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2003 Earnings Reconciliations

Reconciliation of GAAP performance measures to non-GAAP performance measures

The following reconciles consolidated GAAP net income to adjusted operating earnings (in millions):
  2003 2002
Consolidated GAAP net income $1,120 $1,016
Adjustments to GAAP basis for:
Removal of impact of investment (gains) losses, net of tax (369) 182
Reinstatement of policyholder dividends related to capital gains 66 76
Removal of impact of equity base tax - (278)
Inclusion of amortization of certain statutory interest maintenance reserve, net of tax 65 72
Removal of non-recurring foreign subsidiary deferred tax benefit - (52)
Deferred acquisition costs on above management adjustments 46 (132)
Adjusted operating earnings $928 $884

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

  2003 2002*
Consolidated GAAP revenue $15,002 $13,702
Adjustments to GAAP basis for:
Reinstatement of deposits included in policyholders' account balances for life and annuity products 1,483 1,323
Inclusion of unconsolidated international subsidiaries' premiums and fees 148 269
Inclusion of net margins on guaranteed products 228 194
Inclusion of certain statutory premiums 33 38
Removal of certain GAAP premiums (340) (609)
Removal of net investment income and net investment gains (losses) (6,789) (5,529)
Removal of non-operating revenue (37) (160)
Adjusted operating revenue $9,728 $9,228

* Adjusted Operating Revenue for 2002 was revised due to a change in the company's definition.

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2003 Earnings Reconciliations

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