Attached files
| file | filename |
|---|---|
| 8-K - 8-K - AMERIPRISE FINANCIAL INC | a16-8989_18k.htm |
| EX-99.1 - EX-99.1 - AMERIPRISE FINANCIAL INC | a16-8989_1ex99d1.htm |
Exhibit 99.2
Statistical Supplement Package
(unaudited)
First Quarter 2016
Ameriprise Financial, Inc.
Statistical Supplement Information
Table of Contents
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Page |
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Ameriprise Financial, Inc. |
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Statistical Supplement Presentation |
4 |
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Consolidated GAAP Income Statements |
5 |
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Consolidated Operating Results and Highlights |
6 |
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Common Share and Capital Summary |
8 |
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Segment Summary |
10 |
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Advice & Wealth Management Segment |
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Segment Operating Income Statements |
12 |
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Segment Metrics |
13 |
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Asset Management Segment |
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Segment Operating Income Statements |
15 |
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Segment Metrics |
16 |
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Global Asset Management Products |
17 |
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Retail Fund Performance - Columbia |
18 |
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Retail Fund Performance - Threadneedle |
19 |
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Annuities Segment |
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Segment Operating Income Statements |
21 |
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Segment Metrics |
22 |
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Protection Segment |
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Segment Operating Income Statements |
24 |
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Segment Metrics |
25 |
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Corporate & Other Segment |
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Segment Operating Income Statements |
27 |
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Eliminations |
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Operating Income Statements |
28 |
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Balance Sheet and Ratings Information |
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Consolidated Balance Sheets |
30 |
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Capital and Ratings Information |
31 |
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Investments |
32 |
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Non-GAAP Financial Information |
33 |
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Glossary of Selected Terminology |
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Glossary of Selected Terminology - Segments |
34 |
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Glossary of Selected Terminology |
35 |
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Exhibit A |
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Disclosed Items |
38 |
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Exhibit B |
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Non-GAAP Financial Measure Reconciliations |
44 |
Ameriprise Financial, Inc.
Statistical Supplement Presentation
First Quarter 2016
Ameriprise Financial, Inc. (“Ameriprise Financial” or “the Company”) prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”). Management believes that operating measures, which exclude net realized investment gains or losses, net of deferred sales inducement costs (“DSIC”) and deferred acquisition costs (“DAC”) amortization, unearned revenue amortization and the reinsurance accrual; the market impact on variable annuity guaranteed benefits, net of hedges and the related DSIC and DAC amortization; the market impact on indexed universal life benefits, net of hedges and the related DAC amortization, unearned revenue amortization, and the reinsurance accrual; the market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments; integration and restructuring charges; income (loss) from discontinued operations; and the impact of consolidating certain investment entities (“CIEs”), best reflect the underlying performance of our core operations and facilitate a more meaningful trend analysis. The Company also uses a number of non-GAAP financial measures to evaluate its financial performance on a basis comparable to that used by some securities analysts and investors. However, these measures are not a substitute for GAAP. Therefore, reconciliations to GAAP measures are provided on page 6 and in Exhibit B “Non-GAAP Financial Measure Reconciliations” on pages 44 and 45.
The market impact on variable annuity guaranteed benefits and indexed universal life benefits includes changes in liability values caused by changes in financial market conditions, net of changes in economic hedge values. The market impact also includes certain valuation adjustments made in accordance with Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements and Disclosures (“ASC 820”), including the impact on liability values of discounting projected benefits to reflect a current estimate of RiverSource Life Insurance Company’s nonperformance spread. Further, the market impact is net of related impacts on DAC, DSIC and unearned revenue amortization as well as a reinsurance accrual for indexed universal life. The market impact relates to guaranteed minimum accumulation benefits, non-life contingent guaranteed minimum withdrawal benefits and indexed universal life benefits accounted for at fair value as embedded derivatives.
Operating earnings is the measure of segment profit or loss management uses to evaluate segment performance. Operating earnings should not be viewed as a substitute for GAAP income from continuing operations before income tax provision. Management believes the presentation of segment operating earnings as we measure it for management purposes enhances the understanding of our business by reflecting the underlying performance of our core operations and facilitating a more meaningful trend analysis.
In addition, management uses adjusted net pretax operating margin in the Asset Management segment to evaluate segment performance on a basis comparable to other asset managers. In the Asset Management segment, operating revenues are adjusted to exclude distribution pass through revenues and subadvisory and other pass through revenues, and operating earnings are adjusted to exclude operating net investment income and amortization of intangibles.
Ameriprise Financial, Inc.
Consolidated GAAP Income Statements
First Quarter 2016
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Prior Year Comparisons |
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Year-to-Date |
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Qtr Chg - 1Q |
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YTD Chg - 1Q |
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Seq Qtr Chg - 1Q |
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(in millions, except per share amounts, unaudited) |
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1 Qtr 2015 |
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2 Qtr 2015 |
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3 Qtr 2015 |
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4 Qtr 2015 |
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1 Qtr 2016 |
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2015 |
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2016 |
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Diff. |
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% |
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Diff. |
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% |
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Diff. |
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% |
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Revenues |
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Management and financial advice fees |
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$ |
1,468 |
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$ |
1,518 |
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$ |
1,465 |
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$ |
1,499 |
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$ |
1,386 |
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$ |
1,468 |
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$ |
1,386 |
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$ |
(82 |
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(6 |
)% |
$ |
(82 |
) |
(6 |
)% |
$ |
(113 |
) |
(8 |
)% |
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Distribution fees |
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466 |
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472 |
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451 |
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458 |
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435 |
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466 |
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435 |
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(31 |
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(7 |
)% |
(31 |
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(7 |
)% |
(23 |
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(5 |
)% | ||||||||||
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Net investment income |
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484 |
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423 |
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321 |
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460 |
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331 |
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484 |
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331 |
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(153 |
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(32 |
)% |
(153 |
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(32 |
)% |
(129 |
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(28 |
)% | ||||||||||
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Premiums |
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353 |
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368 |
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360 |
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374 |
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368 |
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353 |
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368 |
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15 |
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4 |
% |
15 |
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4 |
% |
(6 |
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(2 |
)% | ||||||||||
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Other revenues |
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289 |
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354 |
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296 |
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321 |
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254 |
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289 |
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254 |
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(35 |
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(12 |
)% |
(35 |
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(12 |
)% |
(67 |
) |
(21 |
)% | ||||||||||
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Total revenues |
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3,060 |
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3,135 |
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2,893 |
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3,112 |
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2,774 |
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3,060 |
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2,774 |
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(286 |
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(9 |
)% |
(286 |
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(9 |
)% |
(338 |
) |
(11 |
)% | ||||||||||
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Banking and deposit interest expense |
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7 |
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7 |
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7 |
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9 |
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9 |
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7 |
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9 |
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2 |
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29 |
% |
2 |
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29 |
% |
— |
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— |
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Total net revenues |
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3,053 |
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3,128 |
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2,886 |
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3,103 |
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2,765 |
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3,053 |
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2,765 |
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(288 |
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(9 |
)% |
(288 |
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(9 |
)% |
(338 |
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(11 |
)% | ||||||||||
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Expenses |
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Distribution expenses |
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819 |
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835 |
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806 |
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816 |
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770 |
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819 |
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770 |
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(49 |
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(6 |
)% |
(49 |
) |
(6 |
)% |
(46 |
) |
(6 |
)% | ||||||||||
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Interest credited to fixed accounts |
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172 |
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160 |
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171 |
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165 |
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146 |
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172 |
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146 |
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(26 |
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(15 |
)% |
(26 |
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(15 |
)% |
(19 |
) |
(12 |
)% | ||||||||||
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Benefits, claims, losses and settlement expenses |
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533 |
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543 |
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471 |
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714 |
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482 |
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533 |
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482 |
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(51 |
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(10 |
)% |
(51 |
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(10 |
)% |
(232 |
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(32 |
)% | ||||||||||
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Amortization of deferred acquisition costs |
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75 |
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94 |
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133 |
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52 |
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110 |
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75 |
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110 |
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35 |
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47 |
% |
35 |
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47 |
% |
58 |
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# |
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Interest and debt expense |
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84 |
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89 |
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98 |
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116 |
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55 |
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84 |
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55 |
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(29 |
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(35 |
)% |
(29 |
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(35 |
)% |
(61 |
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(53 |
)% | ||||||||||
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General and administrative expense |
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752 |
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792 |
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744 |
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794 |
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727 |
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752 |
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727 |
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(25 |
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(3 |
)% |
(25 |
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(3 |
)% |
(67 |
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(8 |
)% | ||||||||||
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Total expenses |
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2,435 |
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2,513 |
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2,423 |
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2,657 |
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2,290 |
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2,435 |
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2,290 |
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(145 |
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(6 |
)% |
(145 |
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(6 |
)% |
(367 |
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(14 |
)% | ||||||||||
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Pretax income |
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618 |
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615 |
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463 |
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446 |
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475 |
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618 |
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475 |
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(143 |
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(23 |
)% |
(143 |
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(23 |
)% |
29 |
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7 |
% | ||||||||||
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Income tax provision |
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139 |
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139 |
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111 |
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66 |
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111 |
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139 |
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111 |
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(28 |
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(20 |
)% |
(28 |
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(20 |
)% |
45 |
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68 |
% | ||||||||||
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Net income |
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479 |
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476 |
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352 |
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380 |
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364 |
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479 |
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364 |
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(115 |
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(24 |
)% |
(115 |
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(24 |
)% |
(16 |
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(4 |
)% | ||||||||||
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Less: Net income (loss) attributable to noncontrolling interests |
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86 |
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61 |
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(45 |
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23 |
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— |
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86 |
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— |
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(86 |
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# |
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(86 |
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# |
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(23 |
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# |
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Net income attributable to Ameriprise Financial |
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$ |
393 |
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$ |
415 |
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$ |
397 |
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$ |
357 |
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$ |
364 |
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$ |
393 |
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$ |
364 |
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$ |
(29 |
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(7 |
)% |
$ |
(29 |
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(7 |
)% |
$ |
7 |
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2 |
% |
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Net Investment Income |
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Investment income on fixed maturities |
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$ |
354 |
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$ |
355 |
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$ |
346 |
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$ |
348 |
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$ |
343 |
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$ |
354 |
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$ |
343 |
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$ |
(11 |
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(3 |
)% |
$ |
(11 |
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(3 |
)% |
$ |
(5 |
) |
(1 |
)% |
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Realized investment gains (losses) |
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10 |
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5 |
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(10 |
) |
(1 |
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(16 |
) |
10 |
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(16 |
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(26 |
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# |
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(26 |
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# |
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(15 |
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# |
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Affordable housing |
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(8 |
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(10 |
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(7 |
) |
7 |
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(7 |
) |
(8 |
) |
(7 |
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1 |
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13 |
% |
1 |
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13 |
% |
(14 |
) |
# |
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Other (including seed money) |
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23 |
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19 |
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(10 |
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36 |
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(17 |
) |
23 |
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(17 |
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(40 |
) |
# |
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(40 |
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# |
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(53 |
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# |
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Consolidated investment entities |
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105 |
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54 |
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2 |
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70 |
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28 |
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105 |
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28 |
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(77 |
) |
(73 |
)% |
(77 |
) |
(73 |
)% |
(42 |
) |
(60 |
)% | ||||||||||
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Total net investment income |
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$ |
484 |
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$ |
423 |
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$ |
321 |
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$ |
460 |
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$ |
331 |
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$ |
484 |
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$ |
331 |
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$ |
(153 |
) |
(32 |
)% |
$ |
(153 |
) |
(32 |
)% |
$ |
(129 |
) |
(28 |
)% |
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Earnings Per Share |
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Basic earnings per share |
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$ |
2.11 |
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$ |
2.26 |
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$ |
2.20 |
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$ |
2.02 |
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$ |
2.11 |
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$ |
2.11 |
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$ |
2.11 |
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$ |
— |
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— |
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$ |
— |
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— |
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$ |
0.09 |
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4 |
% |
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Earnings per diluted share |
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$ |
2.08 |
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$ |
2.23 |
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$ |
2.17 |
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$ |
2.00 |
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$ |
2.09 |
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$ |
2.08 |
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$ |
2.09 |
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$ |
0.01 |
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— |
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$ |
0.01 |
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— |
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$ |
0.09 |
|
4 |
% |
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Earnings per diluted share growth |
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3.5 |
% |
16.8 |
% |
— |
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(10.3 |
)% |
0.5 |
% |
3.5 |
% |
0.5 |
% |
(3.0 |
)% |
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(3.0 |
)% |
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10.8 |
% |
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Weighted average common shares outstanding |
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Basic weighted average common shares outstanding |
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186.3 |
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183.8 |
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180.4 |
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176.6 |
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172.6 |
|
186.3 |
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172.6 |
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(13.7 |
) |
(7 |
)% |
(13.7 |
) |
(7 |
)% |
(4.0 |
) |
(2 |
)% | ||||||||||
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Effect of potentially dilutive nonqualified stock options and other share-based awards |
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2.8 |
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2.6 |
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2.3 |
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2.3 |
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1.8 |
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2.8 |
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1.8 |
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(1.0 |
) |
(36 |
)% |
(1.0 |
) |
(36 |
)% |
(0.5 |
) |
(22 |
)% | ||||||||||
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Diluted weighted average common shares outstanding |
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189.1 |
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186.4 |
|
182.7 |
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178.9 |
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174.4 |
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189.1 |
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174.4 |
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(14.7 |
) |
(8 |
)% |
(14.7 |
) |
(8 |
)% |
(4.5 |
) |
(3 |
)% | ||||||||||
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Metrics |
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Net revenue growth |
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1.9 |
% |
1.8 |
% |
(7.2 |
)% |
0.5 |
% |
(9.4 |
)% |
1.9 |
% |
(9.4 |
)% |
(11.3 |
)% |
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(11.3 |
)% |
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(9.9 |
)% |
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Pretax income margin |
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20.2 |
% |
19.7 |
% |
16.0 |
% |
14.4 |
% |
17.2 |
% |
20.2 |
% |
17.2 |
% |
(3.0 |
)% |
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(3.0 |
)% |
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|
2.8 |
% |
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Effective tax rate |
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22.5 |
% |
22.6 |
% |
24.1 |
% |
14.8 |
% |
23.3 |
% |
22.5 |
% |
23.3 |
% |
0.8 |
% |
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0.8 |
% |
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|
8.5 |
% |
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Effective tax rate excluding noncontrolling interests (1) |
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26.1 |
% |
25.1 |
% |
21.9 |
% |
15.6 |
% |
23.3 |
% |
26.1 |
% |
23.3 |
% |
(2.8 |
)% |
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(2.8 |
)% |
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7.7 |
% |
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Ameriprise Financial shareholders’ equity / outstanding shares (2) |
|
$ |
44.27 |
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$ |
43.25 |
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$ |
42.76 |
|
$ |
41.33 |
|
$ |
41.65 |
|
$ |
44.27 |
|
$ |
41.65 |
|
$ |
(2.62 |
) |
(6 |
)% |
$ |
(2.62 |
) |
(6 |
)% |
$ |
0.32 |
|
1 |
% |
|
Ameriprise Financial shareholders’ equity excluding AOCI / outstanding shares (1)(3) |
|
$ |
40.47 |
|
$ |
40.50 |
|
$ |
40.18 |
|
$ |
39.89 |
|
$ |
39.05 |
|
$ |
40.47 |
|
$ |
39.05 |
|
$ |
(1.42 |
) |
(4 |
)% |
$ |
(1.42 |
) |
(4 |
)% |
$ |
(0.84 |
) |
(2 |
)% |
(1) See non-GAAP financial information on pg 33. Non-GAAP financial measure reconciliations can be found on pages 44 and 45.
(2) Calculated as Ameriprise Financial shareholders’ equity divided by common shares outstanding plus common stock equivalents outstanding at period end.
(3) Calculated as Ameriprise Financial shareholders’ equity excluding AOCI divided by common shares outstanding plus common stock equivalents outstanding at period end.
# Variance equal to or greater than 100%.
Ameriprise Financial, Inc.
Consolidated Operating Results and Highlights
First Quarter 2016
|
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|
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|
Prior Year Comparisons |
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| ||||||||||||||||
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Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
|
(in millions except per share amounts, unaudited) |
|
1 Qtr 2015 |
|
2 Qtr 2015 |
|
3 Qtr 2015 |
|
4 Qtr 2015 |
|
1 Qtr 2016 |
|
2015 |
|
2016 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
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|
Revenues |
|
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|
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| ||||||||||
|
Total net revenues |
|
$ |
3,053 |
|
$ |
3,128 |
|
$ |
2,886 |
|
$ |
3,103 |
|
$ |
2,765 |
|
$ |
3,053 |
|
$ |
2,765 |
|
$ |
(288 |
) |
(9 |
)% |
$ |
(288 |
) |
(9 |
)% |
$ |
(338 |
) |
(11 |
)% |
|
Less revenues attributable to the CIEs |
|
149 |
|
141 |
|
43 |
|
113 |
|
24 |
|
149 |
|
24 |
|
(125 |
) |
(84 |
)% |
(125 |
) |
(84 |
)% |
(89 |
) |
(79 |
)% | ||||||||||
|
Less net realized investment gains (losses) (1) |
|
10 |
|
5 |
|
(10 |
) |
(1 |
) |
(16 |
) |
10 |
|
(16 |
) |
(26 |
) |
# |
|
(26 |
) |
# |
|
(15 |
) |
# |
| ||||||||||
|
Less market impact on indexed universal life benefits (1) |
|
(4 |
) |
— |
|
9 |
|
2 |
|
9 |
|
(4 |
) |
9 |
|
13 |
|
# |
|
13 |
|
# |
|
7 |
|
# |
| ||||||||||
|
Less market impact of hedges on investments |
|
— |
|
(1 |
) |
(31 |
) |
11 |
|
(40 |
) |
— |
|
(40 |
) |
(40 |
) |
— |
|
(40 |
) |
— |
|
(51 |
) |
# |
| ||||||||||
|
Operating total net revenues (2) |
|
$ |
2,898 |
|
$ |
2,983 |
|
$ |
2,875 |
|
$ |
2,978 |
|
$ |
2,788 |
|
$ |
2,898 |
|
$ |
2,788 |
|
$ |
(110 |
) |
(4 |
)% |
$ |
(110 |
) |
(4 |
)% |
$ |
(190 |
) |
(6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Net income attributable to Ameriprise Financial |
|
$ |
393 |
|
$ |
415 |
|
$ |
397 |
|
$ |
357 |
|
$ |
364 |
|
$ |
393 |
|
$ |
364 |
|
$ |
(29 |
) |
(7 |
)% |
$ |
(29 |
) |
(7 |
)% |
$ |
7 |
|
2 |
% |
|
Less Net income (loss) attributable to the CIEs |
|
— |
|
— |
|
— |
|
— |
|
(1 |
) |
— |
|
(1 |
) |
(1 |
) |
— |
|
(1 |
) |
— |
|
(1 |
) |
— |
| ||||||||||
|
Integration/restructuring charges, net of tax (3) |
|
— |
|
1 |
|
2 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Market impact on variable annuity guaranteed benefits, net of tax (1)(3) |
|
22 |
|
23 |
|
3 |
|
91 |
|
(11 |
) |
22 |
|
(11 |
) |
(33 |
) |
# |
|
(33 |
) |
# |
|
(102 |
) |
# |
| ||||||||||
|
Market impact on indexed universal life benefits, net of tax (1)(3) |
|
4 |
|
(3 |
) |
— |
|
— |
|
(12 |
) |
4 |
|
(12 |
) |
(16 |
) |
# |
|
(16 |
) |
# |
|
(12 |
) |
— |
| ||||||||||
|
Market impact of hedges on investments, net of tax (3) |
|
— |
|
1 |
|
20 |
|
(7 |
) |
26 |
|
— |
|
26 |
|
26 |
|
— |
|
26 |
|
— |
|
33 |
|
# |
| ||||||||||
|
Less net realized investment gains (losses), net of tax (1)(3) |
|
7 |
|
3 |
|
(7 |
) |
— |
|
(10 |
) |
7 |
|
(10 |
) |
(17 |
) |
# |
|
(17 |
) |
# |
|
(10 |
) |
— |
| ||||||||||
|
Operating earnings (2) |
|
$ |
412 |
|
$ |
434 |
|
$ |
429 |
|
$ |
441 |
|
$ |
378 |
|
$ |
412 |
|
$ |
378 |
|
$ |
(34 |
) |
(8 |
)% |
$ |
(34 |
) |
(8 |
)% |
$ |
(63 |
) |
(14 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Pretax Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Pretax income |
|
$ |
618 |
|
$ |
615 |
|
$ |
463 |
|
$ |
446 |
|
$ |
475 |
|
$ |
618 |
|
$ |
475 |
|
$ |
(143 |
) |
(23 |
)% |
$ |
(143 |
) |
(23 |
)% |
$ |
29 |
|
7 |
% |
|
Less Pretax income (loss) attributable to the CIEs |
|
86 |
|
61 |
|
(45 |
) |
23 |
|
(2 |
) |
86 |
|
(2 |
) |
(88 |
) |
# |
|
(88 |
) |
# |
|
(25 |
) |
# |
| ||||||||||
|
Integration/restructuring charges |
|
— |
|
1 |
|
3 |
|
1 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(1 |
) |
# |
| ||||||||||
|
Market impact on variable annuity guaranteed benefits (1) |
|
34 |
|
36 |
|
5 |
|
139 |
|
(17 |
) |
34 |
|
(17 |
) |
(51 |
) |
# |
|
(51 |
) |
# |
|
(156 |
) |
# |
| ||||||||||
|
Market impact on indexed universal life benefits (1) |
|
6 |
|
(5 |
) |
1 |
|
(1 |
) |
(19 |
) |
6 |
|
(19 |
) |
(25 |
) |
# |
|
(25 |
) |
# |
|
(18 |
) |
# |
| ||||||||||
|
Market impact of hedges on investments |
|
— |
|
1 |
|
31 |
|
(11 |
) |
40 |
|
— |
|
40 |
|
40 |
|
— |
|
40 |
|
— |
|
51 |
|
# |
| ||||||||||
|
Less net realized investment gains (losses) (1) |
|
10 |
|
5 |
|
(10 |
) |
(1 |
) |
(16 |
) |
10 |
|
(16 |
) |
(26 |
) |
# |
|
(26 |
) |
# |
|
(15 |
) |
# |
| ||||||||||
|
Pretax operating earnings (2) |
|
$ |
562 |
|
$ |
582 |
|
$ |
558 |
|
$ |
552 |
|
$ |
497 |
|
$ |
562 |
|
$ |
497 |
|
$ |
(65 |
) |
(12 |
)% |
$ |
(65 |
) |
(12 |
)% |
$ |
(55 |
) |
(10 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Pretax Operating Margin (2)(4) |
|
19.4 |
% |
19.5 |
% |
19.4 |
% |
18.5 |
% |
17.8 |
% |
19.4 |
% |
17.8 |
% |
(1.6 |
)% |
|
|
(1.6 |
)% |
|
|
(0.7 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Operating Effective Tax Rate (2)(5) |
|
26.7 |
% |
25.4 |
% |
23.1 |
% |
20.1 |
% |
23.9 |
% |
26.7 |
% |
23.9 |
% |
(2.8 |
)% |
|
|
(2.8 |
)% |
|
|
3.8 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Weighted Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Basic |
|
186.3 |
|
183.8 |
|
180.4 |
|
176.6 |
|
172.6 |
|
186.3 |
|
172.6 |
|
(13.7 |
) |
(7 |
)% |
(13.7 |
) |
(7 |
)% |
(4.0 |
) |
(2 |
)% | ||||||||||
|
Diluted |
|
189.1 |
|
186.4 |
|
182.7 |
|
178.9 |
|
174.4 |
|
189.1 |
|
174.4 |
|
(14.7 |
) |
(8 |
)% |
(14.7 |
) |
(8 |
)% |
(4.5 |
) |
(3 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Operating Earnings Per Share (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Basic operating earnings per share |
|
$ |
2.21 |
|
$ |
2.36 |
|
$ |
2.38 |
|
$ |
2.50 |
|
$ |
2.19 |
|
$ |
2.21 |
|
$ |
2.19 |
|
$ |
(0.02 |
) |
(1 |
)% |
$ |
(0.02 |
) |
(1 |
)% |
$ |
(0.31 |
) |
(12 |
)% |
|
Operating earnings per diluted share |
|
$ |
2.18 |
|
$ |
2.33 |
|
$ |
2.35 |
|
$ |
2.47 |
|
$ |
2.17 |
|
$ |
2.18 |
|
$ |
2.17 |
|
$ |
(0.01 |
) |
— |
|
$ |
(0.01 |
) |
— |
|
$ |
(0.30 |
) |
(12 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Return on Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Return on equity excluding AOCI (2)(5) |
|
21.5 |
% |
22.1 |
% |
22.0 |
% |
21.4 |
% |
21.5 |
% |
21.5 |
% |
21.5 |
% |
— |
|
|
|
— |
|
|
|
0.1 |
% |
|
| ||||||||||
|
Operating return on equity excluding AOCI (2)(5) |
|
23.1 |
% |
23.5 |
% |
24.0 |
% |
24.3 |
% |
24.2 |
% |
23.1 |
% |
24.2 |
% |
1.1 |
% |
|
|
1.1 |
% |
|
|
(0.1 |
)% |
|
| ||||||||||
(1) Operating adjustments for net realized investment gains (losses), market impact on indexed universal life benefits and market impact on variable annuity guaranteed benefits are net of the following impacts, as applicable: hedges, DAC and DSIC amortization, unearned revenue amortization and the reinsurance accrual.
(2) See non-GAAP financial information on pg 33.
(3) Calculated using the statutory tax rate of 35%.
(4) Defined as pretax operating earnings as a percentage of operating total net revenues.
(5) Non-GAAP financial measure reconciliations can be found on pg 44.
# Variance equal to or greater than 100%.
Ameriprise Financial, Inc.
