UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 1, 2012
AMERIPRISE FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
Delaware |
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001-32525 |
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13-3180631 |
(State or other jurisdiction |
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(Commission |
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(IRS Employer |
of incorporation) |
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File Number) |
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Identification No.) |
55 Ameriprise Financial Center |
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55474 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code (612) 671-3131
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On February 1, 2012, Ameriprise Financial, Inc. (the Company) issued a press release announcing its financial results for the fourth quarter of 2011. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference and furnished herewith. In addition, the Company furnishes herewith, as Exhibit 99.2, its Statistical Supplement for the quarterly period ended December 31, 2011.
We follow accounting principles generally accepted in the United States (GAAP). The press release furnished as Exhibit 99.1 and the financial information furnished as Exhibit 99.2 include information on both a GAAP and non-GAAP adjusted basis. Certain non-GAAP performance measures in these exhibits exclude the impact of consolidating certain investment entities (CIEs), as well as certain integration/restructuring charges, market impact on variable annuity guaranteed living benefits, realized gains (losses) and income (loss) from discontinued operations. Management believes that the presentation of these non-GAAP financial measures better reflects the underlying performance of our 2011 and 2010 core operations and facilitates a more meaningful trend analysis. Exhibits 99.1 and 99.2 also contain certain non-GAAP debt, capital and shareholders equity measures, along with financial ratios incorporating such measures, that exclude amounts related to one or more of the following: accumulated other comprehensive income (loss) (AOCI), non-recourse debt, fair value of hedges, unamortized discount, the net of assets and liabilities held for sale and the impact of consolidating the assets of certain CIEs. Management believes that these non-GAAP debt, capital and shareholders equity measures, and the corresponding ratios, better represent our capital structure. 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 for certain compensation-related matters.
Our non-GAAP financial measures included in Exhibits 99.1 and 99.2, which our management views as important indicators of financial performance, include the following: adjusted net pretax operating margin; adjusted operating earnings; adjusted operating revenues; Ameriprise Financial shareholders equity from continuing operations excluding AOCI; Ameriprise Financial shareholders equity from continuing operations excluding CIEs; Ameriprise Financial shareholders equity from continuing operations excluding CIEs and AOCI; basic operating earnings per share; effective tax rate excluding CIEs; operating earnings (loss); operating earnings per diluted share; operating effective tax rate; operating expenses; operating net investment income; operating return on allocated equity; operating return on equity excluding CIEs and AOCI; operating total net revenues; pretax operating earnings (loss); pretax operating margin; return on allocated equity; return on equity excluding AOCI; total Ameriprise Financial capital from continuing operations excluding fair value of hedges, unamortized discount, non-recourse debt for inverse floaters and equity of CIEs; total Ameriprise Financial long-term debt excluding non-recourse debt for inverse floaters, fair value of hedges and unamortized discount; and total Ameriprise Financial long-term debt to total Ameriprise Financial capital from continuing operations excluding fair value of hedges, unamortized discount, non-recourse debt for inverse floaters and equity of CIEs.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
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Description |
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Exhibit 99.1 |
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Press Release dated February 1, 2012 announcing financial results for the fourth quarter of 2011 |
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Exhibit 99.2 |
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Statistical Supplement for the quarterly period ended December 31, 2011 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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AMERIPRISE FINANCIAL, INC. | |
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(Registrant) | |
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Date: February 1, 2012 |
By |
/s/ Walter S. Berman |
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Walter S. Berman |
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Executive Vice President and |
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Chief Financial Officer |
Exhibit 99.1
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Ameriprise Financial, Inc. Ameriprise Financial Center Minneapolis, MN 55474
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News Release
Ameriprise Financial Reports
Fourth Quarter and Full Year 2011 Results
· Fourth quarter 2011 operating earnings per diluted share were $1.33. Net income from continuing operations attributable to Ameriprise Financial per diluted share was $1.02.
· Full year 2011 operating earnings per diluted share were a record $5.00. Net income from continuing operations attributable to Ameriprise Financial per diluted share was $4.61.
MINNEAPOLIS February 1, 2012 Ameriprise Financial, Inc. (NYSE: AMP) today reported fourth quarter 2011 operating earnings of $312 million, or $1.33 per diluted share, compared to $340 million, or $1.31 per diluted share, a year ago. Net income from continuing operations attributable to Ameriprise Financial for the fourth quarter of 2011 was $240 million, or $1.02 per diluted share, compared to $306 million, or $1.18 per diluted share, a year ago.
The decline in fourth quarter 2011 operating earnings primarily reflected lower revenues compared to a year ago. Fourth quarter 2011 operating net revenues declined 2 percent to $2.5 billion from lower hedge fund performance fees, the continued low interest rate environment, and the impact of market volatility, partially offset by growth in asset-based fees from retail client net inflows.
On a full-year basis, the company delivered record operating earnings and net revenues driven by strong growth in its fee-based advisory and asset management businesses. Compared to 2010, operating net revenues grew 10 percent to $10.1 billion, operating earnings grew 4 percent to $1.2 billion, and operating earnings per diluted share increased 10 percent to $5.00.
The companys excess capital position remained above $2.0 billion at year-end 2011, even after deploying $248 million to repurchase approximately 5.5 million shares of common stock during the quarter. In 2011, the company returned $1.7 billion to shareholders through share repurchases and dividends, which represented 135 percent of full year operating earnings. The company also announced a $0.05 per share, or 22 percent, increase in the companys regular quarterly dividend payable on February 24, 2012 to shareholders of record at the close of business on February 10, 2012.
Operating return on shareholders equity excluding accumulated other comprehensive income was 13.1 percent for the year ended December 31, 2011, compared to 12.9 percent for the year ended December 31, 2010.
We delivered another good quarter and a strong year, said Jim Cracchiolo, chairman and chief executive officer. Despite the impact of volatile markets and low interest rates on our revenues, we continued to make significant progress. Our advisory business generated excellent results for the year, highlighted by record advisor productivity and accelerating success in our experienced advisor recruiting program. In the asset management business, equity flows remained negative for us and the industry. Apart from this near-term challenge, we feel very good about the global platform weve developed now that we have integrated Columbia Management and with Threadneedle expanding to new geographic markets.
Our exceptionally strong financial foundation continues to enable us to make targeted, strategic investments for growth. In fact, during the fourth quarter we increased our investment spending, most notably to build our brand further through national advertising and to convert to our new brokerage platform. That said, we will maintain and accelerate our focus on re-engineering and expense management to adjust for market challenges.
Fourth Quarter Summary
Ameriprise Financial, Inc.
Fourth Quarter Summary
|
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Quarter Ended |
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Per Diluted Share |
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(in millions, except per share amounts, |
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December 31, |
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December 31, |
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December 31, |
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December 31, |
| ||||
Net income from continuing operations attributable to Ameriprise Financial |
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$ |
240 |
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$ |
306 |
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$ |
1.02 |
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$ |
1.18 |
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Add: Market impact on variable annuity guaranteed living benefits, net of tax(1) |
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59 |
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27 |
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0.25 |
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0.10 |
| ||||
Add: Integration charges, net of tax(1) |
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14 |
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20 |
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0.06 |
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0.08 |
| ||||
Less: Net realized gains, net of tax(1) |
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1 |
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13 |
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|
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0.05 |
| ||||
Operating earnings |
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$ |
312 |
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$ |
340 |
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$ |
1.33 |
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$ |
1.31 |
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Weighted average common shares outstanding: |
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Basic |
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230.6 |
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252.7 |
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Diluted |
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234.5 |
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258.9 |
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(1) Calculated using the statutory tax rate of 35%.
The company believes the presentation of operating earnings best represents the economics of the business. Operating earnings exclude the consolidation of certain investment entities, net realized gains or losses, integration and restructuring charges, the market impact on variable annuity guaranteed living benefits net of deferred acquisition costs (DAC) and deferred sales inducement costs (DSIC), and income or loss from discontinued operations.
Compared to a year ago, fourth quarter 2011 operating earnings included a $1 million net after-tax benefit from the market impact on insurance and annuity DAC and DSIC. The after-tax benefit in the fourth quarter of 2011 was $18 million compared to $17 million a year ago. There are other items detailed in segment results that in the aggregate had an immaterial impact on consolidated financial results.
Fourth Quarter 2011 Highlights
While equity market volatility in the second half of 2011 and the continued low interest rate environment created a challenging market environment for the industry, the company continues to make significant progress.
· Total assets under management and administration were $631 billion at December 31, 2011, up 5 percent sequentially driven by Asset Management net inflows and market appreciation.
· Asset Management net inflows were $4.3 billion in the quarter, driven by a $14 billion inflow at Threadneedle from a strategic relationship with Liverpool Victoria to manage its insurance and pension fund portfolio. The agreement represented a major institutional win and added significant scale to Threadneedles fixed income business. Asset Management net inflows in the quarter were partially offset by $6.7 billion in outflows of previously announced, low basis point, former parent company assets.
· At year end, the company had 113 four- and five-star Morningstar rated funds, including 52 Columbia funds and 61 Threadneedle funds.
· The fourth quarter represented the third consecutive quarter of an increased advisor count, with 105 experienced advisors joining Ameriprise. Compared to a year ago, the number of advisors grew 1 percent
to 9,730, reflecting strong advisor retention and experienced advisor recruiting. Operating net revenue per advisor increased 12 percent in 2011 to a record $384,000.
· The company launched the next phase of its MORE WITHIN REACH® advertising campaign with expanded advertising and local marketing to deepen Ameriprise Financial brand awareness and support client and advisor acquisition.
· The company is executing a multi-year investment to transition advisors to a new brokerage platform. During the quarter, the first group of franchisee advisors converted to the new platform, and the company will continue to make additional investments in the platform in 2012.
· During the quarter, the company launched financial planning and advisory services in India focused on serving consumers in Mumbai and Delhi-NCR.
· RiverSource Life generated strong sales of its newly launched indexed universal life insurance product.
· Ameriprise ranked #1 in life insurance customer satisfaction in a recent survey by insure.com.
· Ameriprise Auto & Home had a solid fourth quarter. Compared to a year ago, policies in force grew by 7 percent and claims were favorable as auto liability claims returned to levels more consistent with historic experience and weather-related claims improved significantly.
Balance Sheet Summary as of December 31, 2011
Excess capital and prudent capital management
· The companys excess capital position remained above $2.0 billion at year-end 2011.
· The company repurchased 5.5 million shares of its common stock in the fourth quarter of 2011 for $248 million. In 2011, the company returned $1.7 billion to shareholders in share repurchases and dividends, which represented 135 percent of full year operating earnings.
· During the quarter, RiverSource Life paid an $850 million dividend to the holding company. RiverSource Lifes preliminary year-end 2011 risk-based capital ratio was approximately 490 percent.
· Cash and cash equivalents were $2.8 billion, with $700 million at the holding company and $650 million in free cash. The holding company has $850 million in high-quality, short-duration securities from the RiverSource Life dividend.
· The companys variable annuity hedging program continues to perform well, including during a volatile second half of the year.
High-quality investment portfolio
· The total investment portfolio, including cash and cash equivalents, was $41.6 billion and remains well positioned. The companys balance sheet has no holdings of sovereign debt in financially troubled European countries. There were $11 million of impairments in the quarter, primarily associated with residential mortgage-backed securities.
· The companys available-for-sale portfolio ended the quarter with $2.1 billion in net unrealized gains.
· Detailed information about the companys investment portfolio is available at ir.ameriprise.com.
Taxes
The operating effective tax rate was 25.4 percent for the fourth quarter of 2011 and 24.8 percent for full year 2011.
Segment Summaries
Ameriprise Financial, Inc.
Advice & Wealth Management Segment Results
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Quarter Ended December 31, 2011 |
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Quarter Ended December 31, 2010 |
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(in millions, unaudited) |
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GAAP |
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Less: |
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Operating |
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GAAP |
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Less: |
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Operating |
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% |
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Advice & Wealth Management |
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Net revenues |
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$ |
901 |
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$ |
(4 |
) |
$ |
905 |
|
$ |
895 |
|
$ |
1 |
|
$ |
894 |
|
1 |
% |
Expenses |
|
822 |
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|
|
822 |
|
798 |
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|
|
798 |
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3 |
| ||||||
Pretax income |
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$ |
79 |
|
$ |
(4 |
) |
$ |
83 |
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$ |
97 |
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$ |
1 |
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$ |
96 |
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(14 |
) |
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Quarter Ended |
|
Quarter Ended |
|
% |
| ||
Retail client assets (billions) |
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$ |
310 |
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$ |
304 |
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2 |
% |
Wrap net flows (billions) |
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$ |
1.4 |
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$ |
1.7 |
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(22 |
)% |
Operating net revenue per branded advisor (thousands) |
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$ |
93 |
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$ |
93 |
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|
(1) Includes net realized gains/losses.
Advice & Wealth Management fourth quarter 2011 pretax operating earnings declined 14 percent from a year ago to $83 million as retail client asset growth was offset by the negative impact of market volatility and increased investments to drive advisor business growth.
Revenue growth slowed to 1 percent as asset growth was partially offset by the impact of market volatility. Total retail client assets grew 2 percent to $310 billion, including $1.4 billion in wrap net inflows in the quarter. However, during the quarter, clients increased cash balances and transactional volumes declined modestly. Earnings from cash accounts remained low due to the interest rate environment.
Operating net revenue per advisor was $93,000 in the quarter, which was unchanged compared to a year ago, reflecting the impact of market volatility. On a full-year basis, operating net revenue per advisor increased 12 percent to a record $384,000, reflecting retail net inflows, experienced advisor recruiting and market appreciation.
Operating expenses increased 3 percent, primarily from a $14 million increase in advertising and technology investments. The company launched the next phase of its advertising campaign aimed at increasing brand awareness to support client acquisition and experienced advisor recruiting. The company is also executing a multi-year investment to install a new brokerage technology platform. During the quarter, approximately 500 franchise advisors converted to the new platform, and the company expects to have all advisors on the platform by the end of 2012.
Fourth quarter 2011 pretax operating margin was 9.2 percent compared to 10.7 percent a year ago, reflecting increased investments in the business. On a full-year basis, pretax operating margin was 10.9 percent compared to 9.6 percent in 2010.
Ameriprise Financial, Inc.
Asset Management Segment Results
|
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Quarter Ended December 31, 2011 |
|
Quarter Ended December 31, 2010 |
|
|
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(in millions, unaudited) |
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GAAP |
|
Less: |
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Operating |
|
GAAP |
|
Less: |
|
Operating |
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% |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| ||||||
Asset Management |
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|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net revenues |
|
$ |
703 |
|
$ |
1 |
|
$ |
702 |
|
$ |
774 |
|
$ |
1 |
|
$ |
773 |
|
(9 |
)% |
Expenses |
|
596 |
|
21 |
|
575 |
|
634 |
|
24 |
|
610 |
|
(6 |
) | ||||||
Pretax income |
|
$ |
107 |
|
$ |
(20 |
) |
$ |
127 |
|
$ |
140 |
|
$ |
(23 |
) |
$ |
163 |
|
(22 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Items included in operating earnings: |
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|
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|
|
|
|
|
|
|
|
|
|
| ||||||
Hedge fund earnings |
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|
|
|
|
$ |
1 |
|
|
|
|
|
$ |
22 |
|
|
| ||||
CDO liquidation benefit |
|
|
|
|
|
$ |
11 |
|
|
|
|
|
$ |
|
|
|
|
|
|
Quarter Ended |
|
Quarter Ended |
|
% |
| ||
Total segment AUM(2) (billions) |
|
$ |
436 |
|
$ |
457 |
|
(5 |
)% |
Columbia Management AUM |
|
$ |
326 |
|
$ |
355 |
|
(8 |
)% |
Threadneedle AUM |
|
$ |
114 |
|
$ |
106 |
|
8 |
% |
Flows(2) (billions) |
|
$ |
4.3 |
|
$ |
(5.8 |
) |
NM |
|
Columbia Management net flows |
|
$ |
(8.4 |
) |
$ |
(5.2 |
) |
(62 |
)% |
Threadneedle net flows |
|
$ |
12.6 |
|
$ |
(0.6 |
) |
NM |
|
(1) |
Includes net realized gains and integration/restructuring charges. |
(2) |
Subadvisory eliminations between Columbia and Threadneedle are included in the companys Fourth Quarter 2011 Statistical Supplement available at ir.ameriprise.com. |
NM |
Not Meaningful variance of greater than 100% |
Asset Management pretax operating earnings declined $36 million from a year ago to $127 million. Earnings in the year ago quarter included $22 million associated with hedge fund performance compared to only $1 million in the current quarter. Fourth quarter 2011 earnings also reflected the impact of net outflows, market depreciation and increased advertising expense, partially offset by a benefit from the liquidation of a collateralized debt obligation (CDO) structure.
Operating net revenues declined 9 percent to $702 million, largely driven by $57 million in lower hedge fund performance fees than a year ago. In addition, revenues reflected the impact of net outflows in assets under management and market depreciation, partially offset by the CDO liquidation benefit.
Operating expenses declined 6 percent to $575 million, primarily due to $36 million in lower hedge fund performance compensation as well as lower general and administrative expenses associated with expense synergies, which were offset by increased advertising expense.
Adjusted net pretax operating margin, which excludes pass-through distribution expenses, was 31.4 percent for the fourth quarter of 2011 compared to 34.1 percent a year ago. On a full-year basis, adjusted net pretax operating margin was 33.2 percent compared to 30.1 percent in 2010.
Total segment assets under management declined 5 percent from a year ago to $436 billion, as 8 percent asset growth at Threadneedle was more than offset by outflows at Columbia Management. Threadneedle generated $12.6 billion in net inflows in the quarter, reflecting approximately $14 billion from a strategic relationship with Liverpool Victoria to manage its insurance and pension fund portfolio. Columbia Management net outflows of $8.4 billion in the quarter were largely driven by $6.7 billion of previously announced outflows of low basis point, former parent company assets, as well as net outflows in subadvised funds. In addition, during the quarter, a former parent-related program sponsor shifted $4.7 billion from a traditional separately managed account platform to a model-delivery only unified managed account platform
that utilizes Columbia models. While the assets are excluded from managed assets, the movement in assets was neutral to earnings.
Ameriprise Financial, Inc.
Annuities Segment Results
|
|
Quarter Ended December 31, 2011 |
|
Quarter Ended December 31, 2010 |
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|
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(in millions, unaudited) |
|
GAAP |
|
Less: |
|
Operating |
|
GAAP |
|
Less: |
|
Operating |
|
% |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Annuities |
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|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net revenues |
|
$ |
639 |
|
$ |
5 |
|
$ |
634 |
|
$ |
642 |
|
$ |
3 |
|
$ |
639 |
|
(1 |
)% |
Expenses |
|
551 |
|
91 |
|
460 |
|
511 |
|
43 |
|
468 |
|
(2 |
) | ||||||
Pretax income |
|
$ |
88 |
|
$ |
(86 |
) |
$ |
174 |
|
$ |
131 |
|
$ |
(40 |
) |
$ |
171 |
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Variable annuity pretax income |
|
|
|
|
|
$ |
129 |
|
|
|
|
|
$ |
105 |
|
23 |
% | ||||
Fixed annuity pretax income |
|
|
|
|
|
$ |
45 |
|
|
|
|
|
$ |
66 |
|
(32 |
)% | ||||
Items included in operating earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Market impact on DAC and DSIC benefits |
|
|
|
|
|
$ |
24 |
|
|
|
|
|
$ |
23 |
|
4 |
% | ||||
Indexed annuity reserve adjustment |
|
|
|
|
|
$ |
(8 |
) |
|
|
|
|
$ |
|
|
|
|
|
|
Quarter Ended |
|
Quarter Ended |
|
% |
| ||
Variable annuity ending account balances (billions) |
|
$ |
62.3 |
|
$ |
62.6 |
|
|
|
Variable annuity net flows(2) (millions) |
|
$ |
227 |
|
$ |
401 |
|
(43 |
)% |
Fixed annuity ending account balances (billions) |
|
$ |
14.2 |
|
$ |
14.4 |
|
(2 |
)% |
Fixed annuity net flows (millions) |
|
$ |
(158 |
) |
$ |
(224 |
) |
29 |
% |
(1) Includes net realized gains and market impact on variable annuity guaranteed living benefits, net of DAC and DSIC.
(2) 4Q10 variable annuity net flows include sales in both Ameriprise and third-party channels. RiverSource Annuities discontinued third-party sales of variable annuities in the fourth quarter of 2010.
Annuities pretax operating earnings increased 2 percent to $174 million as growth in variable annuity earnings was partially offset by a decline in fixed annuity earnings. Variable annuity earnings growth reflected client net inflows and a benefit from enhancing the variable annuity guaranteed benefit valuation model, partially offset by the impact of low rates on assets backing fixed accounts. Fixed annuity earnings were impacted by the continued low rate environment and an $8 million unfavorable adjustment in the liability for a closed book of indexed annuities.
Operating net revenues declined 1 percent to $634 million, primarily driven by $21 million of higher variable annuity rider fees and management fees from increased average separate account balances that were more than offset by a $25 million decline in net investment income from low interest rates, primarily in fixed annuities.
Operating expenses declined 2 percent to $460 million, reflecting lower interest credited expenses, favorable market impacts on benefits, claims, losses and settlement expenses, as well as lower DAC amortization.
RiverSource variable annuity net inflows in the Ameriprise channel declined 7 percent from a year ago to $442 million. Fixed annuities remained in net outflows due to low client demand given current interest rates.
Ameriprise Financial, Inc.
Protection Segment Results
|
|
Quarter Ended December 31, 2011 |
|
Quarter Ended December 31, 2010 |
|
|
| ||||||||||||||
(in millions, unaudited) |
|
GAAP |
|
Less: |
|
Operating |
|
GAAP |
|
Less: |
|
Operating |
|
% |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Protection |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net revenues |
|
$ |
529 |
|
$ |
|
|
$ |
529 |
|
$ |
523 |
|
$ |
(1 |
) |
$ |
524 |
|
1 |
% |
Expenses |
|
420 |
|
|
|
420 |
|
440 |
|
|
|
440 |
|
(5 |
) | ||||||
Pretax income |
|
$ |
109 |
|
$ |
|
|
$ |
109 |
|
$ |
83 |
|
$ |
(1 |
) |
$ |
84 |
|
30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Items included in operating earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Market impact on DAC benefits |
|
|
|
|
|
$ |
3 |
|
|
|
|
|
$ |
3 |
|
|
|
|
|
Quarter Ended |
|
Quarter Ended |
|
% |
| ||
Life insurance in force (billions) |
|
$ |
191 |
|
$ |
192 |
|
|
|
VUL/UL ending account balances (billions) |
|
$ |
9.2 |
|
$ |
9.5 |
|
(3 |
)% |
Auto & home policies in force (thousands) |
|
696 |
|
650 |
|
7 |
% |
(1) Includes net realized losses.
Protection pretax operating earnings increased 30 percent to $109 million, driven by improvement in auto and home earnings and favorable life and health claims compared to a year ago.
Operating net revenues increased 1 percent to $529 million as auto and home premium growth was largely offset by a decline in life and health investment income due to the low interest rate environment.
Operating expenses declined 5 percent to $420 million from favorable claims in both the life and health and auto and home businesses. Auto and home claims in the fourth quarter of 2010 included $11 million from catastrophe losses, as well as elevated auto liability claims. Over the past four quarters, reported auto losses and loss frequency have continued to improve and are currently at levels more consistent with historic experience.
Life insurance in force declined slightly from a year ago to $191 billion, and Auto & Home continued to grow its policy count, up 7 percent compared to a year ago.
Ameriprise Financial, Inc.
