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Prudential Financial 2001 Annual Report - page 33 / 172

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33 / 172

Prudential Financial, Inc.

Selected Financial Data—GAAP

As of or for the Year Ended December 31, 2001 2000 1999 1998 1997 (in millions)

Income Statement Data: Revenues: Premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 12,477 $ 10,181 $

Policy charges and fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Realized investment gains (losses), net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Commissions and other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,803

1,639

9,151

9,497

(705)

(288)

4,451

5,475

9,528 $

9,048 $

9,043

1,516

1,465

1,423

9,367

9,454

9,458

924

2,641

2,168

5,233

4,416

4,381

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

27,177

Benefits and expenses: Policyholders’ benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest credited to policyholders’ account balances . . . . . . . . . . . . . . . . . . . . . . . . . . Dividends to policyholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . General and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital markets restructuring . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sales practices remedies and costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Demutualization costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12,752 1,804 2,722 9,538

588

Total benefits and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27,404

Income (loss) from continuing operations before income taxes . . . . . . . . . . . . . . . . . . . . . . Income tax expense (benefit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (loss) from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(227) (57) (170)

Discontinued operations: Loss from healthcare operations, net of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gain (loss) on disposal of healthcare operations, net of taxes . . . . . . . . . . . . . . . . . . .

Net gain (loss) from discontinued operations, net of taxes . . . . . . . . . . . . . . . . . . . .

Net income (loss)

......................................................... $

16 16 (154) $

100

1,150

2,030

143

75

24

25,777

24,313

24,427

25,103

727

2,255

2,597

1,370

10,640

10,226

9,786

9,956

1,751

1,811

1,953

2,170

2,724

2,571

2,477

2,422

10,043

9,530

9,037

8,525

476

(400)

(298) (223)

(353)

(400) 813 $

(521) 1,106 $

(353) 610

26,504

26,568

27,024

26,473

406

1,042

970

407

321

1,213

1,627

963

77 77 398 $

Total U.S. Consumer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

210

744

659

980

Group Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other Employee Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) 27

156 113

143 342

221 715

Total Employee Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

25

269

485

936

International Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . International Securities and Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

554 (88)

281 26

227 15

153 13

Total International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

466

307

242

166

Investment Management and Advisory Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

97 114

155 122

156 97

145 22

Total Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

211

277

253

167

196 114 343 327

272

(1,319)

1,911

930

344

1,667

2,255 $

2,597

(1,063) 534 193 727 $

Basic and diluted earnings per share—Common Stock(1) . . . . . . . . . . . . . . . . . . . . . . $ Basic and diluted earnings per share—Class B Stock(1) . . . . . . . . . . . . . . . . . . . . . . . $

0.07 1.50

Division and Segment Data: Income (loss) from continuing operations before income taxes(2): Individual Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ Private Client Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retail Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Property and Casualty Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

228 $ (239) 130 91

108 $

94 $

237

224

233

180

166

161

Corporate and Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total—Financial Services Businesses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Closed Block Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

(520) 392 (619) (227) $

Total investments excluding policy loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Separate account assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Future policy benefits, policyholders’ account balances and unpaid claims and claim

$157,264 $140,469

77,158 293,030

82,217 272,753

adjustment expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Separate account liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Guaranteed minority interest in Trust holding solely debentures of Parent . . . . . . . . . . . . . Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Equity excluding net unrealized investment gains and losses on available-for-sale

133,732 77,158

5,405 5,304 271,887

690 20,453

104,130 82,217 11,131 2,502 252,145 20,608

securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19,225

20,249

Balance Sheet Data:

82,131 285,094

80,931 279,422

73,451 259,571

102,887 82,131 10,858 5,513 265,803 19,291

104,301 80,931 10,082 4,734 259,027 20,395

105,615 73,451 6,774 4,273 239,853 19,718

19,951

19,123

17,966

$151,338 $148,837 $146,594

(1) Earnings per share data reflects earnings for the period from December 18, 2001, the date of demutualization, through December 31, 2001 only. Net income during this period was $38 million and $3 million for the Financial Services Businesses and Closed Block Business, respectively. (2) Prepared in accordance with GAAP. Operating results by division and segment for 1997 are neither readily available nor practicable to obtain.

Prudential Financial 2001 Annual Report

31

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