- Prudential Financial reported financial results for the fourth quarter and full year 2004 for its Financial Services Businesses.
- For the full year 2004, pre-tax adjusted operating income increased 27% to $2.5 billion compared to 2003, and after-tax adjusted operating income increased 38% to $1.8 billion.
- Assets under management and administration totaled $581.7 billion at the end of 2004, up 20% from the end of 2003, reflecting strong sales and investment returns across all divisions.
This document provides financial and operational highlights for Prudential Financial, Inc. for the third quarter of 2005:
- Pre-tax adjusted operating income increased 50% year-to-date compared to the same period in 2004, with strong growth in the Investment and International Insurance divisions.
- Assets under management and administration totaled $618.5 billion as of the third quarter, up from $542.9 billion in the same quarter of the prior year.
- Net income for the financial services businesses was $1.322 billion for the third quarter, up 109% from the same period in 2004.
This document is Prudential Financial's quarterly financial supplement for Q3 2002. It provides financial highlights and key metrics for Prudential and its business divisions. Some notable numbers include:
- Total pre-tax adjusted operating income for Financial Services Businesses of $427 million for Q3 2002.
- Net income of $392 million for Financial Services Businesses for Q3 2002.
- Total assets under management and administration of $532.9 billion as of the end of Q3 2002.
- Common stock price of $28.56 per share at the end of Q3 2002.
This document provides financial highlights and operating highlights for Prudential Financial, Inc. for the third quarter of 2004. Some key figures include:
- Pre-tax adjusted operating income for the Financial Services Businesses was $628 million for Q3 2004, up 22% from $1,482 million year-to-date 2003.
- Net income for the Financial Services Businesses was $548 million for Q3 2004, up 149% from $544 million year-to-date 2003.
- Total assets under management and administration were $542.9 billion at the end of Q3 2004, up 20% from $451.5 billion at the end of Q3 2003.
- Distribution representatives totaled
This document provides financial and operational highlights for Prudential Financial, Inc. for the second quarter of 2005:
- Pre-tax adjusted operating income for the Financial Services Businesses was $823 million, a 43% increase from the same period in 2004. Net income was $1.52 billion, an 88% increase.
- Assets under management and administration totaled $601 billion as of June 30, 2005, up 3% from the end of 2004.
- Prudential agent productivity was $42 thousand in the second quarter of 2005, up 14% from the same period in 2004.
- Prudential Financial's Quarterly Financial Supplement for Q4 2002 provides financial highlights and operations highlights for the company.
- Some key financial metrics include pre-tax adjusted operating income of $1.78 billion for 2002, up 32% from 2001. Net income for financial services businesses was $679 million in 2002, up 125% from 2001.
- Assets under management and administration totaled $589.6 billion as of Q4 2002, up slightly from $580 billion in 2001. The investment division managed the largest portion at $340.6 billion.
- Prudential Financial, Inc. released its Quarterly Financial Supplement for the fourth quarter of 2003.
- The document provides financial and operating highlights for Prudential's Financial Services Businesses, including results by division and details on investment portfolio composition.
- It includes information on revenues, income, expenses, sales results, assets under management, capitalization, and other key metrics.
Prudential Financial, Inc. released its quarterly financial supplement for the first quarter of 2005. Some key highlights include:
- Total revenues for Financial Services Businesses were $10.1 billion for the first quarter of 2005.
- Net income available to common shareholders was $1 billion, or $1.86 per share, for the first quarter of 2005.
- Total assets under management were $577 billion as of March 31, 2005, an increase of $18 billion from December 31, 2004.
This document provides a financial supplement for Prudential Financial Inc. for the second quarter of 2002. It includes highlights of financial and operational results. The supplement then provides more detailed financial statements and supplementary information for Prudential's financial services businesses, including its Insurance, Investment, International Insurance and Investments, and Investment Portfolio divisions.
This document provides financial and operational highlights for Prudential Financial, Inc. for the third quarter of 2005:
- Pre-tax adjusted operating income increased 50% year-to-date compared to the same period in 2004, with strong growth in the Investment and International Insurance divisions.
- Assets under management and administration totaled $618.5 billion as of the third quarter, up from $542.9 billion in the same quarter of the prior year.
- Net income for the financial services businesses was $1.322 billion for the third quarter, up 109% from the same period in 2004.
This document is Prudential Financial's quarterly financial supplement for Q3 2002. It provides financial highlights and key metrics for Prudential and its business divisions. Some notable numbers include:
- Total pre-tax adjusted operating income for Financial Services Businesses of $427 million for Q3 2002.
- Net income of $392 million for Financial Services Businesses for Q3 2002.
- Total assets under management and administration of $532.9 billion as of the end of Q3 2002.
- Common stock price of $28.56 per share at the end of Q3 2002.
This document provides financial highlights and operating highlights for Prudential Financial, Inc. for the third quarter of 2004. Some key figures include:
- Pre-tax adjusted operating income for the Financial Services Businesses was $628 million for Q3 2004, up 22% from $1,482 million year-to-date 2003.
- Net income for the Financial Services Businesses was $548 million for Q3 2004, up 149% from $544 million year-to-date 2003.
- Total assets under management and administration were $542.9 billion at the end of Q3 2004, up 20% from $451.5 billion at the end of Q3 2003.
- Distribution representatives totaled
This document provides financial and operational highlights for Prudential Financial, Inc. for the second quarter of 2005:
- Pre-tax adjusted operating income for the Financial Services Businesses was $823 million, a 43% increase from the same period in 2004. Net income was $1.52 billion, an 88% increase.
- Assets under management and administration totaled $601 billion as of June 30, 2005, up 3% from the end of 2004.
- Prudential agent productivity was $42 thousand in the second quarter of 2005, up 14% from the same period in 2004.
- Prudential Financial's Quarterly Financial Supplement for Q4 2002 provides financial highlights and operations highlights for the company.
- Some key financial metrics include pre-tax adjusted operating income of $1.78 billion for 2002, up 32% from 2001. Net income for financial services businesses was $679 million in 2002, up 125% from 2001.
- Assets under management and administration totaled $589.6 billion as of Q4 2002, up slightly from $580 billion in 2001. The investment division managed the largest portion at $340.6 billion.
- Prudential Financial, Inc. released its Quarterly Financial Supplement for the fourth quarter of 2003.
- The document provides financial and operating highlights for Prudential's Financial Services Businesses, including results by division and details on investment portfolio composition.
- It includes information on revenues, income, expenses, sales results, assets under management, capitalization, and other key metrics.
Prudential Financial, Inc. released its quarterly financial supplement for the first quarter of 2005. Some key highlights include:
- Total revenues for Financial Services Businesses were $10.1 billion for the first quarter of 2005.
- Net income available to common shareholders was $1 billion, or $1.86 per share, for the first quarter of 2005.
- Total assets under management were $577 billion as of March 31, 2005, an increase of $18 billion from December 31, 2004.
This document provides a financial supplement for Prudential Financial Inc. for the second quarter of 2002. It includes highlights of financial and operational results. The supplement then provides more detailed financial statements and supplementary information for Prudential's financial services businesses, including its Insurance, Investment, International Insurance and Investments, and Investment Portfolio divisions.
- Prudential Financial, Inc. (PRU) released its quarterly financial supplement for the third quarter of 2003, providing financial and operating highlights for its financial services businesses.
- The supplement includes combined and segment statements of operations and balance sheets for the quarter and year-to-date, as well as sales results, account values, assets under management, and investment portfolio information for its Insurance, Investment, and International Insurance and Investments divisions.
- Reference is made to Prudential's SEC filings for general information and consolidated financial information regarding the company and its Closed Block business.
This document provides quarterly financial information for Prudential Financial, Inc. for the second quarter of 2004. Some key highlights include:
- Pre-tax adjusted operating income for the Financial Services Businesses was $638 million for the first half of 2004, up 24% from the same period in 2003.
- Net income for the Financial Services Businesses was $519 million in the second quarter of 2004, up 150% from the second quarter of 2003.
- Assets under management for the Financial Services Businesses totaled $474.2 billion as of June 30, 2004, up 16% from June 30, 2003.
This document provides quarterly financial information for Prudential Financial, Inc. for the first quarter of 2004, including:
- Financial highlights such as pre-tax operating income of $549 million, net income of $290 million, and earnings per share of $0.57.
- Operations highlights such as total assets under management of $453.6 billion and distribution representatives of over 4,000 agents and advisors.
- Financial statements and supplementary information for the Insurance, Investment, and International Insurance divisions.
- Prudential Financial's Quarterly Financial Supplement provides financial and operating highlights for the second quarter of 2003.
- Key metrics include pre-tax adjusted operating income, net income, earnings per share, assets under management, distribution representatives, and capitalization data for the Company's Financial Services Businesses.
- The document presents historical results reflecting the classification of certain property/casualty insurance businesses as divested and the classification of two Japanese asset management units as divested businesses.
- Prudential Financial, Inc. released its Quarterly Financial Supplement for the first quarter of 2003, providing financial and operating highlights for its Financial Services Businesses.
- Key metrics included pre-tax adjusted operating income of $449 million, net income of $197 million, and assets under management and administration of $549.9 billion.
- By division, the Insurance Division contributed $172 million of pre-tax income, the Investment Division $74 million, and the International Insurance and Investments Division $175 million.
