The Company`s well-known Rock symbol is an icon ofstrength, stability, expertise and innovation that has stood the test of time.Prudential's businesses offer a variety of products and services, including lifeinsurance, annuities, retirement-related services, mutual funds, investmentmanagement, and real estate services For more information, please visit. Retirement Solutions and Investment Management Division 175358 Individual Life40 96Group Insurance93 90Total U.S. Individual Life and Group Insurance Division:Individual Life Insurance Annualized New Business Premiums (4): Excluding corporate-owned life insurance Variable life$ 4$ 11Universal life 28 17Term life52 51Total excluding corporate-owned life insurance 84 79Corporate-owned life insurance -- Total$ 84 $ 79 Group Insurance Annualized New Business Premiums (4): Group life $ 210$ 112 Group disability 134114 Total$ 344$ 226International Insurance and Investments Division: International Insurance Annualized New Business Premiums (4) (5):Actual exchange rate basis $ 333$ 329Constant exchange rate basis:$ 329$ 329See footnotes on last page. Financial Highlights(in millions, except per share data or as otherwise noted, unaudited)Three Months EndedMarch 3120092008 Closed Block Business Data: Income Statement Data:Revenues $1,140$1,671 Benefits and expenses 1,110 1,697 Income (loss) from continuing operations before income taxes30(26 ) Income taxes11(18 ) Closed Block Business income (loss) from continuing operations19(8) Income from discontinued operations, net of taxes - - Closed Block Business net income (loss) 19(8) Less: Income attributable to noncontrolling interests - - Closed Block Business net income (loss) attributable to Prudential Financial, Inc. $14 $60Assets and Asset Management Information (in billions, as of end of period) Total assets $427.5$478.3 Assets under management (at fair market value): Managed by U.S.
Retirement Solutions and Investment Management Division: Asset Management Segment - Investment Management and Advisory Services $386.3$433.9 Non-proprietary assets under management 75.1111.5 Total managed by U.S. Retirement Solutions and Investment Management Division 461.4 545.4 Managed by U.S. Individual Life and Group Insurance Division11.914.7Managed by International Insurance and Investments Division 68.471.0Total assets under management 541.7 631.1 Client assets under administration98.8129.4 Total assets under management and administration $640.5$760.5See footnotes on last page. (1)Adjusted operatingincome is a non-GAAP measure ofperformance of ourFinancial ServicesBusinesses that excludes "Realizedinvestment gains(losses), net", asadjusted, and related charges and adjustments; netinvestment gains and losses on trading account assetssupporting insurance liabilities; change in experience-rated contractholderliabilities due toasset value changes; results of divested businesses anddiscontinuedoperations; earnings attributable to noncontrollinginterests; and therelated tax effects thereof. Adjusted operating incomeincludes equity inearnings of operating joint ventures and therelated tax effects thereof.
Revenues and benefits andexpenses shown as components of adjusted operatingincome, are presented on thesame basis as pre -tax adjusted operating income and are adjusted for the items above as well. Realized investment gains (losses)representing profit or loss of certainof our businesses which primarily originate investments for sale or syndication to unrelated investors, and those associated with terminatinghedges of foreign currency earnings and current periodyield adjustments are included in adjusted operatingincome. Realizedinvestment gains and losses from products that are free standing derivatives or contain embedded derivatives, andfrom associated derivativeportfolios that are part of an economic hedging program related to the risk of those products,are included in adjusted operatingincome. Adjustedoperating incomeexcludes gains andlosses from changes in value of certain assets andliabilities relating to foreign currency exchange movementsthat have beeneconomically hedged, as well as gains and losses on certain investments that are classified as other trading account assets and debt that is carried at fairvalue.Adjusted operatingincome does not equate to "Income from continuing operations" asdetermined in accordance with GAAP but is the measureof profit or loss we use to evaluate segment performance. Adjusted operatingincome is not a substitute forincome determined in accordance with GAAP, and our definition of adjusted operatingincome may differ from that used by other companies. The items above are important to an understanding of our overall results ofoperations.