Consolidated Operating Results and Highlights
First Quarter 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
|
(in millions except per share amounts, headcount and where noted, unaudited) |
|
1 Qtr 2015 |
|
2 Qtr 2015 |
|
3 Qtr 2015 |
|
4 Qtr 2015 |
|
1 Qtr 2016 |
|
2015 |
|
2016 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
|
Book Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Ameriprise Financial shareholders’ equity excluding CIEs / outstanding shares (1)(2) |
|
$ |
42.84 |
|
$ |
41.91 |
|
$ |
41.86 |
|
$ |
40.58 |
|
$ |
41.64 |
|
$ |
42.84 |
|
$ |
41.64 |
|
$ |
(1.20 |
) |
(3 |
)% |
$ |
(1.20 |
) |
(3 |
)% |
$ |
1.06 |
|
3 |
% |
|
Ameriprise Financial shareholders’ equity excluding CIEs and AOCI / outstanding shares (1)(3) |
|
$ |
38.96 |
|
$ |
39.09 |
|
$ |
39.20 |
|
$ |
39.10 |
|
$ |
39.05 |
|
$ |
38.96 |
|
$ |
39.05 |
|
$ |
0.09 |
|
— |
|
$ |
0.09 |
|
— |
|
$ |
(0.05 |
) |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Operating Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Operating total net revenue growth: Target 6 - 8% |
|
3.1 |
% |
2.3 |
% |
(0.8 |
)% |
0.4 |
% |
(3.8 |
)% |
3.1 |
% |
(3.8 |
)% |
(6.9 |
)% |
|
|
(6.9 |
)% |
|
|
(4.2 |
)% |
|
| ||||||||||
|
Operating earnings per diluted share growth: Target 12 - 15% |
|
6.9 |
% |
12.0 |
% |
11.9 |
% |
7.4 |
% |
(0.5 |
)% |
6.9 |
% |
(0.5 |
)% |
(7.4 |
)% |
|
|
(7.4 |
)% |
|
|
(7.9 |
)% |
|
| ||||||||||
|
Operating return on equity excluding AOCI: Target 19 - 23% (1) |
|
23.1 |
% |
23.5 |
% |
24.0 |
% |
24.3 |
% |
24.2 |
% |
23.1 |
% |
24.2 |
% |
1.1 |
% |
|
|
1.1 |
% |
|
|
(0.1 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Debt to Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital |
|
27.1 |
% |
27.8 |
% |
28.2 |
% |
27.2 |
% |
27.4 |
% |
27.1 |
% |
27.4 |
% |
0.3 |
% |
|
|
0.3 |
% |
|
|
0.2 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Goodwill and Intangible Assets |
|
$ |
1,982 |
|
$ |
1,997 |
|
$ |
1,982 |
|
$ |
1,981 |
|
$ |
1,965 |
|
$ |
1,982 |
|
$ |
1,965 |
|
$ |
(17 |
) |
(1 |
)% |
$ |
(17 |
) |
(1 |
)% |
$ |
(16 |
) |
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Assets Under Management and Administration |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Advice & Wealth Management AUM |
|
$ |
179,361 |
|
$ |
181,127 |
|
$ |
173,000 |
|
$ |
179,574 |
|
$ |
182,276 |
|
$ |
179,361 |
|
$ |
182,276 |
|
$ |
2,915 |
|
2 |
% |
$ |
2,915 |
|
2 |
% |
$ |
2,702 |
|
2 |
% |
|
Asset Management AUM |
|
506,310 |
|
503,093 |
|
471,078 |
|
471,888 |
|
464,059 |
|
506,310 |
|
464,059 |
|
(42,251 |
) |
(8 |
)% |
(42,251 |
) |
(8 |
)% |
(7,829 |
) |
(2 |
)% | ||||||||||
|
Corporate AUM |
|
756 |
|
723 |
|
693 |
|
670 |
|
372 |
|
756 |
|
372 |
|
(384 |
) |
(51 |
)% |
(384 |
) |
(51 |
)% |
(298 |
) |
(44 |
)% | ||||||||||
|
Eliminations |
|
(22,489 |
) |
(23,255 |
) |
(22,200 |
) |
(23,074 |
) |
(23,087 |
) |
(22,489 |
) |
(23,087 |
) |
(598 |
) |
(3 |
)% |
(598 |
) |
(3 |
)% |
(13 |
) |
— |
| ||||||||||
|
Total Assets Under Management |
|
663,938 |
|
661,688 |
|
622,571 |
|
629,058 |
|
623,620 |
|
663,938 |
|
623,620 |
|
(40,318 |
) |
(6 |
)% |
(40,318 |
) |
(6 |
)% |
(5,438 |
) |
(1 |
)% | ||||||||||
|
Total Assets Under Administration |
|
150,836 |
|
149,385 |
|
143,183 |
|
147,677 |
|
149,113 |
|
150,836 |
|
149,113 |
|
(1,723 |
) |
(1 |
)% |
(1,723 |
) |
(1 |
)% |
1,436 |
|
1 |
% | ||||||||||
|
Total AUM and AUA |
|
$ |
814,774 |
|
$ |
811,073 |
|
$ |
765,754 |
|
$ |
776,735 |
|
$ |
772,733 |
|
$ |
814,774 |
|
$ |
772,733 |
|
$ |
(42,041 |
) |
(5 |
)% |
$ |
(42,041 |
) |
(5 |
)% |
$ |
(4,002 |
) |
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Business Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Total Ameriprise client assets |
|
$ |
452,969 |
|
$ |
453,336 |
|
$ |
433,458 |
|
$ |
447,120 |
|
$ |
451,417 |
|
$ |
452,969 |
|
$ |
451,417 |
|
$ |
(1,552 |
) |
— |
|
$ |
(1,552 |
) |
— |
|
$ |
4,297 |
|
1 |
% |
|
Total branded financial advisors |
|
9,691 |
|
9,721 |
|
9,814 |
|
9,789 |
|
9,766 |
|
9,691 |
|
9,766 |
|
75 |
|
1 |
% |
75 |
|
1 |
% |
(23 |
) |
— |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Net Flows and Net Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Branded advisor wrap |
|
$ |
2,802 |
|
$ |
3,278 |
|
$ |
2,980 |
|
$ |
2,093 |
|
$ |
1,829 |
|
$ |
2,802 |
|
$ |
1,829 |
|
$ |
(973 |
) |
(35 |
)% |
$ |
(973 |
) |
(35 |
)% |
$ |
(264 |
) |
(13 |
)% |
|
Asset Management |
|
(5,821 |
) |
(1,959 |
) |
(7,371 |
) |
(692 |
) |
(7,465 |
) |
(5,821 |
) |
(7,465 |
) |
(1,644 |
) |
(28 |
)% |
(1,644 |
) |
(28 |
)% |
(6,773 |
) |
# |
| ||||||||||
|
Annuities |
|
(950 |
) |
(901 |
) |
(634 |
) |
(541 |
) |
(560 |
) |
(950 |
) |
(560 |
) |
390 |
|
41 |
% |
390 |
|
41 |
% |
(19 |
) |
(4 |
)% | ||||||||||
|
Variable universal life / Universal life |
|
(48 |
) |
(44 |
) |
(46 |
) |
(19 |
) |
(48 |
) |
(48 |
) |
(48 |
) |
— |
|
— |
|
— |
|
— |
|
(29 |
) |
# |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
S&P 500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Daily average |
|
2,064 |
|
2,102 |
|
2,027 |
|
2,052 |
|
1,952 |
|
2,064 |
|
1,952 |
|
(112 |
) |
(5 |
)% |
(112 |
) |
(5 |
)% |
(100 |
) |
(5 |
)% | ||||||||||
|
Period end |
|
2,068 |
|
2,063 |
|
1,920 |
|
2,044 |
|
2,060 |
|
2,068 |
|
2,060 |
|
(8 |
) |
— |
|
(8 |
) |
— |
|
16 |
|
1 |
% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Weighted Equity Index (WEI) (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Daily average |
|
1,551 |
|
1,591 |
|
1,523 |
|
1,519 |
|
1,428 |
|
1,551 |
|
1,428 |
|
(123 |
) |
(8 |
)% |
(123 |
) |
(8 |
)% |
(91 |
) |
(6 |
)% | ||||||||||
|
Period end |
|
1,567 |
|
1,559 |
|
1,430 |
|
1,507 |
|
1,506 |
|
1,567 |
|
1,506 |
|
(61 |
) |
(4 |
)% |
(61 |
) |
(4 |
)% |
(1 |
) |
— |
| ||||||||||
(1) See non-GAAP financial information on pg 33. Non-GAAP financial measure reconciliations can be found on pages 44 and 45.
(2) Calculated as Ameriprise Financial shareholders’ equity excluding CIEs divided by common shares outstanding plus common stock equivalents outstanding at period end.
(3) Calculated as Ameriprise Financial shareholders’ equity excluding CIEs and AOCI divided by common shares outstanding plus common stock equivalents outstanding at period end.
(4) Weighted Equity Index is an Ameriprise calculated proxy for equity market movements calculated using a weighted average of the S&P 500, Russell 2000, Russell Midcap and MSCI EAFE indices based on North America distributed equity assets.
# Variance equal to or greater than 100%.
Ameriprise Financial, Inc.
Common Share and Capital Summary
First Quarter 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
|
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2015 |
|
2 Qtr 2015 |
|
3 Qtr 2015 |
|
4 Qtr 2015 |
|
1 Qtr 2016 |
|
2015 |
|
2016 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
|
Common shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Beginning balance |
|
183.1 |
|
181.8 |
|
178.7 |
|
175.0 |
|
171.0 |
|
183.1 |
|
171.0 |
|
(12.1 |
) |
(7 |
)% |
(12.1 |
) |
(7 |
)% |
(4.0 |
) |
(2 |
)% | ||||||||||
|
Repurchases |
|
(2.6 |
) |
(3.4 |
) |
(3.8 |
) |
(4.1 |
) |
(5.1 |
) |
(2.6 |
) |
(5.1 |
) |
(2.5 |
) |
(96 |
)% |
(2.5 |
) |
(96 |
)% |
(1.0 |
) |
(24 |
)% | ||||||||||
|
Issuances |
|
2.0 |
|
0.4 |
|
0.2 |
|
0.1 |
|
1.1 |
|
2.0 |
|
1.1 |
|
(0.9 |
) |
(45 |
)% |
(0.9 |
) |
(45 |
)% |
1.0 |
|
# |
| ||||||||||
|
Other |
|
(0.7 |
) |
(0.1 |
) |
(0.1 |
) |
— |
|
(0.2 |
) |
(0.7 |
) |
(0.2 |
) |
0.5 |
|
71 |
% |
0.5 |
|
71 |
% |
(0.2 |
) |
— |
| ||||||||||
|
Total common shares outstanding |
|
181.8 |
|
178.7 |
|
175.0 |
|
171.0 |
|
166.8 |
|
181.8 |
|
166.8 |
|
(15.0 |
) |
(8 |
)% |
(15.0 |
) |
(8 |
)% |
(4.2 |
) |
(2 |
)% | ||||||||||
|
Restricted stock units |
|
3.3 |
|
3.4 |
|
3.4 |
|
3.6 |
|
3.5 |
|
3.3 |
|
3.5 |
|
0.2 |
|
6 |
% |
0.2 |
|
6 |
% |
(0.1 |
) |
(3 |
)% | ||||||||||
|
Total basic common shares outstanding |
|
185.1 |
|
182.1 |
|
178.4 |
|
174.6 |
|
170.3 |
|
185.1 |
|
170.3 |
|
(14.8 |
) |
(8 |
)% |
(14.8 |
) |
(8 |
)% |
(4.3 |
) |
(2 |
)% | ||||||||||
|
Total potentially dilutive shares |
|
2.7 |
|
2.5 |
|
2.2 |
|
2.2 |
|
1.7 |
|
2.7 |
|
1.7 |
|
(1.0 |
) |
(37 |
)% |
(1.0 |
) |
(37 |
)% |
(0.5 |
) |
(23 |
)% | ||||||||||
|
Total diluted shares |
|
187.8 |
|
184.6 |
|
180.6 |
|
176.8 |
|
172.0 |
|
187.8 |
|
172.0 |
|
(15.8 |
) |
(8 |
)% |
(15.8 |
) |
(8 |
)% |
(4.8 |
) |
(3 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Capital Returned to Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Dividends paid |
|
$ |
110 |
|
$ |
124 |
|
$ |
121 |
|
$ |
119 |
|
$ |
117 |
|
$ |
110 |
|
$ |
117 |
|
$ |
7 |
|
6 |
% |
$ |
7 |
|
6 |
% |
$ |
(2 |
) |
(2 |
)% |
|
Common stock share repurchases |
|
$ |
349 |
|
$ |
425 |
|
$ |
450 |
|
$ |
450 |
|
$ |
451 |
|
$ |
349 |
|
$ |
451 |
|
$ |
102 |
|
29 |
% |
$ |
102 |
|
29 |
% |
$ |
1 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Allocated Capital (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Advice & Wealth Management |
|
$ |
516 |
|
$ |
521 |
|
$ |
528 |
|
$ |
543 |
|
$ |
597 |
|
$ |
516 |
|
$ |
597 |
|
$ |
81 |
|
16 |
% |
$ |
81 |
|
16 |
% |
$ |
54 |
|
10 |
% |
|
Asset Management |
|
1,872 |
|
1,854 |
|
1,836 |
|
1,847 |
|
1,833 |
|
1,872 |
|
1,833 |
|
(39 |
) |
(2 |
)% |
(39 |
) |
(2 |
)% |
(14 |
) |
(1 |
)% | ||||||||||
|
Annuities |
|
1,987 |
|
1,941 |
|
1,900 |
|
1,893 |
|
1,897 |
|
1,987 |
|
1,897 |
|
(90 |
) |
(5 |
)% |
(90 |
) |
(5 |
)% |
4 |
|
— |
| ||||||||||
|
Protection |
|
1,975 |
|
2,014 |
|
2,009 |
|
2,045 |
|
2,104 |
|
1,975 |
|
2,104 |
|
129 |
|
7 |
% |
129 |
|
7 |
% |
59 |
|
3 |
% | ||||||||||
|
Corporate & Other |
|
3,856 |
|
3,782 |
|
3,674 |
|
3,094 |
|
2,799 |
|
3,856 |
|
2,799 |
|
(1,057 |
) |
(27 |
)% |
(1,057 |
) |
(27 |
)% |
(295 |
) |
(10 |
)% | ||||||||||
|
Total allocated capital |
|
$ |
10,206 |
|
$ |
10,112 |
|
$ |
9,947 |
|
$ |
9,422 |
|
$ |
9,230 |
|
$ |
10,206 |
|
$ |
9,230 |
|
$ |
(976 |
) |
(10 |
)% |
$ |
(976 |
) |
(10 |
)% |
$ |
(192 |
) |
(2 |
)% |
(1) Allocated capital equals Ameriprise Financial shareholders’ equity excluding consolidated investment entities less AOCI plus Ameriprise Financial long-term debt excluding fair value of hedges, unamortized discount, debt issuance costs and capital lease obligations. Allocated capital is not adjusted for non-operating items except for CIEs.
# Variance equal to or greater than 100%.
Ameriprise Financial, Inc.
Segment Summary
First Quarter 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
|
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2015 |
|
2 Qtr 2015 |
|
3 Qtr 2015 |
|
4 Qtr 2015 |
|
1 Qtr 2016 |
|
2015 |
|
2016 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
|
Segment Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Advice & Wealth Management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Operating total net revenues |
|
$ |
1,228 |
|
$ |
1,274 |
|
$ |
1,245 |
|
$ |
1,266 |
|
$ |
1,198 |
|
$ |
1,228 |
|
$ |
1,198 |
|
$ |
(30 |
) |
(2 |
)% |
$ |
(30 |
) |
(2 |
)% |
$ |
(68 |
) |
(5 |
)% |
|
Operating expenses |
|
1,018 |
|
1,054 |
|
1,026 |
|
1,056 |
|
993 |
|
1,018 |
|
993 |
|
(25 |
) |
(2 |
)% |
(25 |
) |
(2 |
)% |
(63 |
) |
(6 |
)% | ||||||||||
|
Pretax operating earnings |
|
$ |
210 |
|
$ |
220 |
|
$ |
219 |
|
$ |
210 |
|
$ |
205 |
|
$ |
210 |
|
$ |
205 |
|
$ |
(5 |
) |
(2 |
)% |
$ |
(5 |
) |
(2 |
)% |
$ |
(5 |
) |
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Allocated capital |
|
$ |
516 |
|
$ |
521 |
|
$ |
528 |
|
$ |
543 |
|
$ |
597 |
|
$ |
516 |
|
$ |
597 |
|
$ |
81 |
|
16 |
% |
$ |
81 |
|
16 |
% |
$ |
54 |
|
10 |
% |
|
Operating return on allocated capital (1) |
|
121.6 |
% |
124.3 |
% |
126.8 |
% |
125.0 |
% |
121.3 |
% |
121.6 |
% |
121.3 |
% |
(0.3 |
)% |
|
|
(0.3 |
)% |
|
|
(3.7 |
)% |
|
| ||||||||||
|
Pretax operating margin |
|
17.1 |
% |
17.3 |
% |
17.6 |
% |
16.6 |
% |
17.1 |
% |
17.1 |
% |
17.1 |
% |
— |
|
|
|
— |
|
|
|
0.5 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Asset Management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Operating total net revenues |
|
$ |
807 |
|
$ |
832 |
|
$ |
782 |
|
$ |
833 |
|
$ |
724 |
|
$ |
807 |
|
$ |
724 |
|
$ |
(83 |
) |
(10 |
)% |
$ |
(83 |
) |
(10 |
)% |
$ |
(109 |
) |
(13 |
)% |
|
Operating expenses |
|
616 |
|
635 |
|
602 |
|
640 |
|
575 |
|
616 |
|
575 |
|
(41 |
) |
(7 |
)% |
(41 |
) |
(7 |
)% |
(65 |
) |
(10 |
)% | ||||||||||
|
Pretax operating earnings |
|
$ |
191 |
|
$ |
197 |
|
$ |
180 |
|
$ |
193 |
|
$ |
149 |
|
$ |
191 |
|
$ |
149 |
|
$ |
(42 |
) |
(22 |
)% |
$ |
(42 |
) |
(22 |
)% |
$ |
(44 |
) |
(23 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Allocated capital |
|
$ |
1,872 |
|
$ |
1,854 |
|
$ |
1,836 |
|
$ |
1,847 |
|
$ |
1,833 |
|
$ |
1,872 |
|
$ |
1,833 |
|
$ |
(39 |
) |
(2 |
)% |
$ |
(39 |
) |
(2 |
)% |
$ |
(14 |
) |
(1 |
)% |
|
Operating return on allocated capital (1) |
|
31.5 |
% |
31.9 |
% |
31.2 |
% |
31.2 |
% |
29.9 |
% |
31.5 |
% |
29.9 |
% |
(1.6 |
)% |
|
|
(1.6 |
)% |
|
|
(1.3 |
)% |
|
| ||||||||||
|
Pretax operating margin |
|
23.7 |
% |
23.7 |
% |
23.0 |
% |
23.2 |
% |
20.6 |
% |
23.7 |
% |
20.6 |
% |
(3.1 |
)% |
|
|
(3.1 |
)% |
|
|
(2.6 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Operating total net revenues |
|
$ |
807 |
|
$ |
832 |
|
$ |
782 |
|
$ |
833 |
|
$ |
724 |
|
$ |
807 |
|
$ |
724 |
|
$ |
(83 |
) |
(10 |
)% |
$ |
(83 |
) |
(10 |
)% |
$ |
(109 |
) |
(13 |
)% |
|
Distribution pass thru revenues |
|
(218 |
) |
(219 |
) |
(214 |
) |
(211 |
) |
(199 |
) |
(218 |
) |
(199 |
) |
19 |
|
9 |
% |
19 |
|
9 |
% |
12 |
|
6 |
% | ||||||||||
|
Subadvisory and other pass thru revenues |
|
(103 |
) |
(102 |
) |
(95 |
) |
(107 |
) |
(87 |
) |
(103 |
) |
(87 |
) |
16 |
|
16 |
% |
16 |
|
16 |
% |
20 |
|
19 |
% | ||||||||||
|
Adjusted operating revenues (2) |
|
$ |
486 |
|
$ |
511 |
|
$ |
473 |
|
$ |
515 |
|
$ |
438 |
|
$ |
486 |
|
$ |
438 |
|
$ |
(48 |
) |
(10 |
)% |
$ |
(48 |
) |
(10 |
)% |
$ |
(77 |
) |
(15 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Pretax operating earnings |
|
$ |
191 |
|
$ |
197 |
|
$ |
180 |
|
$ |
193 |
|
$ |
149 |
|
$ |
191 |
|
$ |
149 |
|
$ |
(42 |
) |
(22 |
)% |
$ |
(42 |
) |
(22 |
)% |
$ |
(44 |
) |
(23 |
)% |
|
Operating net investment income |
|
(6 |
) |
(4 |
) |
(1 |
) |
(12 |
) |
(3 |
) |
(6 |
) |
(3 |
) |
3 |
|
50 |
% |
3 |
|
50 |
% |
9 |
|
75 |
% | ||||||||||
|
Amortization of intangibles |
|
8 |
|
7 |
|
6 |
|
6 |
|
6 |
|
8 |
|
6 |
|
(2 |
) |
(25 |
)% |
(2 |
) |
(25 |
)% |
— |
|
— |
| ||||||||||
|
Adjusted operating earnings (2) |
|
$ |
193 |
|
$ |
200 |
|
$ |
185 |
|
$ |
187 |
|
$ |
152 |
|
$ |
193 |
|
$ |
152 |
|
$ |
(41 |
) |
(21 |
)% |
$ |
(41 |
) |
(21 |
)% |
$ |
(35 |
) |
(19 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Adjusted net pretax operating margin (2)(3) |
|
39.7 |
% |
39.1 |
% |
39.1 |
% |
36.3 |
% |
34.7 |
% |
39.7 |
% |
34.7 |
% |
(5.0 |
)% |
|
|
(5.0 |
)% |
|
|
(1.6 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Annuities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Operating total net revenues |
|
$ |
631 |
|
$ |
651 |
|
$ |
632 |
|
$ |
627 |
|
$ |
596 |
|
$ |
631 |
|
$ |
596 |
|
$ |
(35 |
) |
(6 |
)% |
$ |
(35 |
) |
(6 |
)% |
$ |
(31 |
) |
(5 |
)% |
|
Operating expenses |
|
459 |
|
501 |
|
456 |
|
475 |
|
472 |
|
459 |
|
472 |
|
13 |
|
3 |
% |
13 |
|
3 |
% |
(3 |
) |
(1 |
)% | ||||||||||
|
Pretax operating earnings |
|
$ |
172 |
|
$ |
150 |
|
$ |
176 |
|
$ |
152 |
|
$ |
124 |
|
$ |
172 |
|
$ |
124 |
|
$ |
(48 |
) |
(28 |
)% |
$ |
(48 |
) |
(28 |
)% |
$ |
(28 |
) |
(18 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Allocated capital |
|
$ |
1,987 |
|
$ |
1,941 |
|
$ |
1,900 |
|
$ |
1,893 |
|
$ |
1,897 |
|
$ |
1,987 |
|
$ |
1,897 |
|
$ |
(90 |
) |
(5 |
)% |
$ |
(90 |
) |
(5 |
)% |
$ |
4 |
|
— |
|
|
Operating return on allocated capital (1) |
|
20.7 |
% |
22.1 |
% |
25.6 |
% |
25.5 |
% |
24.1 |
% |
20.7 |
% |
24.1 |
% |
3.4 |
% |
|
|
3.4 |
% |
|
|
(1.4 |
)% |
|
| ||||||||||
|
Pretax operating margin |
|
27.3 |
% |
23.0 |
% |
27.8 |
% |
24.2 |
% |
20.8 |
% |
27.3 |
% |
20.8 |
% |
(6.5 |
)% |
|
|
(6.5 |
)% |
|
|
(3.4 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Protection |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Operating total net revenues |
|
$ |
590 |
|
$ |
600 |
|
$ |
586 |
|
$ |
608 |
|
$ |
608 |
|
$ |
590 |
|
$ |
608 |
|
$ |
18 |
|
3 |
% |
$ |
18 |
|
3 |
% |
$ |
— |
|
— |
|
|
Operating expenses |
|
539 |
|
528 |
|
561 |
|
573 |
|
539 |
|
539 |
|
539 |
|
— |
|
— |
|
— |
|
— |
|
(34 |
) |
(6 |
)% | ||||||||||
|
Pretax operating earnings |
|
$ |
51 |
|
$ |
72 |
|
$ |
25 |
|
$ |
35 |
|
$ |
69 |
|
$ |
51 |
|
$ |
69 |
|
$ |
18 |
|
35 |
% |
$ |
18 |
|
35 |
% |
$ |
34 |
|
97 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Allocated capital |
|
$ |
1,975 |
|
$ |
2,014 |
|
$ |
2,009 |
|
$ |
2,045 |
|
$ |
2,104 |
|
$ |
1,975 |
|
$ |
2,104 |
|
$ |
129 |
|
7 |
% |
$ |
129 |
|
7 |
% |
$ |
59 |
|
3 |
% |
|
Operating return on allocated capital (1) |
|
9.1 |
% |
8.4 |
% |
6.8 |
% |
6.9 |
% |
7.6 |
% |
9.1 |
% |
7.6 |
% |
(1.5 |
)% |
|
|
(1.5 |
)% |
|
|
0.7 |
% |
|
| ||||||||||
|
Pretax operating margin |
|
8.6 |
% |
12.0 |
% |
4.3 |
% |
5.8 |
% |
11.3 |
% |
8.6 |
% |
11.3 |
% |
2.7 |
% |
|
|
2.7 |
% |
|
|
5.5 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Corporate & Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Operating total net revenues |
|
$ |
(6 |
) |
$ |
(2 |
) |
$ |
(4 |
) |
$ |
15 |
|
$ |
2 |
|
$ |
(6 |
) |
$ |
2 |
|
$ |
8 |
|
# |
|
$ |
8 |
|
# |
|
$ |
(13 |
) |
(87 |
)% |
|
Operating expenses |
|
56 |
|
55 |
|
38 |
|
53 |
|
52 |
|
56 |
|
52 |
|
(4 |
) |
(7 |
)% |
(4 |
) |
(7 |
)% |
(1 |
) |
(2 |
)% | ||||||||||
|
Pretax operating loss |
|
$ |
(62 |
) |
$ |
(57 |
) |
$ |
(42 |
) |
$ |
(38 |
) |
$ |
(50 |
) |
$ |
(62 |
) |
$ |
(50 |
) |
$ |
12 |
|
19 |
% |
$ |
12 |
|
19 |
% |
$ |
(12 |
) |
(32 |
)% |
(1) Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated capital as of the last day of the trailing four quarters and current quarter in the denominator.
(2) See non-GAAP financial information on pg 33.
(3) Calculated as adjusted operating earnings as a percentage of adjusted operating revenues.
# Variance equal to or greater than 100%.
Ameriprise Financial, Inc.
