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Nov. 18, 2004
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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):| 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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