The document is Prudential Financial's quarterly financial supplement for the first quarter of 2006. It provides financial highlights and key operating metrics for Prudential's business divisions.
Some notable numbers from the first quarter include:
- Total pre-tax adjusted operating income for Financial Services Businesses of $946 million, up 7% from the first quarter of 2005.
- Net income of $675 million for Financial Services Businesses, down 12% from the first quarter of 2005.
- Total assets under management of $547.4 billion, up 6% from the first quarter of 2005.
- Individual annuities sales up 54% from the first quarter of 2005 to $1
- Prudential Financial's Quarterly Financial Supplement provides financial and operating highlights for the fourth quarter of 2005.
- The document includes information on the company's financial performance, capitalization, assets under management, and sales results across its Insurance, Investment Management, and International divisions.
- Specifically, it shows that Prudential's pre-tax adjusted operating income increased 41% year-over-year in 2005, with growth across all divisions, while assets under management and administration reached $624 billion.
- Prudential Financial, Inc. released its Quarterly Financial Supplement for the fourth quarter of 2001.
- The supplement provides financial and operating highlights for Prudential's Financial Services Businesses, including revenues, expenses, sales results, assets under management, capitalization data and more for the quarter and year-to-date.
- It presents performance by division and includes information on common stock prices, distribution channels, third party sales and other key metrics.
- Prudential Financial, Inc. released its Quarterly Financial Supplement for the third quarter of 2006.
- For the first nine months of 2006, Prudential reported pre-tax adjusted operating income of $3.1 billion for its Financial Services Businesses, up 12% from the same period in 2005.
- Net income for the Financial Services Businesses was $2.3 billion for the first nine months of 2006, down 21% from 2005, primarily due to lower realized investment gains compared to the prior year period.
Prudential Financial reported financial results for the second quarter of 2006. Some key highlights included:
- Pre-tax adjusted operating income for the Financial Services Businesses was $958 million, up 12% from the same period in 2005.
- Net income for the Financial Services Businesses was $424 million.
- Assets under management and administration totaled $670 billion, up 11% from the second quarter of 2005.
- Individual annuities sales increased to $2.1 billion for the quarter.
Prudential Financial reported financial results for the 4th quarter of 2008. Pre-tax adjusted operating income for the Financial Services Businesses declined 66% year-over-year due to losses across all divisions. Reconciling items, including realized investment losses and changes in experience-rated contractholder liabilities, resulted in a $1.1 billion after-tax loss for the Financial Services Businesses. On a per share basis, adjusted operating income declined to a loss of $2.04 per share, while net loss was $3.85 per share. Book value per common share declined to $33.66 including accumulated other comprehensive income.
This document provides financial highlights and operations highlights for Prudential Financial, Inc. for the second quarter of 2008:
- Pre-tax adjusted operating income for the Financial Services Businesses was $1.2 billion, down 11% from the same period in 2007. Net income was $652 million, down 65% from 2007.
- Assets under management totaled $648.4 billion as of June 30, 2008, down slightly from the end of 2007. This included assets managed by the Insurance, Investment, and International Insurance and Investments Divisions.
- Common stock price range for the quarter was $59.74 to $82.21, with a closing price of $59.
- Prudential Financial reported financial results for the fourth quarter and full year 2006.
- For the full year, pre-tax adjusted operating income for the Financial Services Businesses increased 18% to $4.2 billion.
- Earnings per share from continuing operations for the Financial Services Businesses was $6.37 for the full year, up from $6.49 in 2005.
This document provides financial information for Prudential Financial, Inc. for the third quarter of 2007.
Some key highlights include:
- Total assets under management and administration were $768.3 billion as of the end of the third quarter of 2007.
- Total pre-tax adjusted operating income for financial services businesses was $1.279 billion for the first nine months of 2007, up 25% from the same period in 2006.
- Net income for financial services businesses was $2.720 billion for the first nine months of 2007, up 21% from the same period in 2006.
- Earnings per share (diluted) for financial services businesses was $5.86 for
This document provides quarterly financial information for Prudential Financial, Inc. for the second quarter of 2007.
Some key highlights include:
- Total pre-tax adjusted operating income for the Financial Services Businesses was $1.2 billion for the quarter, a 33% increase from the same period in 2006.
- Total assets under management and administration increased to $648.4 billion for the quarter, up from $586.2 billion in the second quarter of 2006.
- Net income for the Financial Services Businesses was $835 million for the quarter, compared to $1.1 billion for the same period in 2006.
- Prudential Financial reported financial results for the 4th quarter of 2007, including pre-tax adjusted operating income of $950 million for its Financial Services Businesses.
- Assets under management and administration totaled $784 billion as of the end of the 4th quarter, up from $728.9 billion a year earlier.
- International assets under management or administration were $117 billion, down slightly from $123.8 billion a year ago due primarily to foreign exchange fluctuations.
Prudential Financial filed a quarterly financial supplement for the third quarter of 2008. The supplement provided unaudited financial information on Prudential's financial services businesses, including results of operations and balance sheet data for its insurance, investment management, and international divisions. It also contained key operating metrics and investment portfolio details. The document established context for Prudential's SEC filings and provided additional details on recent performance of its various business segments.
- Prudential Financial reported its financial results for the first quarter of 2007, including revenues, expenses, income, assets under management, and other key metrics.
- Some highlights included pre-tax adjusted operating income of $1.23 billion for the financial services businesses, up 30% from the prior year. Assets under management totaled $629.8 billion, an increase from $547.4 billion in the prior year.
- Earnings per share on an adjusted operating income basis were $1.85, up from $1.36 in the previous year.
- Prudential Financial, Inc. released its Quarterly Financial Supplement for the second quarter of 2002.
- The supplement provides financial and operating highlights for Prudential's Financial Services Businesses, including revenues, income, assets under management, capitalization data and more for the quarter and year-to-date.
- Total revenues for Prudential's Financial Services Businesses were $10.2 billion for the first half of 2002, up 8% from the same period in 2001, with growth in premiums and net investment income.
This document provides financial highlights and operating highlights for Prudential Financial, Inc. for the first quarter of 2008 compared to the same period in 2007. Some key details include:
- Pre-tax adjusted operating income for the Financial Services Businesses was $992 million, down 19% from $1,221 million in the prior year period.
- Net income for the Financial Services Businesses was $77 million, down 92% from $1,025 million in the first quarter of 2007.
- Assets under management and administration totaled $1.2 trillion as of March 31, 2008, up slightly from $1.1 trillion at the end of 2007.
- Prudential Financial, Inc. (PRU) released its quarterly financial supplement for the third quarter of 2003, providing financial and operating highlights for its financial services businesses.
- The supplement includes combined and segment statements of operations and balance sheets for the quarter and year-to-date, as well as sales results, account values, assets under management, and investment portfolio information for its Insurance, Investment, and International Insurance and Investments divisions.
- Reference is made to Prudential's SEC filings for general information and consolidated financial information regarding the company and its Closed Block business.
This document provides quarterly financial information for Prudential Financial, Inc. for the second quarter of 2004. Some key highlights include:
- Pre-tax adjusted operating income for the Financial Services Businesses was $638 million for the first half of 2004, up 24% from the same period in 2003.
- Net income for the Financial Services Businesses was $519 million in the second quarter of 2004, up 150% from the second quarter of 2003.
- Assets under management for the Financial Services Businesses totaled $474.2 billion as of June 30, 2004, up 16% from June 30, 2003.
This document provides quarterly financial information for Prudential Financial, Inc. for the first quarter of 2004, including:
- Financial highlights such as pre-tax operating income of $549 million, net income of $290 million, and earnings per share of $0.57.
- Operations highlights such as total assets under management of $453.6 billion and distribution representatives of over 4,000 agents and advisors.
- Financial statements and supplementary information for the Insurance, Investment, and International Insurance divisions.
- Prudential Financial's Quarterly Financial Supplement provides financial and operating highlights for the second quarter of 2003.
- Key metrics include pre-tax adjusted operating income, net income, earnings per share, assets under management, distribution representatives, and capitalization data for the Company's Financial Services Businesses.
- The document presents historical results reflecting the classification of certain property/casualty insurance businesses as divested and the classification of two Japanese asset management units as divested businesses.
- Prudential Financial, Inc. released its Quarterly Financial Supplement for the first quarter of 2003, providing financial and operating highlights for its Financial Services Businesses.
- Key metrics included pre-tax adjusted operating income of $449 million, net income of $197 million, and assets under management and administration of $549.9 billion.
- By division, the Insurance Division contributed $172 million of pre-tax income, the Investment Division $74 million, and the International Insurance and Investments Division $175 million.
The document is Prudential Financial's quarterly financial supplement for the first quarter of 2006. It provides financial highlights and key operating metrics for Prudential's business divisions.
Some notable numbers from the first quarter include:
- Total pre-tax adjusted operating income for Financial Services Businesses of $946 million, up 7% from the first quarter of 2005.
- Net income of $675 million for Financial Services Businesses, down 12% from the first quarter of 2005.
- Total assets under management of $547.4 billion, up 6% from the first quarter of 2005.
- Individual annuities sales up 54% from the first quarter of 2005 to $1
- Prudential Financial's Quarterly Financial Supplement provides financial and operating highlights for the fourth quarter of 2005.
- The document includes information on the company's financial performance, capitalization, assets under management, and sales results across its Insurance, Investment Management, and International divisions.