Advice & Wealth Management Segment
First Quarter 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
|
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2015 |
|
2 Qtr 2015 |
|
3 Qtr 2015 |
|
4 Qtr 2015 |
|
1 Qtr 2016 |
|
2015 |
|
2016 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
|
Operating Income Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Management and financial advice fees |
|
$ |
637 |
|
$ |
666 |
|
$ |
658 |
|
$ |
668 |
|
$ |
631 |
|
$ |
637 |
|
$ |
631 |
|
$ |
(6 |
) |
(1 |
)% |
$ |
(6 |
) |
(1 |
)% |
$ |
(37 |
) |
(6 |
)% |
|
Distribution fees |
|
543 |
|
561 |
|
540 |
|
551 |
|
514 |
|
543 |
|
514 |
|
(29 |
) |
(5 |
)% |
(29 |
) |
(5 |
)% |
(37 |
) |
(7 |
)% | ||||||||||
|
Net investment income |
|
35 |
|
35 |
|
38 |
|
38 |
|
44 |
|
35 |
|
44 |
|
9 |
|
26 |
% |
9 |
|
26 |
% |
6 |
|
16 |
% | ||||||||||
|
Premiums |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Other revenues |
|
20 |
|
19 |
|
16 |
|
18 |
|
18 |
|
20 |
|
18 |
|
(2 |
) |
(10 |
)% |
(2 |
) |
(10 |
)% |
— |
|
— |
| ||||||||||
|
Total revenues |
|
1,235 |
|
1,281 |
|
1,252 |
|
1,275 |
|
1,207 |
|
1,235 |
|
1,207 |
|
(28 |
) |
(2 |
)% |
(28 |
) |
(2 |
)% |
(68 |
) |
(5 |
)% | ||||||||||
|
Banking and deposit interest expense |
|
7 |
|
7 |
|
7 |
|
9 |
|
9 |
|
7 |
|
9 |
|
2 |
|
29 |
% |
2 |
|
29 |
% |
— |
|
— |
| ||||||||||
|
Operating total net revenues |
|
1,228 |
|
1,274 |
|
1,245 |
|
1,266 |
|
1,198 |
|
1,228 |
|
1,198 |
|
(30 |
) |
(2 |
)% |
(30 |
) |
(2 |
)% |
(68 |
) |
(5 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Distribution expenses |
|
757 |
|
783 |
|
764 |
|
777 |
|
732 |
|
757 |
|
732 |
|
(25 |
) |
(3 |
)% |
(25 |
) |
(3 |
)% |
(45 |
) |
(6 |
)% | ||||||||||
|
Interest credited to fixed accounts |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Benefits, claims, losses and settlement expenses |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Amortization of deferred acquisition costs |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Interest and debt expense |
|
2 |
|
2 |
|
2 |
|
2 |
|
2 |
|
2 |
|
2 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
General and administrative expense |
|
259 |
|
269 |
|
260 |
|
277 |
|
259 |
|
259 |
|
259 |
|
— |
|
— |
|
— |
|
— |
|
(18 |
) |
(6 |
)% | ||||||||||
|
Operating expenses |
|
1,018 |
|
1,054 |
|
1,026 |
|
1,056 |
|
993 |
|
1,018 |
|
993 |
|
(25 |
) |
(2 |
)% |
(25 |
) |
(2 |
)% |
(63 |
) |
(6 |
)% | ||||||||||
|
Pretax operating earnings |
|
$ |
210 |
|
$ |
220 |
|
$ |
219 |
|
$ |
210 |
|
$ |
205 |
|
$ |
210 |
|
$ |
205 |
|
$ |
(5 |
) |
(2 |
)% |
$ |
(5 |
) |
(2 |
)% |
$ |
(5 |
) |
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Pretax operating margin |
|
17.1 |
% |
17.3 |
% |
17.6 |
% |
16.6 |
% |
17.1 |
% |
17.1 |
% |
17.1 |
% |
— |
|
|
|
— |
|
|
|
0.5 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Return on Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Allocated capital |
|
$ |
516 |
|
$ |
521 |
|
$ |
528 |
|
$ |
543 |
|
$ |
597 |
|
$ |
516 |
|
$ |
597 |
|
$ |
81 |
|
16 |
% |
$ |
81 |
|
16 |
% |
$ |
54 |
|
10 |
% |
|
Operating return on allocated capital (1) |
|
121.6 |
% |
124.3 |
% |
126.8 |
% |
125.0 |
% |
121.3 |
% |
121.6 |
% |
121.3 |
% |
(0.3 |
)% |
|
|
(0.3 |
)% |
|
|
(3.7 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Brokerage cash balance (2) |
|
$ |
20,055 |
|
$ |
19,862 |
|
$ |
21,410 |
|
$ |
23,491 |
|
$ |
23,374 |
|
$ |
20,055 |
|
$ |
23,374 |
|
$ |
3,319 |
|
17 |
% |
$ |
3,319 |
|
17 |
% |
$ |
(117 |
) |
— |
|
|
Brokerage sweep fee |
|
0.21 |
% |
0.22 |
% |
0.23 |
% |
0.25 |
% |
0.44 |
% |
0.21 |
% |
0.44 |
% |
0.23 |
% |
|
|
0.23 |
% |
|
|
0.19 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
On-balance sheet deposits |
|
$ |
7,885 |
|
$ |
7,825 |
|
$ |
8,049 |
|
$ |
8,638 |
|
$ |
8,883 |
|
$ |
7,885 |
|
$ |
8,883 |
|
$ |
998 |
|
13 |
% |
$ |
998 |
|
13 |
% |
$ |
245 |
|
3 |
% |
(1) Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated capital as of the last day of the trailing four quarters and current quarter in the denominator.
(2) Brokerage cash includes both off-balance sheet and on-balance sheet deposits. In the 1st quarter of 2015 through the 1st quarter of 2016, on-balance sheet deposits included in brokerage cash are $3.6B, $3.5B, $3.5B, $3.8B, and $3.7B, respectively.
Ameriprise Financial, Inc.
Advice & Wealth Management Segment
First Quarter 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
|
(in millions, except headcount and where noted, unaudited) |
|
1 Qtr 2015 |
|
2 Qtr 2015 |
|
3 Qtr 2015 |
|
4 Qtr 2015 |
|
1 Qtr 2016 |
|
2015 |
|
2016 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
|
Product Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Certificates and Banking - Combined |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Pretax operating earnings |
|
$ |
10 |
|
$ |
15 |
|
$ |
11 |
|
$ |
10 |
|
$ |
13 |
|
$ |
10 |
|
$ |
13 |
|
$ |
3 |
|
30 |
% |
$ |
3 |
|
30 |
% |
$ |
3 |
|
30 |
% |
|
Allocated capital |
|
$ |
241 |
|
$ |
243 |
|
$ |
251 |
|
$ |
268 |
|
$ |
287 |
|
$ |
241 |
|
$ |
287 |
|
$ |
46 |
|
19 |
% |
$ |
46 |
|
19 |
% |
$ |
19 |
|
7 |
% |
|
Operating return on allocated capital (1) |
|
12.0 |
% |
13.9 |
% |
14.5 |
% |
14.1 |
% |
14.5 |
% |
12.0 |
% |
14.5 |
% |
2.5 |
% |
|
|
2.5 |
% |
|
|
0.4 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Wealth Management & Distribution |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Pretax operating earnings |
|
$ |
200 |
|
$ |
205 |
|
$ |
208 |
|
$ |
200 |
|
$ |
192 |
|
$ |
200 |
|
$ |
192 |
|
$ |
(8 |
) |
(4 |
)% |
$ |
(8 |
) |
(4 |
)% |
$ |
(8 |
) |
(4 |
)% |
|
Allocated capital |
|
$ |
275 |
|
$ |
278 |
|
$ |
277 |
|
$ |
275 |
|
$ |
310 |
|
$ |
275 |
|
$ |
310 |
|
$ |
35 |
|
13 |
% |
$ |
35 |
|
13 |
% |
$ |
35 |
|
13 |
% |
|
Operating return on allocated capital (1) |
|
218.5 |
% |
220.2 |
% |
225.3 |
% |
224.5 |
% |
218.7 |
% |
218.5 |
% |
218.7 |
% |
0.2 |
% |
|
|
0.2 |
% |
|
|
(5.8 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Financial Plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Branded financial plan net cash sales |
|
$ |
62 |
|
$ |
65 |
|
$ |
62 |
|
$ |
74 |
|
$ |
64 |
|
$ |
62 |
|
$ |
64 |
|
$ |
2 |
|
3 |
% |
$ |
2 |
|
3 |
% |
$ |
(10 |
) |
(14 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Financial Advisors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Employee advisors |
|
2,084 |
|
2,082 |
|
2,099 |
|
2,083 |
|
2,046 |
|
2,084 |
|
2,046 |
|
(38 |
) |
(2 |
)% |
(38 |
) |
(2 |
)% |
(37 |
) |
(2 |
)% | ||||||||||
|
Franchisee advisors |
|
7,607 |
|
7,639 |
|
7,715 |
|
7,706 |
|
7,720 |
|
7,607 |
|
7,720 |
|
113 |
|
1 |
% |
113 |
|
1 |
% |
14 |
|
— |
| ||||||||||
|
Total branded financial advisors |
|
9,691 |
|
9,721 |
|
9,814 |
|
9,789 |
|
9,766 |
|
9,691 |
|
9,766 |
|
75 |
|
1 |
% |
75 |
|
1 |
% |
(23 |
) |
— |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Operating total net revenues per financial advisor (in thousands) (2) |
|
$ |
127 |
|
$ |
131 |
|
$ |
127 |
|
$ |
129 |
|
$ |
123 |
|
$ |
127 |
|
$ |
123 |
|
$ |
(4 |
) |
(3 |
)% |
$ |
(4 |
) |
(3 |
)% |
$ |
(6 |
) |
(5 |
)% |
|
Operating total net revenues per financial advisor-trailing twelve months (in thousands) (3) |
|
$ |
505 |
|
$ |
512 |
|
$ |
514 |
|
$ |
514 |
|
$ |
510 |
|
$ |
505 |
|
$ |
510 |
|
$ |
5 |
|
1 |
% |
$ |
5 |
|
1 |
% |
$ |
(4 |
) |
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Advisor Retention |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Employee |
|
91.0 |
% |
91.1 |
% |
91.0 |
% |
91.0 |
% |
90.7 |
% |
91.0 |
% |
90.7 |
% |
(0.3 |
)% |
|
|
(0.3 |
)% |
|
|
(0.3 |
)% |
|
| ||||||||||
|
Franchisee |
|
94.3 |
% |
94.2 |
% |
94.2 |
% |
94.2 |
% |
93.8 |
% |
94.3 |
% |
93.8 |
% |
(0.5 |
)% |
|
|
(0.5 |
)% |
|
|
(0.4 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Total Client Assets (at period end) |
|
$ |
452,969 |
|
$ |
453,336 |
|
$ |
433,458 |
|
$ |
447,120 |
|
$ |
451,417 |
|
$ |
452,969 |
|
$ |
451,417 |
|
$ |
(1,552 |
) |
— |
|
$ |
(1,552 |
) |
— |
|
$ |
4,297 |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Total Wrap Accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Beginning assets |
|
$ |
174,670 |
|
$ |
180,044 |
|
$ |
181,853 |
|
$ |
173,788 |
|
$ |
180,488 |
|
$ |
174,670 |
|
$ |
180,488 |
|
$ |
5,818 |
|
3 |
% |
$ |
5,818 |
|
3 |
% |
$ |
6,700 |
|
4 |
% |
|
Net flows |
|
2,802 |
|
3,278 |
|
2,980 |
|
2,093 |
|
1,829 |
|
2,802 |
|
1,829 |
|
(973 |
) |
(35 |
)% |
(973 |
) |
(35 |
)% |
(264 |
) |
(13 |
)% | ||||||||||
|
Market appreciation (depreciation) and other |
|
2,572 |
|
(1,469 |
) |
(11,045 |
) |
4,607 |
|
1,042 |
|
2,572 |
|
1,042 |
|
(1,530 |
) |
(59 |
)% |
(1,530 |
) |
(59 |
)% |
(3,565 |
) |
(77 |
)% | ||||||||||
|
Total wrap ending assets |
|
$ |
180,044 |
|
$ |
181,853 |
|
$ |
173,788 |
|
$ |
180,488 |
|
$ |
183,359 |
|
$ |
180,044 |
|
$ |
183,359 |
|
$ |
3,315 |
|
2 |
% |
$ |
3,315 |
|
2 |
% |
$ |
2,871 |
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Advisory wrap account assets ending balance (4) |
|
$ |
178,749 |
|
$ |
180,451 |
|
$ |
172,342 |
|
$ |
178,879 |
|
$ |
181,580 |
|
$ |
178,749 |
|
$ |
181,580 |
|
2,831 |
|
2 |
% |
2,831 |
|
2 |
% |
2,701 |
|
2 |
% | |||
(1) Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated capital as of the last day of the trailing four quarters and current quarter in the denominator.
(2) Year-to-date is sum of current and prior quarters for the year under review.
(3) Trailing twelve months is the sum of the last four quarters.
(4) Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts. Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee.
Ameriprise Financial, Inc.
Asset Management Segment
First Quarter 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
|
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2015 |
|
2 Qtr 2015 |
|
3 Qtr 2015 |
|
4 Qtr 2015 |
|
1 Qtr 2016 |
|
2015 |
|
2016 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
|
Operating Income Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Management and financial advice fees |
|
$ |
674 |
|
$ |
696 |
|
$ |
656 |
|
$ |
697 |
|
$ |
602 |
|
$ |
674 |
|
$ |
602 |
|
$ |
(72 |
) |
(11 |
)% |
$ |
(72 |
) |
(11 |
)% |
$ |
(95 |
) |
(14 |
)% |
|
Distribution fees |
|
125 |
|
128 |
|
123 |
|
123 |
|
117 |
|
125 |
|
117 |
|
(8 |
) |
(6 |
)% |
(8 |
) |
(6 |
)% |
(6 |
) |
(5 |
)% | ||||||||||
|
Net investment income |
|
6 |
|
4 |
|
1 |
|
12 |
|
3 |
|
6 |
|
3 |
|
(3 |
) |
(50 |
)% |
(3 |
) |
(50 |
)% |
(9 |
) |
(75 |
)% | ||||||||||
|
Premiums |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Other revenues |
|
2 |
|
4 |
|
2 |
|
1 |
|
2 |
|
2 |
|
2 |
|
— |
|
— |
|
— |
|
— |
|
1 |
|
# |
| ||||||||||
|
Total revenues |
|
807 |
|
832 |
|
782 |
|
833 |
|
724 |
|
807 |
|
724 |
|
(83 |
) |
(10 |
)% |
(83 |
) |
(10 |
)% |
(109 |
) |
(13 |
)% | ||||||||||
|
Banking and deposit interest expense |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Operating total net revenues |
|
807 |
|
832 |
|
782 |
|
833 |
|
724 |
|
807 |
|
724 |
|
(83 |
) |
(10 |
)% |
(83 |
) |
(10 |
)% |
(109 |
) |
(13 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Distribution expenses |
|
278 |
|
278 |
|
270 |
|
265 |
|
247 |
|
278 |
|
247 |
|
(31 |
) |
(11 |
)% |
(31 |
) |
(11 |
)% |
(18 |
) |
(7 |
)% | ||||||||||
|
Interest credited to fixed accounts |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Benefits, claims, losses and settlement expenses |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Amortization of deferred acquisition costs |
|
3 |
|
5 |
|
4 |
|
5 |
|
4 |
|
3 |
|
4 |
|
1 |
|
33 |
% |
1 |
|
33 |
% |
(1 |
) |
(20 |
)% | ||||||||||
|
Interest and debt expense |
|
6 |
|
7 |
|
6 |
|
6 |
|
6 |
|
6 |
|
6 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
General and administrative expense |
|
329 |
|
345 |
|
322 |
|
364 |
|
318 |
|
329 |
|
318 |
|
(11 |
) |
(3 |
)% |
(11 |
) |
(3 |
)% |
(46 |
) |
(13 |
)% | ||||||||||
|
Operating expenses |
|
616 |
|
635 |
|
602 |
|
640 |
|
575 |
|
616 |
|
575 |
|
(41 |
) |
(7 |
)% |
(41 |
) |
(7 |
)% |
(65 |
) |
(10 |
)% | ||||||||||
|
Pretax operating earnings |
|
$ |
191 |
|
$ |
197 |
|
$ |
180 |
|
$ |
193 |
|
$ |
149 |
|
$ |
191 |
|
$ |
149 |
|
$ |
(42 |
) |
(22 |
)% |
$ |
(42 |
) |
(22 |
)% |
$ |
(44 |
) |
(23 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Pretax operating margin |
|
23.7 |
% |
23.7 |
% |
23.0 |
% |
23.2 |
% |
20.6 |
% |
23.7 |
% |
20.6 |
% |
(3.1 |
)% |
|
|
(3.1 |
)% |
|
|
(2.6 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Operating total net revenues |
|
$ |
807 |
|
$ |
832 |
|
$ |
782 |
|
$ |
833 |
|
$ |
724 |
|
$ |
807 |
|
$ |
724 |
|
$ |
(83 |
) |
(10 |
)% |
$ |
(83 |
) |
(10 |
)% |
$ |
(109 |
) |
(13 |
)% |
|
Distribution pass thru revenues |
|
(218 |
) |
(219 |
) |
(214 |
) |
(211 |
) |
(199 |
) |
(218 |
) |
(199 |
) |
19 |
|
9 |
% |
19 |
|
9 |
% |
12 |
|
6 |
% | ||||||||||
|
Subadvisory and other pass thru revenues |
|
(103 |
) |
(102 |
) |
(95 |
) |
(107 |
) |
(87 |
) |
(103 |
) |
(87 |
) |
16 |
|
16 |
% |
16 |
|
16 |
% |
20 |
|
19 |
% | ||||||||||
|
Adjusted operating revenues (1) |
|
$ |
486 |
|
$ |
511 |
|
$ |
473 |
|
$ |
515 |
|
$ |
438 |
|
$ |
486 |
|
$ |
438 |
|
$ |
(48 |
) |
(10 |
)% |
$ |
(48 |
) |
(10 |
)% |
$ |
(77 |
) |
(15 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Pretax operating earnings |
|
$ |
191 |
|
$ |
197 |
|
$ |
180 |
|
$ |
193 |
|
$ |
149 |
|
$ |
191 |
|
$ |
149 |
|
$ |
(42 |
) |
(22 |
)% |
$ |
(42 |
) |
(22 |
)% |
$ |
(44 |
) |
(23 |
)% |
|
Operating net investment income |
|
(6 |
) |
(4 |
) |
(1 |
) |
(12 |
) |
(3 |
) |
(6 |
) |
(3 |
) |
3 |
|
50 |
% |
3 |
|
50 |
% |
9 |
|
75 |
% | ||||||||||
|
Amortization of intangibles |
|
8 |
|
7 |
|
6 |
|
6 |
|
6 |
|
8 |
|
6 |
|
(2 |
) |
(25 |
)% |
(2 |
) |
(25 |
)% |
— |
|
— |
| ||||||||||
|
Adjusted operating earnings (1) |
|
$ |
193 |
|
$ |
200 |
|
$ |
185 |
|
$ |
187 |
|
$ |
152 |
|
$ |
193 |
|
$ |
152 |
|
$ |
(41 |
) |
(21 |
)% |
$ |
(41 |
) |
(21 |
)% |
$ |
(35 |
) |
(19 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Adjusted net pretax operating margin (1)(2) |
|
39.7 |
% |
39.1 |
% |
39.1 |
% |
36.3 |
% |
34.7 |
% |
39.7 |
% |
34.7 |
% |
(5.0 |
)% |
|
|
(5.0 |
)% |
|
|
(1.6 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Performance Fees (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Net performance fees |
|
$ |
4 |
|
$ |
11 |
|
$ |
1 |
|
$ |
32 |
|
$ |
6 |
|
$ |
4 |
|
$ |
6 |
|
$ |
2 |
|
50 |
% |
$ |
2 |
|
50 |
% |
$ |
(26 |
) |
(81 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Return on Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Allocated capital |
|
$ |
1,872 |
|
$ |
1,854 |
|
$ |
1,836 |
|
$ |
1,847 |
|
$ |
1,833 |
|
$ |
1,872 |
|
$ |
1,833 |
|
$ |
(39 |
) |
(2 |
)% |
$ |
(39 |
) |
(2 |
)% |
$ |
(14 |
) |
(1 |
)% |
|
Operating return on allocated capital (4) |
|
31.5 |
% |
31.9 |
% |
31.2 |
% |
31.2 |
% |
29.9 |
% |
31.5 |
% |
29.9 |
% |
(1.6 |
)% |
|
|
(1.6 |
)% |
|
|
(1.3 |
)% |
|
| ||||||||||
(1) See non-GAAP financial information on pg 33.
(2) Calculated as adjusted operating earnings as a percentage of adjusted operating revenues.
(3) Performance fees, which are net of associated compensation, do not include CLO incentive fees.
(4) Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated capital as of the last day of the trailing four quarters and current quarter in the denominator.
# Variance equal to or greater than 100%.
Ameriprise Financial, Inc.
Asset Management Segment
First Quarter 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
|
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2015 |
|
2 Qtr 2015 |
|
3 Qtr 2015 |
|
4 Qtr 2015 |
|
1 Qtr 2016 |
|
2015 |
|
2016 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Total Managed Assets by Type |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Equity |
|
$ |
279,395 |
|
$ |
276,974 |
|
$ |
248,925 |
|
$ |
255,466 |
|
$ |
244,653 |
|
$ |
279,395 |
|
$ |
244,653 |
|
$ |
(34,742 |
) |
(12 |
)% |
$ |
(34,742 |
) |
(12 |
)% |
$ |
(10,813 |
) |
(4 |
)% |
|
Fixed income |
|
192,009 |
|
188,592 |
|
184,727 |
|
176,596 |
|
179,465 |
|
192,009 |
|
179,465 |
|
(12,544 |
) |
(7 |
)% |
(12,544 |
) |
(7 |
)% |
2,869 |
|
2 |
% | ||||||||||
|
Money market |
|
6,918 |
|
7,039 |
|
6,524 |
|
7,467 |
|
7,548 |
|
6,918 |
|
7,548 |
|
630 |
|
9 |
% |
630 |
|
9 |
% |
81 |
|
1 |
% | ||||||||||
|
Alternative |
|
7,372 |
|
7,941 |
|
8,272 |
|
8,198 |
|
8,227 |
|
7,372 |
|
8,227 |
|
855 |
|
12 |
% |
855 |
|
12 |
% |
29 |
|
— |
| ||||||||||
|
Hybrid and other |
|
20,616 |
|
22,547 |
|
22,630 |
|
24,161 |
|
24,166 |
|
20,616 |
|
24,166 |
|
3,550 |
|
17 |
% |
3,550 |
|
17 |
% |
5 |
|
— |
| ||||||||||
|
Total managed assets by type |
|
$ |
506,310 |
|
$ |
503,093 |
|
$ |
471,078 |
|
$ |
471,888 |
|
$ |
464,059 |
|
$ |
506,310 |
|
$ |
464,059 |
|
$ |
(42,251 |
) |
(8 |
)% |
$ |
(42,251 |
) |
(8 |
)% |
$ |
(7,829 |
) |
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Average Managed Assets by Type (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Equity |
|
$ |
279,148 |
|
$ |
280,553 |
|
$ |
266,179 |
|
$ |
257,682 |
|
$ |
241,769 |
|
$ |
279,148 |
|
$ |
241,769 |
|
$ |
(37,379 |
) |
(13 |
)% |
$ |
(37,379 |
) |
(13 |
)% |
$ |
(15,913 |
) |
(6 |
)% |
|
Fixed income |
|
193,845 |
|
190,643 |
|
187,341 |
|
180,990 |
|
176,789 |
|
193,845 |
|
176,789 |
|
(17,056 |
) |
(9 |
)% |
(17,056 |
) |
(9 |
)% |
(4,201 |
) |
(2 |
)% | ||||||||||
|
Money market |
|
6,457 |
|
6,895 |
|
6,715 |
|
7,267 |
|
7,746 |
|
6,457 |
|
7,746 |
|
1,289 |
|
20 |
% |
1,289 |
|
20 |
% |
479 |
|
7 |
% | ||||||||||
|
Alternative |
|
7,411 |
|
7,814 |
|
7,912 |
|
8,297 |
|
8,139 |
|
7,411 |
|
8,139 |
|
728 |
|
10 |
% |
728 |
|
10 |
% |
(158 |
) |
(2 |
)% | ||||||||||
|
Hybrid and other |
|
20,341 |
|
21,707 |
|
22,805 |
|
23,731 |
|
23,645 |
|
20,341 |
|
23,645 |
|
3,304 |
|
16 |
% |
3,304 |
|
16 |
% |
(86 |
) |
— |
| ||||||||||
|
Total average managed assets by type |
|
$ |
507,202 |
|
$ |
507,612 |
|
$ |
490,952 |
|
$ |
477,967 |
|
$ |
458,088 |
|
$ |
507,202 |
|
$ |
458,088 |
|
$ |
(49,114 |
) |
(10 |
)% |
$ |
(49,114 |
) |
(10 |
)% |
$ |
(19,879 |
) |
(4 |
)% |
(1) Average ending balances are calculated using the average of the prior period’s ending balance and all months in the current period.
Ameriprise Financial, Inc.