Corporate & Other Segment Results
|
|
Quarter Ended December 31, 2011 |
|
Quarter Ended December 31, 2010 |
|
|
| ||||||||||||||
(in millions, unaudited) |
|
GAAP |
|
Less: |
|
Operating |
|
GAAP |
|
Less: |
|
Operating |
|
% |
| ||||||
Corporate & Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net revenues |
|
$ |
139 |
|
$ |
145 |
|
$ |
(6 |
) |
$ |
46 |
|
$ |
52 |
|
$ |
(6 |
) |
|
|
Expenses |
|
170 |
|
101 |
|
69 |
|
129 |
|
67 |
|
62 |
|
11 |
% | ||||||
Pretax loss |
|
$ |
(31 |
) |
$ |
44 |
|
$ |
(75 |
) |
$ |
(83 |
) |
$ |
(15 |
) |
$ |
(68 |
) |
(10 |
) |
(1) |
Includes revenues and expenses of the consolidated investment entities; net realized gains/losses; and integration/restructuring charges. |
Corporate & Other pretax operating loss was $75 million for the quarter compared to a loss of $68 million a year ago. The fourth quarter of 2011 included an $8 million increase in enterprise investments.
Contacts |
|
|
|
|
|
Investor Relations: |
|
Media Relations: |
|
|
|
Alicia A. Charity |
|
Paul W. Johnson |
Ameriprise Financial |
|
Ameriprise Financial |
(612) 671-2080 |
|
(612) 671-0625 |
alicia.a.charity@ampf.com |
|
paul.w.johnson@ampf.com |
|
|
|
Chad J. Sanner |
|
Benjamin J. Pratt |
Ameriprise Financial |
|
Ameriprise Financial |
(612) 671-4676 |
|
(612) 678-5881 |
chad.j.sanner@ampf.com |
|
benjamin.j.pratt@ampf.com |
At Ameriprise Financial, we have been helping people feel confident about their financial future since 1894. With outstanding asset management, advisory and insurance capabilities and a nationwide network of 10,000 financial advisors, we have the strength and expertise to serve the full range of individual and institutional investors financial needs. For more information, or to find an Ameriprise financial advisor, visit ameriprise.com.
Ameriprise Financial Services, Inc. offers financial planning services, investments, insurance and annuity products. Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA and managed by Columbia Management Investment Advisers, LLC. Threadneedle International Limited is an SEC- and FSA-registered investment adviser affiliate of Columbia Management Investment Advisers, LLC based in the U.K. Auto and home insurance is underwritten by IDS Property Casualty Insurance Company, or in certain states, Ameriprise Insurance Company, both in De Pere, WI. RiverSource insurance and annuity products are issued by RiverSource Life Insurance Company, and in New York only by RiverSource Life Insurance Co. of New York, Albany, New York. Only RiverSource Life Insurance Co. of New York is authorized to sell insurance and annuity products in the state of New York. These companies are all part of Ameriprise Financial, Inc. CA License #0684538. RiverSource Distributors, Inc. (Distributor), Member FINRA.
Forward-Looking Statements
This news release contains forward-looking statements that reflect managements plans, estimates and beliefs. Actual results could differ materially from those described in these forward-looking statements. Examples of such forward-looking statements include:
· the statement of belief in this news release that the company will maintain and accelerate its focus on re-engineering and expense management to adjust for market challenges;
· statements in this news release regarding planned additional investment in a new brokerage platform and the expectation that all advisors will have transitioned to the new platform by the end of 2012;
· statements of the companys plans, intentions, positioning, expectations, objectives or goals, including those relating to asset flows, mass affluent and affluent client acquisition strategy, client retention and growth of our client base, financial advisor productivity, retention, recruiting and enrollments, acquisition integration, general and administrative costs, consolidated tax rate, return of capital to shareholders, and excess capital position and financial flexibility to capture additional growth opportunities;
· other statements about future economic performance, the performance of equity markets and interest rate variations and the economic performance of the United States and of global markets; and
· statements of assumptions underlying such statements.
The words believe, expect, anticipate, optimistic, intend, plan, aim, will, may, should, could, would, likely, forecast, on pace, project and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking
statements are subject to risks and uncertainties, which could cause actual results to differ materially from such statements.
Such factors include, but are not limited to:
· changes in the valuations, liquidity and volatility in the interest rate, credit default, equity market and foreign exchange environments;
· changes in capital and credit market conditions including the availability and cost of capital;
· changes in and adoption of relevant accounting standards, as well as changes in the litigation and regulatory environment, including ongoing legal proceedings and regulatory actions, the frequency and extent of legal claims threatened or initiated by clients, other persons and regulators, and developments in regulation and legislation, including the rules and regulations implemented or to be implemented in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act;
· investment management performance and distribution partner and consumer acceptance of the companys products;
· effects of competition in the financial services industry and changes in product distribution mix and distribution channels;
· changes to the companys reputation that may arise from employee or affiliated advisor misconduct, legal or regulatory actions, improper management of conflicts of interest or otherwise;
· the companys capital structure, including indebtedness, limitations on subsidiaries to pay dividends, and the extent, manner, terms and timing of any share or debt repurchases management may effect as well as the opinions of rating agencies and other analysts and the reactions of market participants or the companys regulators, advisors, distribution partners or customers in response to any change or prospect of change in any such opinion;
· risks of default, capacity constraint or repricing by issuers or guarantors of investments the company owns or by counterparties to hedge, derivative, insurance or reinsurance arrangements or by manufacturers of products the company distributes, experience deviations from the companys assumptions regarding such risks, the evaluations or the prospect of changes in evaluations of any such third parties published by rating agencies or other analysts, and the reactions of other market participants or the companys regulators, advisors, distribution partners or customers in response to any such evaluation or prospect of changes in evaluation;
· experience deviations from the companys assumptions regarding morbidity, mortality and persistency in certain annuity and insurance products, or from assumptions regarding market returns assumed in valuing or unlocking DAC and DSIC or market volatility underlying our valuation and hedging of guaranteed living benefit annuity riders, or from assumptions regarding anticipated claims and losses relating to our automobile and home insurance products;
· changes in capital requirements that may be indicated, required or advised by regulators or rating agencies;
· the impacts of the companys efforts to improve distribution economics and to grow third-party distribution of its products;
· the companys ability to pursue and complete strategic transactions and initiatives, including acquisitions, divestitures, restructurings, joint ventures and the development of new products and services;
· the companys ability to realize the financial, operating and business fundamental benefits or to obtain regulatory approvals regarding integrations we plan for the acquisitions we have completed or may pursue and contract to complete in the future, as well as the amount and timing of integration expenses;
· the ability and timing to realize savings and other benefits from re-engineering and tax planning;
· changes in the capital markets and competitive environments induced or resulting from the partial or total ownership or other support by central governments of certain financial services firms or financial assets; and
· general economic and political factors, including consumer confidence in the economy, the ability and inclination of consumers generally to invest as well as their ability and inclination to invest in financial instruments and products other than cash and cash equivalents, the costs of products and services the company consumes in the conduct of its business, and applicable legislation and regulation and changes therein, including tax laws, tax treaties, fiscal and central government treasury policy, and policies regarding the financial services industry and publicly held firms, and regulatory rulings and pronouncements.
Management cautions the reader that the foregoing list of factors is not exhaustive. There may also be other risks that management is unable to predict at this time that may cause actual results to differ materially from those in forward-looking statements. Readers are cautioned not to place undue reliance on these forward-
looking statements, which speak only as of the date on which they are made. Management undertakes no obligation to update publicly or revise any forward-looking statements. The foregoing list of factors should be read in conjunction with the Risk Factors discussion under Part 1, Item 1A of and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2010 and under Part 2, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 available at ir.ameriprise.com.
The financial results discussed in this news release represent past performance only, which may not be used to predict or project future results. The financial results and values presented in this news release and the below-referenced Statistical Supplement are based upon asset valuations that represent estimates as of the date of this news release and may be revised in the companys Annual Report on Form 10-K for the year ended December 31, 2011. For information about Ameriprise Financial entities, please refer to the Fourth Quarter 2011 Statistical Supplement available at ir.ameriprise.com and the tables that follow in this news release.
Ameriprise Financial, Inc.
Reconciliation Table: GAAP Income Statement to Operating Income Statement
|
|
Quarter Ended December 31, 2011 |
|
Quarter Ended December 31, 2010 |
|
|
| |||||||||||||||
(in millions, unaudited) |
|
GAAP |
|
Less: |
|
Operating |
|
GAAP |
|
Less: |
|
Operating |
|
% |
| |||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Management and financial advice fees |
|
$ |
|
1,101 |
|
$ |
(20 |
) |
$ |
1,121 |
|
$ |
1,146 |
|
$ |
(10 |
) |
$ |
1,156 |
|
(3 |
)% |
Distribution fees |
|
371 |
|
|
|
371 |
|
385 |
|
|
|
385 |
|
(4 |
) | |||||||
Net investment income |
|
588 |
|
113 |
|
475 |
|
540 |
|
43 |
|
497 |
|
(4 |
) | |||||||
Premiums |
|
305 |
|
|
|
305 |
|
295 |
|
|
|
295 |
|
3 |
| |||||||
Other revenues |
|
228 |
|
34 |
|
194 |
|
206 |
|
13 |
|
193 |
|
1 |
| |||||||
Total revenues |
|
2,593 |
|
127 |
|
2,466 |
|
2,572 |
|
46 |
|
2,526 |
|
(2 |
) | |||||||
Banking and deposit interest expense |
|
11 |
|
|
|
11 |
|
14 |
|
|
|
14 |
|
(21 |
) | |||||||
Total net revenues |
|
2,582 |
|
127 |
|
2,455 |
|
2,558 |
|
46 |
|
2,512 |
|
(2 |
) | |||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Distribution expenses |
|
611 |
|
|
|
611 |
|
582 |
|
|
|
582 |
|
5 |
| |||||||
Interest credited to fixed accounts |
|
221 |
|
|
|
221 |
|
223 |
|
|
|
223 |
|
(1 |
) | |||||||
Benefits, claims, losses and settlement expenses |
|
512 |
|
152 |
|
360 |
|
465 |
|
72 |
|
393 |
|
(8 |
) | |||||||
Amortization of deferred acquisition costs |
|
46 |
|
(61 |
) |
107 |
|
84 |
|
(29 |
) |
113 |
|
(5 |
) | |||||||
Interest and debt expense |
|
96 |
|
73 |
|
23 |
|
78 |
|
51 |
|
27 |
|
(15 |
) | |||||||
General and administrative expense |
|
744 |
|
29 |
|
715 |
|
758 |
|
30 |
|
728 |
|
(2 |
) | |||||||
Total expenses |
|
2,230 |
|
193 |
|
2,037 |
|
2,190 |
|
124 |
|
2,066 |
|
(1 |
) | |||||||
Income from continuing operations before income tax provision |
|
352 |
|
(66 |
) |
418 |
|
368 |
|
(78 |
) |
446 |
|
(6 |
) | |||||||
Income tax provision |
|
67 |
|
(39 |
) |
106 |
|
88 |
|
(18 |
) |
106 |
|
|
| |||||||
Income from continuing operations |
|
285 |
|
(27 |
) |
312 |
|
280 |
|
(60 |
) |
340 |
|
(8 |
) | |||||||
Income (loss) from discontinued operations, net of tax |
|
13 |
|
13 |
|
|
|
(26 |
) |
(26 |
) |
|
|
|
| |||||||
Net income |
|
298 |
|
(14 |
) |
312 |
|
254 |
|
(86 |
) |
340 |
|
(8 |
) | |||||||
Less: Net income (loss) attributable to noncontrolling interests |
|
45 |
|
45 |
|
|
|
(26 |
) |
(26 |
) |
|
|
|
| |||||||
Net income attributable to Ameriprise Financial |
|
$ |
|
253 |
|
$ |
(59 |
) |
$ |
312 |
|
$ |
280 |
|
$ |
(60 |
) |
$ |
340 |
|
(8 |
)% |
(1) Includes the elimination of management fees earned by the company from the consolidated investment entities and the related expense; revenues and expenses of the consolidated investment entities; net realized gains/losses; market impact on variable annuity guaranteed living benefits net of DAC and DSIC; integration/restructuring charges and income/loss from discontinued operations. Income tax provision is calculated using the statutory tax rate of 35% on applicable adjustments.
Ameriprise Financial, Inc.
Reconciliation Table: GAAP Income Statement to Operating Income Statement
|
|
Year Ended December 31, 2011 |
|
Year Ended December 31, 2010 |
|
|
| ||||||||||||||
(in millions, unaudited) |
|
GAAP |
|
Less: |
|
Operating |
|
GAAP |
|
Less: |
|
Operating |
|
% |
| ||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Management and financial advice fees |
|
$ |
4,537 |
|
$ |
(49 |
) |
$ |
4,586 |
|
$ |
3,784 |
|
$ |
(38 |
) |
$ |
3,822 |
|
20 |
% |
Distribution fees |
|
1,573 |
|
|
|
1,573 |
|
1,447 |
|
|
|
1,447 |
|
9 |
| ||||||
Net investment income |
|
2,046 |
|
97 |
|
1,949 |
|
2,309 |
|
308 |
|
2,001 |
|
(3 |
) | ||||||
Premiums |
|
1,220 |
|
|
|
1,220 |
|
1,179 |
|
|
|
1,179 |
|
3 |
| ||||||
Other revenues |
|
863 |
|
94 |
|
769 |
|
863 |
|
125 |
|
738 |
|
4 |
| ||||||
Total revenues |
|
10,239 |
|
142 |
|
10,097 |
|
9,582 |
|
395 |
|
9,187 |
|
10 |
| ||||||
Banking and deposit interest expense |
|
47 |
|
|
|
47 |
|
70 |
|
|
|
70 |
|
(33 |
) | ||||||
Total net revenues |
|
10,192 |
|
142 |
|
10,050 |
|
9,512 |
|
395 |
|
9,117 |
|
10 |
| ||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Distribution expenses |
|
2,497 |
|
|
|
2,497 |
|
2,065 |
|
|
|
2,065 |
|
21 |
| ||||||
Interest credited to fixed accounts |
|
853 |
|
|
|
853 |
|
909 |
|
|
|
909 |
|
(6 |
) | ||||||
Benefits, claims, losses and settlement expenses |
|
1,557 |
|
67 |
|
1,490 |
|
1,750 |
|
9 |
|
1,741 |
|
(14 |
) | ||||||
Amortization of deferred acquisition costs |
|
618 |
|
(8 |
) |
626 |
|
127 |
|
16 |
|
111 |
|
NM |
| ||||||
Interest and debt expense |
|
317 |
|
221 |
|
96 |
|
290 |
|
181 |
|
109 |
|
(12 |
) | ||||||
General and administrative expense |
|
2,965 |
|
116 |
|
2,849 |
|
2,737 |
|
129 |
|
2,608 |
|
9 |
| ||||||
Total expenses |
|
8,807 |
|
396 |
|
8,411 |
|
7,878 |
|
335 |
|
7,543 |
|
12 |
| ||||||
Income from continuing operations before income tax provision |
|
1,385 |
|
(254 |
) |
1,639 |
|
1,634 |
|
60 |
|
1,574 |
|
4 |
| ||||||
Income tax provision |
|
355 |
|
(52 |
) |
407 |
|
350 |
|
(36 |
) |
386 |
|
5 |
| ||||||
Income from continuing operations |
|
1,030 |
|
(202 |
) |
1,232 |
|
1,284 |
|
96 |
|
1,188 |
|
4 |
| ||||||
Loss from discontinued operations, net of tax |
|
(60 |
) |
(60 |
) |
|
|
(24 |
) |
(24 |
) |
|
|
|
| ||||||
Net income |
|
970 |
|
(262 |
) |
1,232 |
|
1,260 |
|
72 |
|
1,188 |
|
4 |
| ||||||
Less: Net income (loss) attributable to noncontrolling interests |
|
(106 |
) |
(106 |
) |
|
|
163 |
|
163 |
|
|
|
|
| ||||||
Net income attributable to Ameriprise Financial |
|
$ |
1,076 |
|
$ |
(156 |
) |
$ |
1,232 |
|
$ |
1,097 |
|
$ |
(91 |
) |
$ |
1,188 |
|
4 |
% |
(1) Includes the elimination of management fees earned by the company from the consolidated investment entities and the related expense; revenues and expenses of the consolidated investment entities; net realized gains/losses; market impact on variable annuity guaranteed living benefits net of DAC and DSIC; integration/restructuring charges and income/loss from discontinued operations. Income tax provision is calculated using the statutory tax rate of 35% on applicable adjustments.
NM Not Meaningful variance of greater than 100%
Ameriprise Financial, Inc.
Reconciliation Table: Net Income from Continuing
Operations Attributable to Ameriprise Financial
|
|
Year Ended |
|
Per Diluted Share |
| ||||||||
(in millions, except per share amounts, |
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
| ||||
Net income attributable to Ameriprise Financial |
|
$ |
1,076 |
|
$ |
1,097 |
|
$ |
4.37 |
|
$ |
4.18 |
|
Less: Loss from discontinued operations, net of tax |
|
(60 |
) |
(24 |
) |
(0.24 |
) |
(0.09 |
) | ||||
Net income from continuing operations attributable to Ameriprise Financial |
|
1,136 |
|
1,121 |
|
4.61 |
|
4.27 |
| ||||
Add: Market impact on variable annuity guaranteed living benefits, net of tax(1) |
|
38 |
|
16 |
|
0.15 |
|
0.06 |
| ||||
Add: Integration charges, net of tax(1) |
|
62 |
|
73 |
|
0.25 |
|
0.28 |
| ||||
Less: Net realized gains, net of tax(1) |
|
4 |
|
22 |
|
0.01 |
|
0.08 |
| ||||
Operating earnings |
|
$ |
1,232 |
|
$ |
1,188 |
|
$ |
5.00 |
|
$ |
4.53 |
|
|
|
|
|
|
|
|
|
|
| ||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
| ||||
Basic |
|
241.4 |
|
257.4 |
|
|
|
|
| ||||
Diluted |
|
246.3 |
|
262.3 |
|
|
|
|
|
(1) Calculated using the statutory tax rate of 35%.
Ameriprise Financial, Inc.
Reconciliation Table: Net Income from Continuing
Operations Attributable to Ameriprise Financial
|
|
Quarter Ended |
|
Per Diluted Share |
| ||||||||
(in millions, except per share amounts, |
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
| ||||
Net income attributable to Ameriprise Financial |
|
$ |
253 |
|
$ |
280 |
|
$ |
1.08 |
|
$ |
1.08 |
|
Less: Income (loss) from discontinued operations, net of tax |
|
13 |
|
(26 |
) |
0.06 |
|
(0.10 |
) | ||||
Net income from continuing operations attributable to Ameriprise Financial |
|
240 |
|
306 |
|
1.02 |
|
1.18 |
| ||||
Add: Market impact on variable annuity guaranteed living benefits, net of tax(1) |
|
59 |
|
27 |
|
0.25 |
|
0.10 |
| ||||
Add: Integration charges, net of tax(1) |
|
14 |
|
20 |
|
0.06 |
|
0.08 |
| ||||
Less: Net realized gains, net of tax(1) |
|
1 |
|
13 |
|
|
|
0.05 |
| ||||
Operating earnings |
|
$ |
312 |
|
$ |
340 |
|
$ |
1.33 |
|
$ |
1.31 |
|
|
|
|
|
|
|
|
|
|
| ||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
| ||||
Basic |
|
230.6 |
|
252.7 |
|
|
|
|
| ||||
Diluted |
|
234.5 |
|
258.9 |
|
|
|
|
|
(1) Calculated using the statutory tax rate of 35%.
Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
|
|
Quarter Ended December 31, 2011 |
| ||||
(in millions, unaudited) |
|
GAAP |
|
Operating |
| ||
Income from continuing operations before income tax provision |
|
$ |
352 |
|
$ |
418 |
|
Less: Pretax income attributable to noncontrolling interests |
|
45 |
|
|
| ||
Income from continuing operations before income tax provision excluding consolidated investment entities (CIEs) |
|
$ |
307 |
|
$ |
418 |
|
Income tax provision from continuing operations |
|
$ |
67 |
|
$ |
106 |
|
Effective tax rate |
|
19.1 |
% |
25.4 |
% | ||
Effective tax rate excluding noncontrolling interests |
|
21.9 |
% |
25.4 |
% |
|
|
Year Ended December 31, 2011 |
| ||||
(in millions, unaudited) |
|
GAAP |
|
Operating |
| ||
Income from continuing operations before income tax provision |
|
$ |
1,385 |
|
$ |
1,639 |
|
Less: Pretax loss attributable to noncontrolling interests |
|
(106 |
) |
|
| ||
Income from continuing operations before income tax provision excluding consolidated investment entities (CIEs) |
|
$ |
1,491 |
|
$ |
1,639 |
|
Income tax provision from continuing operations |
|
$ |
355 |
|
$ |
407 |
|
Effective tax rate |
|
25.6 |
% |
24.8 |
% | ||
Effective tax rate excluding noncontrolling interests |
|
23.8 |
% |
24.8 |
% |
Ameriprise Financial, Inc.
Reconciliation Table: Advice & Wealth Management Segment Results
|
|
Year Ended December 31, 2011 |
|
Year Ended December 31, 2010 |
|
|
| ||||||||||||||
(in millions, unaudited) |
|
GAAP |
|
Less: |
|
Operating |
|
GAAP |
|
Less: |
|
Operating |
|
% |
| ||||||
Advice & Wealth Management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net revenues |
|
$ |
3,708 |
|
$ |
(5 |
) |
$ |
3,713 |
|
$ |
3,343 |
|
$ |
1 |
|
$ |
3,342 |
|
11 |
% |
Expenses |
|
3,307 |
|
|
|
3,307 |
|
3,027 |
|
7 |
|
3,020 |
|
10 |
| ||||||
Pretax income |
|
$ |
401 |
|
$ |
(5 |
) |
$ |
406 |
|
$ |
316 |
|
$ |
(6 |
) |
$ |
322 |
|
26 |
|
(1) Includes net realized gains/losses and integration/restructuring charges.
Ameriprise Financial, Inc.
Reconciliation Table: Asset Management Adjusted Net Pretax Operating Margin
|
|
Quarter Ended |
| ||||
(in millions, unaudited) |
|
December 31, |
|
December 31, |
| ||
Total net revenues |
|
$ |
703 |
|
$ |
774 |
|
Less: Realized gains |
|
1 |
|
1 |
| ||
Operating total net revenues |
|
702 |
|
773 |
| ||
Less: Distribution pass through revenues |
|
201 |
|
188 |
| ||
Less: Subadvisory and other pass through revenues |
|
100 |
|
95 |
| ||
Adjusted operating revenues |
|
$ |
401 |
|
$ |
490 |
|
|
|
|
|
|
| ||
Pretax income |
|
$ |
107 |
|
$ |
140 |
|
Less: Realized gains |
|
1 |
|
1 |
| ||
Add: Integration/restructuring charges |
|
21 |
|
24 |
| ||
Pretax operating earnings |
|
127 |
|
163 |
| ||
Less: Operating net investment income |
|
11 |
|
6 |
| ||
Add: Amortization of intangibles |
|
10 |
|
10 |
| ||
Adjusted operating earnings |
|
$ |
126 |
|
$ |
167 |
|
|
|
|
|
|
| ||
Adjusted net pretax operating margin |
|
31.4 |
% |
34.1 |
% |
Ameriprise Financial, Inc.
Reconciliation Table: Asset Management Adjusted Net Pretax Operating Margin
|
|
Year Ended |
| ||||
(in millions, unaudited) |
|
December 31, |
|
December 31, |
| ||
Total net revenues |
|
$ |
2,900 |
|
$ |
2,368 |
|
Less: Realized gains |
|
3 |
|
3 |
| ||
Operating total net revenues |
|
2,897 |
|
2,365 |
| ||
Less: Distribution pass through revenues |
|
833 |
|
627 |
| ||
Less: Subadvisory and other pass through revenues |
|
385 |
|
292 |
| ||
Adjusted operating revenues |
|
$ |
1,679 |
|
$ |
1,446 |
|
|
|
|
|
|
| ||
Pretax income |
|
$ |
436 |
|
$ |
318 |
|
Less: Realized gains |
|
3 |
|
3 |
| ||
Add: Integration/restructuring charges |
|
95 |
|
95 |
| ||
Pretax operating earnings |
|
528 |
|
410 |
| ||
Less: Operating net investment income |
|
11 |
|
14 |
| ||
Add: Amortization of intangibles |
|
40 |
|
39 |
| ||
Adjusted operating earnings |
|
$ |
557 |
|
$ |
435 |
|
|
|
|
|
|
| ||
Adjusted net pretax operating margin |
|
33.2 |
% |
30.1 |
% |
Ameriprise Financial, Inc.
