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164 / 172

Financial Services Businesses

Closed Block Business

Consolidated

REVENUES Premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Policy charges and fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Commissions and other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 8,227 1,803 5,239 4,356

$ 4,250 3,897 124

$12,477 1,803 9,136 4,480

Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19,625

8,271

27,896

BENEFITS AND EXPENSES Policyholders’ benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest credited to policyholders’ account balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dividends to policyholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . General and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8,170 1,670

4,588 134 2,121 992

12,758 1,804 2,210 9,425

89 8,433

Total benefits and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ADJUSTED OPERATING INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18,362 1,263

7,835 436

26,197 1,699

Items excluded from adjusted operating income Realized investment gains (losses), net, and related charges: Realized investment gains (losses), net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Related charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(162) 26

(543) (512)

(705) (486)

Total realized investment gains (losses), net, and related charges . . . . . . . . . . . . . . . . . . . . . .

(136)

(1,055)

(1,191)

Divested businesses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Demutualization costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(147) (588)

(147) (588)

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES . . . . . . . Total income tax expense (benefit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INCOME (LOSS) FROM CONTINUING OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

392 106 286

(619) (163) (456)

(227) (57) (170)

Prudential Financial, Inc.

Supplemental Combining Statement of Operations

Year Ended December 31, 2001 (in Millions, Except Per Share Amounts)

16 (154)

41

0.07

1.50

See Notes to Supplemental Combining Financial Information

$

For the period December 18 through December 31, 2001

$ (456)

16 302

NET INCOME AFTER DATE OF DEMUTUALIZATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

EARNINGS PER SHARE AFTER DATE OF DEMUTUALIZATION FinancialServices Businesses Net income per share of Common Stock — basic and diluted . . . . . . . . . . . . . . . . . . . . . . . .

Closed Block Business Net income per share of Class B Stock — basic and diluted . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 1.50

$

$

38

$

0.07

DISCONTINUED OPERATIONS Gain on disposal of healthcare operations, net of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

NET INCOME (LOSS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

$

3

$

$

162

Growing and Protecting Your Wealth

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