Asset Management Segment
First Quarter 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
|
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2015 |
|
2 Qtr 2015 |
|
3 Qtr 2015 |
|
4 Qtr 2015 |
|
1 Qtr 2016 |
|
2015 |
|
2016 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
|
Managed Assets Rollforward |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Global Retail Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Beginning assets |
|
$ |
281,547 |
|
$ |
283,246 |
|
$ |
280,176 |
|
$ |
258,562 |
|
$ |
263,866 |
|
$ |
281,547 |
|
$ |
263,866 |
|
$ |
(17,681 |
) |
(6 |
)% |
$ |
(17,681 |
) |
(6 |
)% |
$ |
5,304 |
|
2 |
% |
|
Inflows |
|
13,991 |
|
14,142 |
|
11,736 |
|
14,329 |
|
12,504 |
|
13,991 |
|
12,504 |
|
(1,487 |
) |
(11 |
)% |
(1,487 |
) |
(11 |
)% |
(1,825 |
) |
(13 |
)% | ||||||||||
|
Outflows |
|
(17,212 |
) |
(17,491 |
) |
(16,274 |
) |
(16,352 |
) |
(15,579 |
) |
(17,212 |
) |
(15,579 |
) |
1,633 |
|
9 |
% |
1,633 |
|
9 |
% |
773 |
|
5 |
% | ||||||||||
|
Net VP/VIT fund flows |
|
(265 |
) |
(208 |
) |
(163 |
) |
(101 |
) |
(187 |
) |
(265 |
) |
(187 |
) |
78 |
|
29 |
% |
78 |
|
29 |
% |
(86 |
) |
(85 |
)% | ||||||||||
|
Net new flows |
|
(3,486 |
) |
(3,557 |
) |
(4,701 |
) |
(2,124 |
) |
(3,262 |
) |
(3,486 |
) |
(3,262 |
) |
224 |
|
6 |
% |
224 |
|
6 |
% |
(1,138 |
) |
(54 |
)% | ||||||||||
|
Reinvested dividends |
|
501 |
|
3,591 |
|
641 |
|
8,621 |
|
407 |
|
501 |
|
407 |
|
(94 |
) |
(19 |
)% |
(94 |
) |
(19 |
)% |
(8,214 |
) |
(95 |
)% | ||||||||||
|
Net flows |
|
(2,985 |
) |
34 |
|
(4,060 |
) |
6,497 |
|
(2,855 |
) |
(2,985 |
) |
(2,855 |
) |
130 |
|
4 |
% |
130 |
|
4 |
% |
(9,352 |
) |
# |
| ||||||||||
|
Distributions |
|
(729 |
) |
(4,307 |
) |
(858 |
) |
(10,482 |
) |
(575 |
) |
(729 |
) |
(575 |
) |
154 |
|
21 |
% |
154 |
|
21 |
% |
9,907 |
|
95 |
% | ||||||||||
|
Market appreciation (depreciation) and other (1) |
|
7,611 |
|
(1,583 |
) |
(15,021 |
) |
10,333 |
|
770 |
|
7,611 |
|
770 |
|
(6,841 |
) |
(90 |
)% |
(6,841 |
) |
(90 |
)% |
(9,563 |
) |
(93 |
)% | ||||||||||
|
Foreign currency translation (2) |
|
(2,198 |
) |
2,786 |
|
(1,675 |
) |
(1,044 |
) |
(1,360 |
) |
(2,198 |
) |
(1,360 |
) |
838 |
|
38 |
% |
838 |
|
38 |
% |
(316 |
) |
(30 |
)% | ||||||||||
|
Total ending assets |
|
283,246 |
|
280,176 |
|
258,562 |
|
263,866 |
|
259,846 |
|
283,246 |
|
259,846 |
|
(23,400 |
) |
(8 |
)% |
(23,400 |
) |
(8 |
)% |
(4,020 |
) |
(2 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
% of total retail assets sub-advised |
|
17.0 |
% |
17.0 |
% |
17.2 |
% |
16.0 |
% |
16.2 |
% |
17.0 |
% |
16.2 |
% |
(0.8 |
)% |
|
|
(0.8 |
)% |
|
|
0.3 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Global Institutional |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Beginning assets |
|
224,031 |
|
223,064 |
|
222,917 |
|
212,516 |
|
208,022 |
|
224,031 |
|
208,022 |
|
(16,009 |
) |
(7 |
)% |
(16,009 |
) |
(7 |
)% |
(4,494 |
) |
(2 |
)% | ||||||||||
|
Inflows |
|
6,113 |
|
7,752 |
|
6,921 |
|
6,536 |
|
7,358 |
|
6,113 |
|
7,358 |
|
1,245 |
|
20 |
% |
1,245 |
|
20 |
% |
822 |
|
13 |
% | ||||||||||
|
Outflows |
|
(8,949 |
) |
(9,745 |
) |
(10,232 |
) |
(13,725 |
) |
(11,968 |
) |
(8,949 |
) |
(11,968 |
) |
(3,019 |
) |
(34 |
)% |
(3,019 |
) |
(34 |
)% |
1,757 |
|
13 |
% | ||||||||||
|
Net flows |
|
(2,836 |
) |
(1,993 |
) |
(3,311 |
) |
(7,189 |
) |
(4,610 |
) |
(2,836 |
) |
(4,610 |
) |
(1,774 |
) |
(63 |
)% |
(1,774 |
) |
(63 |
)% |
2,579 |
|
36 |
% | ||||||||||
|
Market appreciation (depreciation) and other (3)(4) |
|
6,884 |
|
(4,439 |
) |
(3,352 |
) |
4,833 |
|
3,567 |
|
6,884 |
|
3,567 |
|
(3,317 |
) |
(48 |
)% |
(3,317 |
) |
(48 |
)% |
(1,266 |
) |
(26 |
)% | ||||||||||
|
Foreign currency translation (2) |
|
(5,015 |
) |
6,285 |
|
(3,738 |
) |
(2,138 |
) |
(2,766 |
) |
(5,015 |
) |
(2,766 |
) |
2,249 |
|
45 |
% |
2,249 |
|
45 |
% |
(628 |
) |
(29 |
)% | ||||||||||
|
Total ending assets |
|
223,064 |
|
222,917 |
|
212,516 |
|
208,022 |
|
204,213 |
|
223,064 |
|
204,213 |
|
(18,851 |
) |
(8 |
)% |
(18,851 |
) |
(8 |
)% |
(3,809 |
) |
(2 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Total managed assets |
|
$ |
506,310 |
|
$ |
503,093 |
|
$ |
471,078 |
|
$ |
471,888 |
|
$ |
464,059 |
|
$ |
506,310 |
|
$ |
464,059 |
|
$ |
(42,251 |
) |
(8 |
)% |
$ |
(42,251 |
) |
(8 |
)% |
$ |
(7,829 |
) |
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Total net flows |
|
$ |
(5,821 |
) |
$ |
(1,959 |
) |
$ |
(7,371 |
) |
$ |
(692 |
) |
$ |
(7,465 |
) |
$ |
(5,821 |
) |
$ |
(7,465 |
) |
$ |
(1,644 |
) |
(28 |
)% |
$ |
(1,644 |
) |
(28 |
)% |
$ |
(6,773 |
) |
# |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Former Parent Company Related (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Retail net new flows |
|
$ |
(525 |
) |
$ |
(439 |
) |
$ |
(572 |
) |
$ |
(772 |
) |
$ |
(256 |
) |
$ |
(525 |
) |
$ |
(256 |
) |
$ |
269 |
|
51 |
% |
$ |
269 |
|
51 |
% |
$ |
516 |
|
67 |
% |
|
Institutional net new flows |
|
(938 |
) |
(3,553 |
) |
(2,017 |
) |
(5,943 |
) |
(4,079 |
) |
(938 |
) |
(4,079 |
) |
(3,141 |
) |
# |
|
(3,141 |
) |
# |
|
1,864 |
|
31 |
% | ||||||||||
|
Total net new flows |
|
$ |
(1,463 |
) |
$ |
(3,992 |
) |
$ |
(2,589 |
) |
$ |
(6,715 |
) |
$ |
(4,335 |
) |
$ |
(1,463 |
) |
$ |
(4,335 |
) |
$ |
(2,872 |
) |
# |
|
$ |
(2,872 |
) |
# |
|
$ |
2,380 |
|
35 |
% |
|
(1) |
Included in Market appreciation (depreciation) and other for retail funds in the 2nd quarter of 2015 are ($0.5B) related to the sale of the Multi-Manager business. |
|
(2) |
Amounts represent British Pound to US dollar conversion. |
|
(3) |
Included in Market appreciation (depreciation) and other for Global Institutional in the 2nd quarter of 2015 are ($0.1B) due to the transfer of assets from Separately Managed Accounts (SMAs) to Unified Managed Accounts (UMAs). |
|
(4) |
Included in Market appreciation (depreciation) and other for Global Institutional is the change in the affiliated general account balance. |
|
(5) |
Former parent company related assets and net new flows are included in the rollforwards above. |
|
# |
Variance equal to or greater than 100%. |
Ameriprise Financial, Inc.
Asset Management Segment - Columbia
First Quarter 2016
Mutual Fund Rankings in top 2 Lipper Quartiles
|
|
|
|
|
1 Qtr 2015 |
|
2 Qtr 2015 |
|
3 Qtr 2015 |
|
4 Qtr 2015 |
|
1 Qtr 2016 |
|
|
Domestic Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equal weighted |
|
1 year |
|
55 |
% |
59 |
% |
57 |
% |
68 |
% |
68 |
% |
|
|
|
3 year |
|
65 |
% |
65 |
% |
65 |
% |
68 |
% |
62 |
% |
|
|
|
5 year |
|
54 |
% |
65 |
% |
57 |
% |
57 |
% |
57 |
% |
|
Asset weighted |
|
1 year |
|
61 |
% |
64 |
% |
59 |
% |
77 |
% |
80 |
% |
|
|
|
3 year |
|
64 |
% |
68 |
% |
72 |
% |
76 |
% |
74 |
% |
|
|
|
5 year |
|
63 |
% |
74 |
% |
70 |
% |
74 |
% |
68 |
% |
|
International Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equal weighted |
|
1 year |
|
71 |
% |
77 |
% |
68 |
% |
55 |
% |
55 |
% |
|
|
|
3 year |
|
67 |
% |
77 |
% |
73 |
% |
82 |
% |
68 |
% |
|
|
|
5 year |
|
63 |
% |
70 |
% |
70 |
% |
65 |
% |
60 |
% |
|
Asset weighted |
|
1 year |
|
84 |
% |
48 |
% |
35 |
% |
33 |
% |
37 |
% |
|
|
|
3 year |
|
41 |
% |
47 |
% |
42 |
% |
46 |
% |
39 |
% |
|
|
|
5 year |
|
41 |
% |
45 |
% |
40 |
% |
41 |
% |
41 |
% |
|
Taxable Fixed Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equal weighted |
|
1 year |
|
65 |
% |
58 |
% |
58 |
% |
68 |
% |
63 |
% |
|
|
|
3 year |
|
75 |
% |
65 |
% |
59 |
% |
47 |
% |
59 |
% |
|
|
|
5 year |
|
75 |
% |
71 |
% |
71 |
% |
65 |
% |
71 |
% |
|
Asset weighted |
|
1 year |
|
77 |
% |
69 |
% |
72 |
% |
73 |
% |
70 |
% |
|
|
|
3 year |
|
84 |
% |
85 |
% |
82 |
% |
52 |
% |
77 |
% |
|
|
|
5 year |
|
84 |
% |
86 |
% |
85 |
% |
80 |
% |
83 |
% |
|
Tax Exempt Fixed Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equal weighted |
|
1 year |
|
89 |
% |
94 |
% |
94 |
% |
83 |
% |
89 |
% |
|
|
|
3 year |
|
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
|
|
|
5 year |
|
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
|
Asset weighted |
|
1 year |
|
84 |
% |
99 |
% |
99 |
% |
97 |
% |
92 |
% |
|
|
|
3 year |
|
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
|
|
|
5 year |
|
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
|
Asset Allocation Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equal weighted |
|
1 year |
|
82 |
% |
80 |
% |
90 |
% |
90 |
% |
85 |
% |
|
|
|
3 year |
|
78 |
% |
56 |
% |
67 |
% |
78 |
% |
100 |
% |
|
|
|
5 year |
|
89 |
% |
88 |
% |
88 |
% |
88 |
% |
100 |
% |
|
Asset weighted |
|
1 year |
|
89 |
% |
96 |
% |
100 |
% |
100 |
% |
98 |
% |
|
|
|
3 year |
|
77 |
% |
62 |
% |
73 |
% |
79 |
% |
100 |
% |
|
|
|
5 year |
|
97 |
% |
97 |
% |
97 |
% |
98 |
% |
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of 4- or 5-star Morningstar rated funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall |
|
|
|
48 |
|
53 |
|
51 |
|
55 |
|
51 |
|
|
3 year |
|
|
|
43 |
|
51 |
|
52 |
|
57 |
|
50 |
|
|
5 year |
|
|
|
50 |
|
48 |
|
44 |
|
45 |
|
46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent of 4- or 5-star Morningstar rated funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall |
|
|
|
48 |
% |
52 |
% |
50 |
% |
54 |
% |
50 |
% |
|
3 year |
|
|
|
43 |
% |
50 |
% |
51 |
% |
56 |
% |
50 |
% |
|
5 year |
|
|
|
53 |
% |
51 |
% |
46 |
% |
47 |
% |
48 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent of 4- or 5-star Morningstar rated assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall |
|
|
|
56 |
% |
58 |
% |
58 |
% |
66 |
% |
61 |
% |
|
3 year |
|
|
|
40 |
% |
48 |
% |
57 |
% |
66 |
% |
61 |
% |
|
5 year |
|
|
|
57 |
% |
55 |
% |
54 |
% |
57 |
% |
61 |
% |
Mutual fund performance rankings are based on the performance of Class Z fund shares for Columbia branded mutual funds. Only funds with Class Z shares are included. In instances where a fund’s Class Z share does not have a full five year track record (prior to 9-30-15), performance for an older share class of the same fund, typically Class A shares, is utilized for the period before Class Z shares were launched. No adjustments to the historical track records are made to account for differences in fund expenses between share classes of a fund. Starting 9-30-2015, legacy RiverSource funds have reached 5 years of Z share performance and will not be appended. Historical rankings will continue to be appended.
Equal Weighted Rankings in Top 2 Quartiles: Counts the number of funds with above median ranking divided by the total number of funds. Asset size is not a factor.
Asset Weighted Rankings in Top 2 Quartiles: Sums the total assets of the funds with above median ranking (using Class Z and appended Class Z) divided by total assets of all funds. Funds with more assets will receive a greater share of the total percentage above or below median.
Ameriprise Financial, Inc.
Asset Management Segment - Threadneedle
First Quarter 2016
Retail Fund Rankings in Top 2 Morningstar Quartiles or Above Index Benchmark
|
|
|
|
|
1 Qtr 2015 |
|
2 Qtr 2015 |
|
3 Qtr 2015 |
|
4 Qtr 2015 |
|
1 Qtr 2016 |
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equal weighted |
|
1 year |
|
71 |
% |
71 |
% |
71 |
% |
65 |
% |
81 |
% |
|
|
|
3 year |
|
68 |
% |
72 |
% |
74 |
% |
74 |
% |
70 |
% |
|
|
|
5 year |
|
83 |
% |
81 |
% |
84 |
% |
76 |
% |
78 |
% |
|
Asset weighted |
|
1 year |
|
78 |
% |
63 |
% |
67 |
% |
68 |
% |
88 |
% |
|
|
|
3 year |
|
61 |
% |
58 |
% |
68 |
% |
71 |
% |
56 |
% |
|
|
|
5 year |
|
87 |
% |
86 |
% |
93 |
% |
84 |
% |
86 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equal weighted |
|
1 year |
|
65 |
% |
52 |
% |
56 |
% |
56 |
% |
38 |
% |
|
|
|
3 year |
|
59 |
% |
64 |
% |
68 |
% |
45 |
% |
59 |
% |
|
|
|
5 year |
|
68 |
% |
70 |
% |
71 |
% |
67 |
% |
52 |
% |
|
Asset weighted |
|
1 year |
|
63 |
% |
50 |
% |
66 |
% |
81 |
% |
68 |
% |
|
|
|
3 year |
|
37 |
% |
39 |
% |
69 |
% |
72 |
% |
83 |
% |
|
|
|
5 year |
|
47 |
% |
52 |
% |
59 |
% |
61 |
% |
45 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocation (Managed) Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equal weighted |
|
1 year |
|
75 |
% |
63 |
% |
63 |
% |
75 |
% |
88 |
% |
|
|
|
3 year |
|
83 |
% |
67 |
% |
86 |
% |
86 |
% |
100 |
% |
|
|
|
5 year |
|
83 |
% |
83 |
% |
83 |
% |
100 |
% |
100 |
% |
|
Asset weighted |
|
1 year |
|
79 |
% |
75 |
% |
73 |
% |
86 |
% |
93 |
% |
|
|
|
3 year |
|
93 |
% |
55 |
% |
93 |
% |
92 |
% |
100 |
% |
|
|
|
5 year |
|
93 |
% |
93 |
% |
93 |
% |
100 |
% |
100 |
% |
The performance of each fund is measured on a consistent basis against the most appropriate benchmark - a peer group of similar funds or an index.
Equal weighted: Counts the number of funds with above median ranking (if measured against peer group) or above index performance (if measured against an index) divided by the total number of funds. Asset size is not a factor.
Asset weighted: Sums the assets of the funds with above median ranking (if measured against peer group) or above index performance (if measured against an index) divided by the total sum of assets in the funds. Funds with more assets will receive a greater share of the total percentage above or below median or index.
Aggregated Allocation (Managed) Funds include funds that invest in other funds of the Threadneedle range including those funds that invest in both equity and fixed income.
Aggregated Threadneedle data includes funds on the Threadneedle platform sub-advised by Columbia as well as advisors not affiliated with Ameriprise Financial, Inc.
Ameriprise Financial, Inc.
Annuities Segment
First Quarter 2016
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Prior Year Comparisons |
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Year-to-Date |
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Qtr Chg - 1Q |
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YTD Chg - 1Q |
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Seq Qtr Chg - 1Q |
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(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2015 |
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2 Qtr 2015 |
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3 Qtr 2015 |
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4 Qtr 2015 |
|
1 Qtr 2016 |
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2015 |
|
2016 |
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Diff. |
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% |
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Diff. |
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% |
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Diff. |
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% |
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Operating Income Statements |
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Revenues |
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|
|
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|
|
|
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| ||||||||||
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Management and financial advice fees |
|
$ |
190 |
|
$ |
192 |
|
$ |
187 |
|
$ |
186 |
|
$ |
177 |
|
$ |
190 |
|
$ |
177 |
|
$ |
(13 |
) |
(7 |
)% |
$ |
(13 |
) |
(7 |
)% |
$ |
(9 |
) |
(5 |
)% |
|
Distribution fees |
|
89 |
|
94 |
|
91 |
|
90 |
|
83 |
|
89 |
|
83 |
|
(6 |
) |
(7 |
)% |
(6 |
) |
(7 |
)% |
(7 |
) |
(8 |
)% | ||||||||||
|
Net investment income |
|
221 |
|
218 |
|
208 |
|
201 |
|
192 |
|
221 |
|
192 |
|
(29 |
) |
(13 |
)% |
(29 |
) |
(13 |
)% |
(9 |
) |
(4 |
)% | ||||||||||
|
Premiums |
|
22 |
|
30 |
|
25 |
|
30 |
|
28 |
|
22 |
|
28 |
|
6 |
|
27 |
% |
6 |
|
27 |
% |
(2 |
) |
(7 |
)% | ||||||||||
|
Other revenues |
|
109 |
|
117 |
|
121 |
|
120 |
|
116 |
|
109 |
|
116 |
|
7 |
|
6 |
% |
7 |
|
6 |
% |
(4 |
) |
(3 |
)% | ||||||||||
|
Total revenues |
|
631 |
|
651 |
|
632 |
|
627 |
|
596 |
|
631 |
|
596 |
|
(35 |
) |
(6 |
)% |
(35 |
) |
(6 |
)% |
(31 |
) |
(5 |
)% | ||||||||||
|
Banking and deposit interest expense |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Operating total net revenues |
|
631 |
|
651 |
|
632 |
|
627 |
|
596 |
|
631 |
|
596 |
|
(35 |
) |
(6 |
)% |
(35 |
) |
(6 |
)% |
(31 |
) |
(5 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| ||||||||||
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Distribution expenses |
|
108 |
|
116 |
|
111 |
|
111 |
|
103 |
|
108 |
|
103 |
|
(5 |
) |
(5 |
)% |
(5 |
) |
(5 |
)% |
(8 |
) |
(7 |
)% | ||||||||||
|
Interest credited to fixed accounts |
|
127 |
|
125 |
|
125 |
|
123 |
|
119 |
|
127 |
|
119 |
|
(8 |
) |
(6 |
)% |
(8 |
) |
(6 |
)% |
(4 |
) |
(3 |
)% | ||||||||||
|
Benefits, claims, losses and settlement expenses |
|
115 |
|
135 |
|
89 |
|
143 |
|
144 |
|
115 |
|
144 |
|
29 |
|
25 |
% |
29 |
|
25 |
% |
1 |
|
1 |
% | ||||||||||
|
Amortization of deferred acquisition costs |
|
43 |
|
59 |
|
66 |
|
37 |
|
45 |
|
43 |
|
45 |
|
2 |
|
5 |
% |
2 |
|
5 |
% |
8 |
|
22 |
% | ||||||||||
|
Interest and debt expense |
|
10 |
|
9 |
|
10 |
|
9 |
|
8 |
|
10 |
|
8 |
|
(2 |
) |
(20 |
)% |
(2 |
) |
(20 |
)% |
(1 |
) |
(11 |
)% | ||||||||||
|
General and administrative expense |
|
56 |
|
57 |
|
55 |
|
52 |
|
53 |
|
56 |
|
53 |
|
(3 |
) |
(5 |
)% |
(3 |
) |
(5 |
)% |
1 |
|
2 |
% | ||||||||||
|
Operating expenses |
|
459 |
|
501 |
|
456 |
|
475 |
|
472 |
|
459 |
|
472 |
|
13 |
|
3 |
% |
13 |
|
3 |
% |
(3 |
) |
(1 |
)% | ||||||||||
|
Pretax operating earnings |
|
$ |
172 |
|
$ |
150 |
|
$ |
176 |
|
$ |
152 |
|
$ |
124 |
|
$ |
172 |
|
$ |
124 |
|
$ |
(48 |
) |
(28 |
)% |
$ |
(48 |
) |
(28 |
)% |
$ |
(28 |
) |
(18 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| ||||||||||
|
Pretax operating margin |
|
27.3 |
% |
23.0 |
% |
27.8 |
% |
24.2 |
% |
20.8 |
% |
27.3 |
% |
20.8 |
% |
(6.5 |
)% |
|
|
(6.5 |
)% |
|
|
(3.4 |
)% |
|
| ||||||||||
|
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|
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| ||||||||||
|
Return on Capital |
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Allocated capital |
|
$ |
1,987 |
|
$ |
1,941 |
|
$ |
1,900 |
|
$ |
1,893 |
|
$ |
1,897 |
|
$ |
1,987 |
|
$ |
1,897 |
|
$ |
(90 |
) |
(5 |
)% |
$ |
(90 |
) |
(5 |
)% |
$ |
4 |
|
— |
|
|
Operating return on allocated capital (1) |
|
20.7 |
% |
22.1 |
% |
25.6 |
% |
25.5 |
% |
24.1 |
% |
20.7 |
% |
24.1 |
% |
3.4 |
% |
|
|
3.4 |
% |
|
|
(1.4 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Market impact on variable annuity guaranteed benefits (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Risk margin and nonperformance spread impact |
|
$ |
17 |
|
$ |
(5 |
) |
$ |
98 |
|
$ |
(61 |
) |
$ |
141 |
|
$ |
17 |
|
$ |
141 |
|
$ |
124 |
|
# |
|
$ |
124 |
|
# |
|
$ |
202 |
|
# |
|
|
Other |
|
(51 |
) |
(31 |
) |
(103 |
) |
(78 |
) |
(124 |
) |
(51 |
) |
(124 |
) |
(73 |
) |
# |
|
(73 |
) |
# |
|
(46 |
) |
(59 |
)% | ||||||||||
|
Total VA guaranteed benefit impact excluded from operating earnings |
|
$ |
(34 |
) |
$ |
(36 |
) |
$ |
(5 |
) |
$ |
(139 |
) |
$ |
17 |
|
$ |
(34 |
) |
$ |
17 |
|
$ |
51 |
|
# |
|
$ |
51 |
|
# |
|
$ |
156 |
|
# |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Total annuity net flows |
|
$ |
(950 |
) |
$ |
(901 |
) |
$ |
(634 |
) |
$ |
(541 |
) |
$ |
(560 |
) |
$ |
(950 |
) |
$ |
(560 |
) |
$ |
390 |
|
41 |
% |
$ |
390 |
|
41 |
% |
$ |
(19 |
) |
(4 |
)% |
(1) Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated capital as of the last day of the trailing four quarters and current quarter in the denominator.
(2) Guaranteed Minimum Withdrawal Benefit (GMWB) and Guaranteed Minimum Accumulation Benefit (GMAB) only, net of variable annuity guarantee hedges, DSIC and DAC amortization.
# Variance equal to or greater than 100%.
Ameriprise Financial, Inc.