Reconciliation Table: Return on Equity (ROE) Excluding Accumulated
Other Comprehensive Income AOCI
|
|
Twelve Months Ended |
| ||||
(in millions, unaudited) |
|
December 31, |
|
December 31, |
| ||
Net income from continuing operations attributable to Ameriprise Financial, as reported |
|
$ |
1,136 |
|
$ |
1,121 |
|
Less: Adjustments (1) |
|
(96 |
) |
(67 |
) | ||
Operating earnings |
|
$ |
1,232 |
|
$ |
1,188 |
|
Total Ameriprise Financial, Inc. shareholders equity |
|
$ |
10,482 |
|
$ |
10,309 |
|
Less: Assets and liabilities held for sale |
|
29 |
|
102 |
| ||
Less: Accumulated other comprehensive income, net of tax |
|
603 |
|
540 |
| ||
Total Ameriprise Financial, Inc. shareholders equity from continuing operations excluding AOCI |
|
9,850 |
|
9,667 |
| ||
Less: Equity impacts attributable to the consolidated investment entities |
|
478 |
|
455 |
| ||
Operating equity |
|
$ |
9,372 |
|
$ |
9,212 |
|
Return on equity from continuing operations, excluding AOCI |
|
11.5 |
% |
11.6 |
% | ||
Operating return on equity excluding CIEs and AOCI (2) |
|
13.1 |
% |
12.9 |
% |
(1) Adjustments reflect the trailing twelve months sum of after-tax net realized gains/losses; market impact on variable annuity guaranteed living benefits net of DAC and DSIC; and integration/restructuring charges.
(2) Operating return on equity excluding consolidated investment entities and accumulated other comprehensive income is calculated using the trailing twelve months of earnings excluding the after-tax net realized gains/losses; market impact on variable annuity guaranteed living benefits net of DAC and DSIC; integration/restructuring charges; and discontinued operations in the numerator, and Ameriprise Financial shareholders equity excluding accumulated other comprehensive income; the impact of consolidating investment entities; and the assets and liabilities held for sale using a five-point average of quarter-end equity in the denominator.
Ameriprise Financial, Inc.
Statistical Supplement Information
Table of Contents
|
Page |
Ameriprise Financial, Inc. |
|
Statistical Supplement Presentation |
4 |
Consolidated GAAP Income Statements |
5 |
GAAP to Operating Reconciliation |
6 |
Operating Income Statements |
7 |
Highlights |
9 |
Common Share, Per Share and Capital Summary |
10 |
Segment Summary |
11 |
Advice & Wealth Management Segment |
|
Segment Operating Income Statements |
14 |
Segment Metrics |
15 |
Asset Management Segment |
|
Segment Operating Income Statements |
17 |
Segment Metrics |
18 |
Columbia Asset Management Products |
19 |
Threadneedle Asset Management Products |
20 |
Retail Fund Performance - Columbia |
21 |
Retail Fund Performance - Threadneedle |
22 |
Annuities Segment |
|
Segment Operating Income Statements |
24 |
Segment Metrics |
25 |
Protection Segment |
|
Segment Operating Income Statements |
27 |
Segment Metrics |
28 |
Corporate & Other Segment |
|
Segment Operating Income Statements |
30 |
Eliminations |
|
Operating Income Statements |
31 |
Balance Sheet and Ratings Information |
|
Consolidated Balance Sheets |
33 |
Capital and Ratings Information |
34 |
Investments |
35 |
Non-GAAP Financial Information |
36 |
Glossary of Selected Terminology |
|
Glossary of Selected Terminology - Segments |
37 |
Glossary of Selected Terminology |
38 |
Exhibit A |
|
Disclosed Items |
40 |
Exhibit B |
|
Reconciliation of GAAP Segment Income Statements to Segment Operating Income Statements |
46 |
Reconciliation of GAAP Metrics to Operating Metrics |
48 |
Ameriprise Financial, Inc.
Statistical Supplement Presentation
Fourth Quarter 2011
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 best reflect the underlying performance of the Company and facilitate a more meaningful trend analysis. Accordingly, this Statistical Supplement Package presents the Companys operating results and related operating metrics. Reconciliations to GAAP measures are provided on page 6 and in Exhibit B Reconciliation of GAAP Metrics to Operating Metrics beginning on page 46.
Management views the operating measures as a more meaningful presentation of its results for purposes of analyzing the operating performance of its segments, as well as presenting results on a basis more consistent with the economics of the businesses. Operating measures exclude the impact of consolidating certain investment entities (CIEs); net realized gains or losses; market impact on variable annuity guaranteed living benefits, net of DAC and DSIC; discontinued operations; and integration and restructuring charges. Management uses certain of these non-GAAP measures to evaluate its financial performance on a basis comparable to that used by some securities analysts and investors.
Operating earnings are adjusted to exclude the market impact on variable annuity guaranteed living benefits. The market impact includes changes in liability values caused by changes in financial market conditions, net of changes in associated hedge asset 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 (FAS 157), including the impact on liability values of discounting projected benefits to reflect a current estimate of RiverSource Lifes nonperformance spread. Further, the market impact is net of related impacts on DAC and DSIC amortization. The market impact relates to guaranteed minimum accumulation benefits and non-life contingent guaranteed minimum withdrawal benefits accounted for at fair value as embedded derivatives.
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
Fourth Quarter 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 4Q |
|
YTD Chg - 4Q |
|
Seq Qtr Chg - 4Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
4 Qtr 2010 |
|
1 Qtr 2011 |
|
2 Qtr 2011 |
|
3 Qtr 2011 |
|
4 Qtr 2011 |
|
2010 |
|
2011 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Management and financial advice fees |
|
$ |
1,146 |
|
$ |
1,137 |
|
$ |
1,172 |
|
$ |
1,127 |
|
$ |
1,101 |
|
$ |
3,784 |
|
$ |
4,537 |
|
$ |
(45 |
) |
(4 |
)% |
$ |
753 |
|
20 |
% |
$ |
(26 |
) |
(2 |
)% |
Distribution fees |
|
385 |
|
397 |
|
416 |
|
389 |
|
371 |
|
1,447 |
|
1,573 |
|
(14 |
) |
(4 |
)% |
126 |
|
9 |
% |
(18 |
) |
(5 |
)% | ||||||||||
Net investment income |
|
540 |
|
515 |
|
498 |
|
445 |
|
588 |
|
2,309 |
|
2,046 |
|
48 |
|
9 |
% |
(263 |
) |
(11 |
)% |
143 |
|
32 |
% | ||||||||||
Premiums |
|
295 |
|
292 |
|
312 |
|
311 |
|
305 |
|
1,179 |
|
1,220 |
|
10 |
|
3 |
% |
41 |
|
3 |
% |
(6 |
) |
(2 |
)% | ||||||||||
Other revenues |
|
206 |
|
204 |
|
236 |
|
195 |
|
228 |
|
863 |
|
863 |
|
22 |
|
11 |
% |
|
|
|
|
33 |
|
17 |
% | ||||||||||
Total revenues |
|
2,572 |
|
2,545 |
|
2,634 |
|
2,467 |
|
2,593 |
|
9,582 |
|
10,239 |
|
21 |
|
1 |
% |
657 |
|
7 |
% |
126 |
|
5 |
% | ||||||||||
Banking and deposit interest expense |
|
14 |
|
13 |
|
11 |
|
12 |
|
11 |
|
70 |
|
47 |
|
(3 |
) |
(21 |
)% |
(23 |
) |
(33 |
)% |
(1 |
) |
(8 |
)% | ||||||||||
Total net revenues |
|
2,558 |
|
2,532 |
|
2,623 |
|
2,455 |
|
2,582 |
|
9,512 |
|
10,192 |
|
24 |
|
1 |
% |
680 |
|
7 |
% |
127 |
|
5 |
% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Distribution expenses |
|
582 |
|
619 |
|
643 |
|
624 |
|
611 |
|
2,065 |
|
2,497 |
|
29 |
|
5 |
% |
432 |
|
21 |
% |
(13 |
) |
(2 |
)% | ||||||||||
Interest credited to fixed accounts |
|
223 |
|
207 |
|
212 |
|
213 |
|
221 |
|
909 |
|
853 |
|
(2 |
) |
(1 |
)% |
(56 |
) |
(6 |
)% |
8 |
|
4 |
% | ||||||||||
Benefits, claims, losses and settlement expenses |
|
465 |
|
382 |
|
406 |
|
257 |
|
512 |
|
1,750 |
|
1,557 |
|
47 |
|
10 |
% |
(193 |
) |
(11 |
)% |
255 |
|
99 |
% | ||||||||||
Amortization of deferred acquisition costs |
|
84 |
|
116 |
|
138 |
|
318 |
|
46 |
|
127 |
|
618 |
|
(38 |
) |
(45 |
)% |
491 |
|
|
# |
(272 |
) |
(86 |
)% | ||||||||||
Interest and debt expense |
|
78 |
|
75 |
|
75 |
|
71 |
|
96 |
|
290 |
|
317 |
|
18 |
|
23 |
% |
27 |
|
9 |
% |
25 |
|
35 |
% | ||||||||||
General and administrative expense |
|
758 |
|
746 |
|
750 |
|
725 |
|
744 |
|
2,737 |
|
2,965 |
|
(14 |
) |
(2 |
)% |
228 |
|
8 |
% |
19 |
|
3 |
% | ||||||||||
Total expenses |
|
2,190 |
|
2,145 |
|
2,224 |
|
2,208 |
|
2,230 |
|
7,878 |
|
8,807 |
|
40 |
|
2 |
% |
929 |
|
12 |
% |
22 |
|
1 |
% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Income from continuing operations before income tax provision |
|
368 |
|
387 |
|
399 |
|
247 |
|
352 |
|
1,634 |
|
1,385 |
|
(16 |
) |
(4 |
)% |
(249 |
) |
(15 |
)% |
105 |
|
43 |
% | ||||||||||
Income tax provision |
|
88 |
|
93 |
|
114 |
|
81 |
|
67 |
|
350 |
|
355 |
|
(21 |
) |
(24 |
)% |
5 |
|
1 |
% |
(14 |
) |
(17 |
)% | ||||||||||
Income from continuing operations |
|
280 |
|
294 |
|
285 |
|
166 |
|
285 |
|
1,284 |
|
1,030 |
|
5 |
|
2 |
% |
(254 |
) |
(20 |
)% |
119 |
|
72 |
% | ||||||||||
Income (loss) from discontinued operations, net of tax |
|
(26 |
) |
(71 |
) |
(4 |
) |
2 |
|
13 |
|
(24 |
) |
(60 |
) |
39 |
|
|
# |
(36 |
) |
|
# |
11 |
|
|
# | ||||||||||
Net income |
|
254 |
|
223 |
|
281 |
|
168 |
|
298 |
|
1,260 |
|
970 |
|
44 |
|
17 |
% |
(290 |
) |
(23 |
)% |
130 |
|
77 |
% | ||||||||||
Less: Net income (loss) attributable to noncontrolling interests |
|
(26 |
) |
(18 |
) |
(28 |
) |
(105 |
) |
45 |
|
163 |
|
(106 |
) |
71 |
|
|
# |
(269 |
) |
|
# |
150 |
|
|
# | ||||||||||
Net income attributable to Ameriprise Financial |
|
$ |
280 |
|
$ |
241 |
|
$ |
309 |
|
$ |
273 |
|
$ |
253 |
|
$ |
1,097 |
|
$ |
1,076 |
|
$ |
(27 |
) |
(10 |
)% |
$ |
(21 |
) |
(2 |
)% |
$ |
(20 |
) |
(7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Basic earnings per share (6) |
|
$ |
1.21 |
|
$ |
1.24 |
|
$ |
1.28 |
|
$ |
1.14 |
|
$ |
1.04 |
|
$ |
4.36 |
|
$ |
4.71 |
|
$ |
(0.17 |
) |
(14 |
)% |
$ |
0.35 |
|
8 |
% |
$ |
(0.10 |
) |
(9 |
)% |
Earnings per diluted share (7) |
|
$ |
1.18 |
|
$ |
1.21 |
|
$ |
1.25 |
|
$ |
1.12 |
|
$ |
1.02 |
|
$ |
4.27 |
|
$ |
4.61 |
|
$ |
(0.16 |
) |
(14 |
)% |
$ |
0.34 |
|
8 |
% |
$ |
(0.10 |
) |
(9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
GAAP Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net revenue growth |
|
18.6 |
% |
17.3 |
% |
6.5 |
% |
5.2 |
% |
0.9 |
% |
28.6 |
% |
7.1 |
% |
(17.7 |
)% |
|
|
(21.5 |
)% |
|
|
(4.3 |
)% |
|
| ||||||||||
Return on equity excluding AOCI (1)(4) |
|
11.6 |
% |
12.3 |
% |
12.8 |
% |
12.1 |
% |
11.5 |
% |
11.6 |
% |
11.5 |
% |
(0.1 |
)% |
|
|
(0.1 |
)% |
|
|
(0.6 |
)% |
|
| ||||||||||
Earnings per diluted share growth |
|
31.1 |
% |
51.3 |
% |
28.9 |
% |
(15.8 |
)% |
(13.6 |
)% |
44.7 |
% |
8.0 |
% |
(44.7 |
)% |
|
|
(36.8 |
)% |
|
|
2.2 |
% |
|
| ||||||||||
Pretax income margin (5) |
|
14.4 |
% |
15.3 |
% |
15.2 |
% |
10.1 |
% |
13.6 |
% |
17.2 |
% |
13.6 |
% |
(0.8 |
)% |
|
|
(3.6 |
)% |
|
|
3.5 |
% |
|
| ||||||||||
Effective tax rate |
|
24.1 |
% |
23.9 |
% |
28.7 |
% |
32.5 |
% |
19.1 |
% |
21.5 |
% |
25.6 |
% |
(5.0 |
)% |
|
|
4.1 |
% |
|
|
(13.4 |
)% |
|
| ||||||||||
Effective tax rate excluding CIEs (1) |
|
22.5 |
% |
22.9 |
% |
26.8 |
% |
22.9 |
% |
21.9 |
% |
23.8 |
% |
23.8 |
% |
(0.6 |
)% |
|
|
|
|
|
|
(1.0 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Ameriprise Financial shareholders equity |
|
$ |
10,725 |
|
$ |
10,551 |
|
$ |
10,548 |
|
$ |
10,271 |
|
$ |
10,317 |
|
$ |
10,725 |
|
$ |
10,317 |
|
$ |
(408 |
) |
(4 |
)% |
$ |
(408 |
) |
(4 |
)% |
$ |
46 |
|
|
|
Ameriprise Financial shareholders equity from continuing operations excluding AOCI (1) |
|
$ |
10,066 |
|
$ |
10,033 |
|
$ |
9,943 |
|
$ |
9,530 |
|
$ |
9,679 |
|
$ |
10,066 |
|
$ |
9,679 |
|
$ |
(387 |
) |
(4 |
)% |
$ |
(387 |
) |
(4 |
)% |
$ |
149 |
|
2 |
% |
Ameriprise Financial shareholders equity from continuing operations excluding AOCI - 5 point avg. |
|
$ |
9,667 |
|
$ |
9,893 |
|
$ |
9,955 |
|
$ |
9,904 |
|
$ |
9,850 |
|
$ |
9,667 |
|
$ |
9,850 |
|
$ |
183 |
|
2 |
% |
$ |
183 |
|
2 |
% |
$ |
(54 |
) |
(1 |
)% |
Ameriprise Financial shareholders equity / outstanding shares (2) |
|
$ |
42.61 |
|
$ |
42.49 |
|
$ |
43.50 |
|
$ |
44.18 |
|
$ |
45.33 |
|
$ |
42.61 |
|
$ |
45.33 |
|
$ |
2.72 |
|
6 |
% |
$ |
2.72 |
|
6 |
% |
$ |
1.15 |
|
3 |
% |
Ameriprise Financial shareholders equity from continuing operations excluding AOCI / outstanding shares (3) |
|
$ |
39.99 |
|
$ |
40.41 |
|
$ |
41.00 |
|
$ |
40.99 |
|
$ |
42.53 |
|
$ |
39.99 |
|
$ |
42.53 |
|
$ |
2.54 |
|
6 |
% |
$ |
2.54 |
|
6 |
% |
$ |
1.54 |
|
4 |
% |
(1) See non-GAAP financial information on pg 36.
(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 from continuing operations excluding AOCI divided by common shares outstanding plus common stock equivalents outstanding at period end.
(4) Calculated using income from continuing operations less net income (loss) attributable to noncontrolling interests for the last twelve months in the numerator and the average Ameriprise Financial shareholders equity from continuing operations excluding AOCI as of the last day of the trailing four quarters and current quarter in the denominator.
(5) Calculated as income from continuing operations before income tax provision divided by total net revenues.
(6) Calculated as income from continuing operations less net income (loss) attributable to noncontrolling interests divided by the weighted average basic common shares outstanding.
(7) Calculated as income from continuing operations less net income (loss) attributable to noncontrolling interests divided by the weighted average diluted common shares outstanding.
# Variance of greater than 100%.
Ameriprise Financial, Inc.
GAAP to Operating Reconciliation
Fourth Quarter 2011
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
| |||||||||
(in millions unless otherwise noted, unaudited) |
|
4 Qtr 2010 |
|
1 Qtr 2011 |
|
2 Qtr 2011 |
|
3 Qtr 2011 |
|
4 Qtr 2011 |
|
2010 |
|
2011 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Pretax operating earnings (1) |
|
$ |
446 |
|
$ |
450 |
|
$ |
449 |
|
$ |
322 |
|
$ |
418 |
|
$ |
1,574 |
|
$ |
1,639 |
|
Income taxes, applicable to operating earnings (2) |
|
106 |
|
109 |
|
121 |
|
71 |
|
106 |
|
386 |
|
407 |
| |||||||
Operating earnings (1) |
|
340 |
|
341 |
|
328 |
|
251 |
|
312 |
|
1,188 |
|
1,232 |
| |||||||
Reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Management and financial advice fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Management fees earned by the Company from the CIEs |
|
(10 |
) |
(10 |
) |
(10 |
) |
(9 |
) |
(20 |
) |
(38 |
) |
(49 |
) | |||||||
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net investment income attributable to the CIEs |
|
24 |
|
27 |
|
17 |
|
(65 |
) |
112 |
|
275 |
|
91 |
| |||||||
Realized gains (losses) |
|
19 |
|
1 |
|
6 |
|
(2 |
) |
1 |
|
33 |
|
6 |
| |||||||
Other revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Other revenues attributable to the CIEs |
|
13 |
|
20 |
|
18 |
|
22 |
|
34 |
|
125 |
|
94 |
| |||||||
Benefits, claims, losses and settlement expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Market impact on Variable Annuity guaranteed living benefits |
|
(72 |
) |
(27 |
) |
(7 |
) |
119 |
|
(152 |
) |
(9 |
) |
(67 |
) | |||||||
Amortization of deferred acquisition costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Market impact on Variable Annuity guaranteed living benefits |
|
29 |
|
10 |
|
|
|
(63 |
) |
61 |
|
(16 |
) |
8 |
| |||||||
Interest and debt expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Interest and debt expense attributable to the CIEs |
|
(51 |
) |
(50 |
) |
(51 |
) |
(47 |
) |
(73 |
) |
(181 |
) |
(221 |
) | |||||||
General and administrative expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Integration and restructuring charges |
|
(28 |
) |
(29 |
) |
(21 |
) |
(24 |
) |
(21 |
) |
(111 |
) |
(95 |
) | |||||||
General and administrative expense attributable to the CIEs |
|
(2 |
) |
(5 |
) |
(2 |
) |
(6 |
) |
(8 |
) |
(18 |
) |
(21 |
) | |||||||
Total reconciling items from continuing operations, before income taxes |
|
(78 |
) |
(63 |
) |
(50 |
) |
(75 |
) |
(66 |
) |
60 |
|
(254 |
) | |||||||
Income taxes, not applicable to operating earnings (3) |
|
18 |
|
16 |
|
7 |
|
(10 |
) |
39 |
|
36 |
|
52 |
| |||||||
Total reconciling items from continuing operations, after income taxes |
|
(60 |
) |
(47 |
) |
(43 |
) |
(85 |
) |
(27 |
) |
96 |
|
(202 |
) | |||||||
Income from continuing operations |
|
280 |
|
294 |
|
285 |
|
166 |
|
285 |
|
1,284 |
|
1,030 |
| |||||||
Income (loss) from discontinued operations, net of tax |
|
(26 |
) |
(71 |
) |
(4 |
) |
2 |
|
13 |
|
(24 |
) |
(60 |
) | |||||||
Net income |
|
254 |
|
223 |
|
281 |
|
168 |
|
298 |
|
1,260 |
|
970 |
| |||||||
Less: Net income (loss) attributable to noncontrolling interests |
|
(26 |
) |
(18 |
) |
(28 |
) |
(105 |
) |
45 |
|
163 |
|
(106 |
) | |||||||
Net income attributable to Ameriprise Financial |
|
$ |
280 |
|
$ |
241 |
|
$ |
309 |
|
$ |
273 |
|
$ |
253 |
|
$ |
1,097 |
|
$ |
1,076 |
|
(1) See non-GAAP financial information on pg 36.
(2) Calculated using the operating effective tax rate.
(3) Calculated as the difference between the income tax provision on a GAAP basis and the income tax provision calculated using the operating effective tax rate.
Ameriprise Financial, Inc.