- Specifically, it shows that Prudential's pre-tax adjusted operating income increased 41% year-over-year in 2005, with growth across all divisions, while assets under management and administration reached $624 billion.
- Prudential Financial, Inc. released its Quarterly Financial Supplement for the fourth quarter of 2001.
- The supplement provides financial and operating highlights for Prudential's Financial Services Businesses, including revenues, expenses, sales results, assets under management, capitalization data and more for the quarter and year-to-date.
- It presents performance by division and includes information on common stock prices, distribution channels, third party sales and other key metrics.
- Prudential Financial, Inc. released its Quarterly Financial Supplement for the third quarter of 2006.
- For the first nine months of 2006, Prudential reported pre-tax adjusted operating income of $3.1 billion for its Financial Services Businesses, up 12% from the same period in 2005.
- Net income for the Financial Services Businesses was $2.3 billion for the first nine months of 2006, down 21% from 2005, primarily due to lower realized investment gains compared to the prior year period.
Prudential Financial reported financial results for the second quarter of 2006. Some key highlights included:
- Pre-tax adjusted operating income for the Financial Services Businesses was $958 million, up 12% from the same period in 2005.
- Net income for the Financial Services Businesses was $424 million.
- Assets under management and administration totaled $670 billion, up 11% from the second quarter of 2005.
- Individual annuities sales increased to $2.1 billion for the quarter.
Prudential Financial reported financial results for the 4th quarter of 2008. Pre-tax adjusted operating income for the Financial Services Businesses declined 66% year-over-year due to losses across all divisions. Reconciling items, including realized investment losses and changes in experience-rated contractholder liabilities, resulted in a $1.1 billion after-tax loss for the Financial Services Businesses. On a per share basis, adjusted operating income declined to a loss of $2.04 per share, while net loss was $3.85 per share. Book value per common share declined to $33.66 including accumulated other comprehensive income.
This document provides financial highlights and operations highlights for Prudential Financial, Inc. for the second quarter of 2008:
- Pre-tax adjusted operating income for the Financial Services Businesses was $1.2 billion, down 11% from the same period in 2007. Net income was $652 million, down 65% from 2007.
- Assets under management totaled $648.4 billion as of June 30, 2008, down slightly from the end of 2007. This included assets managed by the Insurance, Investment, and International Insurance and Investments Divisions.
- Common stock price range for the quarter was $59.74 to $82.21, with a closing price of $59.
- Prudential Financial reported financial results for the fourth quarter and full year 2006.
- For the full year, pre-tax adjusted operating income for the Financial Services Businesses increased 18% to $4.2 billion.
- Earnings per share from continuing operations for the Financial Services Businesses was $6.37 for the full year, up from $6.49 in 2005.
This document provides financial information for Prudential Financial, Inc. for the third quarter of 2007.
Some key highlights include:
- Total assets under management and administration were $768.3 billion as of the end of the third quarter of 2007.
- Total pre-tax adjusted operating income for financial services businesses was $1.279 billion for the first nine months of 2007, up 25% from the same period in 2006.
- Net income for financial services businesses was $2.720 billion for the first nine months of 2007, up 21% from the same period in 2006.
- Earnings per share (diluted) for financial services businesses was $5.86 for
This document provides quarterly financial information for Prudential Financial, Inc. for the second quarter of 2007.
Some key highlights include:
- Total pre-tax adjusted operating income for the Financial Services Businesses was $1.2 billion for the quarter, a 33% increase from the same period in 2006.
- Total assets under management and administration increased to $648.4 billion for the quarter, up from $586.2 billion in the second quarter of 2006.
- Net income for the Financial Services Businesses was $835 million for the quarter, compared to $1.1 billion for the same period in 2006.
- Prudential Financial reported financial results for the 4th quarter of 2007, including pre-tax adjusted operating income of $950 million for its Financial Services Businesses.
- Assets under management and administration totaled $784 billion as of the end of the 4th quarter, up from $728.9 billion a year earlier.
- International assets under management or administration were $117 billion, down slightly from $123.8 billion a year ago due primarily to foreign exchange fluctuations.
Prudential Financial filed a quarterly financial supplement for the third quarter of 2008. The supplement provided unaudited financial information on Prudential's financial services businesses, including results of operations and balance sheet data for its insurance, investment management, and international divisions. It also contained key operating metrics and investment portfolio details. The document established context for Prudential's SEC filings and provided additional details on recent performance of its various business segments.
- Prudential Financial reported its financial results for the first quarter of 2007, including revenues, expenses, income, assets under management, and other key metrics.
- Some highlights included pre-tax adjusted operating income of $1.23 billion for the financial services businesses, up 30% from the prior year. Assets under management totaled $629.8 billion, an increase from $547.4 billion in the prior year.
- Earnings per share on an adjusted operating income basis were $1.85, up from $1.36 in the previous year.
- Prudential Financial, Inc. released its Quarterly Financial Supplement for the second quarter of 2002.
- The supplement provides financial and operating highlights for Prudential's Financial Services Businesses, including revenues, income, assets under management, capitalization data and more for the quarter and year-to-date.
- Total revenues for Prudential's Financial Services Businesses were $10.2 billion for the first half of 2002, up 8% from the same period in 2001, with growth in premiums and net investment income.
This document provides financial highlights and operating highlights for Prudential Financial, Inc. for the first quarter of 2008 compared to the same period in 2007. Some key details include:
- Pre-tax adjusted operating income for the Financial Services Businesses was $992 million, down 19% from $1,221 million in the prior year period.
- Net income for the Financial Services Businesses was $77 million, down 92% from $1,025 million in the first quarter of 2007.
- Assets under management and administration totaled $1.2 trillion as of March 31, 2008, up slightly from $1.1 trillion at the end of 2007.
El resumen cuenta la historia de un hombre que caminaba por la playa pensando en todo lo que le haría feliz si lo tuviera, como un auto nuevo o una casa grande. Tiraba una piedra al mar por cada cosa que deseaba. Al final, solo le quedó una piedra pequeña que resultó ser un valioso diamante. Al igual que el hombre arrojó diamantes sin darse cuenta, las personas a menudo desean lo que no tienen en lugar de apreciar la felicidad que los rodea. Cada día es un precioso diamante del que debemos aprovechar
This document outlines the schedule and requirements for a contour washes drawing project, including uploading a photo of the completed project by April 14th, with critiques of the projects happening on April 15th. Student examples will also be provided.
The document is a notice for the annual meeting of shareholders of Prudential Financial, Inc. to be held on June 8, 2004 at 2:00 pm at Prudential's Corporate Headquarters in Newark, NJ. The notice provides information on the matters to be voted on, including the election of four Class III directors and one Class I director. Shareholders of record as of April 12, 2004 are entitled to vote. Shareholders will need an admission ticket to attend and vote in person.
O documento descreve os diferentes valores que a conjunção latina "cum" pode ter, incluindo temporal, causal e concessivo, e como ela é usada com o indicativo ou subjuntivo.
johnson controls FY2008 1st Quarter Form 10-Q finance8
This document is Johnson Controls' Form 10-Q filing for the quarterly period ended December 31, 2007. It includes Johnson Controls' condensed consolidated financial statements, including statements of financial position, income, and cash flows for the periods presented. It also includes notes to the financial statements providing additional details on new accounting standards, acquisitions of businesses, discontinued operations, percentage-of-completion contracts, and inventories. The filing is signed and provides certifications by Johnson Controls' management regarding the accuracy of the financial reporting.
This poem expresses the special bonds of love and care within a family. It describes how a new baby brings new meaning and dimensions to the love between parents, as well as the eternal gift of life from above. The family shares feelings of love and finds comfort in listening to each other.
This document does not contain any coherent information that can be summarized in 3 sentences or less. It appears to contain random characters and does not convey any clear ideas, concepts, events or other essential information that could be extracted for summarization.
El documento describe un nuevo Plan Nacional de Empleo (PENE) que tiene como objetivo reducir la plantilla estatal acelerando la jubilación de empleados mayores a través de la Jubilación Obligatoria de Empleados y Trabajadores Estatales (JODETE). Los empleados "jodidos" podrán buscar otros trabajos dentro del estado a través de un Plan Acelerado de Jubilación Anticipada (PAJA) o solicitar una revisión final llamada Posibilidades Optimas Laborales de Volver a la Organización (POLVO). El programa
The document is a company's earnings release for the first quarter of 2007. It reports strong financial performance including 11% sales growth and 27% earnings per share growth. All business segments grew sales and profits compared to the prior year. The company is raising its full year 2007 guidance and expects continued sales and profit growth over 2006.
The document summarizes a research project on concepts of operations for strategic agility in supply chain management. [1] The project focuses on customer-oriented make-to-order production and management of network cooperation and procurement. [2] The goals are to gather best practices, support companies' development, and diffuse supplier cooperation practices. [3] The research will involve interviews, development work with networks, and reporting results.
1. The document provides instructions for setting up WiFi connectivity from various devices including resetting network settings, choosing connection types, and installing WiFi drivers from a CD-ROM.
2. It describes connecting the device to the computer via USB and manually selecting the correct driver folder when prompted by Windows.
3. The user is then instructed to choose their access point from the list, enter the correct password or key, and click connect. Common encryption types are listed along with warnings.
4. Troubleshooting tips are provided regarding connection quality and ensuring the correct printer port is selected depending on the connection type.