Annuities Segment
First Quarter 2016
|
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|
Prior Year Comparisons |
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| ||||||||||||||||
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|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
|
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2015 |
|
2 Qtr 2015 |
|
3 Qtr 2015 |
|
4 Qtr 2015 |
|
1 Qtr 2016 |
|
2015 |
|
2016 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
|
Product Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Variable Annuities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Pretax operating earnings |
|
$ |
144 |
|
$ |
120 |
|
$ |
151 |
|
$ |
129 |
|
$ |
100 |
|
$ |
144 |
|
$ |
100 |
|
$ |
(44 |
) |
(31 |
)% |
$ |
(44 |
) |
(31 |
)% |
$ |
(29 |
) |
(22 |
)% |
|
Allocated capital (1) |
|
$ |
650 |
|
$ |
650 |
|
$ |
650 |
|
$ |
650 |
|
$ |
650 |
|
$ |
650 |
|
$ |
650 |
|
$ |
— |
|
— |
|
$ |
— |
|
— |
|
$ |
— |
|
— |
|
|
Operating return on allocated capital (2) |
|
41.2 |
% |
48.0 |
% |
64.8 |
% |
63.9 |
% |
59.2 |
% |
41.2 |
% |
59.2 |
% |
18.0 |
% |
|
|
18.0 |
% |
|
|
(4.7 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Fixed Annuities (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Pretax operating earnings |
|
$ |
28 |
|
$ |
30 |
|
$ |
25 |
|
$ |
23 |
|
$ |
24 |
|
$ |
28 |
|
$ |
24 |
|
$ |
(4 |
) |
(14 |
)% |
$ |
(4 |
) |
(14 |
)% |
$ |
1 |
|
4 |
% |
|
Allocated capital |
|
$ |
1,337 |
|
$ |
1,291 |
|
$ |
1,250 |
|
$ |
1,243 |
|
$ |
1,247 |
|
$ |
1,337 |
|
$ |
1,247 |
|
$ |
(90 |
) |
(7 |
)% |
$ |
(90 |
) |
(7 |
)% |
$ |
4 |
|
— |
|
|
Operating return on allocated capital (2) |
|
7.6 |
% |
7.9 |
% |
6.9 |
% |
6.2 |
% |
6.1 |
% |
7.6 |
% |
6.1 |
% |
(1.5 |
)% |
|
|
(1.5 |
)% |
|
|
(0.1 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Variable Annuities Rollforward |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Beginning balance |
|
$ |
76,988 |
|
$ |
77,934 |
|
$ |
77,137 |
|
$ |
72,843 |
|
$ |
74,244 |
|
$ |
76,988 |
|
$ |
74,244 |
|
$ |
(2,744 |
) |
(4 |
)% |
$ |
(2,744 |
) |
(4 |
)% |
$ |
1,401 |
|
2 |
% |
|
Deposits |
|
1,182 |
|
1,366 |
|
1,340 |
|
1,340 |
|
1,147 |
|
1,182 |
|
1,147 |
|
(35 |
) |
(3 |
)% |
(35 |
) |
(3 |
)% |
(193 |
) |
(14 |
)% | ||||||||||
|
Withdrawals and terminations |
|
(1,567 |
) |
(1,704 |
) |
(1,599 |
) |
(1,585 |
) |
(1,458 |
) |
(1,567 |
) |
(1,458 |
) |
109 |
|
7 |
% |
109 |
|
7 |
% |
127 |
|
8 |
% | ||||||||||
|
Net flows |
|
(385 |
) |
(338 |
) |
(259 |
) |
(245 |
) |
(311 |
) |
(385 |
) |
(311 |
) |
74 |
|
19 |
% |
74 |
|
19 |
% |
(66 |
) |
(27 |
)% | ||||||||||
|
Investment performance and interest credited |
|
1,331 |
|
(459 |
) |
(4,035 |
) |
1,646 |
|
274 |
|
1,331 |
|
274 |
|
(1,057 |
) |
(79 |
)% |
(1,057 |
) |
(79 |
)% |
(1,372 |
) |
(83 |
)% | ||||||||||
|
Total ending balance - contract accumulation values |
|
$ |
77,934 |
|
$ |
77,137 |
|
$ |
72,843 |
|
$ |
74,244 |
|
$ |
74,207 |
|
$ |
77,934 |
|
$ |
74,207 |
|
$ |
(3,727 |
) |
(5 |
)% |
$ |
(3,727 |
) |
(5 |
)% |
$ |
(37 |
) |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Variable annuities fixed sub-accounts |
|
$ |
4,848 |
|
$ |
4,874 |
|
$ |
4,913 |
|
$ |
4,911 |
|
$ |
4,966 |
|
$ |
4,848 |
|
$ |
4,966 |
|
$ |
118 |
|
2 |
% |
$ |
118 |
|
2 |
% |
$ |
55 |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Fixed Annuities Rollforward |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Beginning balance |
|
$ |
12,137 |
|
$ |
11,658 |
|
$ |
11,179 |
|
$ |
10,886 |
|
$ |
10,673 |
|
$ |
12,137 |
|
$ |
10,673 |
|
$ |
(1,464 |
) |
(12 |
)% |
$ |
(1,464 |
) |
(12 |
)% |
$ |
(213 |
) |
(2 |
)% |
|
Deposits |
|
36 |
|
35 |
|
52 |
|
63 |
|
66 |
|
36 |
|
66 |
|
30 |
|
83 |
% |
30 |
|
83 |
% |
3 |
|
5 |
% | ||||||||||
|
Withdrawals and terminations |
|
(601 |
) |
(598 |
) |
(427 |
) |
(359 |
) |
(315 |
) |
(601 |
) |
(315 |
) |
286 |
|
48 |
% |
286 |
|
48 |
% |
44 |
|
12 |
% | ||||||||||
|
Net flows |
|
(565 |
) |
(563 |
) |
(375 |
) |
(296 |
) |
(249 |
) |
(565 |
) |
(249 |
) |
316 |
|
56 |
% |
316 |
|
56 |
% |
47 |
|
16 |
% | ||||||||||
|
Policyholder interest credited |
|
86 |
|
84 |
|
82 |
|
83 |
|
79 |
|
86 |
|
79 |
|
(7 |
) |
(8 |
)% |
(7 |
) |
(8 |
)% |
(4 |
) |
(5 |
)% | ||||||||||
|
Total ending balance - contract accumulation values |
|
$ |
11,658 |
|
$ |
11,179 |
|
$ |
10,886 |
|
$ |
10,673 |
|
$ |
10,503 |
|
$ |
11,658 |
|
$ |
10,503 |
|
$ |
(1,155 |
) |
(10 |
)% |
$ |
(1,155 |
) |
(10 |
)% |
$ |
(170 |
) |
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Capitalized interest |
|
$ |
1 |
|
$ |
— |
|
$ |
1 |
|
$ |
— |
|
$ |
1 |
|
$ |
1 |
|
$ |
1 |
|
$ |
— |
|
— |
|
$ |
— |
|
— |
|
$ |
1 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Payout Annuities Reserve Balance |
|
$ |
2,088 |
|
$ |
2,088 |
|
$ |
2,090 |
|
$ |
2,094 |
|
$ |
2,090 |
|
$ |
2,088 |
|
$ |
2,090 |
|
$ |
2 |
|
— |
|
$ |
2 |
|
— |
|
$ |
(4 |
) |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Tax Equivalent Spread - Fixed Annuities (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Gross rate of return on invested assets (5) |
|
4.7 |
% |
4.8 |
% |
4.7 |
% |
4.7 |
% |
4.6 |
% |
4.7 |
% |
4.6 |
% |
(0.1 |
)% |
|
|
(0.1 |
)% |
|
|
(0.1 |
)% |
|
| ||||||||||
|
Crediting rate excluding capitalized interest |
|
(3.0 |
)% |
(3.0 |
)% |
(3.0 |
)% |
(3.0 |
)% |
(3.0 |
)% |
(3.0 |
)% |
(3.0 |
)% |
— |
|
|
|
— |
|
|
|
— |
|
|
| ||||||||||
|
Tax equivalent margin spread |
|
1.7 |
% |
1.8 |
% |
1.7 |
% |
1.7 |
% |
1.6 |
% |
1.7 |
% |
1.6 |
% |
(0.1 |
)% |
|
|
(0.1 |
)% |
|
|
(0.1 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Total Variable Annuities DAC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Beginning balance |
|
$ |
1,663 |
|
$ |
1,670 |
|
$ |
1,684 |
|
$ |
1,665 |
|
$ |
1,718 |
|
$ |
1,663 |
|
$ |
1,718 |
|
$ |
55 |
|
3 |
% |
$ |
55 |
|
3 |
% |
$ |
53 |
|
3 |
% |
|
Capitalization |
|
39 |
|
50 |
|
48 |
|
49 |
|
42 |
|
39 |
|
42 |
|
3 |
|
8 |
% |
3 |
|
8 |
% |
(7 |
) |
(14 |
)% | ||||||||||
|
Non-operating amortization |
|
4 |
|
4 |
|
(7 |
) |
26 |
|
(16 |
) |
4 |
|
(16 |
) |
(20 |
) |
# |
|
(20 |
) |
# |
|
(42 |
) |
# |
| ||||||||||
|
Amortization per income statement |
|
(33 |
) |
(51 |
) |
(62 |
) |
(32 |
) |
(40 |
) |
(33 |
) |
(40 |
) |
(7 |
) |
(21 |
)% |
(7 |
) |
(21 |
)% |
(8 |
) |
(25 |
)% | ||||||||||
|
Other |
|
(3 |
) |
11 |
|
2 |
|
10 |
|
(13 |
) |
(3 |
) |
(13 |
) |
(10 |
) |
# |
|
(10 |
) |
# |
|
(23 |
) |
# |
| ||||||||||
|
Total ending balance |
|
$ |
1,670 |
|
$ |
1,684 |
|
$ |
1,665 |
|
$ |
1,718 |
|
$ |
1,691 |
|
$ |
1,670 |
|
$ |
1,691 |
|
$ |
21 |
|
1 |
% |
$ |
21 |
|
1 |
% |
$ |
(27 |
) |
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Total Fixed Annuities DAC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Beginning balance |
|
$ |
67 |
|
$ |
59 |
|
$ |
69 |
|
$ |
72 |
|
$ |
87 |
|
$ |
67 |
|
$ |
87 |
|
$ |
20 |
|
30 |
% |
$ |
20 |
|
30 |
% |
$ |
15 |
|
21 |
% |
|
Capitalization |
|
1 |
|
— |
|
1 |
|
1 |
|
1 |
|
1 |
|
1 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Non-operating amortization |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Amortization per income statement |
|
(10 |
) |
(8 |
) |
(4 |
) |
(5 |
) |
(5 |
) |
(10 |
) |
(5 |
) |
5 |
|
50 |
% |
5 |
|
50 |
% |
— |
|
— |
| ||||||||||
|
Other |
|
1 |
|
18 |
|
6 |
|
19 |
|
(13 |
) |
1 |
|
(13 |
) |
(14 |
) |
# |
|
(14 |
) |
# |
|
(32 |
) |
# |
| ||||||||||
|
Total ending balance |
|
$ |
59 |
|
$ |
69 |
|
$ |
72 |
|
$ |
87 |
|
$ |
70 |
|
$ |
59 |
|
$ |
70 |
|
$ |
11 |
|
19 |
% |
$ |
11 |
|
19 |
% |
$ |
(17 |
) |
(20 |
)% |
(1) The variable annuity allocated capital calculation takes into account the capital necessary to support the business, recognizing the established reserves and potential future interest rate changes, and includes $250M of additional contingent capital above required levels for all periods shown.
(2) Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated capital as of the last day of the trailing four quarters and current quarter in the denominator.
(3) Includes payout annuities.
(4) Attributable to interest sensitive products only, which has been approximately 99% of the total ending fixed annuities accumulation values in the periods reported. The asset earnings rate is a calculated yield based on specifically assigned assets.
(5) In the 1st quarter of 2015 through the 1st quarter of 2016, the Gross rates of return on invested assets were impacted by outstanding repurchase agreements. Without these positions, the Gross rates of return on invested assets would have been 4.6%, 4.7%, 4.6%, 4.6% and 4.5% respectively.
# Variance equal to or greater than 100%.
Ameriprise Financial, Inc.
Protection Segment
First Quarter 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
|
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2015 |
|
2 Qtr 2015 |
|
3 Qtr 2015 |
|
4 Qtr 2015 |
|
1 Qtr 2016 |
|
2015 |
|
2016 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Operating Income Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Management and financial advice fees |
|
$ |
15 |
|
$ |
13 |
|
$ |
14 |
|
$ |
13 |
|
$ |
13 |
|
$ |
15 |
|
$ |
13 |
|
$ |
(2 |
) |
(13 |
)% |
$ |
(2 |
) |
(13 |
)% |
$ |
— |
|
— |
|
|
Distribution fees |
|
23 |
|
24 |
|
24 |
|
26 |
|
23 |
|
23 |
|
23 |
|
— |
|
— |
|
— |
|
— |
|
(3 |
) |
(12 |
)% | ||||||||||
|
Net investment income |
|
114 |
|
118 |
|
118 |
|
118 |
|
119 |
|
114 |
|
119 |
|
5 |
|
4 |
% |
5 |
|
4 |
% |
1 |
|
1 |
% | ||||||||||
|
Premiums |
|
335 |
|
341 |
|
339 |
|
348 |
|
345 |
|
335 |
|
345 |
|
10 |
|
3 |
% |
10 |
|
3 |
% |
(3 |
) |
(1 |
)% | ||||||||||
|
Other revenues |
|
103 |
|
104 |
|
91 |
|
103 |
|
108 |
|
103 |
|
108 |
|
5 |
|
5 |
% |
5 |
|
5 |
% |
5 |
|
5 |
% | ||||||||||
|
Total revenues |
|
590 |
|
600 |
|
586 |
|
608 |
|
608 |
|
590 |
|
608 |
|
18 |
|
3 |
% |
18 |
|
3 |
% |
— |
|
— |
| ||||||||||
|
Banking and deposit interest expense |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Operating total net revenues |
|
590 |
|
600 |
|
586 |
|
608 |
|
608 |
|
590 |
|
608 |
|
18 |
|
3 |
% |
18 |
|
3 |
% |
— |
|
— |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Distribution expenses |
|
13 |
|
16 |
|
12 |
|
18 |
|
12 |
|
13 |
|
12 |
|
(1 |
) |
(8 |
)% |
(1 |
) |
(8 |
)% |
(6 |
) |
(33 |
)% | ||||||||||
|
Interest credited to fixed accounts |
|
40 |
|
39 |
|
42 |
|
43 |
|
43 |
|
40 |
|
43 |
|
3 |
|
8 |
% |
3 |
|
8 |
% |
— |
|
— |
| ||||||||||
|
Benefits, claims, losses and settlement expenses |
|
380 |
|
368 |
|
384 |
|
406 |
|
371 |
|
380 |
|
371 |
|
(9 |
) |
(2 |
)% |
(9 |
) |
(2 |
)% |
(35 |
) |
(9 |
)% | ||||||||||
|
Amortization of deferred acquisition costs |
|
36 |
|
35 |
|
50 |
|
34 |
|
39 |
|
36 |
|
39 |
|
3 |
|
8 |
% |
3 |
|
8 |
% |
5 |
|
15 |
% | ||||||||||
|
Interest and debt expense |
|
8 |
|
8 |
|
9 |
|
7 |
|
9 |
|
8 |
|
9 |
|
1 |
|
13 |
% |
1 |
|
13 |
% |
2 |
|
29 |
% | ||||||||||
|
General and administrative expense |
|
62 |
|
62 |
|
64 |
|
65 |
|
65 |
|
62 |
|
65 |
|
3 |
|
5 |
% |
3 |
|
5 |
% |
— |
|
— |
| ||||||||||
|
Operating expenses |
|
539 |
|
528 |
|
561 |
|
573 |
|
539 |
|
539 |
|
539 |
|
— |
|
— |
|
— |
|
— |
|
(34 |
) |
(6 |
)% | ||||||||||
|
Pretax operating earnings |
|
$ |
51 |
|
$ |
72 |
|
$ |
25 |
|
$ |
35 |
|
$ |
69 |
|
$ |
51 |
|
$ |
69 |
|
$ |
18 |
|
35 |
% |
$ |
18 |
|
35 |
% |
$ |
34 |
|
97 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Pretax operating margin |
|
8.6 |
% |
12.0 |
% |
4.3 |
% |
5.8 |
% |
11.3 |
% |
8.6 |
% |
11.3 |
% |
2.7 |
% |
|
|
2.7 |
% |
|
|
5.5 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Return on Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Allocated capital |
|
$ |
1,975 |
|
$ |
2,014 |
|
$ |
2,009 |
|
$ |
2,045 |
|
$ |
2,104 |
|
$ |
1,975 |
|
$ |
2,104 |
|
$ |
129 |
|
7 |
% |
$ |
129 |
|
7 |
% |
$ |
59 |
|
3 |
% |
|
Operating return on allocated capital (1) |
|
9.1 |
% |
8.4 |
% |
6.8 |
% |
6.9 |
% |
7.6 |
% |
9.1 |
% |
7.6 |
% |
(1.5 |
)% |
|
|
(1.5 |
)% |
|
|
0.7 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Market impact on indexed universal life benefits (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Risk margin and nonperformance spread impact |
|
$ |
— |
|
$ |
(1 |
) |
$ |
(6 |
) |
$ |
7 |
|
$ |
(13 |
) |
$ |
— |
|
$ |
(13 |
) |
$ |
(13 |
) |
— |
|
$ |
(13 |
) |
— |
|
$ |
(20 |
) |
# |
|
|
Other |
|
(6 |
) |
6 |
|
5 |
|
(6 |
) |
32 |
|
(6 |
) |
32 |
|
38 |
|
# |
|
38 |
|
# |
|
38 |
|
# |
| ||||||||||
|
Total market impact on indexed universal life benefits excluded from operating earnings |
|
$ |
(6 |
) |
$ |
5 |
|
$ |
(1 |
) |
$ |
1 |
|
$ |
19 |
|
$ |
(6 |
) |
$ |
19 |
|
$ |
25 |
|
# |
|
$ |
25 |
|
# |
|
$ |
18 |
|
# |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Product Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Long Term Care |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Pretax operating earnings |
|
$ |
(31 |
) |
$ |
15 |
|
$ |
7 |
|
$ |
(6 |
) |
$ |
1 |
|
$ |
(31 |
) |
$ |
1 |
|
$ |
32 |
|
# |
|
$ |
32 |
|
# |
|
$ |
7 |
|
# |
|
|
Allocated capital |
|
$ |
556 |
|
$ |
580 |
|
$ |
568 |
|
$ |
591 |
|
$ |
600 |
|
$ |
556 |
|
$ |
600 |
|
$ |
44 |
|
8 |
% |
$ |
44 |
|
8 |
% |
$ |
9 |
|
2 |
% |
|
Operating return on allocated capital (1) |
|
(4.7 |
)% |
(2.8 |
)% |
(1.1 |
)% |
(1.9 |
)% |
2.2 |
% |
(4.7 |
)% |
2.2 |
% |
6.9 |
% |
|
|
6.9 |
% |
|
|
4.1 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Protection excluding Long Term Care |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Pretax operating earnings |
|
$ |
82 |
|
$ |
57 |
|
$ |
18 |
|
$ |
41 |
|
$ |
68 |
|
$ |
82 |
|
$ |
68 |
|
$ |
(14 |
) |
(17 |
)% |
$ |
(14 |
) |
(17 |
)% |
$ |
27 |
|
66 |
% |
|
Allocated capital |
|
$ |
1,419 |
|
$ |
1,434 |
|
$ |
1,441 |
|
$ |
1,454 |
|
$ |
1,504 |
|
$ |
1,419 |
|
$ |
1,504 |
|
$ |
85 |
|
6 |
% |
$ |
85 |
|
6 |
% |
$ |
50 |
|
3 |
% |
|
Operating return on allocated capital (1) |
|
14.4 |
% |
12.7 |
% |
9.9 |
% |
10.4 |
% |
9.7 |
% |
14.4 |
% |
9.7 |
% |
(4.7 |
)% |
|
|
(4.7 |
)% |
|
|
(0.7 |
)% |
|
| ||||||||||
(1) Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated capital as of the last day of the trailing four quarters and current quarter in the denominator.
(2) Market impact on indexed universal life benefits, net of hedges and the related DAC amortization, unearned revenue amortization, and the reinsurance accrual.
# Variance equal to or greater than 100%.
Ameriprise Financial, Inc.
Protection Segment
First Quarter 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
|
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2015 |
|
2 Qtr 2015 |
|
3 Qtr 2015 |
|
4 Qtr 2015 |
|
1 Qtr 2016 |
|
2015 |
|
2016 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Cash Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
VUL / UL (1) |
|
$ |
66 |
|
$ |
86 |
|
$ |
81 |
|
$ |
91 |
|
$ |
66 |
|
$ |
66 |
|
$ |
66 |
|
$ |
— |
|
— |
|
$ |
— |
|
— |
|
$ |
(25 |
) |
(27 |
)% |
|
Term and whole life |
|
2 |
|
2 |
|
2 |
|
3 |
|
2 |
|
2 |
|
2 |
|
— |
|
— |
|
— |
|
— |
|
(1 |
) |
(33 |
)% | ||||||||||
|
Disability insurance |
|
1 |
|
1 |
|
1 |
|
2 |
|
1 |
|
1 |
|
1 |
|
— |
|
— |
|
— |
|
— |
|
(1 |
) |
(50 |
)% | ||||||||||
|
Auto and home |
|
262 |
|
270 |
|
288 |
|
267 |
|
256 |
|
262 |
|
256 |
|
(6 |
) |
(2 |
)% |
(6 |
) |
(2 |
)% |
(11 |
) |
(4 |
)% | ||||||||||
|
Total cash sales |
|
$ |
331 |
|
$ |
359 |
|
$ |
372 |
|
$ |
363 |
|
$ |
325 |
|
$ |
331 |
|
$ |
325 |
|
$ |
(6 |
) |
(2 |
)% |
$ |
(6 |
) |
(2 |
)% |
$ |
(38 |
) |
(10 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
VUL / UL Policyholder Account Balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Beginning balance |
|
$ |
11,283 |
|
$ |
11,421 |
|
$ |
11,408 |
|
$ |
10,931 |
|
$ |
11,170 |
|
$ |
11,283 |
|
$ |
11,170 |
|
$ |
(113 |
) |
(1 |
)% |
$ |
(113 |
) |
(1 |
)% |
$ |
239 |
|
2 |
% |
|
Premiums and deposits |
|
246 |
|
260 |
|
255 |
|
281 |
|
240 |
|
246 |
|
240 |
|
(6 |
) |
(2 |
)% |
(6 |
) |
(2 |
)% |
(41 |
) |
(15 |
)% | ||||||||||
|
Investment performance and interest |
|
186 |
|
30 |
|
(431 |
) |
260 |
|
47 |
|
186 |
|
47 |
|
(139 |
) |
(75 |
)% |
(139 |
) |
(75 |
)% |
(213 |
) |
(82 |
)% | ||||||||||
|
Withdrawals and surrenders |
|
(294 |
) |
(304 |
) |
(301 |
) |
(300 |
) |
(288 |
) |
(294 |
) |
(288 |
) |
6 |
|
2 |
% |
6 |
|
2 |
% |
12 |
|
4 |
% | ||||||||||
|
Other |
|
— |
|
1 |
|
— |
|
(2 |
) |
1 |
|
— |
|
1 |
|
1 |
|
— |
|
1 |
|
— |
|
3 |
|
# |
| ||||||||||
|
Total ending balance |
|
$ |
11,421 |
|
$ |
11,408 |
|
$ |
10,931 |
|
$ |
11,170 |
|
$ |
11,170 |
|
$ |
11,421 |
|
$ |
11,170 |
|
$ |
(251 |
) |
(2 |
)% |
$ |
(251 |
) |
(2 |
)% |
$ |
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Premiums by Product |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Term and whole life |
|
$ |
11 |
|
$ |
12 |
|
$ |
6 |
|
$ |
11 |
|
$ |
11 |
|
$ |
11 |
|
$ |
11 |
|
$ |
— |
|
— |
|
$ |
— |
|
— |
|
$ |
— |
|
— |
|
|
Disability insurance |
|
37 |
|
38 |
|
37 |
|
37 |
|
36 |
|
37 |
|
36 |
|
(1 |
) |
(3 |
)% |
(1 |
) |
(3 |
)% |
(1 |
) |
(3 |
)% | ||||||||||
|
Long term care |
|
27 |
|
27 |
|
27 |
|
29 |
|
27 |
|
27 |
|
27 |
|
— |
|
— |
|
— |
|
— |
|
(2 |
) |
(7 |
)% | ||||||||||
|
Auto and home |
|
254 |
|
259 |
|
264 |
|
266 |
|
265 |
|
254 |
|
265 |
|
11 |
|
4 |
% |
11 |
|
4 |
% |
(1 |
) |
— |
| ||||||||||
|
Intercompany premiums |
|
6 |
|
5 |
|
5 |
|
5 |
|
6 |
|
6 |
|
6 |
|
— |
|
— |
|
— |
|
— |
|
1 |
|
20 |
% | ||||||||||
|
Total premiums by product |
|
$ |
335 |
|
$ |
341 |
|
$ |
339 |
|
$ |
348 |
|
$ |
345 |
|
$ |
335 |
|
$ |
345 |
|
$ |
10 |
|
3 |
% |
$ |
10 |
|
3 |
% |
$ |
(3 |
) |
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Auto and Home Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Policy count (thousands) |
|
943 |
|
952 |
|
958 |
|
957 |
|
957 |
|
943 |
|
957 |
|
14 |
|
1 |
% |
14 |
|
1 |
% |
— |
|
— |
| ||||||||||
|
Loss ratio |
|
90.1 |
% |
97.5 |
% |
93.2 |
% |
109.7 |
% |
91.8 |
% |
90.1 |
% |
91.8 |
% |
1.7 |
% |
|
|
1.7 |
% |
|
|
(17.9 |
)% |
|
| ||||||||||
|
Expense ratio (2) |
|
16.8 |
% |
16.7 |
% |
16.8 |
% |
16.9 |
% |
18.4 |
% |
16.8 |
% |
18.4 |
% |
1.6 |
% |
|
|
1.6 |
% |
|
|
1.5 |
% |
|
| ||||||||||
|
Combined ratio |
|
106.9 |
% |
114.2 |
% |
110.0 |
% |
126.6 |
% |
110.2 |
% |
106.9 |
% |
110.2 |
% |
3.3 |
% |
|
|
3.3 |
% |
|
|
(16.4 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
DAC Rollforward |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Life and Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Beginning balance |
|
$ |
851 |
|
$ |
845 |
|
$ |
876 |
|
$ |
867 |
|
$ |
889 |
|
$ |
851 |
|
$ |
889 |
|
$ |
38 |
|
4 |
% |
$ |
38 |
|
4 |
% |
$ |
22 |
|
3 |
% |
|
Capitalization |
|
20 |
|
20 |
|
22 |
|
24 |
|
20 |
|
20 |
|
20 |
|
— |
|
— |
|
— |
|
— |
|
(4 |
) |
(17 |
)% | ||||||||||
|
Non-operating amortization |
|
3 |
|
1 |
|
(6 |
) |
(2 |
) |
(6 |
) |
3 |
|
(6 |
) |
(9 |
) |
|
# |
(9 |
) |
# |
|
(4 |
) |
# |
| ||||||||||
|
Amortization per income statement |
|
(20 |
) |
(19 |
) |
(34 |
) |
(17 |
) |
(22 |
) |
(20 |
) |
(22 |
) |
(2 |
) |
(10 |
)% |
(2 |
) |
(10 |
)% |
(5 |
) |
(29 |
)% | ||||||||||
|
Other |
|
(9 |
) |
29 |
|
9 |
|
17 |
|
(21 |
) |
(9 |
) |
(21 |
) |
(12 |
) |
# |
|
(12 |
) |
# |
|
(38 |
) |
# |
| ||||||||||
|
Total ending balance |
|
$ |
845 |
|
$ |
876 |
|
$ |
867 |
|
$ |
889 |
|
$ |
860 |
|
$ |
845 |
|
$ |
860 |
|
$ |
15 |
|
2 |
% |
$ |
15 |
|
2 |
% |
$ |
(29 |
) |
(3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Life Insurance in Force |
|
$ |
195,694 |
|
$ |
195,838 |
|
$ |
195,862 |
|
$ |
196,339 |
|
$ |
196,153 |
|
$ |
195,694 |
|
$ |
196,153 |
|
$ |
459 |
|
— |
|
$ |
459 |
|
— |
|
$ |
(186 |
) |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Net Amount at Risk |
|
$ |
40,331 |
|
$ |
40,340 |
|
$ |
40,789 |
|
$ |
40,783 |
|
$ |
40,361 |
|
$ |
40,331 |
|
$ |
40,361 |
|
$ |
30 |
|
— |
|
$ |
30 |
|
— |
|
$ |
(422 |
) |
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Net Policyholder Reserves |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
VUL / UL |
|
$ |
10,631 |
|
$ |
10,621 |
|
$ |
10,148 |
|
$ |
10,380 |
|
$ |
10,379 |
|
$ |
10,631 |
|
$ |
10,379 |
|
$ |
(252 |
) |
(2 |
)% |
$ |
(252 |
) |
(2 |
)% |
$ |
(1 |
) |
— |
|
|
Term and whole life |
|
215 |
|
214 |
|
213 |
|
207 |
|
206 |
|
215 |
|
206 |
|
(9 |
) |
(4 |
)% |
(9 |
) |
(4 |
)% |
(1 |
) |
— |
| ||||||||||
|
Disability insurance |
|
532 |
|
533 |
|
527 |
|
527 |
|
520 |
|
532 |
|
520 |
|
(12 |
) |
(2 |
)% |
(12 |
) |
(2 |
)% |
(7 |
) |
(1 |
)% | ||||||||||
|
Long term care and other |
|
2,778 |
|
2,766 |
|
2,770 |
|
2,788 |
|
2,797 |
|
2,778 |
|
2,797 |
|
19 |
|
1 |
% |
19 |
|
1 |
% |
9 |
|
— |
| ||||||||||
|
Auto and home loss and LAE reserves |
|
493 |
|
507 |
|
504 |
|
569 |
|
596 |
|
493 |
|
596 |
|
103 |
|
21 |
% |
103 |
|
21 |
% |
27 |
|
5 |
% | ||||||||||
|
Total net policyholder reserves |
|
$ |
14,649 |
|
$ |
14,641 |
|
$ |
14,162 |
|
$ |
14,471 |
|
$ |
14,498 |
|
$ |
14,649 |
|
$ |
14,498 |
|
$ |
(151 |
) |
(1 |
)% |
$ |
(151 |
) |
(1 |
)% |
$ |
27 |
|
— |
|
(1) Includes lump sum deposits.