Operating Income Statements
Fourth Quarter 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 4Q |
|
YTD Chg - 4Q |
|
Seq Qtr Chg - 4Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
4 Qtr 2010 |
|
1 Qtr 2011 |
|
2 Qtr 2011 |
|
3 Qtr 2011 |
|
4 Qtr 2011 |
|
2010 |
|
2011 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Management and financial advice fees |
|
$ |
1,156 |
|
$ |
1,147 |
|
$ |
1,182 |
|
$ |
1,136 |
|
$ |
1,121 |
|
$ |
3,822 |
|
$ |
4,586 |
|
$ |
(35 |
) |
(3 |
)% |
$ |
764 |
|
20 |
% |
$ |
(15 |
) |
(1 |
)% |
Distribution fees |
|
385 |
|
397 |
|
416 |
|
389 |
|
371 |
|
1,447 |
|
1,573 |
|
(14 |
) |
(4 |
)% |
126 |
|
9 |
% |
(18 |
) |
(5 |
)% | ||||||||||
Net investment income |
|
497 |
|
487 |
|
475 |
|
512 |
|
475 |
|
2,001 |
|
1,949 |
|
(22 |
) |
(4 |
)% |
(52 |
) |
(3 |
)% |
(37 |
) |
(7 |
)% | ||||||||||
Premiums |
|
295 |
|
292 |
|
312 |
|
311 |
|
305 |
|
1,179 |
|
1,220 |
|
10 |
|
3 |
% |
41 |
|
3 |
% |
(6 |
) |
(2 |
)% | ||||||||||
Other revenues |
|
193 |
|
184 |
|
218 |
|
173 |
|
194 |
|
738 |
|
769 |
|
1 |
|
1 |
% |
31 |
|
4 |
% |
21 |
|
12 |
% | ||||||||||
Total revenues |
|
2,526 |
|
2,507 |
|
2,603 |
|
2,521 |
|
2,466 |
|
9,187 |
|
10,097 |
|
(60 |
) |
(2 |
)% |
910 |
|
10 |
% |
(55 |
) |
(2 |
)% | ||||||||||
Banking and deposit interest expense |
|
14 |
|
13 |
|
11 |
|
12 |
|
11 |
|
70 |
|
47 |
|
(3 |
) |
(21 |
)% |
(23 |
) |
(33 |
)% |
(1 |
) |
(8 |
)% | ||||||||||
Operating total net revenues (1) |
|
2,512 |
|
2,494 |
|
2,592 |
|
2,509 |
|
2,455 |
|
9,117 |
|
10,050 |
|
(57 |
) |
(2 |
)% |
933 |
|
10 |
% |
(54 |
) |
(2 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Distribution expenses |
|
582 |
|
619 |
|
643 |
|
624 |
|
611 |
|
2,065 |
|
2,497 |
|
29 |
|
5 |
% |
432 |
|
21 |
% |
(13 |
) |
(2 |
)% | ||||||||||
Interest credited to fixed accounts |
|
223 |
|
207 |
|
212 |
|
213 |
|
221 |
|
909 |
|
853 |
|
(2 |
) |
(1 |
)% |
(56 |
) |
(6 |
)% |
8 |
|
4 |
% | ||||||||||
Benefits, claims, losses and settlement expenses |
|
393 |
|
355 |
|
399 |
|
376 |
|
360 |
|
1,741 |
|
1,490 |
|
(33 |
) |
(8 |
)% |
(251 |
) |
(14 |
)% |
(16 |
) |
(4 |
)% | ||||||||||
Amortization of deferred acquisition costs |
|
113 |
|
126 |
|
138 |
|
255 |
|
107 |
|
111 |
|
626 |
|
(6 |
) |
(5 |
)% |
515 |
|
|
# |
(148 |
) |
(58 |
)% | ||||||||||
Interest and debt expense |
|
27 |
|
25 |
|
24 |
|
24 |
|
23 |
|
109 |
|
96 |
|
(4 |
) |
(15 |
)% |
(13 |
) |
(12 |
)% |
(1 |
) |
(4 |
)% | ||||||||||
General and administrative expense |
|
728 |
|
712 |
|
727 |
|
695 |
|
715 |
|
2,608 |
|
2,849 |
|
(13 |
) |
(2 |
)% |
241 |
|
9 |
% |
20 |
|
3 |
% | ||||||||||
Operating expenses (1) |
|
2,066 |
|
2,044 |
|
2,143 |
|
2,187 |
|
2,037 |
|
7,543 |
|
8,411 |
|
(29 |
) |
(1 |
)% |
868 |
|
12 |
% |
(150 |
) |
(7 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax operating earnings (1) |
|
446 |
|
450 |
|
449 |
|
322 |
|
418 |
|
1,574 |
|
1,639 |
|
(28 |
) |
(6 |
)% |
65 |
|
4 |
% |
96 |
|
30 |
% | ||||||||||
Income tax provision |
|
106 |
|
109 |
|
121 |
|
71 |
|
106 |
|
386 |
|
407 |
|
|
|
|
|
21 |
|
5 |
% |
35 |
|
49 |
% | ||||||||||
Operating earnings (1) |
|
$ |
340 |
|
$ |
341 |
|
$ |
328 |
|
$ |
251 |
|
$ |
312 |
|
$ |
1,188 |
|
$ |
1,232 |
|
$ |
(28 |
) |
(8 |
)% |
$ |
44 |
|
4 |
% |
$ |
61 |
|
24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Basic operating earnings per share (1) |
|
$ |
1.35 |
|
$ |
1.36 |
|
$ |
1.34 |
|
$ |
1.05 |
|
$ |
1.35 |
|
$ |
4.62 |
|
$ |
5.10 |
|
$ |
|
|
|
|
$ |
0.48 |
|
10 |
% |
$ |
0.30 |
|
29 |
% |
Operating earnings per diluted share (1) |
|
$ |
1.31 |
|
$ |
1.32 |
|
$ |
1.31 |
|
$ |
1.04 |
|
$ |
1.33 |
|
$ |
4.53 |
|
$ |
5.00 |
|
$ |
0.02 |
|
2 |
% |
$ |
0.47 |
|
10 |
% |
$ |
0.29 |
|
28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating total net revenue growth |
|
19.7 |
% |
23.1 |
% |
14.5 |
% |
8.4 |
% |
(2.3 |
)% |
24.5 |
% |
10.2 |
% |
(22.0 |
)% |
|
|
(14.3 |
)% |
|
|
(10.7 |
)% |
|
| ||||||||||
Operating earnings per diluted share growth |
|
42.4 |
% |
55.3 |
% |
27.2 |
% |
(23.0 |
)% |
1.5 |
% |
40.2 |
% |
10.4 |
% |
(40.9 |
)% |
|
|
(29.9 |
)% |
|
|
24.5 |
% |
|
| ||||||||||
Operating return on equity excluding CIEs and AOCI (1)(4) |
|
12.9 |
% |
14.0 |
% |
14.5 |
% |
13.4 |
% |
13.1 |
% |
12.9 |
% |
13.1 |
% |
0.2 |
% |
|
|
0.2 |
% |
|
|
(0.3 |
)% |
|
| ||||||||||
Pretax operating margin (1) |
|
17.8 |
% |
18.0 |
% |
17.3 |
% |
12.8 |
% |
17.0 |
% |
17.3 |
% |
16.3 |
% |
(0.8 |
)% |
|
|
(1.0 |
)% |
|
|
4.2 |
% |
|
| ||||||||||
Operating effective tax rate (1) |
|
23.8 |
% |
24.2 |
% |
26.9 |
% |
22.0 |
% |
25.4 |
% |
24.5 |
% |
24.8 |
% |
1.6 |
% |
|
|
0.3 |
% |
|
|
3.4 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Ameriprise Financial shareholders equity from continuing operations excluding CIEs (1) |
|
$ |
10,102 |
|
$ |
10,074 |
|
$ |
10,112 |
|
$ |
9,819 |
|
$ |
9,915 |
|
$ |
10,102 |
|
$ |
9,915 |
|
$ |
(187 |
) |
(2 |
)% |
$ |
(187 |
) |
(2 |
)% |
$ |
96 |
|
1 |
% |
Ameriprise Financial shareholders equity from continuing operations excluding CIEs and AOCI (1) |
|
$ |
9,508 |
|
$ |
9,503 |
|
$ |
9,449 |
|
$ |
9,150 |
|
$ |
9,251 |
|
$ |
9,508 |
|
$ |
9,251 |
|
$ |
(257 |
) |
(3 |
)% |
$ |
(257 |
) |
(3 |
)% |
$ |
101 |
|
1 |
% |
Ameriprise Financial shareholders equity from continuing operations excluding CIEs and AOCI - 5 point avg. |
|
$ |
9,212 |
|
$ |
9,332 |
|
$ |
9,397 |
|
$ |
9,394 |
|
$ |
9,372 |
|
$ |
9,212 |
|
$ |
9,372 |
|
$ |
160 |
|
2 |
% |
$ |
160 |
|
2 |
% |
$ |
(22 |
) |
|
|
Ameriprise Financial shareholders equity from continuing operations excluding CIEs / outstanding shares (2) |
|
$ |
40.14 |
|
$ |
40.57 |
|
$ |
41.70 |
|
$ |
42.23 |
|
$ |
43.56 |
|
$ |
40.14 |
|
$ |
43.56 |
|
$ |
3.42 |
|
9 |
% |
$ |
3.42 |
|
9 |
% |
$ |
1.33 |
|
3 |
% |
Ameriprise Financial shareholders equity from continuing operations excluding CIEs and AOCI / outstanding shares (3) |
|
$ |
37.78 |
|
$ |
38.27 |
|
$ |
38.96 |
|
$ |
39.35 |
|
$ |
40.65 |
|
$ |
37.78 |
|
$ |
40.65 |
|
$ |
2.87 |
|
8 |
% |
$ |
2.87 |
|
8 |
% |
$ |
1.30 |
|
3 |
% |
(1) See non-GAAP financial information on pg 36.
(2) Calculated as Ameriprise Financial shareholders equity from continuing operations excluding CIEs divided by common shares outstanding plus common stock equivalents outstanding at period end.
(3) Calculated as Ameriprise Financial shareholders equity from continuing operations excluding CIEs and AOCI divided by common shares outstanding plus common stock equivalents outstanding at period end.
(4) Calculated using operating earnings for the last twelve months in the numerator and the average Ameriprise Financial shareholders equity from continuing operations excluding CIEs and AOCI as of the last day of the trailing four quarters and current quarter in the denominator.
# Variance of greater than 100%.
Ameriprise Financial, Inc.
Highlights
Fourth Quarter 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
(in millions, except earnings per share amounts, |
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 4Q |
|
YTD Chg - 4Q |
|
Seq Qtr Chg - 4Q |
| ||||||||||||||||||
headcount and as otherwise noted, unaudited) |
|
4 Qtr 2010 |
|
1 Qtr 2011 |
|
2 Qtr 2011 |
|
3 Qtr 2011 |
|
4 Qtr 2011 |
|
2010 |
|
2011 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
Operating Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Basic operating earnings per share (1) |
|
$ |
1.35 |
|
$ |
1.36 |
|
$ |
1.34 |
|
$ |
1.05 |
|
$ |
1.35 |
|
$ |
4.62 |
|
$ |
5.10 |
|
$ |
|
|
|
|
$ |
0.48 |
|
10 |
% |
$ |
0.30 |
|
29 |
% |
Operating earnings per diluted share (1) |
|
$ |
1.31 |
|
$ |
1.32 |
|
$ |
1.31 |
|
$ |
1.04 |
|
$ |
1.33 |
|
$ |
4.53 |
|
$ |
5.00 |
|
$ |
0.02 |
|
2 |
% |
$ |
0.47 |
|
10 |
% |
$ |
0.29 |
|
28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating total net revenue growth: Target 6 - 8% |
|
19.7 |
% |
23.1 |
% |
14.5 |
% |
8.4 |
% |
(2.3 |
)% |
24.5 |
% |
10.2 |
% |
(22.0 |
)% |
|
|
(14.3 |
)% |
|
|
(10.7 |
)% |
|
| ||||||||||
Operating earnings per diluted share growth: Target 12 - 15% |
|
42.4 |
% |
55.3 |
% |
27.2 |
% |
(23.0 |
)% |
1.5 |
% |
40.2 |
% |
10.4 |
% |
(40.9 |
)% |
|
|
(29.9 |
)% |
|
|
24.5 |
% |
|
| ||||||||||
Operating return on equity excluding CIEs and AOCI: Target 12 - 15% (1)(2) |
|
12.9 |
% |
14.0 |
% |
14.5 |
% |
13.4 |
% |
13.1 |
% |
12.9 |
% |
13.1 |
% |
0.2 |
% |
|
|
0.2 |
% |
|
|
(0.3 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Assets Under Management and Administration (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Advice & Wealth Management AUM |
|
$ |
97,514 |
|
$ |
103,104 |
|
$ |
105,863 |
|
$ |
98,185 |
|
$ |
104,683 |
|
$ |
97,514 |
|
$ |
104,683 |
|
$ |
7,169 |
|
7 |
% |
$ |
7,169 |
|
7 |
% |
$ |
6,498 |
|
7 |
% |
Asset Management AUM |
|
456,833 |
|
465,434 |
|
467,231 |
|
416,992 |
|
435,503 |
|
456,833 |
|
435,503 |
|
(21,330 |
) |
(5 |
)% |
(21,330 |
) |
(5 |
)% |
18,511 |
|
4 |
% | ||||||||||
Corporate AUM |
|
|
|
|
|
27 |
|
23 |
|
23 |
|
|
|
23 |
|
23 |
|
|
|
23 |
|
|
|
|
|
|
| ||||||||||
Eliminations |
|
(12,405 |
) |
(13,181 |
) |
(13,456 |
) |
(13,876 |
) |
(12,640 |
) |
(12,405 |
) |
(12,640 |
) |
(235 |
) |
(2 |
)% |
(235 |
) |
(2 |
)% |
1,236 |
|
9 |
% | ||||||||||
Total Assets Under Management |
|
541,942 |
|
555,357 |
|
559,665 |
|
501,324 |
|
527,569 |
|
541,942 |
|
527,569 |
|
(14,373 |
) |
(3 |
)% |
(14,373 |
) |
(3 |
)% |
26,245 |
|
5 |
% | ||||||||||
Total Assets Under Administration |
|
105,519 |
|
111,509 |
|
110,559 |
|
98,612 |
|
103,753 |
|
105,519 |
|
103,753 |
|
(1,766 |
) |
(2 |
)% |
(1,766 |
) |
(2 |
)% |
5,141 |
|
5 |
% | ||||||||||
Total AUM and AUA |
|
$ |
647,461 |
|
$ |
666,866 |
|
$ |
670,224 |
|
$ |
599,936 |
|
$ |
631,322 |
|
$ |
647,461 |
|
$ |
631,322 |
|
$ |
(16,139 |
) |
(2 |
)% |
$ |
(16,139 |
) |
(2 |
)% |
$ |
31,386 |
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Business Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Ameriprise client assets |
|
$ |
303,613 |
|
$ |
315,387 |
|
$ |
319,076 |
|
$ |
293,313 |
|
$ |
309,864 |
|
$ |
303,613 |
|
$ |
309,864 |
|
$ |
6,251 |
|
2 |
% |
$ |
6,251 |
|
2 |
% |
$ |
16,551 |
|
6 |
% |
Total branded financial advisors |
|
9,656 |
|
9,653 |
|
9,663 |
|
9,714 |
|
9,730 |
|
9,656 |
|
9,730 |
|
74 |
|
1 |
% |
74 |
|
1 |
% |
16 |
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net flows and net deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Branded advisor wrap |
|
$ |
1,736 |
|
$ |
2,750 |
|
$ |
2,345 |
|
$ |
820 |
|
$ |
1,350 |
|
$ |
7,551 |
|
$ |
7,265 |
|
$ |
(386 |
) |
(22 |
)% |
$ |
(286 |
) |
(4 |
)% |
$ |
530 |
|
65 |
% |
Asset Management |
|
(5,766 |
) |
(4,842 |
) |
450 |
|
(4,810 |
) |
4,271 |
|
(12,944 |
) |
(4,931 |
) |
10,037 |
|
|
# |
8,013 |
|
62 |
% |
9,081 |
|
|
# | ||||||||||
Annuities |
|
177 |
|
(144 |
) |
(49 |
) |
19 |
|
69 |
|
443 |
|
(105 |
) |
(108 |
) |
(61 |
)% |
(548 |
) |
# |
|
50 |
|
|
# | ||||||||||
Variable universal life / Universal life |
|
(45 |
) |
(63 |
) |
(47 |
) |
(49 |
) |
(38 |
) |
(173 |
) |
(197 |
) |
7 |
|
16 |
% |
(24 |
) |
(14 |
)% |
11 |
|
22 |
% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
S&P 500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Daily average |
|
1,205 |
|
1,302 |
|
1,319 |
|
1,227 |
|
1,225 |
|
1,139 |
|
1,268 |
|
20 |
|
2 |
% |
129 |
|
11 |
% |
(2 |
) |
|
| ||||||||||
Period end |
|
1,258 |
|
1,326 |
|
1,321 |
|
1,131 |
|
1,258 |
|
1,258 |
|
1,258 |
|
|
|
|
|
|
|
|
|
127 |
|
11 |
% |
(1) See non-GAAP financial information on pg 36.
(2) Calculated using operating earnings for the last twelve months in the numerator and the average Ameriprise Financial shareholders equity from continuing operations excluding CIEs and AOCI as of the last day of the trailing four quarters and current quarter in the denominator.
(3) Excludes discontinued operations.
# Variance of greater than 100%.
Ameriprise Financial, Inc.
Common Share, Per Share and Capital Summary
Fourth Quarter 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 4Q |
|
YTD Chg - 4Q |
|
Seq Qtr Chg - 4Q |
| ||||||||||||||||||
(in millions, unless otherwise noted, unaudited) |
|
4 Qtr 2010 |
|
1 Qtr 2011 |
|
2 Qtr 2011 |
|
3 Qtr 2011 |
|
4 Qtr 2011 |
|
2010 |
|
2011 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
Common shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Beginning balance |
|
248.7 |
|
246.7 |
|
242.9 |
|
237.1 |
|
227.2 |
|
255.1 |
|
246.7 |
|
(21.5 |
) |
(9 |
)% |
(8.4 |
) |
(3 |
)% |
(9.9 |
) |
(4 |
)% | ||||||||||
Repurchases |
|
(3.8 |
) |
(6.5 |
) |
(6.0 |
) |
(9.9 |
) |
(5.5 |
) |
(13.1 |
) |
(27.9 |
) |
(1.7 |
) |
(45 |
)% |
(14.8 |
) |
|
# |
4.4 |
|
44 |
% | ||||||||||
Issuances |
|
2.0 |
|
3.1 |
|
0.2 |
|
0.2 |
|
0.5 |
|
5.5 |
|
4.0 |
|
(1.5 |
) |
(75 |
)% |
(1.5 |
) |
(27 |
)% |
0.3 |
|
|
# | ||||||||||
Other |
|
(0.2 |
) |
(0.4 |
) |
|
|
(0.2 |
) |
(0.3 |
) |
(0.8 |
) |
(0.9 |
) |
(0.1 |
) |
(50 |
)% |
(0.1 |
) |
(12 |
)% |
(0.1 |
) |
(50 |
)% | ||||||||||
Total common shares outstanding |
|
246.7 |
|
242.9 |
|
237.1 |
|
227.2 |
|
221.9 |
|
246.7 |
|
221.9 |
|
(24.8 |
) |
(10 |
)% |
(24.8 |
) |
(10 |
)% |
(5.3 |
) |
(2 |
)% | ||||||||||
Nonforfeitable restricted stock units |
|
5.0 |
|
5.4 |
|
5.4 |
|
5.3 |
|
5.7 |
|
5.0 |
|
5.7 |
|
0.7 |
|
14 |
% |
0.7 |
|
14 |
% |
0.4 |
|
8 |
% | ||||||||||
Total basic common shares outstanding |
|
251.7 |
|
248.3 |
|
242.5 |
|
232.5 |
|
227.6 |
|
251.7 |
|
227.6 |
|
(24.1 |
) |
(10 |
)% |
(24.1 |
) |
(10 |
)% |
(4.9 |
) |
(2 |
)% | ||||||||||
Total potentially dilutive shares |
|
6.4 |
|
5.5 |
|
5.0 |
|
3.3 |
|
4.2 |
|
6.4 |
|
4.2 |
|
(2.2 |
) |
(34 |
)% |
(2.2 |
) |
(34 |
)% |
0.9 |
|
27 |
% | ||||||||||
Total diluted shares |
|
258.1 |
|
253.8 |
|
247.5 |
|
235.8 |
|
231.8 |
|
258.1 |
|
231.8 |
|
(26.3 |
) |
(10 |
)% |
(26.3 |
) |
(10 |
)% |
(4.0 |
) |
(2 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Basic |
|
252.7 |
|
251.6 |
|
245.5 |
|
238.0 |
|
230.6 |
|
257.4 |
|
241.4 |
|
(22.1 |
) |
(9 |
)% |
(16.0 |
) |
(6 |
)% |
(7.4 |
) |
(3 |
)% | ||||||||||
Diluted |
|
258.9 |
|
257.7 |
|
251.0 |
|
242.0 |
|
234.5 |
|
262.3 |
|
246.3 |
|
(24.4 |
) |
(9 |
)% |
(16.0 |
) |
(6 |
)% |
(7.5 |
) |
(3 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Capital Returned to Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Dividends paid |
|
$ |
45 |
|
$ |
46 |
|
$ |
57 |
|
$ |
55 |
|
$ |
54 |
|
$ |
183 |
|
$ |
212 |
|
$ |
9 |
|
20 |
% |
$ |
29 |
|
16 |
% |
$ |
(1 |
) |
(2 |
)% |
Common stock share repurchases |
|
$ |
200 |
|
$ |
395 |
|
$ |
366 |
|
$ |
447 |
|
$ |
248 |
|
$ |
573 |
|
$ |
1,456 |
|
$ |
48 |
|
24 |
% |
$ |
883 |
|
# |
|
$ |
(199 |
) |
(45 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Debt to Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital |
|
17.8 |
% |
17.9 |
% |
18.1 |
% |
19.0 |
% |
18.8 |
% |
17.8 |
% |
18.8 |
% |
1.0 |
% |
|
|
1.0 |
% |
|
|
(0.2 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Goodwill and intangible assets |
|
$ |
2,184 |
|
$ |
2,184 |
|
$ |
2,180 |
|
$ |
2,155 |
|
$ |
2,143 |
|
$ |
2,184 |
|
$ |
2,143 |
|
$ |
(41 |
) |
(2 |
)% |
$ |
(41 |
) |
(2 |
)% |
$ |
(12 |
) |
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Investment income on fixed maturities (2) |
|
$ |
480 |
|
$ |
470 |
|
$ |
457 |
|
$ |
498 |
|
$ |
456 |
|
$ |
1,920 |
|
$ |
1,881 |
|
$ |
(24 |
) |
(5 |
)% |
$ |
(39 |
) |
(2 |
)% |
$ |
(42 |
) |
(8 |
)% |
Realized gains (losses) |
|
19 |
|
1 |
|
6 |
|
(2 |
) |
1 |
|
33 |
|
6 |
|
(18 |
) |
(95 |
)% |
(27 |
) |
(82 |
)% |
3 |
|
|
# | ||||||||||
Affordable housing |
|
(8 |
) |
(7 |
) |
(8 |
) |
(9 |
) |
(8 |
) |
(20 |
) |
(32 |
) |
|
|
|
|
(12 |
) |
(60 |
)% |
1 |
|
11 |
% | ||||||||||
Other (including seed money) |
|
25 |
|
24 |
|
26 |
|
23 |
|
27 |
|
101 |
|
100 |
|
2 |
|
8 |
% |
(1 |
) |
(1 |
)% |
4 |
|
17 |
% | ||||||||||
Consolidated investment entities |
|
24 |
|
27 |
|
17 |
|
(65 |
) |
112 |
|
275 |
|
91 |
|
88 |
|
|
# |
(184 |
) |
(67 |
)% |
177 |
|
|
# | ||||||||||
Total net investment income |
|
$ |
540 |
|
$ |
515 |
|
$ |
498 |
|
$ |
445 |
|
$ |
588 |
|
$ |
2,309 |
|
$ |
2,046 |
|
$ |
48 |
|
9 |
% |
$ |
(263 |
) |
(11 |
)% |
$ |
143 |
|
32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Allocated Equity (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Advice & Wealth Management |
|
$ |
713 |
|
$ |
728 |
|
$ |
772 |
|
$ |
782 |
|
$ |
790 |
|
$ |
713 |
|
$ |
790 |
|
$ |
77 |
|
11 |
% |
$ |
77 |
|
11 |
% |
$ |
8 |
|
1 |
% |
Asset Management |
|
1,924 |
|
1,911 |
|
1,954 |
|
1,948 |
|
1,922 |
|
1,924 |
|
1,922 |
|
(2 |
) |
|
|
(2 |
) |
|
|
(26 |
) |
(1 |
)% | ||||||||||
Annuities |
|
2,582 |
|
2,696 |
|
2,821 |
|
3,017 |
|
2,668 |
|
2,582 |
|
2,668 |
|
86 |
|
3 |
% |
86 |
|
3 |
% |
(349 |
) |
(12 |
)% | ||||||||||
Protection |
|
2,596 |
|
2,594 |
|
2,555 |
|
2,338 |
|
2,347 |
|
2,596 |
|
2,347 |
|
(249 |
) |
(10 |
)% |
(249 |
) |
(10 |
)% |
9 |
|
|
| ||||||||||
Corporate & Other |
|
1,693 |
|
1,574 |
|
1,347 |
|
1,065 |
|
1,524 |
|
1,693 |
|
1,524 |
|
(169 |
) |
(10 |
)% |
(169 |
) |
(10 |
)% |
459 |
|
43 |
% | ||||||||||
Total allocated equity |
|
$ |
9,508 |
|
$ |
9,503 |
|
$ |
9,449 |
|
$ |
9,150 |
|
$ |
9,251 |
|
$ |
9,508 |
|
$ |
9,251 |
|
$ |
(257 |
) |
(3 |
)% |
$ |
(257 |
) |
(3 |
)% |
$ |
101 |
|
1 |
% |
(1) Allocated equity equals Ameriprise Financial shareholders equity from continuing operations excluding consolidated investment entities less AOCI. Allocated equity is not adjusted for non-operating items except for CIEs and the net of assets and liabilities held for sale.
