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Reconciliation of GAAP Performance Measures to Non-GAAP Performance Measures

The following reconciles consolidated GAAP net income to adjusted operating earnings (in millions):

  2001 2002
Consolidated GAAP net income $824 $1,016
Adjustments to GAAP basis for:    
Removal of impact of realized (gains) losses, net of tax (41) 182
Reinstatement of policyholder dividends related to capital gains 150 76
Removal of impact of equity base tax (82) (278)
Inclusion of amortization of certain statutory interest maintenance reserve ("IMR"), net of tax 116 72
Removal of non-recurring foreign subsidiary deferred tax benefit - (52)
Deferred acquisition costs ("DAC") on above management adjustments (119) (132)
Adjusted Operating earnings $848 $884

The following reconciles consolidated GAAP revenue to adjusted operating revenue (in millions):

  2001 2002
Consolidated GAAP revenue $13,189 $13,703
Adjustments to Management basis:    
Reinstatement of deposits included in policyholder account balance for life & annuity products 5,082 5,648
Inclusion of unconsolidated international subsidiaries premiums and fees 630 317
Inclusion of net margins on Guaranteed Products 154 194
Removal of Net Investment income and Net Investment Gains (Losses) (5,590) (5,529)
Removal of certain GAAP premiums (373) (313)
Removal of non-operating revenue (66) (160)
Adjusted Operating Revenue $13,026 $13,860

 

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Reconciliation of GAAP Performance Measures to Non-GAAP Performance Measures

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