Reliance Field Services is a nationwide network that provides field representatives to facilitate the collection industry. Their main objective is to perform nationwide field services for clients to maximize collection results. They meet customer needs like improving contact and stressing urgency to debtors. Their services include general field calls where representatives convey urgent messages to debtors and leave "doorknockers". They also provide additional services like insurance loss reports, property preservation, and loss mitigation campaigns.
AL CERRAR LA PUERTA
Al cerrar la puerta, golpean las grises interrogantes
Frenética persecución de una imagen que no mira
La tea se apago frente a frías y torcidas figuras
de una pantalla en busca de noticias….
Impavido, no voltea, metamorfosis violenta,
Duro témpano, resplandor que indiferente latiga
Hasta dónde debieron ser las tablas reveladas
Preguntas que en aparente calma, abruptas aparecen
Un diamante se abre, los infantes no saben de mentiras
No se esconde bajo criptas convenientemente cerradas
No declaran falsedades a pesar de condenar los sueños
¿Cuántos fueron los sellos? ¿Cuántas las llaves?
Uno….cinco…siete…diez….mil…quizás
Uno… solo uno… atípico sello…solo una extraña llave
Eso fue mientras, buscaba las huellas de unos zapatos
Ignorante del suicidio constante de una voz que no estudio
Alicia no quiere despertar busca al conejo de pascua
Al hombre de latón que la proteja colmándola de abrazos
Corresponsable es recuerda… la verdad a la verdad
de eso existe certeza ante los números descritos
Porque de la misma materia están hechas
¿Qué más da si hubieran sido mil? Entre tantas pesadillas
Intranscendente es la posesión que nunca fue reclamada
La catedral estaba olvidada, desterrada, desierta…
Condenada fue a silencios que giraban como pesadas esferas
Condenada a lazos finitos de un viejo reloj rodando como piedra
El corazón fue solo un fósil entre las manos ausentes
Oculto y amordazado permaneció intacto en cúpula secreta
Qué más da si fueron mil cuando se cierran todas las puertas
Convirtiérase el músculo en la imagen de un antiguo vetusto
Símbolo dormido esperando un “te amo” que nunca escucho
Abrigando en los ayeres, la esperanza de ser el sol
Mientras se inicia la pesada cuenta que marcará nuevamente el retorno
Un golpe seco, una llamada, un todo bien…
Mientras se aleja lentamente una sombra,
Los talones inseguros lloran, son pasos de piedra
La serpenteante avenida deja ver luces que ciegan
Las lunas no miran, la mente no piensa, el corazón explota
Un abrazo que sin llegar a serlo tiembla asustado, sonríe y se oculta
Al cerrar la puerta nuevamente la espera
FANNY JEM WONG
24.01.2007
“Lo único que quiero de ti…
Un oso, una muñeca, una caja sonora
Alicia siempre será Alicia, no desea crecer
Es más fácil lastimar a los adultos”
(Jemwong)
The document is Prudential Financial's quarterly financial supplement for the first quarter of 2002. It provides financial highlights and key metrics for Prudential and its business divisions. Some notable numbers from the first quarter include:
- Total revenues for Financial Services Businesses of $5.056 billion, up 15% from 2001.
- Pre-tax adjusted operating income for Financial Services Businesses of $523 million, up 11% from 2001.
- Net income for Financial Services Businesses of $263 million, down 35% from 2001 primarily due to realized investment losses.
- Assets under management and administration totaled $580 billion as of the end of the first quarter, down 2% from
(1) First Horizon National Corporation reported a net loss of $35 million in Q3 2009, an improvement from a $105 million net loss in Q2 2009. (2) Noninterest income increased 7% quarter-over-quarter due to debt repurchase gains, while noninterest expense decreased 13% due to lower restructuring charges. (3) The provision for loan losses decreased 29% from $260 million to $185 million as credit quality stabilized.
This document describes an enterprise-wide publishing solution from Data Communiqué that allows for collaborative workflow and automated publishing across departments. It allows legal, fund administration, marketing and other teams to upload content to a central repository from where it can be compiled and published in formats like PDF, EDGAR and XML. The solution includes tools for desktop publishing, performance reporting and content management to streamline the creation and distribution of financial reports, fund prospectuses and other compliance documents.
PACCAR is a global technology company that manufactures commercial vehicles sold under Kenworth, Peterbilt and DAF brands. It competes in the North American Class 5-7 market with Peterbilt and Kenworth models and in Europe/Africa with DAF trucks. PACCAR also provides financing and aftermarket parts. While revenues declined from 2006 to 2007, net income and stockholders' equity increased, demonstrating continued financial strength.
PACCAR is a global technology company that manufactures Class 8 commercial vehicles sold under Kenworth, Peterbilt and DAF brands. It also competes in North America's Class 5-7 market and manufactures Class 4-7 trucks in Europe. PACCAR distributes aftermarket parts through a worldwide network and facilitates vehicle sales in many countries through finance and leasing subsidiaries. The company maintains high quality standards across all products which have a reputation for superior performance.
PACCAR is a global technology company that manufactures commercial vehicles under the Kenworth, Peterbilt and DAF brands. In 2007, PACCAR delivered over 133,000 trucks globally and had record sales of aftermarket parts and new financing contracts. Net income was $1.23 billion on revenues of $15.2 billion, despite a weak North American truck market. PACCAR continues to invest heavily in new products, manufacturing technology, and expanding its global operations to position itself for long-term growth.
PACCAR is a global technology company that manufactures commercial vehicles under the Kenworth, Peterbilt and DAF brands. In 2007, PACCAR delivered over 133,000 trucks globally and had record sales of aftermarket parts and new financing contracts. Net income was $1.23 billion on revenues of $15.2 billion, despite a weak North American truck market. PACCAR continues to invest heavily in new products, manufacturing technologies, and expanding its global operations to position itself for long-term growth.
- NTPC Ltd is an Indian power generation company with a market capitalization of Rs. 141821.98 crores.
- In the quarter ending June 2011, NTPC reported a 9.11% decline in quarterly profit to Rs. 2075.78 crores, while year-to-date profit grew 7.15% to Rs. 9352.59 crores.
- The document provides a detailed financial analysis of NTPC including income statements, balance sheets, ratio analysis, and valuation metrics to analyze the company's performance and valuation.
The document provides financial information for Nationwide Financial Services for the third quarter of 2007:
- Pre-tax operating earnings for the quarter were $205.2 million, down from $279.8 million in the previous quarter.
- Total operating revenues for the quarter were $1,151.3 million, a slight decrease from the previous quarter.
- Benefits paid out to policyholders totaled $517.8 million for the quarter, a decrease from $543.1 million in the second quarter.
Infrastructure development finance company ltdTanay Roy, CFA
This document provides a financial analysis of an Indian finance company called Infrastructure Development Finance Company Ltd. Key highlights from the analysis include:
- For the fiscal year ending March 2011, the company reported net profit growth of 26.09% and EBIDTA growth of 36.86%.
- Valuation metrics for the company include a TTM P/E ratio of 12.86, P/Sales per share of 3.61, and market capitalization of Rs. 12638.54 crores.
- The company's return on equity has fluctuated in recent years from a high of 1.12 in FY2010 to 0.82 in FY2011.
1) Total assets grew to N2.3 trillion for the Group and N2 trillion for the Bank in 2010 compared to N2.1 trillion and N1.8 trillion respectively in 2009.
2) Gross earnings increased to N231 billion for the Group and N208 billion for the Bank in 2010 from N194 billion and N175 billion respectively in 2009.
3) Profit before tax rose to N43 billion for the Group and N34 billion for the Bank in 2010 compared to N13 billion and N8 billion respectively in 2009.
The document summarizes Alcoa's 1st quarter 2008 financial results and outlook. Key highlights include income from continuing operations of $303 million, revenues of $7.4 billion, and segment ATOI increasing 42% excluding packaging. Business conditions included lower aluminum prices, unfavorable currency and energy costs, and continued pressure in automotive. The outlook anticipates production increases and improved efficiencies. Alcoa reviews growth opportunities in aerospace, transportation, and infrastructure and discusses strategic priorities around profitable growth, competitive advantages, and disciplined execution.
- Alcoa reported income from continuing operations of $546 million or $0.66 per share for Q2 2008, an 80% increase over Q1 2008. Revenues increased 3% to $7.6 billion.
- Input costs continued to climb across the industry, with increases in caustic soda, calcined coke, fuel oil, and other materials. However, Alcoa saw double digit profit increases across all operating segments sequentially.
- Cash from operations exceeded $1 billion. The company repurchased $175 million in shares, reaching 10% of shares outstanding under the repurchase program. Global aluminum demand is expected to increase 7.9% in 2008 despite weakness in the US market.
- Alcoa reported net income of $268 million for 3Q 2008, which included $29 million for restructuring. Revenues were $7.2 billion, up from $6.5 billion in 3Q 2007 excluding divested businesses.
- The aluminum industry is facing significant increases in input costs such as caustic soda, calcined coke, ocean freight, and fuel oil. These rising costs have squeezed margins across the industry.
- Compared to 3Q 2007, Alcoa's income from continuing operations excluding special items fell from $340 million to $298 million due to higher costs that were only partially offset by productivity gains and price increases.