(2) Q3 2011 includes a $43M adjustment for additional bond discount amortization investment income related to prior periods resulting from revisions to the accounting classification of certain structured securities.
# Variance of greater than 100%.
Ameriprise Financial, Inc.
Segment Summary
Fourth Quarter 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 4Q |
|
YTD Chg - 4Q |
|
Seq Qtr Chg - 4Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
4 Qtr 2010 |
|
1 Qtr 2011 |
|
2 Qtr 2011 |
|
3 Qtr 2011 |
|
4 Qtr 2011 |
|
2010 |
|
2011 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
Segment Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Advice & Wealth Management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Reported net revenues |
|
$ |
895 |
|
$ |
914 |
|
$ |
957 |
|
$ |
936 |
|
$ |
901 |
|
$ |
3,343 |
|
$ |
3,708 |
|
$ |
6 |
|
1 |
% |
$ |
365 |
|
11 |
% |
$ |
(35 |
) |
(4 |
)% |
Realized (gains) losses |
|
(1 |
) |
(1 |
) |
|
|
2 |
|
4 |
|
(1 |
) |
5 |
|
5 |
|
|
# |
6 |
|
|
# |
2 |
|
|
# | ||||||||||
Operating total net revenues (2) |
|
$ |
894 |
|
$ |
913 |
|
$ |
957 |
|
$ |
938 |
|
$ |
905 |
|
$ |
3,342 |
|
$ |
3,713 |
|
$ |
11 |
|
1 |
% |
$ |
371 |
|
11 |
% |
$ |
(33 |
) |
(4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Reported expenses |
|
$ |
798 |
|
$ |
814 |
|
$ |
849 |
|
$ |
822 |
|
$ |
822 |
|
$ |
3,027 |
|
$ |
3,307 |
|
$ |
24 |
|
3 |
% |
$ |
280 |
|
9 |
% |
$ |
|
|
|
|
Less: integration/restructuring charges (1) |
|
|
|
|
|
|
|
|
|
|
|
7 |
|
|
|
|
|
|
|
(7 |
) |
|
# |
|
|
|
| ||||||||||
Operating expenses (2) |
|
$ |
798 |
|
$ |
814 |
|
$ |
849 |
|
$ |
822 |
|
$ |
822 |
|
$ |
3,020 |
|
$ |
3,307 |
|
$ |
24 |
|
3 |
% |
$ |
287 |
|
10 |
% |
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax segment income |
|
$ |
97 |
|
$ |
100 |
|
$ |
108 |
|
$ |
114 |
|
$ |
79 |
|
$ |
316 |
|
$ |
401 |
|
$ |
(18 |
) |
(19 |
)% |
$ |
85 |
|
27 |
% |
$ |
(35 |
) |
(31 |
)% |
Pretax operating earnings (2) |
|
$ |
96 |
|
$ |
99 |
|
$ |
108 |
|
$ |
116 |
|
$ |
83 |
|
$ |
322 |
|
$ |
406 |
|
$ |
(13 |
) |
(14 |
)% |
$ |
84 |
|
26 |
% |
$ |
(33 |
) |
(28 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Allocated equity |
|
$ |
713 |
|
$ |
728 |
|
$ |
772 |
|
$ |
782 |
|
$ |
790 |
|
$ |
713 |
|
$ |
790 |
|
$ |
77 |
|
11 |
% |
$ |
77 |
|
11 |
% |
$ |
8 |
|
1 |
% |
Operating return on allocated equity (2)(3) |
|
34.8 |
% |
39.6 |
% |
40.4 |
% |
43.0 |
% |
40.5 |
% |
34.8 |
% |
40.5 |
% |
5.7 |
% |
|
|
5.7 |
% |
|
|
(2.5 |
)% |
|
| ||||||||||
Pretax operating margin (2) |
|
10.7 |
% |
10.8 |
% |
11.3 |
% |
12.4 |
% |
9.2 |
% |
9.6 |
% |
10.9 |
% |
(1.5 |
)% |
|
|
1.3 |
% |
|
|
(3.2 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Asset Management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Reported net revenues |
|
$ |
774 |
|
$ |
737 |
|
$ |
753 |
|
$ |
707 |
|
$ |
703 |
|
$ |
2,368 |
|
$ |
2,900 |
|
$ |
(71 |
) |
(9 |
)% |
$ |
532 |
|
22 |
% |
$ |
(4 |
) |
(1 |
)% |
Realized (gains) losses |
|
(1 |
) |
|
|
|
|
(2 |
) |
(1 |
) |
(3 |
) |
(3 |
) |
|
|
|
|
|
|
|
|
1 |
|
50 |
% | ||||||||||
Operating total net revenues (2) |
|
$ |
773 |
|
$ |
737 |
|
$ |
753 |
|
$ |
705 |
|
$ |
702 |
|
$ |
2,365 |
|
$ |
2,897 |
|
$ |
(71 |
) |
(9 |
)% |
$ |
532 |
|
22 |
% |
$ |
(3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Reported expenses |
|
$ |
634 |
|
$ |
630 |
|
$ |
628 |
|
$ |
610 |
|
$ |
596 |
|
$ |
2,050 |
|
$ |
2,464 |
|
$ |
(38 |
) |
(6 |
)% |
$ |
414 |
|
20 |
% |
$ |
(14 |
) |
(2 |
)% |
Less: integration/restructuring charges (4) |
|
24 |
|
29 |
|
21 |
|
24 |
|
21 |
|
95 |
|
95 |
|
(3 |
) |
(13 |
)% |
|
|
|
|
(3 |
) |
(13 |
)% | ||||||||||
Operating expenses (2) |
|
$ |
610 |
|
$ |
601 |
|
$ |
607 |
|
$ |
586 |
|
$ |
575 |
|
$ |
1,955 |
|
$ |
2,369 |
|
$ |
(35 |
) |
(6 |
)% |
$ |
414 |
|
21 |
% |
$ |
(11 |
) |
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax segment income |
|
$ |
140 |
|
$ |
107 |
|
$ |
125 |
|
$ |
97 |
|
$ |
107 |
|
$ |
318 |
|
$ |
436 |
|
$ |
(33 |
) |
(24 |
)% |
$ |
118 |
|
37 |
% |
$ |
10 |
|
10 |
% |
Pretax operating earnings (2) |
|
$ |
163 |
|
$ |
136 |
|
$ |
146 |
|
$ |
119 |
|
$ |
127 |
|
$ |
410 |
|
$ |
528 |
|
$ |
(36 |
) |
(22 |
)% |
$ |
118 |
|
29 |
% |
$ |
8 |
|
7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Allocated equity |
|
$ |
1,924 |
|
$ |
1,911 |
|
$ |
1,954 |
|
$ |
1,948 |
|
$ |
1,922 |
|
$ |
1,924 |
|
$ |
1,922 |
|
$ |
(2 |
) |
|
|
$ |
(2 |
) |
|
|
$ |
(26 |
) |
(1 |
)% |
Operating return on allocated equity (2)(3) |
|
19.7 |
% |
22.7 |
% |
21.8 |
% |
22.1 |
% |
20.6 |
% |
19.7 |
% |
20.6 |
% |
0.9 |
% |
|
|
0.9 |
% |
|
|
(1.5 |
)% |
|
| ||||||||||
Pretax operating margin (2) |
|
21.1 |
% |
18.5 |
% |
19.4 |
% |
16.9 |
% |
18.1 |
% |
17.3 |
% |
18.2 |
% |
(3.0 |
)% |
|
|
0.9 |
% |
|
|
1.2 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating total net revenues (2) |
|
$ |
773 |
|
$ |
737 |
|
$ |
753 |
|
$ |
705 |
|
$ |
702 |
|
$ |
2,365 |
|
$ |
2,897 |
|
$ |
(71 |
) |
(9 |
)% |
$ |
532 |
|
22 |
% |
$ |
(3 |
) |
|
|
Distribution pass thru revenues |
|
(188 |
) |
(207 |
) |
(218 |
) |
(207 |
) |
(201 |
) |
(627 |
) |
(833 |
) |
(13 |
) |
(7 |
)% |
(206 |
) |
(33 |
)% |
6 |
|
3 |
% | ||||||||||
Subadvisory and other pass thru revenues |
|
(95 |
) |
(98 |
) |
(96 |
) |
(91 |
) |
(100 |
) |
(292 |
) |
(385 |
) |
(5 |
) |
(5 |
)% |
(93 |
) |
(32 |
)% |
(9 |
) |
(10 |
)% | ||||||||||
Adjusted operating revenues (2) |
|
$ |
490 |
|
$ |
432 |
|
$ |
439 |
|
$ |
407 |
|
$ |
401 |
|
$ |
1,446 |
|
$ |
1,679 |
|
$ |
(89 |
) |
(18 |
)% |
$ |
233 |
|
16 |
% |
$ |
(6 |
) |
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax operating earnings (2) |
|
$ |
163 |
|
$ |
136 |
|
$ |
146 |
|
$ |
119 |
|
$ |
127 |
|
$ |
410 |
|
$ |
528 |
|
$ |
(36 |
) |
(22 |
)% |
$ |
118 |
|
29 |
% |
$ |
8 |
|
7 |
% |
Operating net investment income (2) |
|
(6 |
) |
(1 |
) |
(3 |
) |
4 |
|
(11 |
) |
(14 |
) |
(11 |
) |
(5 |
) |
(83 |
)% |
3 |
|
21 |
% |
(15 |
) |
|
# | ||||||||||
Amortization of intangibles |
|
10 |
|
10 |
|
10 |
|
10 |
|
10 |
|
39 |
|
40 |
|
|
|
|
|
1 |
|
3 |
% |
|
|
|
| ||||||||||
Adjusted operating earnings (2) |
|
$ |
167 |
|
$ |
145 |
|
$ |
153 |
|
$ |
133 |
|
$ |
126 |
|
$ |
435 |
|
$ |
557 |
|
$ |
(41 |
) |
(25 |
)% |
$ |
122 |
|
28 |
% |
$ |
(7 |
) |
(5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Adjusted net pretax operating margin (2) |
|
34.1 |
% |
33.6 |
% |
34.9 |
% |
32.7 |
% |
31.4 |
% |
30.1 |
% |
33.2 |
% |
(2.7 |
)% |
|
|
3.1 |
% |
|
|
(1.3 |
)% |
|
|
(1) Integration charges incurred for acquisition of HRBFA.
(2) See non-GAAP financial information on pg 36.
(3) Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated equity as of the last day of the trailing four quarters and current quarter in the denominator.
(4) Integration charges incurred for acquisition of Columbia.
# Variance of greater than 100%.
Ameriprise Financial, Inc.
Segment Summary
Fourth Quarter 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 4Q |
|
YTD Chg - 4Q |
|
Seq Qtr Chg - 4Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
4 Qtr 2010 |
|
1 Qtr 2011 |
|
2 Qtr 2011 |
|
3 Qtr 2011 |
|
4 Qtr 2011 |
|
2010 |
|
2011 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
Annuities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Reported net revenues |
|
$ |
642 |
|
$ |
640 |
|
$ |
666 |
|
$ |
686 |
|
$ |
639 |
|
$ |
2,500 |
|
$ |
2,631 |
|
$ |
(3 |
) |
|
|
$ |
131 |
|
5 |
% |
$ |
(47 |
) |
(7 |
)% |
Realized (gains) losses |
|
(3 |
) |
3 |
|
(1 |
) |
2 |
|
(5 |
) |
(9 |
) |
(1 |
) |
(2 |
) |
(67 |
)% |
8 |
|
89 |
% |
(7 |
) |
|
# | ||||||||||
Operating total net revenues (2) |
|
$ |
639 |
|
$ |
643 |
|
$ |
665 |
|
$ |
688 |
|
$ |
634 |
|
$ |
2,491 |
|
$ |
2,630 |
|
$ |
(5 |
) |
(1 |
)% |
$ |
139 |
|
6 |
% |
$ |
(54 |
) |
(8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Reported expenses |
|
$ |
511 |
|
$ |
486 |
|
$ |
523 |
|
$ |
550 |
|
$ |
551 |
|
$ |
1,852 |
|
$ |
2,110 |
|
$ |
40 |
|
8 |
% |
$ |
258 |
|
14 |
% |
$ |
1 |
|
|
|
Less: market impact on VA guaranteed living benefits |
|
43 |
|
17 |
|
7 |
|
(56 |
) |
91 |
|
25 |
|
59 |
|
48 |
|
|
# |
34 |
|
|
# |
147 |
|
|
# | ||||||||||
Operating expenses (2) |
|
$ |
468 |
|
$ |
469 |
|
$ |
516 |
|
$ |
606 |
|
$ |
460 |
|
$ |
1,827 |
|
$ |
2,051 |
|
$ |
(8 |
) |
(2 |
)% |
$ |
224 |
|
12 |
% |
$ |
(146 |
) |
(24 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax segment income |
|
$ |
131 |
|
$ |
154 |
|
$ |
143 |
|
$ |
136 |
|
$ |
88 |
|
$ |
648 |
|
$ |
521 |
|
$ |
(43 |
) |
(33 |
)% |
$ |
(127 |
) |
(20 |
)% |
$ |
(48 |
) |
(35 |
)% |
Pretax operating earnings (2) |
|
$ |
171 |
|
$ |
174 |
|
$ |
149 |
|
$ |
82 |
|
$ |
174 |
|
$ |
664 |
|
$ |
579 |
|
$ |
3 |
|
2 |
% |
$ |
(85 |
) |
(13 |
)% |
$ |
92 |
|
|
# |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Allocated equity |
|
$ |
2,582 |
|
$ |
2,696 |
|
$ |
2,821 |
|
$ |
3,017 |
|
$ |
2,668 |
|
$ |
2,582 |
|
$ |
2,668 |
|
$ |
86 |
|
3 |
% |
$ |
86 |
|
3 |
% |
$ |
(349 |
) |
(12 |
)% |
Operating return on allocated equity (2)(3) |
|
20.3 |
% |
21.1 |
% |
21.4 |
% |
15.9 |
% |
15.8 |
% |
20.3 |
% |
15.8 |
% |
(4.5 |
)% |
|
|
(4.5 |
)% |
|
|
(0.1 |
)% |
|
| ||||||||||
Pretax operating margin (2) |
|
26.8 |
% |
27.1 |
% |
22.4 |
% |
11.9 |
% |
27.4 |
% |
26.7 |
% |
22.0 |
% |
0.6 |
% |
|
|
(4.7 |
)% |
|
|
15.5 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Protection |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Reported net revenues |
|
$ |
523 |
|
$ |
517 |
|
$ |
525 |
|
$ |
501 |
|
$ |
529 |
|
$ |
2,047 |
|
$ |
2,072 |
|
$ |
6 |
|
1 |
% |
$ |
25 |
|
1 |
% |
$ |
28 |
|
6 |
% |
Realized (gains) losses |
|
1 |
|
(1 |
) |
(3 |
) |
1 |
|
|
|
(1 |
) |
(3 |
) |
(1 |
) |
|
# |
(2 |
) |
|
# |
(1 |
) |
|
# | ||||||||||
Operating total net revenues (2) |
|
$ |
524 |
|
$ |
516 |
|
$ |
522 |
|
$ |
502 |
|
$ |
529 |
|
$ |
2,046 |
|
$ |
2,069 |
|
$ |
5 |
|
1 |
% |
$ |
23 |
|
1 |
% |
$ |
27 |
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Reported expenses |
|
$ |
440 |
|
$ |
410 |
|
$ |
435 |
|
$ |
437 |
|
$ |
420 |
|
$ |
1,644 |
|
$ |
1,702 |
|
$ |
(20 |
) |
(5 |
)% |
$ |
58 |
|
4 |
% |
$ |
(17 |
) |
(4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax segment income |
|
$ |
83 |
|
$ |
107 |
|
$ |
90 |
|
$ |
64 |
|
$ |
109 |
|
$ |
403 |
|
$ |
370 |
|
$ |
26 |
|
31 |
% |
$ |
(33 |
) |
(8 |
)% |
$ |
45 |
|
70 |
% |
Pretax operating earnings (2) |
|
$ |
84 |
|
$ |
106 |
|
$ |
87 |
|
$ |
65 |
|
$ |
109 |
|
$ |
402 |
|
$ |
367 |
|
$ |
25 |
|
30 |
% |
$ |
(35 |
) |
(9 |
)% |
$ |
44 |
|
68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Allocated equity |
|
$ |
2,596 |
|
$ |
2,594 |
|
$ |
2,555 |
|
$ |
2,338 |
|
$ |
2,347 |
|
$ |
2,596 |
|
$ |
2,347 |
|
$ |
(249 |
) |
(10 |
)% |
$ |
(249 |
) |
(10 |
)% |
$ |
9 |
|
|
|
Operating return on allocated equity (2)(3) |
|
11.8 |
% |
11.4 |
% |
9.8 |
% |
10.1 |
% |
11.1 |
% |
11.8 |
% |
11.1 |
% |
(0.7 |
)% |
|
|
(0.7 |
)% |
|
|
1.0 |
% |
|
| ||||||||||
Pretax operating margin (2) |
|
16.0 |
% |
20.5 |
% |
16.7 |
% |
12.9 |
% |
20.6 |
% |
19.6 |
% |
17.7 |
% |
4.6 |
% |
|
|
(1.9 |
)% |
|
|
7.7 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Corporate & Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Reported net revenues |
|
$ |
46 |
|
$ |
43 |
|
$ |
59 |
|
$ |
(49 |
) |
$ |
139 |
|
$ |
423 |
|
$ |
192 |
|
$ |
93 |
|
|
# |
$ |
(231 |
) |
(55 |
)% |
$ |
188 |
|
|
# |
CIEs net revenues |
|
(37 |
) |
(47 |
) |
(35 |
) |
43 |
|
(146 |
) |
(400 |
) |
(185 |
) |
(109 |
) |
|
# |
215 |
|
54 |
% |
(189 |
) |
|
# | ||||||||||
Realized (gains) losses |
|
(15 |
) |
(2 |
) |
(2 |
) |
(1 |
) |
1 |
|
(19 |
) |
(4 |
) |
16 |
|
|
# |
15 |
|
79 |
% |
2 |
|
|
# | ||||||||||
Operating total net revenues (2) |
|
$ |
(6 |
) |
$ |
(6 |
) |
$ |
22 |
|
$ |
(7 |
) |
$ |
(6 |
) |
$ |
4 |
|
$ |
3 |
|
$ |
|
|
|
|
$ |
(1 |
) |
(25 |
)% |
$ |
1 |
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Reported expenses |
|
$ |
129 |
|
$ |
124 |
|
$ |
126 |
|
$ |
115 |
|
$ |
170 |
|
$ |
474 |
|
$ |
535 |
|
$ |
41 |
|
32 |
% |
$ |
61 |
|
13 |
% |
$ |
55 |
|
48 |
% |
Less: CIEs expenses |
|
63 |
|
65 |
|
63 |
|
62 |
|
101 |
|
237 |
|
291 |
|
38 |
|
60 |
% |
54 |
|
23 |
% |
39 |
|
63 |
% | ||||||||||
Less: integration/restructuring charges (1) |
|
4 |
|
|
|
|
|
|
|
|
|
9 |
|
|
|
(4 |
) |
|
# |
(9 |
) |
|
# |
|
|
|
| ||||||||||
Operating expenses (2) |
|
$ |
62 |
|
$ |
59 |
|
$ |
63 |
|
$ |
53 |
|
$ |
69 |
|
$ |
228 |
|
$ |
244 |
|
$ |
7 |
|
11 |
% |
$ |
16 |
|
7 |
% |
$ |
16 |
|
30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Noncontrolling interests |
|
$ |
(26 |
) |
$ |
(18 |
) |
$ |
(28 |
) |
$ |
(105 |
) |
$ |
45 |
|
$ |
163 |
|
$ |
(106 |
) |
$ |
71 |
|
|
# |
$ |
(269 |
) |
|
# |
$ |
150 |
|
|
# |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax segment loss |
|
$ |
(83 |
) |
$ |
(81 |
) |
$ |
(67 |
) |
$ |
(164 |
) |
$ |
(31 |
) |
$ |
(51 |
) |
$ |
(343 |
) |
$ |
52 |
|
63 |
% |
$ |
(292 |
) |
|
# |
$ |
133 |
|
81 |
% |
Pretax segment loss attributable to Ameriprise Financial |
|
$ |
(57 |
) |
$ |
(63 |
) |
$ |
(39 |
) |
$ |
(59 |
) |
$ |
(76 |
) |
$ |
(214 |
) |
$ |
(237 |
) |
$ |
(19 |
) |
(33 |
)% |
$ |
(23 |
) |
(11 |
)% |
$ |
(17 |
) |
(29 |
)% |
Pretax operating loss (2) |
|
$ |
(68 |
) |
$ |
(65 |
) |
$ |
(41 |
) |
$ |
(60 |
) |
$ |
(75 |
) |
$ |
(224 |
) |
$ |
(241 |
) |
$ |
(7 |
) |
(10 |
)% |
$ |
(17 |
) |
(8 |
)% |
$ |
(15 |
) |
(25 |
)% |
(1) Integration charges incurred for acquisition of Columbia as well as severance and related expenses from discontinuing new sales of RiverSource variable annuities through non-Ameriprise distribution channels.
(2) See non-GAAP financial information on pg 36.
(3) Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated equity as of the last day of the trailing four quarters and current quarter in the denominator.
# Variance of greater than 100%.
Statistical Supplement Package
(unaudited)
Fourth Quarter 2011
Advice & Wealth Management Segment
Ameriprise Financial, Inc.
