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PRUDENTIAL FINANCIAL INC - 10-Q - 20040507 - INCOME_STATEMENT
PRUDENTIAL FINANCIAL, INC.
Unaudited Interim Supplemental Combining Statements of Operations
Three Months Ended March 31, 2004 and 2003
(in millions)
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2004
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2003
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Financial
Services
Businesses
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Closed
Block
Business
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Consolidated
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Financial
Services
Businesses
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Closed
Block
Business
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Consolidated
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REVENUES
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Premiums
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$
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2,193
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$
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888
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$
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3,081
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$
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2,407
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$
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904
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$
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3,311
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Policy charges and fee income
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549
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—
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549
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458
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—
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458
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Net investment income
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1,245
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879
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2,124
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1,282
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906
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2,188
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Realized investment gains (losses), net
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(8
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205
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197
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(108
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)
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41
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(67
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)
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Commissions and other income
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782
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16
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798
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879
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16
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895
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Total revenues
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4,761
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1,988
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6,749
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4,918
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1,867
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6,785
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BENEFITS AND EXPENSES
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Policyholders’ benefits
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2,240
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973
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3,213
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2,427
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1,007
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3,434
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Interest credited to policyholders’ account balances
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477
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35
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512
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418
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34
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452
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Dividends to policyholders
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25
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616
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641
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33
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612
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645
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General and administrative expenses
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1,490
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192
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1,682
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1,725
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215
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1,940
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Total benefits and expenses
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4,232
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1,816
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6,048
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4,603
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1,868
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6,471
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INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND CUMULATIVE EFFECT OF ACCOUNTING CHANGE
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529
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172
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701
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315
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(1
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)
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314
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Income tax expense
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157
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61
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218
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102
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—
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102
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INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE
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372
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111
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483
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213
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(1
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212
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Loss from discontinued operations, net of taxes
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(3
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—
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(3
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(16
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—
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(16
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Cumulative effect of accounting change, net of taxes
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(79
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—
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(79
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—
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—
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—
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NET INCOME (LOSS)
|
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$
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290
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$
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111
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$
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401
|
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$
|
197
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$
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(1
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)
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$
|
196
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