The document provides an overview of Alcoa's 4th quarter 2008 financial results and outlook for 1st quarter 2009. Key points include:
- 4Q 2008 loss from continuing operations of $929 million or $1.16 per share due to restructuring and impairment charges of $708 million.
- Revenue declined 18% sequentially to $5.7 billion on lower metal prices and market deterioration.
- Cash from operations was $608 million and cash on hand was $762 million.
- 1Q 2009 outlook includes further price declines and production cuts due to weak market conditions across key end markets.
The document summarizes Alcoa's annual shareholders meeting on May 8, 2008. It lists nominees for the board of directors to serve until 2011 and current directors. It also provides an executive council listing and forward-looking statements. Financial highlights from 2007 include record income and cash from operations. Q1 2008 results showed income from continuing operations of $303M excluding restructuring impacts. It outlines Alcoa's share repurchase program and total shareholder return, which outperformed indexes in 2007 and 2008 to date.
Alcoa endorses The Business Roundtable Principles of Corporate finance8
The document outlines principles of corporate governance established by The Business Roundtable. It discusses the roles and responsibilities of boards of directors, CEOs, management, stockholders, and other parties. The board's primary duties are selecting the CEO and overseeing management. Management runs day-to-day operations and informs the board of business status. Effective governance requires understanding these roles and their relationships with stockholders and other constituencies.
The Alcoa 1996 Annual Report provides the following information:
1) Alcoa's earnings in 1996 totaled $514.9 million with revenues of $13.1 billion and a return on equity of 11.6%. Before special charges, earnings were $637 million for a return on equity of 14.4%.
2) Over the past decade, Alcoa has made safety its top priority and has successfully reduced injury rates at its facilities around the world, demonstrating that continuous improvement is possible.
3) Alcoa has expanded its global operations over the past year through acquisitions and new contracts, and it aims to leverage its resources and technologies worldwide to remain the leader in the aluminum industry.
The document provides cable customer metrics and financial data for 2007 and 2008. It shows that the company gained over 4,000 revenue generating units (RGUs) in 2008 but lost 575 total video customers. Digital video customers and homes passed increased while average monthly revenue per video customer rose to $110.48. Total revenue increased over $2.5 billion from 2007 to 2008 while operating cash flow increased over $1 billion. Capital expenditures focused on growth areas like customer premise equipment and scalable infrastructure to support additional customers and services.
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Economic Risk Factor Update: June 2024 [SlideShare]
prudential financial 4Q04 QFS
1. Prudential Financial, Inc. (PRU)
Quarterly Financial Supplement
FINANCIAL SERVICES BUSINESSES
FOURTH QUARTER 2004
Reference is made to Prudential Financial, Inc.'s filings with the Securities and Exchange
Commission for general information, and consolidated financial information, regarding
Prudential Financial, Inc., including its Closed Block Business. All financial information
in this document is unaudited.
i February 8, 2005
2. Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2004
CONTENTS
Page
HIGHLIGHTS
1-2
Financial Highlights
3
Operations Highlights
FINANCIAL SERVICES BUSINESSES
4
Combined Statements of Operations
5
Combined Balance Sheets
6
Combining Statements of Operations by Division (Quarter)
7
Combining Statements of Operations by Division
8
Combining Balance Sheets by Division
9
Short-Term Debt
10
Long-Term Debt
INSURANCE DIVISION
11
Combined Statements of Operations
12
Combining Statements of Operations (Quarter)
13
Combining Statements of Operations
14
Individual Life and Annuities Sales Results and Account Values
15
Individual Life Account Value Activity
16
Annuities Account Value Activity
17
Deferred Policy Acquisition Costs
18
Supplementary Information for Individual Life Insurance
19
Supplementary Information for Group Insurance
INVESTMENT DIVISION
20
Combined Statements of Operations
21
Combining Statements of Operations
22
Supplementary Revenue Information for Asset Management Segment
23
Supplementary Information for Financial Advisory Segment
24
Assets Under Management for Investment Management and Advisory Services operations
25
Mutual Funds and Wrap-fee Products
26
Retirement Sales Results and Account Values
INTERNATIONAL INSURANCE AND INVESTMENTS DIVISION
27
Combined Statements of Operations
28
Combining Statements of Operations
29
International Insurance Segment - Supplementary Income Statement Information
30-31
Sales Results and Supplementary Information
INVESTMENT PORTFOLIO
32
Investment Portfolio Composition
33
Financial Services Businesses Investment Portfolio Composition - Japanese Insurance Operations and Excluding Japanese Insurance Operations
34
Financial Services Businesses Investment Results
35
Financial Services Businesses Investment Results - Japanese Insurance Operations
36
Financial Services Businesses Investment Results - Excluding Japanese Insurance Operations
37-44
RECLASSIFIED STATEMENTS OF OPERATIONS
45-47
KEY DEFINITIONS AND FORMULAS
48
RATINGS AND INVESTOR INFORMATION
ii
3. Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2004
This Quarterly Financial Supplement reflects the following, for all periods presented:
Results from the Company’s Dryden Wealth Management business, previously reflected in the International Investments
Segment, have been classified as “divested businesses” as a result of the Company’s decision to exit this business.
Results from certain branches of the Company’s European retail transaction-oriented stockbrokerage operations, formerly
reported as “divested businesses”, have been classified as discontinued operations.
Revenues, expenses, assets and liabilities as reported herein also reflect certain reclassifications to conform to current period
reporting practices.
iii
4. Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2004
FINANCIAL HIGHLIGHTS
(in millions, except per share data)
Year-to-date % 2003 2004
2004 2003 Change 4Q 1Q 2Q 3Q 4Q
Financial Services Businesses:
Pre-tax adjusted operating income by division:
991 788 26% Insurance Division 206 211 238 245 297
355 289 23% Investment Division 56 96 72 76 111
1,003 809 24% International Insurance and Investments Division 191 221 269 260 253
158 88 80% Corporate and other operations 42 22 64 54 18
2,507 1,974 27% Total pre-tax adjusted operating income 495 550 643 635 679
676 645 5% Income taxes, applicable to adjusted operating income 164 171 142 168 195
1,831 1,329 38% Financial Services Businesses after-tax adjusted operating income 331 379 501 467 484
Items excluded from adjusted operating income:
24 (199) 112% Realized investment gains (losses), net, and related charges and adjustments (29) 1 143 38 (158)
(43) - - Investment gains (losses) on trading account assets supporting insurance liabilities, net - 50 (322) 208 21
(11) - - Change in experience-rated contractholder liabilities due to asset value changes - (50) 183 (100) (44)
(105) (166) 37% Divested businesses 260 (17) (9) (22) (57)
(135) (365) 63% Total items excluded from adjusted operating income, before income taxes 231 (16) (5) 124 (238)
(54) (119) 55% Income taxes, applicable to items excluded from adjusted operating income 59 (12) (8) 36 (70)
(81) (246) 67% Total items excluded from adjusted operating income, after income taxes 172 (4) 3 88 (168)
Income from continuing operations (after-tax) of Financial Services Businesses
1,750 1,083 62% before extraordinary gain on acquisition and cumulative effect of accounting change 503 375 504 555 316
(18) (58) 69% Income (loss) from discontinued operations, net of taxes (22) (6) (5) (8) 1
21 - - Extraordinary gain on acquisition, net of taxes - - 20 1 -
(79) - - Cumulative effect of accounting change, net of taxes - (79) - - -
1,674 1,025 63% Net income of Financial Services Businesses 481 290 519 548 317
Earnings per share of Common Stock (diluted):
3.61 2.53 Financial Services Businesses after-tax adjusted operating income 0.64 0.74 0.98 0.93 0.96
Items excluded from adjusted operating income:
0.04 (0.36) Realized investment gains (losses), net, and related charges and adjustments (0.05) - 0.27 0.07 (0.30)
(0.08) - Investment gains (losses) on trading account assets supporting insurance liabilities, net - 0.09 (0.60) 0.40 0.04
(0.02) - Change in experience-rated contractholder liabilities due to asset value changes - (0.09) 0.34 (0.19) (0.08)
(0.20) (0.30) Divested businesses 0.48 (0.03) (0.02) (0.04) (0.11)
(0.26) (0.66) Total items excluded from adjusted operating income, before income taxes 0.43 (0.03) (0.01) 0.24 (0.45)
(0.10) (0.21) Income taxes, applicable to items excluded from adjusted operating income 0.11 (0.02) (0.02) 0.07 (0.13)
(0.16) (0.45) Total items excluded from adjusted operating income, after income taxes 0.32 (0.01) 0.01 0.17 (0.32)
Income from continuing operations (after-tax) of Financial Services Businesses
3.45 2.08 before extraordinary gain on acquisition and cumulative effect of accounting change 0.96 0.73 0.99 1.10 0.64
(0.03) (0.10) Income (loss) from discontinued operations, net of taxes (0.04) (0.01) (0.01) (0.02) -
0.04 - Extraordinary gain on acquisition, net of taxes - - 0.04 - -
(0.15) - Cumulative effect of accounting change, net of taxes - (0.15) - - -
3.31 1.98 Net income of Financial Services Businesses 0.92 0.57 1.02 1.08 0.64
531.2 548.4 Weighted average number of outstanding Common shares (diluted basis) 541.9 539.9 532.2 525.7 527.3
10.16% 7.55% Operating Return on Average Equity (based on adjusted operating income) 7.51% 8.61% 11.26% 10.38% 10.46%
Reconciliation to Consolidated Net Income of Prudential Financial, Inc:
1,674 1,025 Net income of Financial Services Businesses (above) 481 290 519 548 317
582 239 Net income of Closed Block Business 94 111 30 180 261
2,256 1,264 Consolidated net income 575 401 549 728 578
84 60 Direct equity adjustments for earnings per share calculations 15 19 23 22 20
Page 1
5. Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2004
FINANCIAL HIGHLIGHTS
(in millions, except per share data)
Year-to-date 2003 2004
2004 2003 4Q 1Q 2Q 3Q 4Q
Financial Services Businesses Capitalization Data (1):
Short-term debt 4,739 4,603 4,432 6,135 3,896
Long-term debt 3,860 3,820 4,437 5,708 5,877
Attributed Equity:
Including accumulated other comprehensive income 20,340 20,837 19,619 20,457 21,149
Excluding unrealized gains and losses on investments 18,440 18,520 18,695 18,987 19,561
Excluding accumulated other comprehensive income 18,563 18,554 18,755 18,995 19,392
Total Capitalization:
Including accumulated other comprehensive income 24,200 24,657 24,056 26,165 27,026
Excluding unrealized gains and losses on investments 22,300 22,340 23,132 24,695 25,438
Excluding accumulated other comprehensive income 22,423 22,374 23,192 24,703 25,269
Book value per share of Common Stock:
Including accumulated other comprehensive income 37.61 38.90 37.11 39.19 39.79
Excluding unrealized gains and losses on investments 34.10 34.58 35.36 36.37 36.80
Excluding accumulated other comprehensive income 34.33 34.64 35.47 36.39 36.49
Number of diluted shares at end of period 540.8 535.6 528.7 522.0 531.5
Common Stock Price Range (based on closing price):
55.09 42.19 High 42.19 48.11 46.47 48.10 55.09
41.05 27.56 Low 36.60 41.62 41.05 44.30 42.87
54.96 41.77 Close 41.77 44.78 46.47 47.04 54.96
Common Stock market capitalization (1) 22,341 23,679 24,209 24,158 28,983
(1) As of end of period.