(2) In the 1st quarter of 2016, the expense ratio calculation was modified to be in line with industry standards based on net earned premium. All prior periods have been restated.
# Variance equal to or greater than 100%.
Ameriprise Financial, Inc.
Corporate & Other Segment
First Quarter 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
|
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2015 |
|
2 Qtr 2015 |
|
3 Qtr 2015 |
|
4 Qtr 2015 |
|
1 Qtr 2016 |
|
2015 |
|
2016 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Operating Income Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Management and financial advice fees |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
— |
|
$ |
— |
|
— |
|
$ |
— |
|
— |
|
|
Distribution fees |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Net investment income |
|
(7 |
) |
(10 |
) |
(5 |
) |
12 |
|
1 |
|
(7 |
) |
1 |
|
8 |
|
# |
|
8 |
|
# |
|
(11 |
) |
(92 |
)% | ||||||||||
|
Premiums |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Other revenues |
|
1 |
|
8 |
|
1 |
|
3 |
|
1 |
|
1 |
|
1 |
|
— |
|
— |
|
— |
|
— |
|
(2 |
) |
(67 |
)% | ||||||||||
|
Total revenues |
|
(6 |
) |
(2 |
) |
(4 |
) |
15 |
|
2 |
|
(6 |
) |
2 |
|
8 |
|
# |
|
8 |
|
# |
|
(13 |
) |
(87 |
)% | ||||||||||
|
Banking and deposit interest expense |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Operating total net revenues |
|
(6 |
) |
(2 |
) |
(4 |
) |
15 |
|
2 |
|
(6 |
) |
2 |
|
8 |
|
# |
|
8 |
|
# |
|
(13 |
) |
(87 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Distribution expenses |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Interest credited to fixed accounts |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Benefits, claims, losses and settlement expenses |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Amortization of deferred acquisition costs |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Interest and debt expense |
|
5 |
|
4 |
|
3 |
|
10 |
|
4 |
|
5 |
|
4 |
|
(1 |
) |
(20 |
)% |
(1 |
) |
(20 |
)% |
(6 |
) |
(60 |
)% | ||||||||||
|
General and administrative expense |
|
51 |
|
51 |
|
35 |
|
43 |
|
48 |
|
51 |
|
48 |
|
(3 |
) |
(6 |
)% |
(3 |
) |
(6 |
)% |
5 |
|
12 |
% | ||||||||||
|
Operating expenses |
|
56 |
|
55 |
|
38 |
|
53 |
|
52 |
|
56 |
|
52 |
|
(4 |
) |
(7 |
)% |
(4 |
) |
(7 |
)% |
(1 |
) |
(2 |
)% | ||||||||||
|
Pretax operating loss |
|
$ |
(62 |
) |
$ |
(57 |
) |
$ |
(42 |
) |
$ |
(38 |
) |
$ |
(50 |
) |
$ |
(62 |
) |
$ |
(50 |
) |
$ |
12 |
|
19 |
% |
$ |
12 |
|
19 |
% |
$ |
(12 |
) |
(32 |
)% |
# Variance equal to or greater than 100%.
Ameriprise Financial, Inc.
Eliminations (1)
First Quarter 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
|
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2015 |
|
2 Qtr 2015 |
|
3 Qtr 2015 |
|
4 Qtr 2015 |
|
1 Qtr 2016 |
|
2015 |
|
2016 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Operating Income Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Management and financial advice fees |
|
$ |
(34 |
) |
$ |
(34 |
) |
$ |
(35 |
) |
$ |
(34 |
) |
$ |
(33 |
) |
$ |
(34 |
) |
$ |
(33 |
) |
$ |
1 |
|
3 |
% |
$ |
1 |
|
3 |
% |
$ |
1 |
|
3 |
% |
|
Distribution fees |
|
(314 |
) |
(335 |
) |
(327 |
) |
(332 |
) |
(302 |
) |
(314 |
) |
(302 |
) |
12 |
|
4 |
% |
12 |
|
4 |
% |
30 |
|
9 |
% | ||||||||||
|
Net investment income |
|
— |
|
— |
|
— |
|
(1 |
) |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
1 |
|
# |
| ||||||||||
|
Premiums |
|
(4 |
) |
(3 |
) |
(4 |
) |
(4 |
) |
(5 |
) |
(4 |
) |
(5 |
) |
(1 |
) |
(25 |
)% |
(1 |
) |
(25 |
)% |
(1 |
) |
(25 |
)% | ||||||||||
|
Other revenues |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Total revenues |
|
(352 |
) |
(372 |
) |
(366 |
) |
(371 |
) |
(340 |
) |
(352 |
) |
(340 |
) |
12 |
|
3 |
% |
12 |
|
3 |
% |
31 |
|
8 |
% | ||||||||||
|
Banking and deposit interest expense |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Operating total net revenues |
|
(352 |
) |
(372 |
) |
(366 |
) |
(371 |
) |
(340 |
) |
(352 |
) |
(340 |
) |
12 |
|
3 |
% |
12 |
|
3 |
% |
31 |
|
8 |
% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Distribution expenses |
|
(337 |
) |
(358 |
) |
(351 |
) |
(355 |
) |
(324 |
) |
(337 |
) |
(324 |
) |
13 |
|
4 |
% |
13 |
|
4 |
% |
31 |
|
9 |
% | ||||||||||
|
Interest credited to fixed accounts |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Benefits, claims, losses and settlement expenses |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Amortization of deferred acquisition costs |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Interest and debt expense |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
General and administrative expense |
|
(15 |
) |
(14 |
) |
(15 |
) |
(16 |
) |
(16 |
) |
(15 |
) |
(16 |
) |
(1 |
) |
(7 |
)% |
(1 |
) |
(7 |
)% |
— |
|
— |
| ||||||||||
|
Operating expenses |
|
(352 |
) |
(372 |
) |
(366 |
) |
(371 |
) |
(340 |
) |
(352 |
) |
(340 |
) |
12 |
|
3 |
% |
12 |
|
3 |
% |
31 |
|
8 |
% | ||||||||||
|
Pretax operating earnings |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
— |
|
$ |
— |
|
— |
|
$ |
— |
|
— |
|
(1) The majority of the amounts represent the impact of inter-segment transfer pricing for both revenues and expenses.
# Variance equal to or greater than 100%.
Statistical Supplement Package
(unaudited)
First Quarter 2016
Balance Sheet and Ratings Information
Ameriprise Financial, Inc.
Consolidated Balance Sheets
First Quarter 2016
|
(in millions, unaudited) |
|
March 31, 2015 |
|
June 30, 2015 |
|
September 30, 2015 |
|
December 31, 2015 |
|
March 31, 2016 |
| |||||
|
Assets |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Cash and cash equivalents |
|
$ |
2,809 |
|
$ |
2,570 |
|
$ |
2,780 |
|
$ |
2,357 |
|
$ |
2,649 |
|
|
Cash of consolidated investment entities |
|
338 |
|
471 |
|
790 |
|
502 |
|
146 |
| |||||
|
Investments |
|
35,726 |
|
34,896 |
|
34,746 |
|
34,144 |
|
34,643 |
| |||||
|
Investments of consolidated investment entities |
|
6,090 |
|
6,594 |
|
6,977 |
|
6,570 |
|
2,511 |
| |||||
|
Separate account assets |
|
84,243 |
|
83,704 |
|
78,636 |
|
80,349 |
|
80,182 |
| |||||
|
Receivables |
|
5,063 |
|
5,178 |
|
5,187 |
|
5,167 |
|
5,232 |
| |||||
|
Receivables of consolidated investment entities |
|
77 |
|
89 |
|
102 |
|
107 |
|
63 |
| |||||
|
Deferred acquisition costs |
|
2,602 |
|
2,658 |
|
2,634 |
|
2,725 |
|
2,650 |
| |||||
|
Restricted and segregated cash and investments |
|
2,714 |
|
2,491 |
|
2,703 |
|
2,949 |
|
2,900 |
| |||||
|
Other assets (1) |
|
9,879 |
|
8,150 |
|
8,609 |
|
8,384 |
|
9,274 |
| |||||
|
Other assets of consolidated investment entities (1) |
|
1,879 |
|
1,979 |
|
2,129 |
|
2,065 |
|
— |
| |||||
|
Total Assets |
|
$ |
151,420 |
|
$ |
148,780 |
|
$ |
145,293 |
|
$ |
145,319 |
|
$ |
140,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Policyholder account balances, future policy benefits and claims |
|
$ |
30,482 |
|
$ |
29,345 |
|
$ |
30,046 |
|
$ |
29,699 |
|
$ |
30,515 |
|
|
Separate account liabilities |
|
84,243 |
|
83,704 |
|
78,636 |
|
80,349 |
|
80,182 |
| |||||
|
Customer deposits |
|
7,878 |
|
7,820 |
|
8,046 |
|
8,634 |
|
8,876 |
| |||||
|
Short-term borrowings |
|
200 |
|
200 |
|
200 |
|
200 |
|
200 |
| |||||
|
Long-term debt (1) |
|
3,049 |
|
3,039 |
|
3,003 |
|
2,692 |
|
2,683 |
| |||||
|
Debt of consolidated investment entities (1) |
|
6,768 |
|
7,343 |
|
7,915 |
|
7,531 |
|
2,673 |
| |||||
|
Accounts payable and accrued expenses |
|
1,275 |
|
1,341 |
|
1,435 |
|
1,552 |
|
1,254 |
| |||||
|
Accounts payable and accrued expenses of consolidated investment entities |
|
46 |
|
53 |
|
62 |
|
54 |
|
— |
| |||||
|
Other liabilities |
|
8,068 |
|
6,669 |
|
6,567 |
|
5,965 |
|
6,745 |
| |||||
|
Other liabilities of consolidated investment entities |
|
152 |
|
270 |
|
562 |
|
238 |
|
29 |
| |||||
|
Total Liabilities |
|
142,161 |
|
139,784 |
|
136,472 |
|
136,914 |
|
133,157 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Equity |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Ameriprise Financial |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Common shares ($.01 par) |
|
3 |
|
3 |
|
3 |
|
3 |
|
3 |
| |||||
|
Additional paid-in capital |
|
7,423 |
|
7,500 |
|
7,557 |
|
7,611 |
|
7,610 |
| |||||
|
Retained earnings |
|
8,752 |
|
9,043 |
|
9,319 |
|
9,551 |
|
9,799 |
| |||||
|
Appropriated retained earnings of consolidated investment entities |
|
279 |
|
257 |
|
174 |
|
137 |
|
— |
| |||||
|
Treasury stock |
|
(8,966 |
) |
(9,428 |
) |
(9,885 |
) |
(10,338 |
) |
(10,761 |
) | |||||
|
Accumulated other comprehensive income, net of tax |
|
704 |
|
500 |
|
461 |
|
253 |
|
442 |
| |||||
|
Total Ameriprise Financial Shareholders' Equity |
|
8,195 |
|
7,875 |
|
7,629 |
|
7,217 |
|
7,093 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Noncontrolling interests |
|
1,064 |
|
1,121 |
|
1,192 |
|
1,188 |
|
— |
| |||||
|
Total Equity |
|
9,259 |
|
8,996 |
|
8,821 |
|
8,405 |
|
7,093 |
| |||||
|
Total Liabilities and Equity |
|
$ |
151,420 |
|
$ |
148,780 |
|
$ |
145,293 |
|
$ |
145,319 |
|
$ |
140,250 |
|
(1) In the first quarter of 2016, debt issuance costs were reclassified from Other assets to Long-term debt. All perior periods have been restated.
Ameriprise Financial, Inc.
Capital and Ratings Information
First Quarter 2016
|
(in millions unless otherwise noted, unaudited) |
|
March 31, 2015 |
|
June 30, 2015 |
|
September 30, 2015 |
|
December 31, 2015 |
|
March 31, 2016 |
| |||||
|
Long-term Debt Summary |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Senior notes |
|
$ |
2,700 |
|
$ |
2,700 |
|
$ |
2,700 |
|
$ |
2,350 |
|
$ |
2,350 |
|
|
Junior subordinated notes |
|
294 |
|
294 |
|
253 |
|
245 |
|
229 |
| |||||
|
Capital lease obligations |
|
— |
|
— |
|
— |
|
60 |
|
58 |
| |||||
|
Fair value of hedges, unamortized discount and debt issuance costs (1) |
|
55 |
|
45 |
|
50 |
|
37 |
|
46 |
| |||||
|
Total Ameriprise Financial long-term debt |
|
3,049 |
|
3,039 |
|
3,003 |
|
2,692 |
|
2,683 |
| |||||
|
Non-recourse debt of consolidated investment entities (1) |
|
6,768 |
|
7,343 |
|
7,915 |
|
7,531 |
|
2,673 |
| |||||
|
Total long-term debt |
|
$ |
9,817 |
|
$ |
10,382 |
|
$ |
10,918 |
|
$ |
10,223 |
|
$ |
5,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Total Ameriprise Financial long-term debt |
|
$ |
3,049 |
|
$ |
3,039 |
|
$ |
3,003 |
|
$ |
2,692 |
|
$ |
2,683 |
|
|
Fair value of hedges, unamortized discount and debt issuance costs (1) |
|
(55 |
) |
(45 |
) |
(50 |
) |
(37 |
) |
(46 |
) | |||||
|
Capital lease obligations |
|
— |
|
— |
|
— |
|
(60 |
) |
(58 |
) | |||||
|
Total Ameriprise Financial long-term debt excluding fair value of hedges, unamortized discount, debt issuance costs and capital lease obligations (2) |
|
$ |
2,994 |
|
$ |
2,994 |
|
$ |
2,953 |
|
$ |
2,595 |
|
$ |
2,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Total equity (3) |
|
$ |
9,259 |
|
$ |
8,996 |
|
$ |
8,821 |
|
$ |
8,405 |
|
$ |
7,093 |
|
|
Noncontrolling interests |
|
(1,064 |
) |
(1,121 |
) |
(1,192 |
) |
(1,188 |
) |
— |
| |||||
|
Total Ameriprise Financial shareholders' equity |
|
8,195 |
|
7,875 |
|
7,629 |
|
7,217 |
|
7,093 |
| |||||
|
Equity of consolidated investment entities |
|
(266 |
) |
(243 |
) |
(162 |
) |
(131 |
) |
(1 |
) | |||||
|
Total Ameriprise Financial shareholders' equity excluding CIEs (2) |
|
$ |
7,929 |
|
$ |
7,632 |
|
$ |
7,467 |
|
$ |
7,086 |
|
$ |
7,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Total Ameriprise Financial capital |
|
$ |
11,244 |
|
$ |
10,914 |
|
$ |
10,632 |
|
$ |
9,909 |
|
$ |
9,776 |
|
|
Total Ameriprise Financial capital excluding fair value of hedges, unamortized discount, debt issuance costs, capital lease obligations and equity of CIEs (2) |
|
$ |
10,923 |
|
$ |
10,626 |
|
$ |
10,420 |
|
$ |
9,681 |
|
$ |
9,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Debt to capital |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital |
|
27.1 |
% |
27.8 |
% |
28.2 |
% |
27.2 |
% |
27.4 |
% | |||||
|
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding fair value of hedges, unamortized discount, debt issuance costs, capital lease obligations and equity of CIEs (2) |
|
27.4 |
% |
28.2 |
% |
28.3 |
% |
26.8 |
% |
26.7 |
% | |||||
|
Ratings (as of March 31, 2016 earnings release date) |
|
A.M. Best |
|
Standard & Poor’s Rating |
|
Moody’s Investors |
|
|
Claims Paying Ratings (4) |
|
|
|
|
|
|
|
|
RiverSource Life Insurance Company |
|
A+ |
|
AA- |
|
Aa3 |
|
|
IDS Property Casualty Ins. Company |
|
A |
|
N/R |
|
N/R |
|
|
|
|
|
|
|
|
|
|
|
Debt Ratings (4) |
|
|
|
|
|
|
|
|
Ameriprise Financial, Inc. |
|
a- |
|
A |
|
A3 |
|
(1) In the first quarter of 2016, debt issuance costs were reclassified from Other assets to Long-term debt. All perior periods have been restated.
(2) See non-GAAP financial information on pg 33. Non-GAAP financial measure reconciliations can be found on page 45.
(3) Includes accumulated other comprehensive income, net of tax.
(4) For the most current ratings information, please see the individual rating agency's website.
N/R - Not Rated.
Ameriprise Financial, Inc.
Ameriprise Financial Investments (1)
First Quarter 2016
|
(in millions unless otherwise noted, unaudited) |
|
March 31, 2015 |
|
June 30, 2015 |
|
September 30, 2015 |
|
December 31, 2015 |
|
March 31, 2016 |
| |||||
|
Cash and cash equivalents |
|
$ |
2,809 |
|
$ |
2,570 |
|
$ |
2,780 |
|
$ |
2,357 |
|
$ |
2,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Investments - Ending Balances |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Available-for-Sale Securities |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Corporate debt securities |
|
17,218 |
|
16,919 |
|
16,898 |
|
16,348 |
|
16,603 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Residential mortgage backed securities |
|
6,270 |
|
6,121 |
|
6,008 |
|
5,973 |
|
6,138 |
| |||||
|
Commercial mortgage backed securities |
|
2,694 |
|
2,562 |
|
2,499 |
|
2,456 |
|
2,617 |
| |||||
|
Asset backed securities |
|
1,405 |
|
1,321 |
|
1,302 |
|
1,296 |
|
1,389 |
| |||||
|
Total mortgage and other asset backed securities |
|
10,369 |
|
10,004 |
|
9,809 |
|
9,725 |
|
10,144 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
State and municipal obligations |
|
2,243 |
|
2,190 |
|
2,259 |
|
2,290 |
|
2,385 |
| |||||
|
US government and agencies obligations |
|
56 |
|
56 |
|
72 |
|
68 |
|
59 |
| |||||
|
Foreign government bonds and obligations |
|
245 |
|
239 |
|
230 |
|
224 |
|
272 |
| |||||
|
Common and preferred stocks |
|
19 |
|
19 |
|
18 |
|
18 |
|
17 |
| |||||
|
Total other |
|
2,563 |
|
2,504 |
|
2,579 |
|
2,600 |
|
2,733 |
| |||||
|
Total available-for-sale securities |
|
30,150 |
|
29,427 |
|
29,286 |
|
28,673 |
|
29,480 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Commercial mortgage loans |
|
2,683 |
|
2,735 |
|
2,757 |
|
2,755 |
|
2,747 |
| |||||
|
Allowance for loan losses |
|
(23 |
) |
(23 |
) |
(22 |
) |
(21 |
) |
(21 |
) | |||||
|
Commercial mortgage loans, net |
|
2,660 |
|
2,712 |
|
2,735 |
|
2,734 |
|
2,726 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Residential mortgage loans |
|
710 |
|
679 |
|
649 |
|
627 |
|
330 |
| |||||
|
Allowance for loan losses |
|
(2 |
) |
(3 |
) |
(2 |
) |
(2 |
) |
(1 |
) | |||||
|
Residential mortgage loans, net |
|
708 |
|
676 |
|
647 |
|
625 |
|
329 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Policy loans |
|
813 |
|
817 |
|
824 |
|
824 |
|
828 |
| |||||
|
Other investments |
|
1,395 |
|
1,264 |
|
1,254 |
|
1,288 |
|
1,280 |
| |||||
|
Total investments |
|
35,726 |
|
34,896 |
|
34,746 |
|
34,144 |
|
34,643 |
| |||||
|
Total cash, cash equivalents and investments |
|
$ |
38,535 |
|
$ |
37,466 |
|
$ |
37,526 |
|
$ |
36,501 |
|
$ |
37,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Net unrealized gain Available-for-Sale Securities |
|
$ |
2,178 |
|
$ |
1,500 |
|
$ |
1,393 |
|
$ |
921 |
|
$ |
1,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
AFS Fixed Maturity Asset Quality - % |
|
|
|
|
|
|
|
|
|
|
| |||||
|
AAA |
|
26 |
% |
25 |
% |
25 |
% |
25 |
% |
26 |
% | |||||
|
AA |
|
6 |
% |
6 |
% |
6 |
% |
7 |
% |
6 |
% | |||||
|
AFS securities AA and above |
|
32 |
% |
31 |
% |
31 |
% |
32 |
% |
32 |
% | |||||
|
A |
|
21 |
% |
21 |
% |
20 |
% |
19 |
% |
19 |
% | |||||
|
BBB |
|
41 |
% |
42 |
% |
44 |
% |
43 |
% |
42 |
% | |||||
|
Below investment grade |
|
6 |
% |
6 |
% |
5 |
% |
6 |
% |
7 |
% | |||||
|
Total AFS fixed maturity asset quality - % |
|
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Fair Value of Below Investment Grade Investments as a % of Total Cash and Investments |
|
6 |
% |
6 |
% |
5 |
% |
6 |
% |
7 |
% | |||||
(1) Investments excluding investments of CIEs.
Ameriprise Financial, Inc.
Non-GAAP Financial Information
Ameriprise Financial, Inc. (the Company) prepares its financial statements in accordance with accounting principles generally accepted in the United States (U.S. GAAP). This report includes information on both a U.S. GAAP and non-GAAP basis. Management believes that the presentation of these non-GAAP financial measures best reflect the underlying performance of the Company and facilitate a more meaningful trend analysis. Management uses certain of these non-GAAP measures to evaluate our financial performance on a basis comparable to that used by some securities analysts and investors. Also, certain of these non-GAAP measures are taken into consideration, to varying degrees, for purposes of business planning and analysis and certain compensation-related matters. See the reconciliations on pages 6, 15, 44 and 45.
These non-GAAP measures include:
· Adjusted net pretax operating margin;
· Adjusted operating earnings;
· Adjusted operating revenues;
· Ameriprise Financial shareholders’ equity excluding AOCI;
· Ameriprise Financial shareholders’ equity excluding CIEs;
· Ameriprise Financial shareholders’ equity excluding CIEs and AOCI;
· Basic operating earnings per share;
· Effective tax rate excluding noncontrolling interests;
· Operating earnings;
· Operating earnings per diluted share;
· Operating effective tax rate;
· Operating return on equity excluding AOCI;
· Operating total net revenues;
· Pretax operating earnings;
· Pretax operating margin;
· Return on equity excluding AOCI;
· Total Ameriprise Financial capital excluding fair value of hedges, unamortized discount, debt issuance costs, capital lease obligations and equity of CIEs;
· Total Ameriprise Financial long-term debt excluding fair value of hedges, unamortized discount, debt issuance costs and capital lease obligations;
· Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding fair value of hedges, unamortized discount, debt issuance costs, capital lease obligations and equity of CIEs
Reclassification
Certain prior period information has been restated to conform to current period presentation.
Ameriprise Financial, Inc.
Glossary of Selected Terminology - Segments
Advice & Wealth Management - This segment provides financial planning and advice, as well as full service brokerage services, primarily to retail clients through our advisors. These services are centered on long-term, personal relationships between our advisors and our clients and focus on helping clients confidently achieve their financial goals. Our advisors provide a distinctive approach to financial planning and have access to a broad selection of both affiliated and non-affiliated products to help clients meet their financial needs. A significant portion of revenues in this segment is fee-based, driven by the level of client assets, which is impacted by both market movements and net asset flows. We also earn net investment income on owned assets primarily from certificate products. This segment earns revenues (distribution fees) for providing non-affiliated products and intersegment revenues (distribution fees) for providing our affiliated products and services to our retail clients. Intersegment expenses for this segment include expenses for investment management services provided by our Asset Management segment. This segment also includes the results of operation for Ameriprise National Trust Bank, which terminated its deposit-taking and credit-originating activities in the fourth quarter of 2012.
Asset Management - This segment provides investment advice and investment products to retail, high net worth and institutional clients on a global scale through Columbia Threadneedle Investments. We provide clients with U.S. domestic individual products through unaffiliated third-party financial institutions and through our Advice & Wealth Management segment, and we provide institutional products and services through our institutional sales force. International retail products are primarily distributed through third-party financial institutions and unaffiliated financial advisors. Individual products include U.S. mutual funds and their non-U.S. equivalents, exchange-traded funds and variable product funds underlying insurance and annuity separate accounts. Institutional asset management services are designed to meet specific client objectives and may involve a range of products, including those that focus on traditional asset classes, separately managed accounts, collateralized loan obligations, hedge funds, collective funds and property funds. Collateralized loan obligations, hedge funds and certain private funds are often classified as alternative assets. Revenues in this segment are primarily earned as fees based on managed asset balances, which are impacted by market movements, net asset flows, asset allocation and product mix. We may also earn performance fees from certain accounts where investment performance meets or exceeds certain pre-identified targets. In addition our Asset Management segment provides all intercompany asset management services for Ameriprise Financial subsidiaries. The fees for such services are reflected within the Asset Management segment results through intersegment transfer pricing. Intersegment expenses for this segment include distribution expenses for services provided by our Advice & Wealth Management, Annuities and Protection segments.