Advice & Wealth Management Segment
Fourth Quarter 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 4Q |
|
YTD Chg - 4Q |
|
Seq Qtr Chg - 4Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
4 Qtr 2010 |
|
1 Qtr 2011 |
|
2 Qtr 2011 |
|
3 Qtr 2011 |
|
4 Qtr 2011 |
|
2010 |
|
2011 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
Operating Income Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Management and financial advice fees |
|
$ |
374 |
|
$ |
386 |
|
$ |
408 |
|
$ |
401 |
|
$ |
395 |
|
$ |
1,370 |
|
$ |
1,590 |
|
$ |
21 |
|
6 |
% |
$ |
220 |
|
16 |
% |
$ |
(6 |
) |
(1 |
)% |
Distribution fees |
|
453 |
|
461 |
|
484 |
|
461 |
|
443 |
|
1,696 |
|
1,849 |
|
(10 |
) |
(2 |
)% |
153 |
|
9 |
% |
(18 |
) |
(4 |
)% | ||||||||||
Net investment income |
|
62 |
|
63 |
|
61 |
|
73 |
|
64 |
|
272 |
|
261 |
|
2 |
|
3 |
% |
(11 |
) |
(4 |
)% |
(9 |
) |
(12 |
)% | ||||||||||
Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Other revenues |
|
19 |
|
16 |
|
15 |
|
15 |
|
15 |
|
71 |
|
61 |
|
(4 |
) |
(21 |
)% |
(10 |
) |
(14 |
)% |
|
|
|
| ||||||||||
Total revenues |
|
908 |
|
926 |
|
968 |
|
950 |
|
917 |
|
3,409 |
|
3,761 |
|
9 |
|
1 |
% |
352 |
|
10 |
% |
(33 |
) |
(3 |
)% | ||||||||||
Banking and deposit interest expense |
|
14 |
|
13 |
|
11 |
|
12 |
|
12 |
|
67 |
|
48 |
|
(2 |
) |
(14 |
)% |
(19 |
) |
(28 |
)% |
|
|
|
| ||||||||||
Operating total net revenues (1) |
|
894 |
|
913 |
|
957 |
|
938 |
|
905 |
|
3,342 |
|
3,713 |
|
11 |
|
1 |
% |
371 |
|
11 |
% |
(33 |
) |
(4 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Distribution expenses (4) |
|
536 |
|
541 |
|
574 |
|
547 |
|
541 |
|
1,954 |
|
2,203 |
|
5 |
|
1 |
% |
249 |
|
13 |
% |
(6 |
) |
(1 |
)% | ||||||||||
Interest credited to fixed accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Benefits, claims, losses and settlement expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Amortization of deferred acquisition costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Interest and debt expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
General and administrative expense (4) |
|
262 |
|
273 |
|
275 |
|
275 |
|
281 |
|
1,066 |
|
1,104 |
|
19 |
|
7 |
% |
38 |
|
4 |
% |
6 |
|
2 |
% | ||||||||||
Operating expenses (1) |
|
798 |
|
814 |
|
849 |
|
822 |
|
822 |
|
3,020 |
|
3,307 |
|
24 |
|
3 |
% |
287 |
|
10 |
% |
|
|
|
| ||||||||||
Pretax operating earnings (1) |
|
$ |
96 |
|
$ |
99 |
|
$ |
108 |
|
$ |
116 |
|
$ |
83 |
|
$ |
322 |
|
$ |
406 |
|
$ |
(13 |
) |
(14 |
)% |
$ |
84 |
|
26 |
% |
$ |
(33 |
) |
(28 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax segment income |
|
$ |
97 |
|
$ |
100 |
|
$ |
108 |
|
$ |
114 |
|
$ |
79 |
|
$ |
316 |
|
$ |
401 |
|
$ |
(18 |
) |
(19 |
)% |
$ |
85 |
|
27 |
% |
$ |
(35 |
) |
(31 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Margins |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax segment margin |
|
10.8 |
% |
10.9 |
% |
11.3 |
% |
12.2 |
% |
8.8 |
% |
9.5 |
% |
10.8 |
% |
(2.0 |
)% |
|
|
1.3 |
% |
|
|
(3.4 |
)% |
|
| ||||||||||
Pretax operating margin (1) |
|
10.7 |
% |
10.8 |
% |
11.3 |
% |
12.4 |
% |
9.2 |
% |
9.6 |
% |
10.9 |
% |
(1.5 |
)% |
|
|
1.3 |
% |
|
|
(3.2 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Return on Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Allocated equity |
|
$ |
713 |
|
$ |
728 |
|
$ |
772 |
|
$ |
782 |
|
$ |
790 |
|
$ |
713 |
|
$ |
790 |
|
$ |
77 |
|
11 |
% |
$ |
77 |
|
11 |
% |
$ |
8 |
|
1 |
% |
Return on allocated equity (1)(2) |
|
34.5 |
% |
39.9 |
% |
40.9 |
% |
43.2 |
% |
40.4 |
% |
34.5 |
% |
40.4 |
% |
5.9 |
% |
|
|
5.9 |
% |
|
|
(2.8 |
)% |
|
| ||||||||||
Operating return on allocated equity (1)(3) |
|
34.8 |
% |
39.6 |
% |
40.4 |
% |
43.0 |
% |
40.5 |
% |
34.8 |
% |
40.5 |
% |
5.7 |
% |
|
|
5.7 |
% |
|
|
(2.5 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
On-balance sheet deposits |
|
$ |
8,489 |
|
$ |
8,606 |
|
$ |
8,980 |
|
$ |
9,294 |
|
$ |
9,482 |
|
$ |
8,489 |
|
$ |
9,482 |
|
$ |
993 |
|
12 |
% |
$ |
993 |
|
12 |
% |
$ |
188 |
|
2 |
% |
(1) See non-GAAP financial information on pg 36.
(2) Calculated using net income subject to the quarterly effective tax rate excluding CIEs for the last four quarters in the numerator and the average allocated equity as of the last day of the trailing four quarters and current quarter in the denominator.
(3) Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated equity as of the last day of the trailing four quarters and current quarter in the denominator.
(4) In the 4th quarter of 2010 a year-to-date adjustment was made to reclass $9M of compensation from general and administrative expense to distribution expense.
Ameriprise Financial, Inc.
Advice & Wealth Management Segment
Fourth Quarter 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 4Q |
|
YTD Chg - 4Q |
|
Seq Qtr Chg - 4Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
4 Qtr 2010 |
|
1 Qtr 2011 |
|
2 Qtr 2011 |
|
3 Qtr 2011 |
|
4 Qtr 2011 |
|
2010 |
|
2011 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
Product Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Certificates and Banking - Combined |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax operating earnings (1) |
|
$ |
27 |
|
$ |
21 |
|
$ |
21 |
|
$ |
35 |
|
$ |
24 |
|
$ |
99 |
|
$ |
101 |
|
$ |
(3 |
) |
(11 |
)% |
$ |
2 |
|
2 |
% |
$ |
(11 |
) |
(31 |
)% |
Allocated equity |
|
$ |
463 |
|
$ |
478 |
|
$ |
523 |
|
$ |
534 |
|
$ |
542 |
|
$ |
463 |
|
$ |
542 |
|
$ |
79 |
|
17 |
% |
$ |
79 |
|
17 |
% |
$ |
8 |
|
1 |
% |
Operating return on allocated equity (1)(2) |
|
16.6 |
% |
15.7 |
% |
14.5 |
% |
16.2 |
% |
15.1 |
% |
16.6 |
% |
15.1 |
% |
(1.5 |
)% |
|
|
(1.5 |
)% |
|
|
(1.1 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Wealth Management & Distribution |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax operating earnings (1) |
|
$ |
69 |
|
$ |
78 |
|
$ |
87 |
|
$ |
81 |
|
$ |
59 |
|
$ |
223 |
|
$ |
305 |
|
$ |
(10 |
) |
(14 |
)% |
$ |
82 |
|
37 |
% |
$ |
(22 |
) |
(27 |
)% |
Allocated equity |
|
$ |
250 |
|
$ |
250 |
|
$ |
249 |
|
$ |
248 |
|
$ |
248 |
|
$ |
250 |
|
$ |
248 |
|
$ |
(2 |
) |
(1 |
)% |
$ |
(2 |
) |
(1 |
)% |
$ |
|
|
|
|
Operating return on allocated equity (1)(2) |
|
68.0 |
% |
83.7 |
% |
89.4 |
% |
95.9 |
% |
92.3 |
% |
68.0 |
% |
92.3 |
% |
24.3 |
% |
|
|
24.3 |
% |
|
|
(3.6 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Financial Plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Branded financial plan net cash sales |
|
$ |
57 |
|
$ |
53 |
|
$ |
55 |
|
$ |
51 |
|
$ |
59 |
|
$ |
208 |
|
$ |
218 |
|
$ |
2 |
|
4 |
% |
$ |
10 |
|
5 |
% |
$ |
8 |
|
16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Financial Advisors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Employee advisors |
|
2,168 |
|
2,140 |
|
2,146 |
|
2,182 |
|
2,230 |
|
2,168 |
|
2,230 |
|
62 |
|
3 |
% |
62 |
|
3 |
% |
48 |
|
2 |
% | ||||||||||
Franchisee advisors |
|
7,488 |
|
7,513 |
|
7,517 |
|
7,532 |
|
7,500 |
|
7,488 |
|
7,500 |
|
12 |
|
|
|
12 |
|
|
|
(32 |
) |
|
| ||||||||||
Total branded financial advisors |
|
9,656 |
|
9,653 |
|
9,663 |
|
9,714 |
|
9,730 |
|
9,656 |
|
9,730 |
|
74 |
|
1 |
% |
74 |
|
1 |
% |
16 |
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating total net revenues (1) per financial advisor (in thousands) (3) |
|
$ |
93 |
|
$ |
95 |
|
$ |
99 |
|
$ |
97 |
|
$ |
93 |
|
$ |
342 |
|
$ |
384 |
|
$ |
|
|
|
|
$ |
42 |
|
12 |
% |
$ |
(4 |
) |
(4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Advisor Retention |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Employee |
|
82.3 |
% |
86.6 |
% |
89.4 |
% |
90.5 |
% |
91.5 |
% |
82.3 |
% |
91.5 |
% |
9.2 |
% |
|
|
9.2 |
% |
|
|
1.0 |
% |
|
| ||||||||||
Franchisee |
|
93.4 |
% |
94.1 |
% |
94.2 |
% |
94.6 |
% |
94.6 |
% |
93.4 |
% |
94.6 |
% |
1.2 |
% |
|
|
1.2 |
% |
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Client Assets (at period end) |
|
$ |
303,613 |
|
$ |
315,387 |
|
$ |
319,076 |
|
$ |
293,313 |
|
$ |
309,864 |
|
$ |
303,613 |
|
$ |
309,864 |
|
$ |
6,251 |
|
2 |
% |
$ |
6,251 |
|
2 |
% |
$ |
16,551 |
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Wrap Accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Beginning assets |
|
$ |
91,101 |
|
$ |
97,514 |
|
$ |
103,104 |
|
$ |
105,863 |
|
$ |
96,947 |
|
$ |
81,252 |
|
$ |
97,514 |
|
$ |
5,846 |
|
6 |
% |
$ |
16,262 |
|
20 |
% |
$ |
(8,916 |
) |
(8 |
)% |
Net flows |
|
1,736 |
|
2,750 |
|
2,345 |
|
820 |
|
1,350 |
|
7,551 |
|
7,265 |
|
(386 |
) |
(22 |
)% |
(286 |
) |
(4 |
)% |
530 |
|
65 |
% | ||||||||||
Market appreciation (depreciation) and other |
|
4,677 |
|
2,840 |
|
414 |
|
(9,736 |
) |
5,088 |
|
8,711 |
|
(1,394 |
) |
411 |
|
9 |
% |
(10,105 |
) |
|
# |
14,824 |
|
|
# | ||||||||||
Total wrap ending assets |
|
$ |
97,514 |
|
$ |
103,104 |
|
$ |
105,863 |
|
$ |
96,947 |
|
$ |
103,385 |
|
$ |
97,514 |
|
$ |
103,385 |
|
$ |
5,871 |
|
6 |
% |
$ |
5,871 |
|
6 |
% |
$ |
6,438 |
|
7 |
% |
(1) See non-GAAP financial information on pg 36.
(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 equity as of the last day of the trailing four quarters and current quarter in the denominator.
(3) Year-to-date is sum of current and prior quarters for the year under review.
# Variance of greater than 100%.
Ameriprise Financial, Inc.
Asset Management Segment
Fourth Quarter 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 4Q |
|
YTD Chg - 4Q |
|
Seq Qtr Chg - 4Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
4 Qtr 2010 |
|
1 Qtr 2011 |
|
2 Qtr 2011 |
|
3 Qtr 2011 |
|
4 Qtr 2011 |
|
2010 |
|
2011 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
Operating Income Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Management and financial advice fees |
|
$ |
650 |
|
$ |
620 |
|
$ |
627 |
|
$ |
599 |
|
$ |
588 |
|
$ |
1,979 |
|
$ |
2,434 |
|
$ |
(62 |
) |
(10 |
)% |
$ |
455 |
|
23 |
% |
$ |
(11 |
) |
(2 |
)% |
Distribution fees |
|
109 |
|
115 |
|
123 |
|
108 |
|
104 |
|
358 |
|
450 |
|
(5 |
) |
(5 |
)% |
92 |
|
26 |
% |
(4 |
) |
(4 |
)% | ||||||||||
Net investment income |
|
6 |
|
1 |
|
3 |
|
(4 |
) |
11 |
|
14 |
|
11 |
|
5 |
|
83 |
% |
(3 |
) |
(21 |
)% |
15 |
|
|
# | ||||||||||
Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Other revenues |
|
8 |
|
2 |
|
|
|
3 |
|
|
|
15 |
|
5 |
|
(8 |
) |
|
# |
(10 |
) |
(67 |
)% |
(3 |
) |
|
# | ||||||||||
Total revenues |
|
773 |
|
738 |
|
753 |
|
706 |
|
703 |
|
2,366 |
|
2,900 |
|
(70 |
) |
(9 |
)% |
534 |
|
23 |
% |
(3 |
) |
|
| ||||||||||
Banking and deposit interest expense |
|
|
|
1 |
|
|
|
1 |
|
1 |
|
1 |
|
3 |
|
1 |
|
|
|
2 |
|
|
# |
|
|
|
| ||||||||||
Operating total net revenues (1) |
|
773 |
|
737 |
|
753 |
|
705 |
|
702 |
|
2,365 |
|
2,897 |
|
(71 |
) |
(9 |
)% |
532 |
|
22 |
% |
(3 |
) |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Distribution expenses |
|
227 |
|
258 |
|
260 |
|
258 |
|
250 |
|
734 |
|
1,026 |
|
23 |
|
10 |
% |
292 |
|
40 |
% |
(8 |
) |
(3 |
)% | ||||||||||
Interest credited to fixed accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Benefits, claims, losses and settlement expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Amortization of deferred acquisition costs |
|
4 |
|
4 |
|
6 |
|
5 |
|
4 |
|
20 |
|
19 |
|
|
|
|
|
(1 |
) |
(5 |
)% |
(1 |
) |
(20 |
)% | ||||||||||
Interest and debt expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
General and administrative expense |
|
379 |
|
339 |
|
341 |
|
323 |
|
321 |
|
1,201 |
|
1,324 |
|
(58 |
) |
(15 |
)% |
123 |
|
10 |
% |
(2 |
) |
(1 |
)% | ||||||||||
Operating expenses (1) |
|
610 |
|
601 |
|
607 |
|
586 |
|
575 |
|
1,955 |
|
2,369 |
|
(35 |
) |
(6 |
)% |
414 |
|
21 |
% |
(11 |
) |
(2 |
)% | ||||||||||
Pretax operating earnings (1) |
|
$ |
163 |
|
$ |
136 |
|
$ |
146 |
|
$ |
119 |
|
$ |
127 |
|
$ |
410 |
|
$ |
528 |
|
$ |
(36 |
) |
(22 |
)% |
$ |
118 |
|
29 |
% |
$ |
8 |
|
7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax segment income |
|
$ |
140 |
|
$ |
107 |
|
$ |
125 |
|
$ |
97 |
|
$ |
107 |
|
$ |
318 |
|
$ |
436 |
|
$ |
(33 |
) |
(24 |
)% |
$ |
118 |
|
37 |
% |
$ |
10 |
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Margins |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax segment margin |
|
18.1 |
% |
14.5 |
% |
16.6 |
% |
13.7 |
% |
15.2 |
% |
13.4 |
% |
15.0 |
% |
(2.9 |
)% |
|
|
1.6 |
% |
|
|
1.5 |
% |
|
| ||||||||||
Pretax operating margin (1) |
|
21.1 |
% |
18.5 |
% |
19.4 |
% |
16.9 |
% |
18.1 |
% |
17.3 |
% |
18.2 |
% |
(3.0 |
)% |
|
|
0.9 |
% |
|
|
1.2 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating total net revenues (1) |
|
$ |
773 |
|
$ |
737 |
|
$ |
753 |
|
$ |
705 |
|
$ |
702 |
|
$ |
2,365 |
|
$ |
2,897 |
|
$ |
(71 |
) |
(9 |
)% |
$ |
532 |
|
22 |
% |
$ |
(3 |
) |
|
|
Distribution pass thru revenues |
|
(188 |
) |
(207 |
) |
(218 |
) |
(207 |
) |
(201 |
) |
(627 |
) |
(833 |
) |
(13 |
) |
(7 |
)% |
(206 |
) |
(33 |
)% |
6 |
|
3 |
% | ||||||||||
Subadvisory and other pass thru revenues |
|
(95 |
) |
(98 |
) |
(96 |
) |
(91 |
) |
(100 |
) |
(292 |
) |
(385 |
) |
(5 |
) |
(5 |
)% |
(93 |
) |
(32 |
)% |
(9 |
) |
(10 |
)% | ||||||||||
Adjusted operating revenues (1) |
|
$ |
490 |
|
$ |
432 |
|
$ |
439 |
|
$ |
407 |
|
$ |
401 |
|
$ |
1,446 |
|
$ |
1,679 |
|
$ |
(89 |
) |
(18 |
)% |
$ |
233 |
|
16 |
% |
$ |
(6 |
) |
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax operating earnings (1) |
|
$ |
163 |
|
$ |
136 |
|
$ |
146 |
|
$ |
119 |
|
$ |
127 |
|
$ |
410 |
|
$ |
528 |
|
$ |
(36 |
) |
(22 |
)% |
$ |
118 |
|
29 |
% |
$ |
8 |
|
7 |
% |
Operating net investment income (1) |
|
(6 |
) |
(1 |
) |
(3 |
) |
4 |
|
(11 |
) |
(14 |
) |
(11 |
) |
(5 |
) |
(83 |
)% |
3 |
|
21 |
% |
(15 |
) |
|
# | ||||||||||
Amortization of intangibles |
|
10 |
|
10 |
|
10 |
|
10 |
|
10 |
|
39 |
|
40 |
|
|
|
|
|
1 |
|
3 |
% |
|
|
|
| ||||||||||
Adjusted operating earnings (1) |
|
$ |
167 |
|
$ |
145 |
|
$ |
153 |
|
$ |
133 |
|
$ |
126 |
|
$ |
435 |
|
$ |
557 |
|
$ |
(41 |
) |
(25 |
)% |
$ |
122 |
|
28 |
% |
$ |
(7 |
) |
(5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Adjusted net pretax operating margin (1) |
|
34.1 |
% |
33.6 |
% |
34.9 |
% |
32.7 |
% |
31.4 |
% |
30.1 |
% |
33.2 |
% |
(2.7 |
)% |
|
|
3.1 |
% |
|
|
(1.3 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Return on Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Allocated equity |
|
$ |
1,924 |
|
$ |
1,911 |
|
$ |
1,954 |
|
$ |
1,948 |
|
$ |
1,922 |
|
$ |
1,924 |
|
$ |
1,922 |
|
$ |
(2 |
) |
|
|
$ |
(2 |
) |
|
|
$ |
(26 |
) |
(1 |
)% |
Return on allocated equity (1)(2) |
|
15.3 |
% |
17.8 |
% |
18.5 |
% |
18.5 |
% |
17.2 |
% |
15.3 |
% |
17.2 |
% |
1.9 |
% |
|
|
1.9 |
% |
|
|
(1.3 |
)% |
|
| ||||||||||
Operating return on allocated equity (1)(3) |
|
19.7 |
% |
22.7 |
% |
21.8 |
% |
22.1 |
% |
20.6 |
% |
19.7 |
% |
20.6 |
% |
0.9 |
% |
|
|
0.9 |
% |
|
|
(1.5 |
)% |
|
|
(1) See non-GAAP financial information on pg 36.
(2) Calculated using net income subject to the quarterly effective tax rate excluding CIEs for the last four quarters in the numerator and the average allocated equity as of the last day of the trailing four quarters and current quarter in the denominator.
(3) Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated equity as of the last day of the trailing four quarters and current quarter in the denominator.
# Variance of greater than 100%.
Ameriprise Financial, Inc.
Asset Management Segment
Fourth Quarter 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 4Q |
|
YTD Chg - 4Q |
|
Seq Qtr Chg - 4Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
4 Qtr 2010 |
|
1 Qtr 2011 |
|
2 Qtr 2011 |
|
3 Qtr 2011 |
|
4 Qtr 2011 |
|
2010 |
|
2011 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
Total Managed Asset Net Flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Columbia managed asset net flows |
|
$ |
(5,198 |
) |
$ |
(1,982 |
) |
$ |
(246 |
) |
$ |
(4,063 |
) |
$ |
(8,426 |
) |
$ |
(12,327 |
) |
$ |
(14,717 |
) |
$ |
(3,228 |
) |
(62 |
)% |
$ |
(2,390 |
) |
(19 |
)% |
$ |
(4,363 |
) |
|
# |
Threadneedle managed asset net flows |
|
(578 |
) |
(2,968 |
) |
1,694 |
|
(756 |
) |
12,612 |
|
(506 |
) |
10,582 |
|
13,190 |
|
|
# |
11,088 |
|
|
# |
13,368 |
|
|
# | ||||||||||
Less: Sub-advised eliminations |
|
10 |
|
108 |
|
(998 |
) |
9 |
|
85 |
|
(111 |
) |
(796 |
) |
75 |
|
|
# |
(685 |
) |
|
# |
76 |
|
|
# | ||||||||||
Total managed asset net flows |
|
$ |
(5,766 |
) |
$ |
(4,842 |
) |
$ |
450 |
|
$ |
(4,810 |
) |
$ |
4,271 |
|
$ |
(12,944 |
) |
$ |
(4,931 |
) |
$ |
10,037 |
|
|
# |
$ |
8,013 |
|
62 |
% |
$ |
9,081 |
|
|
# |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Managed Assets Reconciliations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Columbia managed assets |
|
$ |
355,489 |
|
$ |
362,960 |
|
$ |
362,044 |
|
$ |
324,654 |
|
$ |
326,119 |
|
$ |
355,489 |
|
$ |
326,119 |
|
$ |
(29,370 |
) |
(8 |
)% |
$ |
(29,370 |
) |
(8 |
)% |
$ |
1,465 |
|
|
|
Threadneedle managed assets |
|
105,648 |
|
106,765 |
|
110,402 |
|
96,465 |
|
113,573 |
|
105,648 |
|
113,573 |
|
7,925 |
|
8 |
% |
7,925 |
|
8 |
% |
17,108 |
|
18 |
% | ||||||||||
Less: Sub-advised eliminations |
|
(4,304 |
) |
(4,291 |
) |
(5,215 |
) |
(4,127 |
) |
(4,189 |
) |
(4,304 |
) |
(4,189 |
) |
115 |
|
3 |
% |
115 |
|
3 |
% |
(62 |
) |
(2 |
)% | ||||||||||
Total managed assets |
|
$ |
456,833 |
|
$ |
465,434 |
|
$ |
467,231 |
|
$ |
416,992 |
|
$ |
435,503 |
|
$ |
456,833 |
|
$ |
435,503 |
|
$ |
(21,330 |
) |
(5 |
)% |
$ |
(21,330 |
) |
(5 |
)% |
$ |
18,511 |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Managed Assets by Type |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Equity |
|
$ |
237,120 |
|
$ |
247,257 |
|
$ |
247,552 |
|
$ |
198,911 |
|
$ |
209,933 |
|
$ |
237,120 |
|
$ |
209,933 |
|
$ |
(27,187 |
) |
(11 |
)% |
$ |
(27,187 |
) |
(11 |
)% |
$ |
11,022 |
|
6 |
% |
Fixed income |
|
189,545 |
|
188,149 |
|
190,350 |
|
190,025 |
|
196,542 |
|
189,545 |
|
196,542 |
|
6,997 |
|
4 |
% |
6,997 |
|
4 |
% |
6,517 |
|
3 |
% | ||||||||||
Money market |
|
6,597 |
|
6,389 |
|
6,267 |
|
6,258 |
|
7,465 |
|
6,597 |
|
7,465 |
|
868 |
|
13 |
% |
868 |
|
13 |
% |
1,207 |
|
19 |
% | ||||||||||
Alternative |
|
11,309 |
|
10,959 |
|
10,725 |
|
10,117 |
|
9,271 |
|
11,309 |
|
9,271 |
|
(2,038 |
) |
(18 |
)% |
(2,038 |
) |
(18 |
)% |
(846 |
) |
(8 |
)% | ||||||||||
Hybrid and other |
|
12,262 |
|
12,680 |
|
12,337 |
|
11,681 |
|
12,292 |
|
12,262 |
|
12,292 |
|
30 |
|
|
|
30 |
|
|
|
611 |
|
5 |
% | ||||||||||
Total managed assets by type |
|
$ |
456,833 |
|
$ |
465,434 |
|
$ |
467,231 |
|
$ |
416,992 |
|
$ |
435,503 |
|
$ |
456,833 |
|
$ |
435,503 |
|
$ |
(21,330 |
) |
(5 |
)% |
$ |
(21,330 |
) |
(5 |
)% |
$ |
18,511 |
|
4 |
% |
# Variance of greater than 100%.
Ameriprise Financial, Inc.