Page 2
6. Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2004
OPERATIONS HIGHLIGHTS
Year-to-date 2003 2004
2004 2003 4Q 1Q 2Q 3Q 4Q
Assets Under Management and Administration ($ billions) (1) (2):
Assets Under Management :
Managed by Investment Division:
Asset Management Segment - Investment Management & Advisory Services
Retail customers 81.2 78.4 74.4 62.3 66.0
Institutional customers 94.8 99.9 106.3 108.9 119.2
General account 127.8 131.2 147.6 152.3 152.7
Total Investment Management and Advisory Services 303.8 309.5 328.3 323.5 337.9
Non-proprietary assets under management 22.7 22.3 43.6 43.5 44.8
Total managed by Investment Division 326.5 331.8 371.9 367.0 382.7
Managed by International Insurance and Investments Division 53.9 67.6 67.0 67.1 77.7
Managed by Insurance Division 33.9 35.3 35.3 35.9 39.1
Total assets under management 414.3 434.7 474.2 470.0 499.5
Client assets under administration 50.4 52.2 64.6 72.9 82.2
Total assets under management and administration 464.7 486.9 538.8 542.9 581.7
Assets managed or administered for customers outside of the United States at end of period 84.9 100.8 97.3 96.4 107.0
Distribution Representatives (1):
Prudential Agents 4,320 4,147 4,001 3,982 3,682
International Life Planners 4,989 5,008 5,123 5,234 5,385
Gibraltar Life Advisors 4,826 4,815 4,888 4,759 4,970
42 40 Prudential Agent productivity ($ thousands) 44 36 40 37 54
Third Party Distribution - Retail Products ($ millions) (3):
155 111 Individual life insurance (4) 49 28 34 45 48
11 20 Corporate-owned life insurance sales - 6 1 3 1
4,834 3,048 Individual annuities (5) 1,166 1,410 1,332 1,078 1,014
14,066 6,060 Mutual funds and wrap-fee products (5) 2,144 2,742 2,386 4,002 4,936
(1) As of end of period.
(2) At fair market value.
(3) Represents scheduled premiums from new sales on an annualized basis and first year excess premiums and deposits on a cash-received basis for
Individual Life Insurance, including corporate-owned life insurance, and gross sales for Individual Annuities, Mutual Funds and Wrap-fee products.
(4) Excludes corporate-owned life insurance sales.
(5) Includes, effective July 1, 2003, production through Financial Advisors formerly associated with Prudential Securities, who became associated
with Wachovia Securities Financial Holdings, LLC as a result of the combination of Prudential's retail securities brokerage operation with
Wachovia Securities Financial Holdings, LLC as of that date.
Page 3
7. Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2004
COMBINED STATEMENTS OF OPERATIONS - FINANCIAL SERVICES BUSINESSES
(in millions)
Year-to-date % 2003 2004
2004 2003 Change 4Q 1Q 2Q 3Q 4Q
Revenues (1):
8,795 7,918 11% Premiums 2,042 2,191 2,210 2,176 2,218
2,360 2,001 18% Policy charges and fee income 553 559 580 596 625
5,384 4,935 9% Net investment income 1,223 1,244 1,330 1,397 1,413
3,446 3,254 6% Commissions, investment management fees, and other income 686 676 929 853 988
19,985 18,108 10% Total revenues 4,504 4,670 5,049 5,022 5,244
Benefits and Expenses (1):
8,935 8,284 8% Insurance and annuity benefits 2,171 2,262 2,217 2,220 2,236
2,183 1,691 29% Interest credited to policyholders' account balances 428 427 582 580 594
296 200 48% Interest expense 57 53 57 83 103
(1,528) (1,270) -20% Deferral of acquisition costs (353) (388) (373) (360) (407)
766 533 44% Amortization of acquisition costs 81 192 190 212 172
6,826 6,696 2% General and administrative expenses 1,625 1,574 1,733 1,652 1,867
17,478 16,134 8% Total benefits and expenses 4,009 4,120 4,406 4,387 4,565
2,507 1,974 27% Adjusted operating income before income taxes 495 550 643 635 679
Items excluded from adjusted operating income before income taxes:
82 (156) 153% Realized investment gains (losses), net, and related adjustments (11) 9 155 50 (132)
(58) (43) -35% Related charges (18) (8) (12) (12) (26)
24 (199) 112% Total realized investment gains (losses), net, and related charges and adjustments (29) 1 143 38 (158)
(43) - - Investment gains (losses) on trading account assets supporting insurance liabilities, net - 50 (322) 208 21
(11) - - Change in experience-rated contractholder liabilities due to asset value changes - (50) 183 (100) (44)
(105) (166) 37% Divested businesses 260 (17) (9) (22) (57)
(135) (365) 63% Total items excluded from adjusted operating income before income taxes 231 (16) (5) 124 (238)
Income from continuing operations before income taxes, extraordinary gain on
2,372 1,609 47% acquisition and cumulative effect of accounting change 726 534 638 759 441
622 526 18% Income tax expense 223 159 134 204 125
Income from continuing operations before extraordinary gain on acquisition
1,750 1,083 62% and cumulative effect of accounting change 503 375 504 555 316
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on trading account assets supporting insurance liabilities, and revenues
of divested businesses. Benefits and expenses exclude charges related to realized investment gains, net of losses; changes in experience-rated contractholder liabilities due to asset value changes,
and benefits and expenses of divested businesses.
