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Prudential Financial 2001 Annual Report - page 3 / 172

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Financial Services Businesses

In millions, except per share amounts As of or for the year ended December 31,

OPERATING RESULTS(A) Revenues Benefits and expenses Adjusted operating income

before income taxes

ADJUSTED OPERATING INCOME U.S. Consumer Division Employee Benefits Division International Division(B) Asset Management Division Corporate and Other Total Financial Services Businesses

PER SHARE OF COMMON STOCK(C) Equivalent share basis - diluted(D):

Adjusted operating income Net income Book value(E)

Consolidated Information

In millions As of or for the year ended December 31,

OPERATING RESULTS Total revenues

Income (loss) after income taxes: Continuing operations Discontinued operations

Net income (loss): Financial Services Businesses Closed Block Business Consolidated net income (loss)

FINANCIAL POSITION Invested assets Total assets Attributed equity(E):

Financial Services Businesses Closed Block Business Total equity

Assets under management (in billions) Assets under management & administration (in billions)

$

(170)

$

321

$

16

$

77

$

19,625 18,362

$ 17,885 16,164

$

1,263

$

1,721

$

310 183 523 219 28 1,263

$

740 387 322 276 (4) 1,721

$

$

$ $ $

1.31 .52 32.15

$ $

1.91 .53

$

19,646

807

$

20,453

2001

2000

2001

2000

$

27,177

$ 26,504

$

388

$

371

$

590

$

593

302

$

(456)

(154)

$

$ 165,834

$

293,030

$ 148,515 $ 272,753

$

311

87

$

398

  • (A)

    Adjusted operating income is a non-GAAP measure which excludes net realized investment gains, losses and related charges; sales practices costs; demutualization costs and expenses; and results of divested and discontinued businesses. Revenues and benefits and expenses presented as components of adjusted operating income are on the same basis and exclude these items as well. See Management’s Discussion and Analysis of Financial Condition and Results of Operations for further discussion of adjusted operating income.

  • (B)

    Results of our International Division include the results of Gibraltar Life from April 2, 2001, the date of its reorganization, through November 30, 2001.

  • (C)

    Per share of Common Stock information reflects results and book value attributable to the Financial Services Businesses.

  • (D)

    For purposes of equivalent share basis earnings per share, shares of Common Stock issued were assumed to be outstanding for periods presented, and earnings were not adjusted for demutualization or related transactions, including establishment of the Financial Services Businesses and Closed Block Business.

  • (E)

    The Financial Services Businesses and Closed Block Business were established in connection with demutualization. As a result, book value per share and attributed equity for periods prior to demutualization are not presented. Book value per share excludes the effect of net unrealized investment gains and losses (SFAS No. 115).

Prudential Financial 2001 Annual Report

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