Asset Management Segment - Columbia
Fourth Quarter 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 4Q |
|
YTD Chg - 4Q |
|
Seq Qtr Chg - 4Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
4 Qtr 2010 |
|
1 Qtr 2011 |
|
2 Qtr 2011 |
|
3 Qtr 2011 |
|
4 Qtr 2011 |
|
2010 |
|
2011 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
Columbia Managed Assets Rollforward |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Retail Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Beginning assets |
|
$ |
205,230 |
|
$ |
218,460 |
|
$ |
226,442 |
|
$ |
225,368 |
|
$ |
194,130 |
|
$ |
76,860 |
|
$ |
218,460 |
|
$ |
(11,100 |
) |
(5 |
)% |
$ |
141,600 |
|
|
# |
$ |
(31,238 |
) |
(14 |
)% |
Mutual fund inflows |
|
9,096 |
|
11,395 |
|
9,708 |
|
9,639 |
|
8,451 |
|
25,756 |
|
39,193 |
|
(645 |
) |
(7 |
)% |
13,437 |
|
52 |
% |
(1,188 |
) |
(12 |
)% | ||||||||||
Mutual fund outflows |
|
(12,040 |
) |
(12,642 |
) |
(11,928 |
) |
(12,349 |
) |
(11,702 |
) |
(35,381 |
) |
(48,621 |
) |
338 |
|
3 |
% |
(13,240 |
) |
(37 |
)% |
647 |
|
5 |
% | ||||||||||
Net VP/VIT fund flows |
|
711 |
|
381 |
|
394 |
|
388 |
|
417 |
|
1,536 |
|
1,580 |
|
(294 |
) |
(41 |
)% |
44 |
|
3 |
% |
29 |
|
7 |
% | ||||||||||
Net new flows |
|
(2,233 |
) |
(866 |
) |
(1,826 |
) |
(2,322 |
) |
(2,834 |
) |
(8,089 |
) |
(7,848 |
) |
(601 |
) |
(27 |
)% |
241 |
|
3 |
% |
(512 |
) |
(22 |
)% | ||||||||||
Reinvested dividends |
|
1,350 |
|
328 |
|
2,083 |
|
384 |
|
1,963 |
|
2,851 |
|
4,758 |
|
613 |
|
45 |
% |
1,907 |
|
67 |
% |
1,579 |
|
|
# | ||||||||||
Net flows |
|
(883 |
) |
(538 |
) |
257 |
|
(1,938 |
) |
(871 |
) |
(5,238 |
) |
(3,090 |
) |
12 |
|
1 |
% |
2,148 |
|
41 |
% |
1,067 |
|
55 |
% | ||||||||||
Distributions |
|
(1,860 |
) |
(556 |
) |
(2,520 |
) |
(579 |
) |
(2,559 |
) |
(3,870 |
) |
(6,214 |
) |
(699 |
) |
(38 |
)% |
(2,344 |
) |
(61 |
)% |
(1,980 |
) |
|
# | ||||||||||
Market appreciation (depreciation) and other (1) |
|
15,973 |
|
9,076 |
|
1,189 |
|
(28,721 |
) |
14,143 |
|
150,708 |
|
(4,313 |
) |
(1,830 |
) |
(11 |
)% |
(155,021 |
) |
|
# |
42,864 |
|
|
# | ||||||||||
Total ending assets |
|
218,460 |
|
226,442 |
|
225,368 |
|
194,130 |
|
204,843 |
|
218,460 |
|
204,843 |
|
(13,617 |
) |
(6 |
)% |
(13,617 |
) |
(6 |
)% |
10,713 |
|
6 |
% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
% of total retail assets sub-advised |
|
18.4 |
% |
18.5 |
% |
18.3 |
% |
18.3 |
% |
18.2 |
% |
18.4 |
% |
18.2 |
% |
(0.2 |
)% |
|
|
(0.2 |
)% |
|
|
(0.1 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Institutional |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Beginning assets |
|
131,822 |
|
127,211 |
|
127,105 |
|
127,450 |
|
121,771 |
|
62,496 |
|
127,211 |
|
(10,051 |
) |
(8 |
)% |
64,715 |
|
|
# |
(5,679 |
) |
(4 |
)% | ||||||||||
Net flows |
|
(3,978 |
) |
(1,010 |
) |
(239 |
) |
(1,966 |
) |
(6,588 |
) |
(7,072 |
) |
(9,803 |
) |
(2,610 |
) |
(66 |
)% |
(2,731 |
) |
(39 |
)% |
(4,622 |
) |
|
# | ||||||||||
Market appreciation (depreciation) and other (2)(3)(4) |
|
(633 |
) |
904 |
|
584 |
|
(3,713 |
) |
(1,892 |
) |
71,787 |
|
(4,117 |
) |
(1,259 |
) |
|
# |
(75,904 |
) |
|
# |
1,821 |
|
49 |
% | ||||||||||
Total ending assets |
|
127,211 |
|
127,105 |
|
127,450 |
|
121,771 |
|
113,291 |
|
127,211 |
|
113,291 |
|
(13,920 |
) |
(11 |
)% |
(13,920 |
) |
(11 |
)% |
(8,480 |
) |
(7 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Alternative |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Beginning assets |
|
10,122 |
|
9,971 |
|
9,615 |
|
9,446 |
|
8,955 |
|
9,791 |
|
9,971 |
|
(1,167 |
) |
(12 |
)% |
180 |
|
2 |
% |
(491 |
) |
(5 |
)% | ||||||||||
Net flows |
|
(337 |
) |
(434 |
) |
(264 |
) |
(159 |
) |
(967 |
) |
(17 |
) |
(1,824 |
) |
(630 |
) |
|
# |
(1,807 |
) |
|
# |
(808 |
) |
|
# | ||||||||||
Market appreciation (depreciation) and other |
|
186 |
|
78 |
|
95 |
|
(332 |
) |
136 |
|
197 |
|
(23 |
) |
(50 |
) |
(27 |
)% |
(220 |
) |
|
# |
468 |
|
|
# | ||||||||||
Total ending assets |
|
9,971 |
|
9,615 |
|
9,446 |
|
8,955 |
|
8,124 |
|
9,971 |
|
8,124 |
|
(1,847 |
) |
(19 |
)% |
(1,847 |
) |
(19 |
)% |
(831 |
) |
(9 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Other and Eliminations |
|
(153 |
) |
(202 |
) |
(220 |
) |
(202 |
) |
(139 |
) |
(153 |
) |
(139 |
) |
14 |
|
9 |
% |
14 |
|
9 |
% |
63 |
|
31 |
% | ||||||||||
Total Columbia managed assets |
|
$ |
355,489 |
|
$ |
362,960 |
|
$ |
362,044 |
|
$ |
324,654 |
|
$ |
326,119 |
|
$ |
355,489 |
|
$ |
326,119 |
|
$ |
(29,370 |
) |
(8 |
)% |
$ |
(29,370 |
) |
(8 |
)% |
$ |
1,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Columbia net flows |
|
$ |
(5,198 |
) |
$ |
(1,982 |
) |
$ |
(246 |
) |
$ |
(4,063 |
) |
$ |
(8,426 |
) |
$ |
(12,327 |
) |
$ |
(14,717 |
) |
$ |
(3,228 |
) |
(62 |
)% |
$ |
(2,390 |
) |
(19 |
)% |
$ |
(4,363 |
) |
|
# |
(1) Included in Market appreciation (depreciation) and other for Retail funds in the 2nd quarter of 2010 are $118.1B due to the acquisition of Columbia Management, including $3 billion of assets that were transferred to RiverSource Sub-advised through the modification of the Portfolio Navigator program, and an additional $13.1B of PN related assets sub-advised by others.
(2) Included in Market appreciation (depreciation) and other for Institutional funds in the 2nd quarter of 2010 are $68.4B due to the acquisition of Columbia Management.
(3) Included in Market appreciation (depreciation) and other for Institutional funds for all periods shown are changes in assets related to corporate capital decisions including share repurchases, debt repurchases, equity issuance, debt issuance, acquisitions and divestitures.
(4) Included in Market appreciation (depreciation) and other, for Institutional funds in the 3rd quarter of 2010 and the 4th quarter of 2011, are ($126M) and ($4.7B) respectively, due to the transfer of assets from Separately Managed Accounts (SMAs) to Unified Managed Accounts (UMAs).
# Variance of greater than 100%.
Ameriprise Financial, Inc.
Asset Management Segment - Threadneedle
Fourth Quarter 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 4Q |
|
YTD Chg - 4Q |
|
Seq Qtr Chg - 4Q |
| ||||||||||
(in millions unless otherwise noted, unaudited) |
|
4 Qtr 2010 |
|
1 Qtr 2011 |
|
2 Qtr 2011 |
|
3 Qtr 2011 |
|
4 Qtr 2011 |
|
2010 |
|
2011 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||
Threadneedle Managed Assets Rollforward |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Retail Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Beginning assets |
|
$ |
30,673 |
|
$ |
33,394 |
|
$ |
34,275 |
|
$ |
36,638 |
|
$ |
30,097 |
|
$ |
29,090 |
|
$ |
33,394 |
|
$ |
(576 |
) |
(2 |
)% |
$ |
4,304 |
|
15 |
% |
$ |
(6,541 |
) |
(18 |
)% |
Mutual fund inflows |
|
3,632 |
|
4,129 |
|
5,181 |
|
4,304 |
|
3,530 |
|
13,541 |
|
17,144 |
|
(102 |
) |
(3 |
)% |
3,603 |
|
27 |
% |
(774 |
) |
(18 |
)% | ||||||||||
Mutual fund outflows |
|
(2,394 |
) |
(4,714 |
) |
(3,277 |
) |
(5,498 |
) |
(3,041 |
) |
(11,805 |
) |
(16,530 |
) |
(647 |
) |
(27 |
)% |
(4,725 |
) |
(40 |
)% |
2,457 |
|
45 |
% | ||||||||||
Net new flows |
|
1,238 |
|
(585 |
) |
1,904 |
|
(1,194 |
) |
489 |
|
1,736 |
|
614 |
|
(749 |
) |
(61 |
)% |
(1,122 |
) |
(65 |
)% |
1,683 |
|
|
# | ||||||||||
Reinvested dividends |
|
55 |
|
16 |
|
55 |
|
13 |
|
84 |
|
126 |
|
168 |
|
29 |
|
53 |
% |
42 |
|
33 |
% |
71 |
|
|
# | ||||||||||
Net flows |
|
1,293 |
|
(569 |
) |
1,959 |
|
(1,181 |
) |
573 |
|
1,862 |
|
782 |
|
(720 |
) |
(56 |
)% |
(1,080 |
) |
(58 |
)% |
1,754 |
|
|
# | ||||||||||
Distributions |
|
(161 |
) |
(56 |
) |
(162 |
) |
(180 |
) |
(213 |
) |
(412 |
) |
(611 |
) |
(52 |
) |
(32 |
)% |
(199 |
) |
(48 |
)% |
(33 |
) |
(18 |
)% | ||||||||||
Market appreciation (depreciation) |
|
1,694 |
|
499 |
|
330 |
|
(4,550 |
) |
1,296 |
|
3,419 |
|
(2,425 |
) |
(398 |
) |
(23 |
)% |
(5,844 |
) |
|
# |
5,846 |
|
|
# | ||||||||||
Foreign currency translation (1) |
|
(240 |
) |
888 |
|
(14 |
) |
(915 |
) |
(128 |
) |
(1,147 |
) |
(169 |
) |
112 |
|
47 |
% |
978 |
|
85 |
% |
787 |
|
86 |
% | ||||||||||
Other |
|
135 |
|
119 |
|
250 |
|
285 |
|
184 |
|
582 |
|
838 |
|
49 |
|
36 |
% |
256 |
|
44 |
% |
(101 |
) |
(35 |
)% | ||||||||||
Total ending assets |
|
33,394 |
|
34,275 |
|
36,638 |
|
30,097 |
|
31,809 |
|
33,394 |
|
31,809 |
|
(1,585 |
) |
(5 |
)% |
(1,585 |
) |
(5 |
)% |
1,712 |
|
6 |
% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Institutional |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Beginning assets |
|
69,795 |
|
70,916 |
|
71,146 |
|
72,485 |
|
65,206 |
|
66,934 |
|
70,916 |
|
(4,589 |
) |
(7 |
)% |
3,982 |
|
6 |
% |
(7,279 |
) |
(10 |
)% | ||||||||||
Net flows |
|
(1,769 |
) |
(2,364 |
) |
(141 |
) |
414 |
|
12,109 |
|
(2,151 |
) |
10,018 |
|
13,878 |
|
|
# |
12,169 |
|
|
# |
11,695 |
|
|
# | ||||||||||
Market appreciation (depreciation) |
|
2,876 |
|
291 |
|
812 |
|
(6,171 |
) |
3,211 |
|
6,749 |
|
(1,857 |
) |
335 |
|
12 |
% |
(8,606 |
) |
|
# |
9,382 |
|
|
# | ||||||||||
Foreign currency translation (1) |
|
(473 |
) |
1,896 |
|
78 |
|
(1,957 |
) |
(373 |
) |
(2,444 |
) |
(356 |
) |
100 |
|
21 |
% |
2,088 |
|
85 |
% |
1,584 |
|
81 |
% | ||||||||||
Other |
|
487 |
|
407 |
|
590 |
|
435 |
|
464 |
|
1,828 |
|
1,896 |
|
(23 |
) |
(5 |
)% |
68 |
|
4 |
% |
29 |
|
7 |
% | ||||||||||
Total ending assets |
|
70,916 |
|
71,146 |
|
72,485 |
|
65,206 |
|
80,617 |
|
70,916 |
|
80,617 |
|
9,701 |
|
14 |
% |
9,701 |
|
14 |
% |
15,411 |
|
24 |
% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Alternative |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Beginning assets |
|
1,383 |
|
1,338 |
|
1,344 |
|
1,279 |
|
1,162 |
|
1,799 |
|
1,338 |
|
(221 |
) |
(16 |
)% |
(461 |
) |
(26 |
)% |
(117 |
) |
(9 |
)% | ||||||||||
Net flows |
|
(102 |
) |
(35 |
) |
(124 |
) |
11 |
|
(70 |
) |
(217 |
) |
(218 |
) |
32 |
|
31 |
% |
(1 |
) |
|
|
(81 |
) |
|
# | ||||||||||
Market appreciation (depreciation) |
|
51 |
|
(10 |
) |
32 |
|
(103 |
) |
(4 |
) |
(229 |
) |
(85 |
) |
(55 |
) |
|
# |
144 |
|
63 |
% |
99 |
|
96 |
% | ||||||||||
Foreign currency translation (1) |
|
(7 |
) |
35 |
|
6 |
|
(39 |
) |
(3 |
) |
(68 |
) |
(1 |
) |
4 |
|
57 |
% |
67 |
|
99 |
% |
36 |
|
92 |
% | ||||||||||
Other |
|
13 |
|
16 |
|
21 |
|
14 |
|
62 |
|
53 |
|
113 |
|
49 |
|
|
# |
60 |
|
|
# |
48 |
|
|
# | ||||||||||
Total ending assets |
|
1,338 |
|
1,344 |
|
1,279 |
|
1,162 |
|
1,147 |
|
1,338 |
|
1,147 |
|
(191 |
) |
(14 |
)% |
(191 |
) |
(14 |
)% |
(15 |
) |
(1 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Threadneedle managed assets |
|
$ |
105,648 |
|
$ |
106,765 |
|
$ |
110,402 |
|
$ |
96,465 |
|
$ |
113,573 |
|
$ |
105,648 |
|
$ |
113,573 |
|
$ |
7,925 |
|
8 |
% |
$ |
7,925 |
|
8 |
% |
$ |
17,108 |
|
18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Threadneedle net flows |
|
$ |
(578 |
) |
$ |
(2,968 |
) |
$ |
1,694 |
|
$ |
(756 |
) |
$ |
12,612 |
|
$ |
(506 |
) |
$ |
10,582 |
|
$ |
13,190 |
|
|
# |
$ |
11,088 |
|
|
# |
$ |
13,368 |
|
|
# |
(1) Amounts represent British Pound to US dollar conversion.
# Variance of greater than 100%.
Ameriprise Financial, Inc.
Asset Management Segment - Columbia
Fourth Quarter 2011
Mutual Fund Rankings in top 2 Lipper Quartiles
|
|
|
|
2 Qtr 2011 |
|
3 Qtr 2011 |
|
4 Qtr 2011 |
|
Domestic Equity |
|
|
|
|
|
|
|
|
|
Equal weighted |
|
1 year |
|
72 |
% |
54 |
% |
37 |
% |
|
|
3 year |
|
59 |
% |
48 |
% |
48 |
% |
|
|
5 year |
|
67 |
% |
66 |
% |
61 |
% |
Asset weighted |
|
1 year |
|
62 |
% |
56 |
% |
38 |
% |
|
|
3 year |
|
64 |
% |
60 |
% |
39 |
% |
|
|
5 year |
|
71 |
% |
60 |
% |
58 |
% |
International Equity |
|
|
|
|
|
|
|
|
|
Equal weighted |
|
1 year |
|
39 |
% |
33 |
% |
61 |
% |
|
|
3 year |
|
38 |
% |
41 |
% |
65 |
% |
|
|
5 year |
|
50 |
% |
50 |
% |
50 |
% |
Asset weighted |
|
1 year |
|
8 |
% |
18 |
% |
71 |
% |
|
|
3 year |
|
56 |
% |
61 |
% |
77 |
% |
|
|
5 year |
|
63 |
% |
66 |
% |
65 |
% |
Taxable Fixed Income |
|
|
|
|
|
|
|
|
|
Equal weighted |
|
1 year |
|
65 |
% |
70 |
% |
85 |
% |
|
|
3 year |
|
68 |
% |
58 |
% |
55 |
% |
|
|
5 year |
|
68 |
% |
68 |
% |
68 |
% |
Asset weighted |
|
1 year |
|
74 |
% |
85 |
% |
93 |
% |
|
|
3 year |
|
68 |
% |
56 |
% |
64 |
% |
|
|
5 year |
|
73 |
% |
73 |
% |
73 |
% |
Tax Exempt Fixed Income |
|
|
|
|
|
|
|
|
|
Equal weighted |
|
1 year |
|
100 |
% |
100 |
% |
95 |
% |
|
|
3 year |
|
100 |
% |
100 |
% |
85 |
% |
|
|
5 year |
|
94 |
% |
95 |
% |
95 |
% |
Asset weighted |
|
1 year |
|
100 |
% |
100 |
% |
85 |
% |
|
|
3 year |
|
100 |
% |
100 |
% |
84 |
% |
|
|
5 year |
|
99 |
% |
99 |
% |
99 |
% |
Asset Allocation Funds |
|
|
|
|
|
|
|
|
|
Equal weighted |
|
1 year |
|
71 |
% |
95 |
% |
86 |
% |
|
|
3 year |
|
57 |
% |
57 |
% |
48 |
% |
|
|
5 year |
|
57 |
% |
57 |
% |
57 |
% |
Asset weighted |
|
1 year |
|
79 |
% |
92 |
% |
85 |
% |
|
|
3 year |
|
88 |
% |
88 |
% |
79 |
% |
|
|
5 year |
|
87 |
% |
88 |
% |
88 |
% |
|
|
|
|
|
|
|
|
|
|
Number of funds with 4 or 5 Morningstar star ratings |
|
|
|
|
|
|
|
|
|
Overall |
|
|
|
52 |
|
54 |
|
52 |
|
3 year |
|
|
|
46 |
|
48 |
|
46 |
|
5 year |
|
|
|
47 |
|
46 |
|
49 |
|
|
|
|
|
|
|
|
|
|
|
Percent of funds with 4 or 5 Morningstar star ratings |
|
|
|
|
|
|
|
|
|
Overall |
|
|
|
45 |
% |
46 |
% |
44 |
% |
3 year |
|
|
|
40 |
% |
41 |
% |
39 |
% |
5 year |
|
|
|
42 |
% |
41 |
% |
44 |
% |
|
|
|
|
|
|
|
|
|
|
Percent of assets with 4 or 5 Morningstar star ratings |
|
|
|
|
|
|
|
|
|
Overall |
|
|
|
53 |
% |
58 |
% |
59 |
% |
3 year |
|
|
|
44 |
% |
39 |
% |
40 |
% |
5 year |
|
|
|
38 |
% |
41 |
% |
42 |
% |
Beginning in the second quarter of 2011, mutual fund performance rankings are based on the performance of Class Z fund shares for Columbia branded mutual funds. In instances where a funds Class Z shares do not have a full one, three or five year track record, 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.
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.
Aggregated data includes all Columbia branded mutual funds.
Data not shown prior to second quarter 2011. History will be built using the new format going forward.
Ameriprise Financial, Inc.
Asset Management Segment - Threadneedle
Fourth Quarter 2011
Retail Fund Rankings in Top 2 Morningstar Quartiles or Above Index Benchmark
|
|
|
|
2 Qtr 2011 |
|
3 Qtr 2011 |
|
4 Qtr 2011 |
|
Equity |
|
|
|
|
|
|
|
|
|
Equal weighted |
|
1 year |
|
83 |
% |
65 |
% |
65 |
% |
|
|
3 year |
|
75 |
% |
78 |
% |
72 |
% |
|
|
5 year |
|
86 |
% |
86 |
% |
86 |
% |
Asset weighted |
|
1 year |
|
83 |
% |
67 |
% |
68 |
% |
|
|
3 year |
|
85 |
% |
82 |
% |
76 |
% |
|
|
5 year |
|
96 |
% |
90 |
% |
86 |
% |
|
|
|
|
|
|
|
|
|
|
Fixed Income |
|
|
|
|
|
|
|
|
|
Equal weighted |
|
1 year |
|
56 |
% |
64 |
% |
69 |
% |
|
|
3 year |
|
77 |
% |
69 |
% |
77 |
% |
|
|
5 year |
|
73 |
% |
73 |
% |
82 |
% |
Asset weighted |
|
1 year |
|
52 |
% |
58 |
% |
69 |
% |
|
|
3 year |
|
92 |
% |
62 |
% |
75 |
% |
|
|
5 year |
|
83 |
% |
91 |
% |
97 |
% |
|
|
|
|
|
|
|
|
|
|
Allocation (Managed) Funds |
|
|
|
|
|
|
|
|
|
Equal weighted |
|
1 year |
|
67 |
% |
50 |
% |
33 |
% |
|
|
3 year |
|
100 |
% |
83 |
% |
67 |
% |
|
|
5 year |
|
100 |
% |
100 |
% |
100 |
% |
Asset weighted |
|
1 year |
|
82 |
% |
54 |
% |
14 |
% |
|
|
3 year |
|
100 |
% |
87 |
% |
49 |
% |
|
|
5 year |
|
100 |
% |
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.
Data not shown prior to second quarter 2011. History will be built using the new format going forward.
Ameriprise Financial, Inc.
