reflect changes in the activities within the joint ventures and limited
partnerships, as well as changes in the Company’s level of investment in such entities.
At December 31,
2007 2006
(in millions)
STATEMENTS OF FINANCIAL POSITION
Investments in real estate ........................................................................... $ 7,419 $ 6,950
Investments in securities ........................................................................... 12,686 10,087
Cash and cash equivalents .......................................................................... 692 886
Receivables ..................................................................................... 8,216 10,167
Property and equipment ............................................................................ 107 178
Other assets(1) ................................................................................... 3,171 1,956
Total assets ..................................................................................... $32,291 $30,224
Borrowed funds-third party ......................................................................... $ 3,061 $ 976
Borrowed funds-Prudential ......................................................................... 513 476
Payables ........................................................................................ 6,534 9,027
Other liabilities(2) ................................................................................ 2,286 5,892
Total liabilities .................................................................................. 12,394 16,371
Partners’ capital ................................................................................. 19,897 13,853
Total liabilities and partners’ capital ................................................................ $32,291 $30,224
Equity in partners’ capital included above .............................................................. $ 4,294 $ 3,094
Equity in limited partnership interests not included above ................................................. 373 372
Carrying value .................................................................................. $ 4,667 $ 3,466
(1) Other assets consist of goodwill, intangible assets and other miscellaneous assets.
(2) Other liabilities consist of securities repurchase agreements and other miscellaneous liabilities.
Years ended December 31,
2007 2006 2005
(in millions)
STATEMENTS OF OPERATIONS
Income from real estate investments ......................................................... $ 398 $ 333 $ 613
Income from securities investments ......................................................... 6,238 5,616 5,510
Income from other ....................................................................... 7 27 17
Interest expense-third party ................................................................ (385) (413) (242)
Depreciation ........................................................................... (1) (14) (9)
Management fees/salary expense ........................................................... (2,378) (2,191) (2,289)
Other expenses .......................................................................... (2,096) (1,874) (2,283)
Net earnings ........................................................................... $1,783 $ 1,484 $ 1,317
Equity in net earnings included above ........................................................ $ 532 $ 424 $ 419
Equity in net earnings of limited partnership interests not included above ............................ 66 117 131
Total equity in net earnings .............................................................. $ 598 $ 541 $ 550
122 Prudential Financial 2007 Annual Report