Annuities - This segment provides RiverSource variable and fixed annuity products to individual clients. RiverSource Life Insurance Company and RiverSource Life Insurance Co. of New York provide variable annuity products through our advisors, and our fixed annuity products are distributed through both affiliated and unaffiliated advisors and financial institutions. These products are designed to help individuals address their asset accumulation and income goals. Revenues for our variable annuity products are primarily earned as fees based on underlying account balances, which are impacted by both market movements and net asset flows. Revenues for our fixed annuity products are primarily earned as net investment income on assets supporting fixed account balances, with profitability significantly impacted by the spread between net investment income earned and interest credited on the fixed account balances. We also earn net investment income on owned assets supporting reserves for immediate annuities and for certain guaranteed benefits offered with variable annuities and on capital supporting the business. Intersegment revenues for this segment reflect fees paid by our Asset Management segment for marketing support and other services provided in connection with the availability of VIT Funds under the variable annuity contracts. Intersegment expenses for this segment include distribution expenses for services provided by our Advice & Wealth Management segment, as well as expenses for investment management services provided by our Asset Management segment.
Protection - This segment provides a variety of products to address the protection and risk management needs of our retail clients, including life, disability income and property-casualty insurance. These products are designed to provide a lifetime of solutions that allow clients to protect income, grow assets and give to loved ones or charity. Life and disability income products are primarily provided through our advisors. Our property-casualty products are sold primarily through affinity relationships. We issue insurance policies through our life insurance subsidiaries and property casualty companies (IDS Property Casualty Insurance Company and its subsidiary, Ameriprise Insurance Company). The primary sources of revenues for this segment are premiums, fees, and charges we receive to assume insurance-related risk. We earn net investment income on owned assets supporting insurance reserves and capital supporting the business. We also receive fees based on the level of assets supporting variable universal life separate account balances. This segment earns intersegment revenues from fees paid by our Asset Management segment for marketing support and other services provided in connection with the availability of VIT Funds under the variable universal life contracts. Intersegment expenses for this segment include distribution expenses for services provided by our Advice & Wealth Management segment, as well as expenses for investment management services provided by our Asset Management segment.
Corporate & Other - This segment consists of net investment income or loss on corporate level assets, including excess capital held in our subsidiaries and other unallocated equity and other revenues as well as unallocated corporate expenses.
Ameriprise Financial, Inc.
Glossary of Selected Terminology
Adjusted Net Pretax Operating Margin - An internal measure designed to calculate operating margins similar to how asset management companies define operating margins. A ratio representing adjusted operating earnings as a percentage of adjusted operating revenues for the asset management segment.
Adjusted Operating Earnings - Asset management segment pretax operating earnings less operating net investment income plus amortization of intangibles.
Adjusted Operating Revenues - Asset management segment operating total net revenues less pass through distribution revenue and subadvisory and other pass through revenues.
Affiliated General Account Assets - Balance sheet assets from various affiliates managed and reported by Columbia.
Allocated Capital - The internal allocation of Total Ameriprise Financial Capital, excluding accumulated other comprehensive income (loss), CIEs, and capital lease obligations, fair value of hedges, debt issuance costs and unamortized discount on Ameriprise Financial long-term debt, is based on management’s best estimate of capital required to support the business. Estimates reflect the higher of regulatory or rating agency capital requirements, and include capital held for some stress contingencies. Capital is allocated to our operating segments for the purpose of measuring segment return on allocated capital. For the Corporate & Other segment, allocated capital also includes any capital available after capital has been allocated to the operating segments. Allocated capital is not adjusted for non-operating items except for CIEs.
Alternative Assets - Assets reported by the Company that include Hedge Funds and Collateralized Loan Obligations (“CLO”).
Ameriprise Financial - Ameriprise Financial includes ownership interests in subsidiaries that are attributable, directly or indirectly, to Ameriprise Financial, Inc. and excludes noncontrolling interests.
AOCI - Accumulated other comprehensive income (loss), net of tax.
Assets Under Administration - Assets under administration include assets for which we provide administrative services such as client assets invested in other companies’ products that we offer outside of our advisory wrap accounts. These assets include those held in clients’ brokerage accounts. We generally record revenues received from administered assets as distribution fees. We do not exercise management discretion over these assets and do not earn a management fee. These assets are not reported on our Consolidated Balance Sheets. Assets under administration also include certain assets on our Consolidated Balance Sheets for which we do not provide investment management services and do not recognize management fees, such as investments in non-affiliated funds held in the separate accounts of our life insurance subsidiaries. These assets do not include assets under advisement, for which we provide model portfolios but do not have full discretionary investment authority.
Assets Under Management - Assets under management include external client assets for which we provide investment management services, such as the assets of the Columbia funds and Threadneedle funds, assets of institutional clients and advisory assets held in wrap accounts as well as assets managed by sub-advisors selected by us. Assets under management also include certain assets on our Consolidated Balance Sheets for which we provide investment management services and recognize management fees in our Asset Management segment, such as the assets of the general account, RiverSource Variable Product funds held in the separate accounts of our life insurance subsidiaries, and client assets of CIEs. These assets do not include assets under advisement, for which we provide model portfolios, but do not have full discretionary investment authority.
Auto & Home Insurance - Personal auto and home protection products marketed directly to customers through marketing affiliates such as Costco Wholesale Corporation and Ford Motor Credit Company. We sell these products through our auto and home subsidiary, IDS Property Casualty Insurance Company (doing business as Ameriprise Auto & Home Insurance).
Cash Sales - Cash sales are the dollar value volume indicator that captures gross new cash inflows which generate product revenue streams to our company. This includes primarily “client initiated” activity that results in an incremental increase in assets or premiums in force (but doesn’t need to result in time of sale revenue), or activity that doesn’t increase assets or premiums in force, but generates “fee revenue”.
Consolidated Investment Entities (“CIEs”) - CIEs include variable interest entities, such as property funds and CLOs, required to be consolidated under current accounting standards.
DAC Rollforward Other - We record unrealized securities gains (losses) in accumulated other comprehensive income (loss), net of income tax provision (benefit) and net of adjustments in other asset and liability balances, such as DAC, to reflect the expected impact on their carrying values had the unrealized securities gains (losses) been realized as of the respective balance sheet dates.
Deferred Acquisition Costs and Amortization - Deferred acquisition costs (“DAC”) represent the direct costs of acquiring new protection and annuity contracts, principally direct sales commissions and other distribution and underwriting costs that have been deferred on the sale of life, disability income, long term care, auto, and home insurance and annuities. DAC also includes deferred direct sales commissions on certain mutual fund products. These costs are deferred to the extent they are directly related to the acquisition of new business and are recoverable from future profits.
Life Insurance in Force - The total amount of all life insurance death benefits currently insured by our company.
Market Impact of Hedges on Investments - The market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments.
Market Impact on Indexed Universal Life Benefits - The impact of changes in financial market conditions on benefit costs associated with indexed universal life benefits accounted for as embedded derivatives, net of changes in associated economic hedge values and net of related impacts on DAC amortization, unearned revenue amortization, and the reinsurance accrual. This market impact includes the risk margin and nonperformance spread impact.
Market Impact on Variable Annuity Guaranteed Benefits - The impact of changes in financial market conditions on benefit costs associated with variable annuity guaranteed living benefits accounted for as embedded derivatives, net of changes in economic hedge values and unhedged items including the difference between assumed and actual underlying separate account investment performance, fixed income credit exposures, transaction costs and certain policyholder contract elections, net of related impacts on DAC and DSIC amortization. The market impact includes the risk margin and nonperformance spread impact.
Net Amount at Risk - Life insurance in force less policyholder reserves net of reinsurance.
Net Flows - Sales less redemptions and miscellaneous flows which may include reinvested dividends.
Net New Flows - Retail fund inflows less outflows.
Net Realized Investment Gains (Losses) - The net of realized investment gains and realized investment losses, net of DSIC and DAC amortization, unearned revenue amortization and the reinsurance accrual.
Operating Earnings - Net income attributable to Ameriprise Financial excluding integration/restructuring charges, net of tax, market impact on variable annuity guaranteed benefits and indexed universal life benefits, net of tax, market impact of hedges on investments, net of tax, income (loss) from discontinued operations, net of tax, net realized investment gains (losses), net of tax and net income (loss) from consolidated investment entities.
Operating Expenses - Total expenses excluding integration/restructuring charges, market impact on variable annuity guaranteed benefits, market impact on indexed universal life benefits, DAC and DSIC offsets to net realized investment gains (losses) and expense from consolidated investment entities.
Operating Net Investment Income - Net investment income excluding net realized investment gains (losses), market impact of hedges on investments and net investment income from consolidated investment entities.
Operating Return on Allocated Capital - Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated capital as of the last day of the trailing four quarters and current quarter in the denominator. Operating earnings for each product line are based on the target level of assets which are based on management’s best estimate after considering regulatory and rating agency requirements.
Operating Total Net Revenues - Total net revenues excluding net realized investment gains (losses), indexed universal life market impact on reinsurance and unearned revenue, market impact of hedges on investments, revenue from consolidated investment entities and integration/restructuring.
Pretax Operating Earnings - Income from continuing operations before income tax provision excluding net realized investment gains (losses), integration/restructuring charges, market impact on variable annuity guaranteed benefits, market impact on indexed universal life benefits, market impact of hedges on investments and pretax income (loss) from consolidated investment entities.
Pretax Operating Margin - A ratio representing pretax operating earnings as a percentage of operating total net revenues.
Pretax Income (Loss) Margin - A ratio representing pretax income (loss) as a percentage of total net revenues.
Risk Margin and Nonperformance Spread Impact - The portion of the market impact on variable annuity guaranteed benefits and indexed universal life benefits related to liability valuation adjustments made in accordance with Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements and Disclosures (“ASC 820”) that management considers to be non-economic, including the impact of discounting projected benefits at a rate reflecting a current estimate of RiverSource Life’s nonperformance spread, net of related impacts on DAC, DSIC and unearned revenue as well as a reinsurance accrual for indexed universal life.
Separate Account - Represents assets and liabilities that are maintained and established primarily for the purpose of funding variable annuity and insurance products. The assets of the separate account are only available to fund the liabilities of the variable annuity contract holders and others with contracts requiring premiums or other deposits to the separate account. Clients elect to invest premiums in stock, bond and/or money market funds depending on their risk tolerance. All investment performance, net of fees, is passed through to the client.
Threadneedle - Threadneedle Asset Management Holdings Sarl is a holding company for the London-based Threadneedle companies, which provide investment management products and services.
Total Ameriprise Financial Capital - Total Ameriprise Financial shareholders’ equity plus total Ameriprise Financial long-term debt. Total Ameriprise Financial capital is also presented excluding fair value of hedges, unamortized discount, debt issuance costs, capital lease obligations and equity of CIEs.
Total Ameriprise Financial Long-term Debt to Total Ameriprise Financial Capital Ratio - A ratio comprised of total Ameriprise Financial long-term debt divided by Ameriprise Financial capital. We also present total Ameriprise Financial long-term debt to total Ameriprise Financial capital ratios excluding fair value of hedges, unamortized discount, debt issuance costs, capital lease obligations and equity of consolidated investment entities.
Wrap Accounts - Wrap accounts enable our clients to purchase other securities such as mutual funds in connection with fee-based “wrap account” programs or services. We offer clients the opportunity to select products that include affiliated and non-affiliated funds. We currently offer both discretionary and non-discretionary wrap accounts. In a discretionary wrap account, an unaffiliated investment advisor or our investment management subsidiary, Columbia Management Investment Advisers, LLC, chooses the underlying investments in the portfolio on behalf of the client. In a non-discretionary wrap account, the client chooses the underlying investments in the portfolio based, to the extent the client elects, in part or whole on the recommendations of their financial advisor. Investors in our wrap accounts generally pay a fee based on the advisory assets held in their wrap accounts. These investors also pay any related fees or costs included in the underlying securities held in that account, such as underlying mutual fund operating expenses and Rule 12b-1 fees.
Ameriprise Financial, Inc.
Disclosed Items
1 Qtr 2016
Excluded from Operating Earnings
|
|
|
Advice & Wealth |
|
Asset Management |
|
Annuities |
|
Protection |
|
Corporate and Eliminations |
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
Market Impact on |
|
|
|
Market Impact on |
|
|
|
|
|
Market Impact |
| |||||||||
|
|
|
Securities |
|
Securities |
|
Securities |
|
VA Guaranteed |
|
Securities |
|
Indexed Universal |
|
|
|
Securities |
|
of Hedges |
| |||||||||
|
(in millions, unaudited) |
|
Gains/(Losses) (1) |
|
Gains/(Losses) (1) |
|
Gains/(Losses) (1) |
|
Benefits (2) |
|
Gains/(Losses) (1) |
|
Life Benefits (3) |
|
CIEs (4) |
|
Gains/(Losses) (1) |
|
on Investments (5) |
| |||||||||
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Management and financial advice fees |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(4 |
) |
$ |
— |
|
$ |
— |
|
|
Distribution fees |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||||
|
Net investment income |
|
(1 |
) |
(3 |
) |
(2 |
) |
— |
|
1 |
|
— |
|
28 |
|
(11 |
) |
(40 |
) | |||||||||
|
Premiums |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||||
|
Other revenues |
|
— |
|
— |
|
— |
|
— |
|
— |
|
9 |
|
— |
|
— |
|
— |
| |||||||||
|
Total revenues |
|
(1 |
) |
(3 |
) |
(2 |
) |
— |
|
1 |
|
9 |
|
24 |
|
(11 |
) |
(40 |
) | |||||||||
|
Banking and deposit interest expense |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||||
|
Total net revenues |
|
(1 |
) |
(3 |
) |
(2 |
) |
— |
|
1 |
|
9 |
|
24 |
|
(11 |
) |
(40 |
) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Distribution expenses |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||||
|
Interest credited to fixed accounts |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(16 |
) |
— |
|
— |
|
— |
| |||||||||
|
Benefits, claims, losses and settlement expenses |
|
— |
|
— |
|
— |
|
(33 |
) |
— |
|
— |
|
— |
|
— |
|
— |
| |||||||||
|
Amortization of deferred acquisition costs |
|
— |
|
— |
|
— |
|
16 |
|
— |
|
6 |
|
— |
|
— |
|
— |
| |||||||||
|
Interest and debt expense |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
26 |
|
— |
|
— |
| |||||||||
|
General and administrative expense |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||||
|
Total expenses |
|
— |
|
— |
|
— |
|
(17 |
) |
— |
|
(10 |
) |
26 |
|
— |
|
— |
| |||||||||
|
Pretax segment income (loss) |
|
(1 |
) |
(3 |
) |
(2 |
) |
17 |
|
1 |
|
19 |
|
(2 |
) |
(11 |
) |
(40 |
) | |||||||||
|
Less: Net income (loss) attributable to noncontrolling interest |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||||
|
Pretax segment gain (loss) attributable to Ameriprise Financial |
|
$ |
(1 |
) |
$ |
(3 |
) |
$ |
(2 |
) |
$ |
17 |
|
$ |
1 |
|
$ |
19 |
|
$ |
(2 |
) |
$ |
(11 |
) |
$ |
(40 |
) |
Included in Operating Earnings
|
|
|
Annuities |
|
Protection |
| |||||||||||
|
|
|
Market |
|
Market |
|
Market |
|
Life & Health |
|
Auto & Home |
| |||||
|
|
|
Impacts |
|
Impacts on |
|
Impacts |
|
Reinsurance Recapture |
|
Catastrophe |
| |||||
|
(in millions, unaudited) |
|
to DAC/DSIC (6) |
|
SOP Reserves (7) |
|
to DAC/DSIC (6) |
|
and Model Changes (8) |
|
Losses (9) |
| |||||
|
Revenues |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Management and financial advice fees |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
Distribution fees |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Net investment income |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Premiums |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Other revenues |
|
— |
|
— |
|
— |
|
6 |
|
— |
| |||||
|
Total revenues |
|
— |
|
— |
|
— |
|
6 |
|
— |
| |||||
|
Banking and deposit interest expense |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Operating total net revenues |
|
— |
|
— |
|
— |
|
6 |
|
— |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Expenses |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Distribution expenses |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Interest credited to fixed accounts |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Benefits, claims, losses and settlement expenses |
|
1 |
|
3 |
|
— |
|
(3 |
) |
23 |
| |||||
|
Amortization of deferred acquisition costs |
|
5 |
|
— |
|
1 |
|
3 |
|
— |
| |||||
|
Interest and debt expense |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
General and administrative expense |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Operating expenses |
|
6 |
|
3 |
|
1 |
|
— |
|
23 |
| |||||
|
Pretax operating earnings |
|
$ |
(6 |
) |
$ |
(3 |
) |
$ |
(1 |
) |
$ |
6 |
|
$ |
(23 |
) |
|
Tax benefit |
|
|
|
|
|
|
|
|
|
|
| |||||
(1) Pretax net realized investment gains/(losses) on Available-for-Sale securities and other securities
(2) Variable annuity guaranteed benefit impacts include:
$34 million net benefit related to hedged variable annuity benefits
$17 million increase in DAC and DSIC amortization resulting from hedged benefits
(3) Indexed universal life benefit impacts include:
$16 million net benefit related to hedged indexed universal life benefits
$6 million increase in DAC amortization resulting from hedged indexed universal life benefits
$9 million increase in unearned revenue reserve amortization and reinsurance accrual from hedged indexed universal life benefits
(4) Reflects revenues and expenses of Consolidated Investment Entities
(5) The market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments
(6) Increase in DAC and DSIC amortization from lower than projected separate account growth
(7) Market impact on reserves for insurance features in non-traditional contracts
(8) Reinsurance recapture and other actuarial model updates
(9) Total auto and home catastrophe losses for the quarter, which were $14 million higher than expectations
Ameriprise Financial, Inc.
Disclosed Items
4 Qtr 2015
Excluded from Operating Earnings
|
|
|
Advice & Wealth |
|
Annuities |
|
Protection |
|
Corporate and Eliminations |
| ||||||||||||||||
|
|
|
|
|
|
|
Market Impact on |
|
|
|
Market Impact on |
|
|
|
|
|
Market Impact |
| ||||||||
|
|
|
Securities |
|
Securities |
|
VA Guaranteed |
|
Securities |
|
Indexed Universal |
|
|
|
Integration |
|
of Hedges |
| ||||||||
|
(in millions, unaudited) |
|
Gains/(Losses) (1) |
|
Gains/(Losses) (1) |
|
Benefits (2) |
|
Gains/(Losses) (1) |
|
Life Benefits (3) |
|
CIEs (4) |
|
Charges (5) |
|
on Investments (6) |
| ||||||||
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
Management and financial advice fees |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(31 |
) |
$ |
— |
|
$ |
— |
|
|
Distribution fees |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||
|
Net investment income |
|
1 |
|
(5 |
) |
— |
|
3 |
|
— |
|
70 |
|
— |
|
11 |
| ||||||||
|
Premiums |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||
|
Other revenues |
|
— |
|
— |
|
— |
|
— |
|
2 |
|
74 |
|
— |
|
— |
| ||||||||
|
Total revenues |
|
1 |
|
(5 |
) |
— |
|
3 |
|
2 |
|
113 |
|
— |
|
11 |
| ||||||||
|
Banking and deposit interest expense |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||
|
Total net revenues |
|
1 |
|
(5 |
) |
— |
|
3 |
|
2 |
|
113 |
|
— |
|
11 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
Distribution expenses |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||
|
Interest credited to fixed accounts |
|
— |
|
— |
|
— |
|
— |
|
(1 |
) |
— |
|
— |
|
— |
| ||||||||
|
Benefits, claims, losses and settlement expenses |
|
— |
|
— |
|
165 |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||
|
Amortization of deferred acquisition costs |
|
— |
|
— |
|
(26 |
) |
— |
|
2 |
|
— |
|
— |
|
— |
| ||||||||
|
Interest and debt expense |
|
— |
|
— |
|
— |
|
— |
|
— |
|
82 |
|
— |
|
— |
| ||||||||
|
General and administrative expense |
|
— |
|
— |
|
— |
|
— |
|
— |
|
8 |
|
1 |
|
— |
| ||||||||
|
Total expenses |
|
— |
|
— |
|
139 |
|
— |
|
1 |
|
90 |
|
1 |
|
— |
| ||||||||
|
Pretax segment income (loss) |
|
1 |
|
(5 |
) |
(139 |
) |
3 |
|
1 |
|
23 |
|
(1 |
) |
11 |
| ||||||||
|
Less: Net income (loss) attributable to noncontrolling interest |
|
— |
|
— |
|
— |
|
— |
|
— |
|
23 |
|
— |
|
— |
| ||||||||
|
Pretax segment gain (loss) attributable to Ameriprise Financial |
|
$ |
1 |
|
$ |
(5 |
) |
$ |
(139 |
) |
$ |
3 |
|
$ |
1 |
|
$ |
— |
|
$ |
(1 |
) |
$ |
11 |
|
Included in Operating Earnings
|
|
|
Annuities |
|
Protection |
|
Consolidated |
| ||||||
|
|
|
Market |
|
Life Insurance |
|
|
|
|
| ||||
|
|
|
Impacts |
|
Assumption |
|
Auto & Home |
|
Tax |
| ||||
|
(in millions, unaudited) |
|
to DAC/DSIC (7) |
|
Change (8) |
|
Reserves (9) |
|
Benefit (10) |
| ||||
|
Revenues |
|
|
|
|
|
|
|
|
| ||||
|
Management and financial advice fees |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
Distribution fees |
|
— |
|
— |
|
— |
|
— |
| ||||
|
Net investment income |
|
— |
|
— |
|
— |
|
— |
| ||||
|
Premiums |
|
— |
|
— |
|
— |
|
— |
| ||||
|
Other revenues |
|
— |
|
— |
|
— |
|
— |
| ||||
|
Total revenues |
|
— |
|
— |
|
— |
|
— |
| ||||
|
Banking and deposit interest expense |
|
— |
|
— |
|
— |
|
— |
| ||||
|
Operating total net revenues |
|
— |
|
— |
|
— |
|
— |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Expenses |
|
|
|
|
|
|
|
|
| ||||
|
Distribution expenses |
|
— |
|
— |
|
— |
|
— |
| ||||
|
Interest credited to fixed accounts |
|
— |
|
— |
|
— |
|
— |
| ||||
|
Benefits, claims, losses and settlement expenses |
|
(1 |
) |
(28 |
) |
57 |
|
— |
| ||||
|
Amortization of deferred acquisition costs |
|
(5 |
) |
— |
|
— |
|
— |
| ||||
|
Interest and debt expense |
|
— |
|
— |
|
— |
|
— |
| ||||
|
General and administrative expense |
|
— |
|
— |
|
— |
|
— |
| ||||
|
Operating expenses |
|
(6 |
) |
(28 |
) |
57 |
|
— |
| ||||
|
Pretax operating earnings |
|
$ |
6 |
|
$ |
28 |
|
$ |
(57 |
) |
$ |
— |
|
|
Tax benefit |
|
|
|
|
|
|
|
$ |
26 |
| |||
(1) Pretax net realized investment gains/(losses) on Available-for-Sale securities and other securities
(2) Variable annuity guaranteed benefit impacts include:
$168 million net expense related to hedged variable annuity benefits
$29 million decrease in DAC and DSIC amortization resulting from hedged benefits
(3) Indexed universal life benefit impacts include:
$1 million net benefit related to hedged indexed universal life benefits
$2 million increase in DAC amortization resulting from hedged indexed universal life benefits
$2 million increase in unearned revenue reserve amortization and reinsurance accrual from hedged indexed universal life benefits
(4) Reflects revenues and expenses of Consolidated Investment Entities
(5) Integration charges related to JHS Capital Advisors acquisition
(6) The market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments
(7) Decrease in DAC and DSIC amortization from higher than projected separate account growth
(8) Life insurance reserve reduction resulting from an assumption change
(9) Reserve strengthening primarily in auto line
(10) Dividends received deduction benefit
Ameriprise Financial, Inc.