Page 4
8. Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2004
COMBINED BALANCE SHEETS - FINANCIAL SERVICES BUSINESSES
(in millions)
12/31/2003 3/31/2004 6/30/2004 9/30/2004 12/31/2004
Assets:
Investments:
Fixed maturities, available for sale, at fair value
(amortized cost $79,900; $84,853; $87,800; $89,640; $97,732) 84,353 90,479 90,596 93,889 102,155
Fixed maturities, held to maturity, at amortized cost
(fair value $3,084; $2,999; $2,704; $2,633; $2,765) 3,068 2,949 2,724 2,607 2,747
Trading account assets supporting insurance liabilities, at fair value 88 807 11,920 12,695 12,964
Other trading account assets, at fair value 3,214 5,245 3,098 3,222 1,547
Equity securities, available for sale, at fair value
(cost $1,045; $1,027; $1,271; $1,282; $1,473) 1,119 1,164 1,422 1,457 1,663
Commercial loans 12,463 11,508 16,412 16,315 17,092
Policy loans 2,609 2,671 2,608 2,606 2,919
Securities purchased under agreements to resell 1,464 2,086 147 190 127
Other long-term investments 4,568 4,143 4,553 4,518 4,934
Short-term investments 4,052 2,913 3,818 2,399 3,405
Total investments 116,998 123,965 137,298 139,898 149,553
Cash and cash equivalents 5,791 5,893 4,053 4,471 6,164
Accrued investment income 1,046 1,137 1,238 1,317 1,307
Reinsurance recoverable 633 599 35,843 34,825 32,790
Deferred policy acquisition costs 6,605 6,731 7,086 7,022 7,624
Other assets 14,785 18,125 14,910 16,000 16,472
Separate account assets 106,680 106,833 103,961 105,621 115,568
Total assets 252,538 263,283 304,389 309,154 329,478
Liabilities:
Future policy benefits 46,003 47,714 46,817 47,673 52,794
Policyholders' account balances 44,168 47,012 63,236 63,521 69,668
Unpaid claims and claim adjustment expenses 1,687 1,717 1,740 1,775 1,807
Reinsurance payables 180 180 35,444 34,469 32,386
Securities sold under agreements to repurchase 5,196 5,536 5,685 4,957 4,657
Cash collateral for loaned securities 3,571 3,361 3,661 2,978 4,248
Income taxes payable 2,234 2,686 2,015 2,427 2,741
Securities sold but not yet purchased 1,598 2,386 345 503 427
Short-term debt 4,739 4,603 4,432 6,135 3,896
Long-term debt 3,860 3,820 4,437 5,708 5,877
Other liabilities 12,282 16,598 12,997 12,930 14,260
Separate account liabilities 106,680 106,833 103,961 105,621 115,568
Total liabilities 232,198 242,446 284,770 288,697 308,329
Attributed Equity:
Accumulated other comprehensive income 1,777 2,283 864 1,462 1,757
Other attributed equity 18,563 18,554 18,755 18,995 19,392
Total attributed equity 20,340 20,837 19,619 20,457 21,149
Total liabilities and attributed equity 252,538 263,283 304,389 309,154 329,478
Page 5
9. Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2004
FINANCIAL SERVICES BUSINESSES COMBINING STATEMENTS OF OPERATIONS - BY DIVISION
(in millions)
Quarter Ended December 31, 2004
Total International
Financial Insurance & Corporate
Services Insurance Investment Investments and Other
Businesses Division Division Division Operations
Revenues (1) :
Premiums 2,218 842 11 1,366 (1)
Policy charges and fee income 625 534 35 61 (5)
Net investment income 1,413 422 617 234 140
Commissions, investment management fees, and other income 988 152 746 101 (11)
Total revenues 5,244 1,950 1,409 1,762 123
Benefits and Expenses (1):
Insurance and annuity benefits 2,236 942 209 1,050 35
Interest credited to policyholders' account balances 594 176 388 33 (3)
Interest expense 103 19 21 3 60
Deferral of acquisition costs (407) (168) (19) (235) 15
Amortization of acquisition costs 172 66 9 109 (12)
General and administrative expenses 1,867 618 690 549 10
Total benefits and expenses 4,565 1,653 1,298 1,509 105
Adjusted operating income before income taxes 679 297 111 253 18
Quarter Ended December 31, 2003
Total International
Financial Insurance & Corporate
Services Insurance Investment Investments and Other
Businesses Division Division Division Operations
Revenues (1):
Premiums 2,042 797 6 1,236 3
Policy charges and fee income 553 479 18 60 (4)
Net investment income 1,223 371 526 186 140
Commissions, investment management fees, and other income 686 145 494 36 11
Total revenues 4,504 1,792 1,044 1,518 150
Benefits and Expenses (1):
Insurance and annuity benefits 2,171 1,033 190 949 (1)
Interest credited to policyholders' account balances 428 160 238 30 -
Interest expense 57 (1) 8 1 49
Deferral of acquisition costs (353) (173) (8) (186) 14
Amortization of acquisition costs 81 11 15 70 (15)
General and administrative expenses 1,625 556 545 463 61
Total benefits and expenses 4,009 1,586 988 1,327 108
Adjusted operating income before income taxes 495 206 56 191 42
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on trading account assets supporting insurance liabilities, and revenues
of divested businesses. Benefits and expenses exclude charges related to realized investment gains, net of losses; changes in experience-rated contractholder liabilities due to asset value changes,
and benefits and expenses of divested businesses.
Page 6
10. Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2004
FINANCIAL SERVICES BUSINESSES COMBINING STATEMENTS OF OPERATIONS - BY DIVISION
(in millions)
Twelve Months Ended December 31, 2004
Total International
Financial Insurance & Corporate
Services Insurance Investment Investments and Other
Businesses Division Division Division Operations
Revenues (1) :
Premiums 8,795 3,363 93 5,342 (3)
Policy charges and fee income 2,360 2,016 119 240 (15)
Net investment income 5,384 1,571 2,343 938 532
Commissions, investment management fees, and other income 3,446 620 2,452 362 12
Total revenues 19,985 7,570 5,007 6,882 526
Benefits and Expenses (1):
Insurance and annuity benefits 8,935 3,792 862 4,182 99
Interest credited to policyholders' account balances 2,183 708 1,362 117 (4)
Interest expense 296 32 48 7 209
Deferral of acquisition costs (1,528) (691) (51) (849) 63
Amortization of acquisition costs 766 403 53 365 (55)
General and administrative expenses 6,826 2,335 2,378 2,057 56
Total benefits and expenses 17,478 6,579 4,652 5,879 368
Adjusted operating income before income taxes 2,507 991 355 1,003 158
Twelve Months Ended December 31, 2003
Total International
Financial Insurance & Corporate
Services Insurance Investment Investments and Other
Businesses Division Division Division Operations
Revenues (1):
Premiums 7,918 3,222 29 4,676 (9)
Policy charges and fee income 2,001 1,717 72 226 (14)
Net investment income 4,935 1,446 2,151 791 547
Commissions, investment management fees, and other income 3,254 387 2,695 202 (30)
Total revenues 18,108 6,772 4,947 5,895 494
Benefits and Expenses (1):
Insurance and annuity benefits 8,284 3,798 791 3,614 81
Interest credited to policyholders' account balances 1,691 636 946 109 -
Interest expense 200 - 33 3 164
Deferral of acquisition costs (1,270) (595) (29) (695) 49
Amortization of acquisition costs 533 245 66 284 (62)
General and administrative expenses 6,696 1,900 2,851 1,771 174
Total benefits and expenses 16,134 5,984 4,658 5,086 406
Adjusted operating income before income taxes 1,974 788 289 809 88
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on trading account assets supporting insurance liabilities, and revenues
of divested businesses. Benefits and expenses exclude charges related to realized investment gains, net of losses; changes in experience-rated contractholder liabilities due to asset value changes,
and benefits and expenses of divested businesses.
Page 7
11. Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2004
FINANCIAL SERVICES BUSINESSES COMBINING BALANCE SHEETS - BY DIVISION
(in millions)
As of December 31, 2004
Total International
Financial Insurance & Corporate
Services Insurance Investment Investments and Other
Businesses Division Division Division Operations
Assets:
Total investments 149,553 31,614 56,219 50,543 11,177
Deferred policy acquisition costs 7,624 4,169 73 3,520 (138)
Other assets 56,733 3,617 39,135 8,098 5,883
Separate account assets 115,568 69,348 47,301 25 (1,106)
Total assets 329,478 108,748 142,728 62,186 15,816
Liabilities:
Future policy benefits 52,794 5,166 13,571 33,435 622
Policyholders' account balances 69,668 18,518 36,490 15,146 (486)
Debt 9,773 1,161 1,484 407 6,721
Other liabilities 60,526 8,443 37,824 8,739 5,520
Separate account liabilities 115,568 69,348 47,301 25 (1,106)
Total liabilities 308,329 102,636 136,670 57,752 11,271
Attributed Equity:
Accumulated other comprehensive income (loss) 1,757 680 370 754 (47)
Other attributed equity 19,392 5,432 5,688 3,680 4,592
Total attributed equity 21,149 6,112 6,058 4,434 4,545
Total liabilities and attributed equity 329,478 108,748 142,728 62,186 15,816
As of December 31, 2003
Total International
Financial Insurance & Corporate
Services Insurance Investment Investments and Other
Businesses Division Division Division Operations
Assets:
Total investments 116,998 27,048 38,002 41,039 10,909
Deferred policy acquisition costs 6,605 3,918 23 2,769 (105)
Other assets 22,255 3,211 8,153 5,416 5,475
Separate account assets 106,680 64,034 43,019 649 (1,022)
Total assets 252,538 98,211 89,197 49,873 15,257
Liabilities:
Future policy benefits 46,003 5,008 12,937 27,613 445
Policyholders' account balances 44,168 15,863 17,632 10,673 -
Debt 8,599 437 2,645 211 5,306
Other liabilities 26,748 6,539 8,599 7,179 4,431
Separate account liabilities 106,680 64,034 43,019 649 (1,022)
Total liabilities 232,198 91,881 84,832 46,325 9,160
Attributed Equity:
Accumulated other comprehensive income 1,777 632 587 465 93
Other attributed equity 18,563 5,698 3,778 3,083 6,004
Total attributed equity 20,340 6,330 4,365 3,548 6,097
Total liabilities and attributed equity 252,538 98,211 89,197 49,873 15,257
Page 8
12. Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2004
SHORT TERM DEBT
(in millions)
As of December 31, 2004 As of December 31, 2003
The Prudential The Prudential
Prudential Insurance Co. Other Prudential Insurance Co. Other
Financial, Inc. of America (1) Affiliates Total Financial, Inc. of America (1) Affiliates Total
Financial Services Businesses:
Borrowings by use of proceeds:
General corporate purposes 97 5 - 102 - 5 - 5
Investment related 158 521 - 679 167 386 - 553
Securities business related 86 906 1,330 2,322 155 1,872 882 2,909
Specified other businesses 105 548 139 792 90 1,052 129 1,271
Limited recourse and non-recourse borrowing - - 1 1 - - 1 1
Total short-term debt - Financial Services Businesses 446 1,980 1,470 3,896 412 3,315 1,012 4,739
Borrowings by type:
Long-term debt due within one year - 57 - 57 - 453 - 453
Commercial paper 446 1,853 - 2,299 412 2,846 - 3,258
Bank borrowings - - 754 754 - - 535 535
Other short-term debt - 70 715 785 - 16 476 492
Total general obligations 446 1,980 1,469 3,895 412 3,315 1,011 4,738
Limited recourse and non-recourse borrowing - - 1 1 - - 1 1
Total short-term debt - Financial Services Businesses 446 1,980 1,470 3,896 412 3,315 1,012 4,739
Closed Block Business:
Investment related commercial paper borrowings - 148 - 148 - - - -
(1) Includes Prudential Funding, LLC.