Disclosed Items
3 Qtr 2015
Excluded from Operating Earnings
|
|
|
Advice & Wealth |
|
Annuities |
|
Protection |
|
Corporate and Eliminations |
| ||||||||||||||||
|
|
|
|
|
|
|
Market Impact on |
|
|
|
Market Impact on |
|
|
|
|
|
Market Impact |
| ||||||||
|
|
|
Securities |
|
Securities |
|
VA Guaranteed |
|
Securities |
|
Indexed Universal |
|
|
|
Integration |
|
of Hedges |
| ||||||||
|
(in millions, unaudited) |
|
Gains/(Losses) (1) |
|
Gains/(Losses) (1) |
|
Benefits (2) |
|
Gains/(Losses) (1) |
|
Life Benefits (3) |
|
CIEs (4) |
|
Charges (5) |
|
on Investments (6) |
| ||||||||
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
Management and financial advice fees |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(15 |
) |
$ |
— |
|
$ |
— |
|
|
Distribution fees |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||
|
Net investment income |
|
(1 |
) |
(8 |
) |
— |
|
(1 |
) |
— |
|
2 |
|
— |
|
(31 |
) | ||||||||
|
Premiums |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||
|
Other revenues |
|
— |
|
— |
|
— |
|
— |
|
9 |
|
56 |
|
— |
|
— |
| ||||||||
|
Total revenues |
|
(1 |
) |
(8 |
) |
— |
|
(1 |
) |
9 |
|
43 |
|
— |
|
(31 |
) | ||||||||
|
Banking and deposit interest expense |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||
|
Total net revenues |
|
(1 |
) |
(8 |
) |
— |
|
(1 |
) |
9 |
|
43 |
|
— |
|
(31 |
) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
Distribution expenses |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||
|
Interest credited to fixed accounts |
|
— |
|
— |
|
— |
|
— |
|
4 |
|
— |
|
— |
|
— |
| ||||||||
|
Benefits, claims, losses and settlement expenses |
|
— |
|
— |
|
(2 |
) |
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||
|
Amortization of deferred acquisition costs |
|
— |
|
— |
|
7 |
|
— |
|
6 |
|
— |
|
— |
|
— |
| ||||||||
|
Interest and debt expense |
|
— |
|
— |
|
— |
|
— |
|
— |
|
68 |
|
— |
|
— |
| ||||||||
|
General and administrative expense |
|
— |
|
— |
|
— |
|
— |
|
— |
|
20 |
|
3 |
|
— |
| ||||||||
|
Total expenses |
|
— |
|
— |
|
5 |
|
— |
|
10 |
|
88 |
|
3 |
|
— |
| ||||||||
|
Pretax segment income (loss) |
|
(1 |
) |
(8 |
) |
(5 |
) |
(1 |
) |
(1 |
) |
(45 |
) |
(3 |
) |
(31 |
) | ||||||||
|
Less: Net income (loss) attributable to noncontrolling interest |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(45 |
) |
— |
|
— |
| ||||||||
|
Pretax segment gain (loss) attributable to Ameriprise Financial |
|
$ |
(1 |
) |
$ |
(8 |
) |
$ |
(5 |
) |
$ |
(1 |
) |
$ |
(1 |
) |
$ |
— |
|
$ |
(3 |
) |
$ |
(31 |
) |
Included in Operating Earnings
|
|
|
Annuities |
|
Protection |
| ||||||||||||||
|
|
|
Market |
|
Valuation |
|
Market |
|
Valuation |
|
Long Term |
|
Life Reinsurance |
| ||||||
|
|
|
Impacts |
|
Assumptions & |
|
Impacts |
|
Assumptions & |
|
Care |
|
Premium |
| ||||||
|
(in millions, unaudited) |
|
to DAC/DSIC (7) |
|
Model Changes (8) |
|
to DAC/DSIC (7) |
|
Model Changes (8) |
|
Reserves (9) |
|
Correction (10) |
| ||||||
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Management and financial advice fees |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
Distribution fees |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Net investment income |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Premiums |
|
— |
|
— |
|
— |
|
(3 |
) |
— |
|
(4 |
) | ||||||
|
Other revenues |
|
— |
|
— |
|
— |
|
(5 |
) |
— |
|
(9 |
) | ||||||
|
Total revenues |
|
— |
|
— |
|
— |
|
(8 |
) |
— |
|
(13 |
) | ||||||
|
Banking and deposit interest expense |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Operating total net revenues |
|
— |
|
— |
|
— |
|
(8 |
) |
— |
|
(13 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Distribution expenses |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(2 |
) | ||||||
|
Interest credited to fixed accounts |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Benefits, claims, losses and settlement expenses |
|
6 |
|
(61 |
) |
— |
|
6 |
|
(13 |
) |
— |
| ||||||
|
Amortization of deferred acquisition costs |
|
23 |
|
(5 |
) |
2 |
|
10 |
|
— |
|
— |
| ||||||
|
Interest and debt expense |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
General and administrative expense |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Operating expenses |
|
29 |
|
(66 |
) |
2 |
|
16 |
|
(13 |
) |
(2 |
) | ||||||
|
Pretax operating earnings |
|
$ |
(29 |
) |
$ |
66 |
|
$ |
(2 |
) |
$ |
(24 |
) |
$ |
13 |
|
$ |
(11 |
) |
(1) Pretax net realized investment gains/(losses) on Available-for-Sale securities and other securities
(2) Variable annuity guaranteed benefit impacts include:
$4 million net benefit related to hedged variable annuity benefits
$9 million increase in DAC and DSIC amortization resulting from hedged benefits
(3) Indexed universal life benefit impacts include:
$4 million net expense related to hedged indexed universal life benefits
$6 million increase in DAC amortization resulting from hedged indexed universal life benefits
$9 million increase in unearned revenue reserve amortization and reinsurance accrual from hedged indexed universal life benefits
(4) Reflects revenues and expenses of Consolidated Investment Entities
(5) Integration charges related to JHS Capital Advisors acquisition
(6) The market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments
(7) Increase in DAC and DSIC amortization from lower than projected separate account growth
(8) Net pretax impact of model changes and the annual review/updating of valuation assumptions
(9) Reserve release related to our closed block of long term care insurance
(10) Accrual established for ceded reinsurance
Ameriprise Financial, Inc.
Disclosed Items
2 Qtr 2015
Excluded from Operating Earnings
|
|
|
Annuities |
|
Protection |
|
Corporate and Eliminations |
| |||||||||||||||
|
|
|
|
|
Market Impact on |
|
|
|
Market Impact on |
|
|
|
|
|
Market Impact |
| |||||||
|
|
|
Securities |
|
VA Guaranteed |
|
Securities |
|
Indexed Universal |
|
|
|
Integration |
|
of Hedges |
| |||||||
|
(in millions, unaudited) |
|
Gains/(Losses) (1) |
|
Benefits (2) |
|
Gains/(Losses) (1) |
|
Life Benefits (3) |
|
CIEs (4) |
|
Charges (5) |
|
on Investments (6) |
| |||||||
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Management and financial advice fees |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(15 |
) |
$ |
— |
|
$ |
— |
|
|
Distribution fees |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||
|
Net investment income |
|
3 |
|
— |
|
2 |
|
— |
|
54 |
|
— |
|
(1 |
) | |||||||
|
Premiums |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||
|
Other revenues |
|
— |
|
— |
|
— |
|
— |
|
102 |
|
— |
|
— |
| |||||||
|
Total revenues |
|
3 |
|
— |
|
2 |
|
— |
|
141 |
|
— |
|
(1 |
) | |||||||
|
Banking and deposit interest expense |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||
|
Total net revenues |
|
3 |
|
— |
|
2 |
|
— |
|
141 |
|
— |
|
(1 |
) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Distribution expenses |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||
|
Interest credited to fixed accounts |
|
— |
|
— |
|
— |
|
(4 |
) |
— |
|
— |
|
— |
| |||||||
|
Benefits, claims, losses and settlement expenses |
|
— |
|
40 |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||||
|
Amortization of deferred acquisition costs |
|
— |
|
(4 |
) |
— |
|
(1 |
) |
— |
|
— |
|
— |
| |||||||
|
Interest and debt expense |
|
— |
|
— |
|
— |
|
— |
|
59 |
|
— |
|
— |
| |||||||
|
General and administrative expense |
|
— |
|
— |
|
— |
|
— |
|
21 |
|
1 |
|
— |
| |||||||
|
Total expenses |
|
— |
|
36 |
|
— |
|
(5 |
) |
80 |
|
1 |
|
— |
| |||||||
|
Pretax segment income (loss) |
|
3 |
|
(36 |
) |
2 |
|
5 |
|
61 |
|
(1 |
) |
(1 |
) | |||||||
|
Less: Net income (loss) attributable to noncontrolling interest |
|
— |
|
— |
|
— |
|
— |
|
61 |
|
— |
|
— |
| |||||||
|
Pretax segment gain (loss) attributable to Ameriprise Financial |
|
$ |
3 |
|
$ |
(36 |
) |
$ |
2 |
|
$ |
5 |
|
$ |
— |
|
$ |
(1 |
) |
$ |
(1 |
) |
Included in Operating Earnings
|
|
|
Annuities |
|
Protection |
| ||||||||
|
|
|
Market |
|
|
|
|
|
Auto & Home |
| ||||
|
|
|
Impacts |
|
Variable Annuity |
|
Long Term Care |
|
Catastrophe |
| ||||
|
(in millions, unaudited) |
|
to DAC/DSIC (7) |
|
Product Changes (8) |
|
Reserves (9) |
|
Losses (10) |
| ||||
|
Revenues |
|
|
|
|
|
|
|
|
| ||||
|
Management and financial advice fees |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
Distribution fees |
|
— |
|
— |
|
— |
|
— |
| ||||
|
Net investment income |
|
— |
|
— |
|
— |
|
— |
| ||||
|
Premiums |
|
— |
|
— |
|
— |
|
— |
| ||||
|
Other revenues |
|
— |
|
— |
|
— |
|
— |
| ||||
|
Total revenues |
|
— |
|
— |
|
— |
|
— |
| ||||
|
Banking and deposit interest expense |
|
— |
|
— |
|
— |
|
— |
| ||||
|
Operating total net revenues |
|
— |
|
— |
|
— |
|
— |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Expenses |
|
|
|
|
|
|
|
|
| ||||
|
Distribution expenses |
|
— |
|
— |
|
— |
|
— |
| ||||
|
Interest credited to fixed accounts |
|
— |
|
— |
|
— |
|
— |
| ||||
|
Benefits, claims, losses and settlement expenses |
|
1 |
|
(2 |
) |
(18 |
) |
48 |
| ||||
|
Amortization of deferred acquisition costs |
|
4 |
|
— |
|
— |
|
— |
| ||||
|
Interest and debt expense |
|
— |
|
— |
|
— |
|
— |
| ||||
|
General and administrative expense |
|
— |
|
— |
|
— |
|
— |
| ||||
|
Operating expenses |
|
5 |
|
(2 |
) |
(18 |
) |
48 |
| ||||
|
Pretax operating earnings |
|
$ |
(5 |
) |
$ |
2 |
|
$ |
18 |
|
$ |
(48 |
) |
(1) Pretax net realized investment gains/(losses) on Available-for-Sale securities and other securities
(2) Variable annuity guaranteed benefit impacts include:
$39 million net expense related to hedged variable annuity benefits
$3 million decrease in DAC and DSIC amortization resulting from hedged benefits
(3) Indexed universal life benefit impacts include:
$4 million net benefit related to hedged indexed universal life benefits
$1 million decrease in DAC amortization resulting from hedged indexed universal life benefits
(4) Reflects revenues and expenses of Consolidated Investment Entities
(5) Integration charges related to JHS Capital Advisors acquisition
(6) The market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments
(7) Increase in DAC and DSIC amortization from lower than projected separate account growth
(8) Benefit related to the addition of Portfolio Stabilizer (managed volatility) fund options for in-force variable annuities with living benefit guarantees
(9) Reserve release related to our closed block of long term care insurance
(10) Total auto and home catastrophe losses for the quarter, which were $25 million higher than expectations
Ameriprise Financial, Inc.
Disclosed Items
1 Qtr 2015
Excluded from Operating Earnings
|
|
|
Advice & Wealth |
|
Annuities |
|
Protection |
|
Corporate and |
| ||||||||||
|
|
|
|
|
|
|
Market Impact on |
|
|
|
Market Impact on |
|
|
| ||||||
|
|
|
Securities |
|
Securities |
|
VA Guaranteed |
|
Securities |
|
Indexed Universal |
|
|
| ||||||
|
(in millions, unaudited) |
|
Gains/(Losses) (1) |
|
Gains/(Losses) (1) |
|
Benefits (2) |
|
Gains/(Losses) (1) |
|
Life Benefits (3) |
|
CIEs (4) |
| ||||||
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Management and financial advice fees |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(14 |
) |
|
Distribution fees |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Net investment income |
|
(1 |
) |
7 |
|
— |
|
4 |
|
— |
|
105 |
| ||||||
|
Premiums |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Other revenues |
|
— |
|
— |
|
— |
|
— |
|
(4 |
) |
58 |
| ||||||
|
Total revenues |
|
(1 |
) |
7 |
|
— |
|
4 |
|
(4 |
) |
149 |
| ||||||
|
Banking and deposit interest expense |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Total net revenues |
|
(1 |
) |
7 |
|
— |
|
4 |
|
(4 |
) |
149 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Distribution expenses |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Interest credited to fixed accounts |
|
— |
|
— |
|
— |
|
— |
|
5 |
|
— |
| ||||||
|
Benefits, claims, losses and settlement expenses |
|
— |
|
— |
|
38 |
|
— |
|
— |
|
— |
| ||||||
|
Amortization of deferred acquisition costs |
|
— |
|
— |
|
(4 |
) |
— |
|
(3 |
) |
— |
| ||||||
|
Interest and debt expense |
|
— |
|
— |
|
— |
|
— |
|
— |
|
53 |
| ||||||
|
General and administrative expense |
|
— |
|
— |
|
— |
|
— |
|
— |
|
10 |
| ||||||
|
Total expenses |
|
— |
|
— |
|
34 |
|
— |
|
2 |
|
63 |
| ||||||
|
Pretax segment income (loss) |
|
(1 |
) |
7 |
|
(34 |
) |
4 |
|
(6 |
) |
86 |
| ||||||
|
Less: Net income (loss) attributable to noncontrolling interest |
|
— |
|
— |
|
— |
|
— |
|
— |
|
86 |
| ||||||
|
Pretax segment gain (loss) attributable to Ameriprise Financial |
|
$ |
(1 |
) |
$ |
7 |
|
$ |
(34 |
) |
$ |
4 |
|
$ |
(6 |
) |
$ |
— |
|
Included in Operating Earnings
|
|
|
Annuities |
|
Protection |
| ||||||||||||||
|
|
|
Market |
|
|
|
Market |
|
|
|
Disability Insurance |
|
Auto & Home |
| ||||||
|
|
|
Impacts |
|
Variable Annuity |
|
Impacts |
|
Long Term Care |
|
Discount Rate |
|
Weather-Related |
| ||||||
|
(in millions, unaudited) |
|
to DAC/DSIC (5) |
|
Product Changes (6) |
|
to DAC/DSIC (5) |
|
Reserves (7) |
|
Change (8) |
|
Losses (9) |
| ||||||
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Management and financial advice fees |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
Distribution fees |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Net investment income |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Premiums |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Other revenues |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Total revenues |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Banking and deposit interest expense |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Operating total net revenues |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Distribution expenses |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Interest credited to fixed accounts |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Benefits, claims, losses and settlement expenses |
|
(2 |
) |
(3 |
) |
— |
|
32 |
|
(7 |
) |
12 |
| ||||||
|
Amortization of deferred acquisition costs |
|
(8 |
) |
1 |
|
(1 |
) |
— |
|
— |
|
— |
| ||||||
|
Interest and debt expense |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
General and administrative expense |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Operating expenses |
|
(10 |
) |
(2 |
) |
(1 |
) |
32 |
|
(7 |
) |
12 |
| ||||||
|
Pretax operating earnings |
|
$ |
10 |
|
$ |
2 |
|
$ |
1 |
|
$ |
(32 |
) |
$ |
7 |
|
$ |
(12 |
) |
(1) Pretax net realized investment gains/(losses) on Available-for-Sale securities and other securities
(2) Variable annuity guaranteed benefit impacts include:
$39 million net expense related to hedged variable annuity benefits
$5 million decrease in DAC and DSIC amortization resulting from hedged benefits
(3) Indexed universal life benefit impacts include:
$5 million net expense related to hedged indexed universal life benefits
$3 million decrease in DAC amortization resulting from hedged indexed universal life benefits
$4 million decrease in unearned revenue reserve amortization and reinsurance accrual from hedged indexed universal life benefits
(4) Reflects revenues and expenses of Consolidated Investment Entities
(5) Decrease in DAC and DSIC amortization from higher than projected separate account growth
(6) Benefit related to the addition of Portfolio Stabilizer (managed volatility) fund options for in-force variable annuities with living benefit guarantees
(7) Reserve increase related to our closed block of long term care insurance
(8) Favorable impact from a change in the discount rate for disability insurance products
(9) Auto and home weather-related losses, includes $4 million related to 2014 catastrophe losses
Exhibit B
Statistical Supplement Package
(unaudited)
First Quarter 2016
Non-GAAP Financial Measure Reconciliations
Ameriprise Financial, Inc.
Non-GAAP Financial Measure Reconciliations
First Quarter 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date |
| |||||||||
|
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2015 |
|
2 Qtr 2015 |
|
3 Qtr 2015 |
|
4 Qtr 2015 |
|
1 Qtr 2016 |
|
2015 |
|
2016 |
| |||||||
|
Return on Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Net income attributable to Ameriprise Financial (last twelve months) |
|
$ |
1,612 |
|
$ |
1,653 |
|
$ |
1,630 |
|
$ |
1,562 |
|
$ |
1,533 |
|
$ |
1,612 |
|
$ |
1,533 |
|
|
Less income (loss) from discontinued operations, net of tax (last twelve months) |
|
(1 |
) |
(1 |
) |
(1 |
) |
— |
|
— |
|
(1 |
) |
— |
| |||||||
|
Net income from continuing operations attributable to Ameriprise Financial (last twelve months) |
|
1,613 |
|
1,654 |
|
1,631 |
|
1,562 |
|
1,533 |
|
1,613 |
|
1,533 |
| |||||||
|
Less adjustments (1) |
|
(54 |
) |
(39 |
) |
(84 |
) |
(154 |
) |
(149 |
) |
(54 |
) |
(149 |
) | |||||||
|
Operating earnings (last twelve months) |
|
$ |
1,667 |
|
$ |
1,693 |
|
$ |
1,715 |
|
$ |
1,716 |
|
$ |
1,682 |
|
$ |
1,667 |
|
$ |
1,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Total Ameriprise Financial shareholders’ equity (five point quarter end average) |
|
$ |
8,270 |
|
$ |
8,176 |
|
$ |
8,017 |
|
$ |
7,808 |
|
$ |
7,602 |
|
$ |
8,270 |
|
$ |
7,602 |
|
|
Less AOCI, net of tax (five point quarter end average) |
|
755 |
|
706 |
|
615 |
|
516 |
|
472 |
|
755 |
|
472 |
| |||||||
|
Total Ameriprise Financial shareholders’ equity excluding AOCI (five point quarter end average) |
|
7,515 |
|
7,470 |
|
7,402 |
|
7,292 |
|
7,130 |
|
7,515 |
|
7,130 |
| |||||||
|
Less equity impacts attributable to the consolidated investment entities (five point quarter end average) |
|
300 |
|
280 |
|
250 |
|
216 |
|
170 |
|
300 |
|
170 |
| |||||||
|
Operating equity (five point quarter end average) |
|
$ |
7,215 |
|
$ |
7,190 |
|
$ |
7,152 |
|
$ |
7,076 |
|
$ |
6,960 |
|
$ |
7,215 |
|
$ |
6,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Return on equity excluding AOCI |
|
21.5 |
% |
22.1 |
% |
22.0 |
% |
21.4 |
% |
21.5 |
% |
21.5 |
% |
21.5 |
% | |||||||
|
Operating return on equity excluding AOCI |
|
23.1 |
% |
23.5 |
% |
24.0 |
% |
24.3 |
% |
24.2 |
% |
23.1 |
% |
24.2 |
% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Effective Tax Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Pretax income |
|
$ |
618 |
|
$ |
615 |
|
$ |
463 |
|
$ |
446 |
|
$ |
475 |
|
$ |
618 |
|
$ |
475 |
|
|
Less pretax income (loss) attributable to noncontrolling interests |
|
86 |
|
61 |
|
(45 |
) |
23 |
|
— |
|
86 |
|
— |
| |||||||
|
Pretax income excluding noncontrolling interests |
|
532 |
|
554 |
|
508 |
|
423 |
|
475 |
|
532 |
|
475 |
| |||||||
|
Less adjustments (2) |
|
(30 |
) |
(28 |
) |
(50 |
) |
(129 |
) |
(22 |
) |
(30 |
) |
(22 |
) | |||||||
|
Pretax operating earnings |
|
$ |
562 |
|
$ |
582 |
|
$ |
558 |
|
$ |
552 |
|
$ |
497 |
|
$ |
562 |
|
$ |
497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Income tax provision |
|
$ |
139 |
|
$ |
139 |
|
$ |
111 |
|
$ |
66 |
|
$ |
111 |
|
$ |
139 |
|
$ |
111 |
|
|
Operating income tax provision |
|
$ |
150 |
|
$ |
148 |
|
$ |
129 |
|
$ |
111 |
|
$ |
119 |
|
$ |
150 |
|
$ |
119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Effective tax rate |
|
22.5 |
% |
22.6 |
% |
24.1 |
% |
14.8 |
% |
23.3 |
% |
22.5 |
% |
23.3 |
% | |||||||
|
Effective tax rate excluding noncontrolling interests |
|
26.1 |
% |
25.1 |
% |
21.9 |
% |
15.6 |
% |
23.3 |
% |
26.1 |
% |
23.3 |
% | |||||||
|
Operating effective tax rate |
|
26.7 |
% |
25.4 |
% |
23.1 |
% |
20.1 |
% |
23.9 |
% |
26.7 |
% |
23.9 |
% | |||||||
|
(1) |
Adjustments reflect the trailing twelve months’ sum of after-tax net realized investment gains/losses, net of DSIC and DAC amortization, unearned revenue amortization and the reinsurance accrual; the market impact on variable annuity guaranteed benefits, net of hedges and the related DSIC and DAC amortization; the market impact on indexed universal life benefits, net of hedges and the related DAC amortization, unearned revenue amortization, and the reinsurance accrual; the market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments; integration/restructuring charges; and net income (loss) from consolidated investment entities. After-tax is calculated using the statutory tax rate of 35%. |
|
(2) |
Adjustments reflect net realized investment gains/losses, net of DSIC and DAC amortization, unearned revenue amortization and the reinsurance accrual; the market impact on variable annuity guaranteed benefits net of hedges and the related DSIC and DAC amortization; the market impact on indexed universal life benefits, net of hedges and the related DAC amortization, unearned revenue amortization, and the reinsurance accrual; the market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments; integration/restructuring charges; and the impact of consolidated investment entities. |
Ameriprise Financial, Inc.
Non-GAAP Financial Measure Reconciliations
First Quarter 2016
|
(in millions unless otherwise noted, unaudited) |
|
March 31, 2015 |
|
June 30, 2015 |
|
September 30, 2015 |
|
December 31, 2015 |
|
March 31, 2016 |
| |||||
|
Long-term Debt Summary |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Senior notes |
|
$ |
2,700 |
|
$ |
2,700 |
|
$ |
2,700 |
|
$ |
2,350 |
|
$ |
2,350 |
|
|
Junior subordinated notes |
|
294 |
|
294 |
|
253 |
|
245 |
|
229 |
| |||||
|
Capital lease obligations |
|
— |
|
— |
|
— |
|
60 |
|
58 |
| |||||
|
Fair value of hedges, unamortized discount and debt issuance costs |
|
55 |
|
45 |
|
50 |
|
37 |
|
46 |
| |||||
|
Total Ameriprise Financial long-term debt |
|
3,049 |
|
3,039 |
|
3,003 |
|
2,692 |
|
2,683 |
| |||||
|
Less fair value of hedges, unamortized discount and debt issuance costs |
|
55 |
|
45 |
|
50 |
|
37 |
|
46 |
| |||||
|
Less capital lease obligations |
|
— |
|
— |
|
— |
|
60 |
|
58 |
| |||||
|
Total Ameriprise Financial long-term debt excluding fair value of hedges, unamortized discount, debt issuance costs and capital lease obligations |
|
$ |
2,994 |
|
$ |
2,994 |
|
$ |
2,953 |
|
$ |
2,595 |
|
$ |
2,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Equity Summary |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Total equity |
|
$ |
9,259 |
|
$ |
8,996 |
|
$ |
8,821 |
|
$ |
8,405 |
|
$ |
7,093 |
|
|
Less noncontrolling interests |
|
1,064 |
|
1,121 |
|
1,192 |
|
1,188 |
|
— |
| |||||
|
Total Ameriprise Financial shareholders’ equity |
|
8,195 |
|
7,875 |
|
7,629 |
|
7,217 |
|
7,093 |
| |||||
|
Less equity of consolidated investment entities |
|
266 |
|
243 |
|
162 |
|
131 |
|
1 |
| |||||
|
Total Ameriprise Financial shareholders’ equity excluding CIEs |
|
$ |
7,929 |
|
$ |
7,632 |
|
$ |
7,467 |
|
$ |
7,086 |
|
$ |
7,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Capital Summary |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Total Ameriprise Financial long-term debt |
|
$ |
3,049 |
|
$ |
3,039 |
|
$ |
3,003 |
|
$ |
2,692 |
|
$ |
2,683 |
|
|
Total Ameriprise Financial shareholders’ equity |
|
8,195 |
|
7,875 |
|
7,629 |
|
7,217 |
|
7,093 |
| |||||
|
Total Ameriprise Financial capital |
|
11,244 |
|
10,914 |
|
10,632 |
|
9,909 |
|
9,776 |
| |||||
|
Less equity of consolidated investment entities |
|
266 |
|
243 |
|
162 |
|
131 |
|
1 |
| |||||
|
Less fair value of hedges, unamortized discount and debt issuance costs |
|
55 |
|
45 |
|
50 |
|
37 |
|
46 |
| |||||
|
Less capital lease obligations |
|
— |
|
— |
|
— |
|
60 |
|
58 |
| |||||
|
Total Ameriprise Financial capital excluding fair value of hedges, unamortized discount, debt issuance costs, capital lease obligations and equity of CIEs |
|
$ |
10,923 |
|
$ |
10,626 |
|
$ |
10,420 |
|
$ |
9,681 |
|
$ |
9,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital |
|
27.1 |
% |
27.8 |
% |
28.2 |
% |
27.2 |
% |
27.4 |
% | |||||
|
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding fair value of hedges, unamortized discount, debt issuance costs, capital lease obligations and equity of CIEs |
|
27.4 |
% |
28.2 |
% |
28.3 |
% |
26.8 |
% |
26.7 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Ameriprise Financial shareholders’ equity |
|
$ |
8,195 |
|
$ |
7,875 |
|
$ |
7,629 |
|
$ |
7,217 |
|
$ |
7,093 |
|
|
AOCI |
|
704 |
|
500 |
|
461 |
|
253 |
|
442 |
| |||||
|
Appropriated retained earnings of CIEs |
|
279 |
|
257 |
|
174 |
|
137 |
|
— |
| |||||
|
AOCI attributable to CIEs |
|
(13 |
) |
(14 |
) |
(12 |
) |
(6 |
) |
1 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Ameriprise Financial shareholders’ equity |
|
$ |
8,195 |
|
$ |
7,875 |
|
$ |
7,629 |
|
$ |
7,217 |
|
$ |
7,093 |
|
|
Less AOCI |
|
704 |
|
500 |
|
461 |
|
253 |
|
442 |
| |||||
|
Ameriprise Financial shareholders’ equity excluding AOCI |
|
$ |
7,491 |
|
$ |
7,375 |
|
$ |
7,168 |
|
$ |
6,964 |
|
$ |
6,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Ameriprise Financial shareholders’ equity |
|
$ |
8,195 |
|
$ |
7,875 |
|
$ |
7,629 |
|
$ |
7,217 |
|
$ |
7,093 |
|
|
Less appropriated retained earnings of CIEs |
|
279 |
|
257 |
|
174 |
|
137 |
|
— |
| |||||
|
Less AOCI |
|
704 |
|
500 |
|
461 |
|
253 |
|
442 |
| |||||
|
Ameriprise Financial shareholders’ equity excluding CIEs and AOCI |
|
$ |
7,212 |
|
$ |
7,118 |
|
$ |
6,994 |
|
$ |
6,827 |
|
$ |
6,651 |
|