Page 9
13. Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2004
LONG TERM DEBT
(in millions)
As of December 31, 2004
Limited
General Securities Specified Total Recourse
Corporate Investment Business Other General and non- Total
Purposes Related Related Businesses Obligations Recourse Borrowing
Financial Services Businesses:
Prudential Financial, Inc.:
Long-term fixed and floating rate notes 2,086 1,366 676 - 4,128 - 4,128
Hybrid notes - - - - - - -
Total 2,086 1,366 676 - 4,128 - 4,128
The Prudential Insurance Company of America (2):
Surplus notes 692 - - - 692 - 692
Long-term fixed and floating rate notes 600 400 - - 1,000 - 1,000
Commercial paper backed by long-term credit agreements - - - - - - -
Total 1,292 400 - - 1,692 - 1,692
Long-term debt of other affiliated companies - - - - - 57 57
Total long-term debt of Financial Services Businesses 3,378 1,766 676 - 5,820 57 5,877
Ratio of long-term and short-term corporate debt to capitalization 15.1%
Closed Block Business:
Limited recourse notes of Prudential Holdings, LLC - - - - - 1,750 1,750
As of December 31, 2003
Limited
General Securities Specified Total Recourse
Corporate Investment Business Other General and non- Total
Purposes Related Related Businesses Obligations Recourse Borrowing
Financial Services Businesses:
Prudential Financial, Inc. (1):
Long-term fixed and floating rate notes 670 681 - 141 1,492 - 1,492
Hybrid notes - - - - - - -
Total 670 681 - 141 1,492 - 1,492
The Prudential Insurance Company of America (2):
Surplus notes 691 - - - 691 - 691
Long-term fixed and floating rate notes 600 291 - - 891 - 891
Commercial paper backed by long-term credit agreements - - - - - - -
Total 1,291 291 - - 1,582 - 1,582
Long-term debt of other affiliated companies - 17 - - 17 58 75
Total long-term debt of Financial Services Businesses,
excluding debt related to Equity Security Units 1,961 989 - 141 3,091 58 3,149
Debt related to Equity Security Units (3) 711 - - - 711 - 711
Total long-term debt of Financial Services Businesses 2,672 989 - 141 3,802 58 3,860
Ratio of long-term and short-term corporate debt to capitalization 10.0%
Closed Block Business:
Limited recourse notes of Prudential Holdings, LLC - - - - - 1,750 1,750
(1) Excluding obligations related to Equity Security Units.
(2) Includes Prudential Funding, LLC.
(3) The $711 million as of December 31, 2003 represents the carrying value of the debt associated with the Equity Security Units issued at the time of demutualization. As of December 31, 2004
the debt formerly associated with the Equity Security Units is included in quot;Long-term fixed and floating rate notesquot; as a result of remarketing this debt.
Page 10
14. Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2004
COMBINED STATEMENTS OF OPERATIONS - INSURANCE DIVISION
(in millions)
Year-to-date % 2003 2004
2004 2003 Change 4Q 1Q 2Q 3Q 4Q
Revenues (1):
3,363 3,222 4% Premiums 797 850 826 845 842
2,016 1,717 17% Policy charges and fee income 479 482 488 512 534
1,571 1,446 9% Net investment income 371 369 378 402 422
620 387 60% Commissions, investment management fees, and other income 145 150 156 162 152
7,570 6,772 12% Total revenues 1,792 1,851 1,848 1,921 1,950
Benefits and Expenses (1):
3,792 3,798 - Insurance and annuity benefits 1,033 970 921 959 942
708 636 11% Interest credited to policyholders' account balances 160 175 178 179 176
32 - - Interest expense (1) 1 2 10 19
(691) (595) -16% Deferral of acquisition costs (173) (182) (180) (161) (168)
403 245 64% Amortization of acquisition costs 11 108 109 120 66
2,335 1,900 23% General and administrative expenses 556 568 580 569 618
6,579 5,984 10% Total benefits and expenses 1,586 1,640 1,610 1,676 1,653
991 788 26% Adjusted operating income before income taxes 206 211 238 245 297
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses.
Page 11
15. Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2004
COMBINING STATEMENTS OF OPERATIONS - INSURANCE DIVISION
(in millions)
Quarter Ended December 31, 2004
Total Individual Individual Life and Annuities
Insurance Life and Group Individual Individual
Division Annuities Insurance Life Annuities
Revenues (1):
Premiums 842 123 719 107 16
Policy charges and fee income 534 433 101 265 168
Net investment income 422 277 145 123 154
Commissions, investment management fees, and other income 152 142 10 65 77
Total revenues 1,950 975 975 560 415
Benefits and Expenses (1):
Insurance and annuity benefits 942 234 708 181 53
Interest credited to policyholders' account balances 176 131 45 43 88
Interest expense 19 15 4 12 3
Deferral of acquisition costs (168) (162) (6) (87) (75)
Amortization of acquisition costs 66 65 1 61 4
General and administrative expenses (2) 618 449 169 246 203
Total benefits and expenses 1,653 732 921 456 276
Adjusted operating income before income taxes 297 243 54 104 139
Quarter Ended December 31, 2003
Total Individual Individual Life and Annuities
Insurance Life and Group Individual Individual
Division Annuities Insurance Life Annuities
Revenues (1):
Premiums 797 98 699 85 13
Policy charges and fee income 479 401 78 258 143
Net investment income 371 227 144 106 121
Commissions, investment management fees, and other income 145 131 14 59 72
Total revenues 1,792 857 935 508 349
Benefits and Expenses (1):
Insurance and annuity benefits 1,033 323 710 246 77
Interest credited to policyholders' account balances 160 111 49 39 72
Interest expense (1) (1) - (1) -
Deferral of acquisition costs (173) (165) (8) (75) (90)
Amortization of acquisition costs 11 10 1 23 (13)
General and administrative expenses (2) 556 420 136 213 207
Total benefits and expenses 1,586 698 888 445 253
Adjusted operating income before income taxes 206 159 47 63 96
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses.
(2) General and administrative expenses for Individual Annuities include $10 million for the quarter ended December 31, 2004 and $14 million for the quarter ended December 30, 2003
for the amortization, net of interest, of value of business acquired (VOBA) associated with the May 1, 2003 acquisition of American Skandia.
Page 12
16. Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2004
COMBINING STATEMENTS OF OPERATIONS - INSURANCE DIVISION
(in millions)
Twelve Months Ended December 31, 2004
Total Individual Individual Life and Annuities
Insurance Life and Group Individual Individual
Division Annuities Insurance Life Annuities
Revenues (1):
Premiums 3,363 438 2,925 375 63
Policy charges and fee income 2,016 1,674 342 1,038 636
Net investment income 1,571 1,010 561 421 589
Commissions, investment management fees, and other income 620 581 39 291 290
Total revenues 7,570 3,703 3,867 2,125 1,578
Benefits and Expenses (1):
Insurance and annuity benefits 3,792 862 2,930 661 201
Interest credited to policyholders' account balances 708 523 185 165 358
Interest expense 32 24 8 15 9
Deferral of acquisition costs (691) (664) (27) (311) (353)
Amortization of acquisition costs 403 399 4 274 125
General and administrative expenses (2) 2,335 1,742 593 931 811
Total benefits and expenses 6,579 2,886 3,693 1,735 1,151
Adjusted operating income before income taxes 991 817 174 390 427
Twelve Months Ended December 31, 2003
Total Individual Individual Life and Annuities
Insurance Life and Group Individual Individual
Division Annuities Insurance Life Annuities
Revenues (1):
Premiums 3,222 416 2,806 352 64
Policy charges and fee income 1,717 1,455 262 1,025 430
Net investment income 1,446 861 585 408 453
Commissions, investment management fees, and other income 387 350 37 151 199
Total revenues 6,772 3,082 3,690 1,936 1,146
Benefits and Expenses (1):
Insurance and annuity benefits 3,798 1,001 2,797 790 211
Interest credited to policyholders' account balances 636 420 216 152 268
Interest expense - (2) 2 (3) 1
Deferral of acquisition costs (595) (561) (34) (294) (267)
Amortization of acquisition costs 245 242 3 195 47
General and administrative expenses (2) 1,900 1,363 537 739 624
Total benefits and expenses 5,984 2,463 3,521 1,579 884
Adjusted operating income before income taxes 788 619 169 357 262
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses.
(2) General and administrative expenses for Individual Annuities include $30 million for the twelve months ended December 31, 2004 and $38 million for the twelve months ended December 31, 2003
for the amortization, net of interest, of value of business acquired (VOBA) associated with the May 1, 2003 acquisition of American Skandia.
Page 13