Annuities Segment
Fourth Quarter 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 4Q |
|
YTD Chg - 4Q |
|
Seq Qtr Chg - 4Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
4 Qtr 2010 |
|
1 Qtr 2011 |
|
2 Qtr 2011 |
|
3 Qtr 2011 |
|
4 Qtr 2011 |
|
2010 |
|
2011 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
Operating Income Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Management and financial advice fees |
|
$ |
150 |
|
$ |
155 |
|
$ |
161 |
|
$ |
152 |
|
$ |
154 |
|
$ |
546 |
|
$ |
622 |
|
$ |
4 |
|
3 |
% |
$ |
76 |
|
14 |
% |
$ |
2 |
|
1 |
% |
Distribution fees |
|
73 |
|
76 |
|
80 |
|
80 |
|
76 |
|
284 |
|
312 |
|
3 |
|
4 |
% |
28 |
|
10 |
% |
(4 |
) |
(5 |
)% | ||||||||||
Net investment income |
|
329 |
|
323 |
|
308 |
|
344 |
|
304 |
|
1,309 |
|
1,279 |
|
(25 |
) |
(8 |
)% |
(30 |
) |
(2 |
)% |
(40 |
) |
(12 |
)% | ||||||||||
Premiums |
|
34 |
|
34 |
|
49 |
|
44 |
|
34 |
|
150 |
|
161 |
|
|
|
|
|
11 |
|
7 |
% |
(10 |
) |
(23 |
)% | ||||||||||
Other revenues |
|
53 |
|
55 |
|
67 |
|
68 |
|
66 |
|
202 |
|
256 |
|
13 |
|
25 |
% |
54 |
|
27 |
% |
(2 |
) |
(3 |
)% | ||||||||||
Total revenues |
|
639 |
|
643 |
|
665 |
|
688 |
|
634 |
|
2,491 |
|
2,630 |
|
(5 |
) |
(1 |
)% |
139 |
|
6 |
% |
(54 |
) |
(8 |
)% | ||||||||||
Banking and deposit interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating total net revenues (1) |
|
639 |
|
643 |
|
665 |
|
688 |
|
634 |
|
2,491 |
|
2,630 |
|
(5 |
) |
(1 |
)% |
139 |
|
6 |
% |
(54 |
) |
(8 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Distribution expenses |
|
67 |
|
76 |
|
81 |
|
83 |
|
75 |
|
268 |
|
315 |
|
8 |
|
12 |
% |
47 |
|
18 |
% |
(8 |
) |
(10 |
)% | ||||||||||
Interest credited to fixed accounts |
|
188 |
|
172 |
|
177 |
|
177 |
|
185 |
|
762 |
|
711 |
|
(3 |
) |
(2 |
)% |
(51 |
) |
(7 |
)% |
8 |
|
5 |
% | ||||||||||
Benefits, claims, losses and settlement expenses |
|
102 |
|
96 |
|
120 |
|
95 |
|
94 |
|
682 |
|
405 |
|
(8 |
) |
(8 |
)% |
(277 |
) |
(41 |
)% |
(1 |
) |
(1 |
)% | ||||||||||
Amortization of deferred acquisition costs |
|
58 |
|
73 |
|
82 |
|
198 |
|
53 |
|
(92 |
) |
406 |
|
(5 |
) |
(9 |
)% |
498 |
|
|
# |
(145 |
) |
(73 |
)% | ||||||||||
Interest and debt expense |
|
|
|
|
|
|
|
1 |
|
|
|
2 |
|
1 |
|
|
|
|
|
(1 |
) |
(50 |
)% |
(1 |
) |
|
# | ||||||||||
General and administrative expense |
|
53 |
|
52 |
|
56 |
|
52 |
|
53 |
|
205 |
|
213 |
|
|
|
|
|
8 |
|
4 |
% |
1 |
|
2 |
% | ||||||||||
Operating expenses (1) |
|
468 |
|
469 |
|
516 |
|
606 |
|
460 |
|
1,827 |
|
2,051 |
|
(8 |
) |
(2 |
)% |
224 |
|
12 |
% |
(146 |
) |
(24 |
)% | ||||||||||
Pretax operating earnings (1) |
|
$ |
171 |
|
$ |
174 |
|
$ |
149 |
|
$ |
82 |
|
$ |
174 |
|
$ |
664 |
|
$ |
579 |
|
$ |
3 |
|
2 |
% |
$ |
(85 |
) |
(13 |
)% |
$ |
92 |
|
|
# |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax segment income |
|
$ |
131 |
|
$ |
154 |
|
$ |
143 |
|
$ |
136 |
|
$ |
88 |
|
$ |
648 |
|
$ |
521 |
|
$ |
(43 |
) |
(33 |
)% |
$ |
(127 |
) |
(20 |
)% |
$ |
(48 |
) |
(35 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Margins |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax segment margin |
|
20.4 |
% |
24.1 |
% |
21.5 |
% |
19.8 |
% |
13.8 |
% |
25.9 |
% |
19.8 |
% |
(6.6 |
)% |
|
|
(6.1 |
)% |
|
|
(6.0 |
)% |
|
| ||||||||||
Pretax operating margin (1) |
|
26.8 |
% |
27.1 |
% |
22.4 |
% |
11.9 |
% |
27.4 |
% |
26.7 |
% |
22.0 |
% |
0.6 |
% |
|
|
(4.7 |
)% |
|
|
15.5 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Return on Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Allocated equity |
|
$ |
2,582 |
|
$ |
2,696 |
|
$ |
2,821 |
|
$ |
3,017 |
|
$ |
2,668 |
|
$ |
2,582 |
|
$ |
2,668 |
|
$ |
86 |
|
3 |
% |
$ |
86 |
|
3 |
% |
$ |
(349 |
) |
(12 |
)% |
Return on allocated equity (1)(2) |
|
20.0 |
% |
20.6 |
% |
19.8 |
% |
15.7 |
% |
14.4 |
% |
20.0 |
% |
14.4 |
% |
(5.6 |
)% |
|
|
(5.6 |
)% |
|
|
(1.3 |
)% |
|
| ||||||||||
Operating return on allocated equity (1)(3) |
|
20.3 |
% |
21.1 |
% |
21.4 |
% |
15.9 |
% |
15.8 |
% |
20.3 |
% |
15.8 |
% |
(4.5 |
)% |
|
|
(4.5 |
)% |
|
|
(0.1 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Market impact on variable annuity guaranteed living benefits (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
FAS 157 valuation impact |
|
$ |
(45 |
) |
$ |
(7 |
) |
$ |
18 |
|
$ |
221 |
|
$ |
(48 |
) |
$ |
(5 |
) |
$ |
184 |
|
$ |
(3 |
) |
(7 |
)% |
$ |
189 |
|
|
# |
$ |
(269 |
) |
|
# |
Other |
|
2 |
|
(10 |
) |
(25 |
) |
(165 |
) |
(43 |
) |
(20 |
) |
(243 |
) |
(45 |
) |
|
# |
(223 |
) |
|
# |
122 |
|
74 |
% | ||||||||||
Total VA guaranteed living benefit impact excluded from operating earnings |
|
$ |
(43 |
) |
$ |
(17 |
) |
$ |
(7 |
) |
$ |
56 |
|
$ |
(91 |
) |
$ |
(25 |
) |
$ |
(59 |
) |
$ |
(48 |
) |
|
# |
$ |
(34 |
) |
|
# |
$ |
(147 |
) |
|
# |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total annuity net flows |
|
$ |
177 |
|
$ |
(144 |
) |
$ |
(49 |
) |
$ |
19 |
|
$ |
69 |
|
$ |
443 |
|
$ |
(105 |
) |
$ |
(108 |
) |
(61 |
)% |
$ |
(548 |
) |
|
# |
$ |
50 |
|
|
# |
(1) See non-GAAP financial information on pg 36.
(2) Calculated using net income subject to the quarterly effective tax rate excluding CIEs for the last four quarters in the numerator and the average allocated equity as of the last day of the trailing four quarters and current quarter in the denominator.
(3) Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated equity as of the last day of the trailing four quarters and current quarter in the denominator.
(4) Guaranteed Minimum Withdrawal Benefit (GMWB) and Guaranteed Minimum Accumulation Benefit (GMAB) only, net of DAC and DSIC.
# Variance of greater than 100%.
Ameriprise Financial, Inc.
Annuities Segment
Fourth Quarter 2011
|
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|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
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|
|
|
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|
|
|
|
Year-to-Date |
|
Qtr Chg - 4Q |
|
YTD Chg - 4Q |
|
Seq Qtr Chg - 4Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
4 Qtr 2010 |
|
1 Qtr 2011 |
|
2 Qtr 2011 |
|
3 Qtr 2011 |
|
4 Qtr 2011 |
|
2010 |
|
2011 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
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|
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|
|
| ||||||||||
Product Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Variable Annuities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax operating earnings (1) |
|
$ |
105 |
|
$ |
103 |
|
$ |
85 |
|
$ |
18 |
|
$ |
129 |
|
$ |
300 |
|
$ |
335 |
|
$ |
24 |
|
23 |
% |
$ |
35 |
|
12 |
% |
$ |
111 |
|
|
# |
Allocated equity |
|
$ |
1,261 |
|
$ |
1,274 |
|
$ |
1,409 |
|
$ |
1,624 |
|
$ |
1,235 |
|
$ |
1,261 |
|
$ |
1,235 |
|
$ |
(26 |
) |
(2 |
)% |
$ |
(26 |
) |
(2 |
)% |
$ |
(389 |
) |
(24 |
)% |
Operating return on allocated equity (1)(2) |
|
20.7 |
% |
21.7 |
% |
22.6 |
% |
17.5 |
% |
18.4 |
% |
20.7 |
% |
18.4 |
% |
(2.3 |
)% |
|
|
(2.3 |
)% |
|
|
0.9 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Fixed Annuities (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax operating earnings (1) |
|
$ |
66 |
|
$ |
71 |
|
$ |
64 |
|
$ |
64 |
|
$ |
45 |
|
$ |
364 |
|
$ |
244 |
|
$ |
(21 |
) |
(32 |
)% |
$ |
(120 |
) |
(33 |
)% |
$ |
(19 |
) |
(30 |
)% |
Allocated equity |
|
$ |
1,321 |
|
$ |
1,422 |
|
$ |
1,412 |
|
$ |
1,393 |
|
$ |
1,433 |
|
$ |
1,321 |
|
$ |
1,433 |
|
$ |
112 |
|
8 |
% |
$ |
112 |
|
8 |
% |
$ |
40 |
|
3 |
% |
Operating return on allocated equity (1)(2) |
|
19.9 |
% |
20.6 |
% |
20.3 |
% |
14.4 |
% |
13.2 |
% |
19.9 |
% |
13.2 |
% |
(6.7 |
)% |
|
|
(6.7 |
)% |
|
|
(1.2 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Variable Annuities Rollforward |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Beginning balance |
|
$ |
58,974 |
|
$ |
62,637 |
|
$ |
64,741 |
|
$ |
65,223 |
|
$ |
58,934 |
|
$ |
55,106 |
|
$ |
62,637 |
|
$ |
(40 |
) |
|
|
$ |
7,531 |
|
14 |
% |
$ |
(6,289 |
) |
(10 |
)% |
Deposits |
|
1,865 |
|
1,604 |
|
1,688 |
|
1,554 |
|
1,553 |
|
6,187 |
|
6,399 |
|
(312 |
) |
(17 |
)% |
212 |
|
3 |
% |
(1 |
) |
|
| ||||||||||
Withdrawals and terminations |
|
(1,464 |
) |
(1,500 |
) |
(1,525 |
) |
(1,375 |
) |
(1,326 |
) |
(5,005 |
) |
(5,726 |
) |
138 |
|
9 |
% |
(721 |
) |
(14 |
)% |
49 |
|
4 |
% | ||||||||||
Net flows |
|
401 |
|
104 |
|
163 |
|
179 |
|
227 |
|
1,182 |
|
673 |
|
(174 |
) |
(43 |
)% |
(509 |
) |
(43 |
)% |
48 |
|
27 |
% | ||||||||||
Investment performance and interest credited |
|
3,262 |
|
2,000 |
|
319 |
|
(6,468 |
) |
3,182 |
|
6,436 |
|
(967 |
) |
(80 |
) |
(2 |
)% |
(7,403 |
) |
|
# |
9,650 |
|
|
# | ||||||||||
Other |
|
|
|
|
|
|
|
|
|
|
|
(87 |
) |
|
|
|
|
|
|
87 |
|
|
# |
|
|
|
| ||||||||||
Total ending balance - contract accumulation values |
|
$ |
62,637 |
|
$ |
64,741 |
|
$ |
65,223 |
|
$ |
58,934 |
|
$ |
62,343 |
|
$ |
62,637 |
|
$ |
62,343 |
|
$ |
(294 |
) |
|
|
$ |
(294 |
) |
|
|
$ |
3,409 |
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Variable annuities fixed sub-accounts |
|
$ |
4,864 |
|
$ |
4,790 |
|
$ |
4,750 |
|
$ |
4,797 |
|
$ |
4,847 |
|
$ |
4,864 |
|
$ |
4,847 |
|
$ |
(17 |
) |
|
|
$ |
(17 |
) |
|
|
$ |
50 |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Fixed Annuities Rollforward |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Beginning balance |
|
$ |
14,527 |
|
$ |
14,441 |
|
$ |
14,324 |
|
$ |
14,242 |
|
$ |
14,210 |
|
$ |
14,623 |
|
$ |
14,441 |
|
$ |
(317 |
) |
(2 |
)% |
$ |
(182 |
) |
(1 |
)% |
$ |
(32 |
) |
|
|
Deposits |
|
96 |
|
95 |
|
121 |
|
132 |
|
144 |
|
529 |
|
492 |
|
48 |
|
50 |
% |
(37 |
) |
(7 |
)% |
12 |
|
9 |
% | ||||||||||
Withdrawals and terminations |
|
(320 |
) |
(343 |
) |
(333 |
) |
(292 |
) |
(302 |
) |
(1,268 |
) |
(1,270 |
) |
18 |
|
6 |
% |
(2 |
) |
|
|
(10 |
) |
(3 |
)% | ||||||||||
Net flows |
|
(224 |
) |
(248 |
) |
(212 |
) |
(160 |
) |
(158 |
) |
(739 |
) |
(778 |
) |
66 |
|
29 |
% |
(39 |
) |
(5 |
)% |
2 |
|
1 |
% | ||||||||||
Policyholder interest credited |
|
138 |
|
131 |
|
130 |
|
128 |
|
133 |
|
557 |
|
522 |
|
(5 |
) |
(4 |
)% |
(35 |
) |
(6 |
)% |
5 |
|
4 |
% | ||||||||||
Other |
|
|
|
|
|
|
|
|
|
8 |
|
|
|
8 |
|
8 |
|
|
|
8 |
|
|
|
8 |
|
|
| ||||||||||
Total ending balance - contract accumulation values |
|
$ |
14,441 |
|
$ |
14,324 |
|
$ |
14,242 |
|
$ |
14,210 |
|
$ |
14,193 |
|
$ |
14,441 |
|
$ |
14,193 |
|
$ |
(248 |
) |
(2 |
)% |
$ |
(248 |
) |
(2 |
)% |
$ |
(17 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Capitalized interest |
|
$ |
2 |
|
$ |
1 |
|
$ |
2 |
|
$ |
1 |
|
$ |
1 |
|
$ |
11 |
|
$ |
5 |
|
$ |
(1 |
) |
(50 |
)% |
$ |
(6 |
) |
(55 |
)% |
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Payout Annuities Reserve Balance |
|
$ |
2,111 |
|
$ |
2,109 |
|
$ |
2,128 |
|
$ |
2,135 |
|
$ |
2,135 |
|
$ |
2,111 |
|
$ |
2,135 |
|
$ |
24 |
|
1 |
% |
$ |
24 |
|
1 |
% |
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Tax Equivalent Spread - Fixed Annuities (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Gross rate of return on invested assets (5)(6) |
|
6.4 |
% |
6.3 |
% |
6.2 |
% |
6.1 |
% |
6.0 |
% |
6.3 |
% |
6.1 |
% |
(0.4 |
)% |
|
|
(0.2 |
)% |
|
|
(0.1 |
)% |
|
| ||||||||||
Crediting rate excluding capitalized interest |
|
(3.8 |
)% |
(3.7 |
)% |
(3.7 |
)% |
(3.7 |
)% |
(3.7 |
)% |
(3.8 |
)% |
(3.7 |
)% |
0.1 |
% |
|
|
0.1 |
% |
|
|
|
|
|
| ||||||||||
Tax equivalent margin spread |
|
2.6 |
% |
2.6 |
% |
2.5 |
% |
2.4 |
% |
2.3 |
% |
2.5 |
% |
2.4 |
% |
(0.3 |
)% |
|
|
(0.1 |
)% |
|
|
(0.1 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Variable Annuities DAC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Beginning balance |
|
$ |
2,378 |
|
$ |
2,493 |
|
$ |
2,522 |
|
$ |
2,515 |
|
$ |
2,349 |
|
$ |
2,132 |
|
$ |
2,493 |
|
$ |
(29 |
) |
(1 |
)% |
$ |
361 |
|
17 |
% |
$ |
(166 |
) |
(7 |
)% |
Capitalization |
|
97 |
|
76 |
|
75 |
|
69 |
|
72 |
|
319 |
|
292 |
|
(25 |
) |
(26 |
)% |
(27 |
) |
(8 |
)% |
3 |
|
4 |
% | ||||||||||
Amortization due to market impact on VA guaranteed living benefits |
|
29 |
|
10 |
|
|
|
(63 |
) |
61 |
|
(16 |
) |
8 |
|
32 |
|
|
# |
24 |
|
|
# |
124 |
|
|
# | ||||||||||
Operating amortization per income statement |
|
(43 |
) |
(59 |
) |
(68 |
) |
(163 |
) |
(39 |
) |
74 |
|
(329 |
) |
4 |
|
9 |
% |
(403 |
) |
|
# |
124 |
|
76 |
% | ||||||||||
Other |
|
32 |
|
2 |
|
(14 |
) |
(9 |
) |
|
|
(16 |
) |
(21 |
) |
(32 |
) |
|
# |
(5 |
) |
(31 |
)% |
9 |
|
|
# | ||||||||||
Total ending balance |
|
$ |
2,493 |
|
$ |
2,522 |
|
$ |
2,515 |
|
$ |
2,349 |
|
$ |
2,443 |
|
$ |
2,493 |
|
$ |
2,443 |
|
$ |
(50 |
) |
(2 |
)% |
$ |
(50 |
) |
(2 |
)% |
$ |
94 |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Fixed Annuities DAC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Beginning balance |
|
$ |
229 |
|
$ |
272 |
|
$ |
265 |
|
$ |
238 |
|
$ |
193 |
|
$ |
301 |
|
$ |
272 |
|
$ |
(36 |
) |
(16 |
)% |
$ |
(29 |
) |
(10 |
)% |
$ |
(45 |
) |
(19 |
)% |
Capitalization |
|
4 |
|
2 |
|
4 |
|
3 |
|
6 |
|
21 |
|
15 |
|
2 |
|
50 |
% |
(6 |
) |
(29 |
)% |
3 |
|
|
# | ||||||||||
Amortization per income statement |
|
(15 |
) |
(14 |
) |
(14 |
) |
(35 |
) |
(14 |
) |
18 |
|
(77 |
) |
1 |
|
7 |
% |
(95 |
) |
|
# |
21 |
|
60 |
% | ||||||||||
Other |
|
54 |
|
5 |
|
(17 |
) |
(13 |
) |
(1 |
) |
(68 |
) |
(26 |
) |
(55 |
) |
|
# |
42 |
|
62 |
% |
12 |
|
92 |
% | ||||||||||
Total ending balance |
|
$ |
272 |
|
$ |
265 |
|
$ |
238 |
|
$ |
193 |
|
$ |
184 |
|
$ |
272 |
|
$ |
184 |
|
$ |
(88 |
) |
(32 |
)% |
$ |
(88 |
) |
(32 |
)% |
$ |
(9 |
) |
(5 |
)% |
(1) See non-GAAP financial information on pg 36.
(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 equity 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 4th quarter of 2010 and in each quarter of 2011, 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 6.1%, 6.0%, 5.8%, 5.8% and 5.7% respectively.
(6) The Gross rate of return on invested assets for the 3rd quarter 2011 is shown net of an adjustment for additional bond discount amortization investment income related to prior periods resulting from revisions to the accounting classification of certain structured securities. Including the adjustment, the Gross rate of return on invested assets in the 3rd quarter 2011 is 7.1%.
# Variance of greater than 100%.
Ameriprise Financial, Inc.
Protection Segment
Fourth Quarter 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 4Q |
|
YTD Chg - 4Q |
|
Seq Qtr Chg - 4Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
4 Qtr 2010 |
|
1 Qtr 2011 |
|
2 Qtr 2011 |
|
3 Qtr 2011 |
|
4 Qtr 2011 |
|
2010 |
|
2011 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating Income Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Management and financial advice fees |
|
$ |
15 |
|
$ |
14 |
|
$ |
15 |
|
$ |
13 |
|
$ |
14 |
|
$ |
54 |
|
$ |
56 |
|
$ |
(1 |
) |
(7 |
)% |
$ |
2 |
|
4 |
% |
$ |
1 |
|
8 |
% |
Distribution fees |
|
24 |
|
23 |
|
23 |
|
24 |
|
25 |
|
96 |
|
95 |
|
1 |
|
4 |
% |
(1 |
) |
(1 |
)% |
1 |
|
4 |
% | ||||||||||
Net investment income |
|
108 |
|
107 |
|
109 |
|
107 |
|
103 |
|
428 |
|
426 |
|
(5 |
) |
(5 |
)% |
(2 |
) |
|
|
(4 |
) |
(4 |
)% | ||||||||||
Premiums |
|
266 |
|
262 |
|
267 |
|
271 |
|
276 |
|
1,047 |
|
1,076 |
|
10 |
|
4 |
% |
29 |
|
3 |
% |
5 |
|
2 |
% | ||||||||||
Other revenues |
|
112 |
|
110 |
|
108 |
|
87 |
|
112 |
|
422 |
|
417 |
|
|
|
|
|
(5 |
) |
(1 |
)% |
25 |
|
29 |
% | ||||||||||
Total revenues |
|
525 |
|
516 |
|
522 |
|
502 |
|
530 |
|
2,047 |
|
2,070 |
|
5 |
|
1 |
% |
23 |
|
1 |
% |
28 |
|
6 |
% | ||||||||||
Banking and deposit interest expense |
|
1 |
|
|
|
|
|
|
|
1 |
|
1 |
|
1 |
|
|
|
|
|
|
|
|
|
1 |
|
|
| ||||||||||
Operating total net revenues (1) |
|
524 |
|
516 |
|
522 |
|
502 |
|
529 |
|
2,046 |
|
2,069 |
|
5 |
|
1 |
% |
23 |
|
1 |
% |
27 |
|
5 |
% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Distribution expenses |
|
7 |
|
6 |
|
10 |
|
9 |
|
7 |
|
32 |
|
32 |
|
|
|
|
|
|
|
|
|
(2 |
) |
(22 |
)% | ||||||||||
Interest credited to fixed accounts |
|
35 |
|
35 |
|
35 |
|
36 |
|
36 |
|
147 |
|
142 |
|
1 |
|
3 |
% |
(5 |
) |
(3 |
)% |
|
|
|
| ||||||||||
Benefits, claims, losses and settlement expenses |
|
291 |
|
259 |
|
279 |
|
281 |
|
266 |
|
1,059 |
|
1,085 |
|
(25 |
) |
(9 |
)% |
26 |
|
2 |
% |
(15 |
) |
(5 |
)% | ||||||||||
Amortization of deferred acquisition costs |
|
51 |
|
49 |
|
50 |
|
52 |
|
50 |
|
183 |
|
201 |
|
(1 |
) |
(2 |
)% |
18 |
|
10 |
% |
(2 |
) |
(4 |
)% | ||||||||||
Interest and debt expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
General and administrative expense |
|
56 |
|
61 |
|
61 |
|
59 |
|
61 |
|
223 |
|
242 |
|
5 |
|
9 |
% |
19 |
|
9 |
% |
2 |
|
3 |
% | ||||||||||
Operating expenses (1) |
|
440 |
|
410 |
|
435 |
|
437 |
|
420 |
|
1,644 |
|
1,702 |
|
(20 |
) |
(5 |
)% |
58 |
|
4 |
% |
(17 |
) |
(4 |
)% | ||||||||||
Pretax operating earnings (1) |
|
$ |
84 |
|
$ |
106 |
|
$ |
87 |
|
$ |
65 |
|
$ |
109 |
|
$ |
402 |
|
$ |
367 |
|
$ |
25 |
|
30 |
% |
$ |
(35 |
) |
(9 |
)% |
$ |
44 |
|
68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax segment income |
|
$ |
83 |
|
$ |
107 |
|
$ |
90 |
|
$ |
64 |
|
$ |
109 |
|
$ |
403 |
|
$ |
370 |
|
$ |
26 |
|
31 |
% |
$ |
(33 |
) |
(8 |
)% |
$ |
45 |
|
70 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Margins |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax segment margin |
|
15.9 |
% |
20.7 |
% |
17.1 |
% |
12.8 |
% |
20.6 |
% |
19.7 |
% |
17.9 |
% |
4.7 |
% |
|
|
(1.8 |
)% |
|
|
7.8 |
% |
|
| ||||||||||
Pretax operating margin (1) |
|
16.0 |
% |
20.5 |
% |
16.7 |
% |
12.9 |
% |
20.6 |
% |
19.6 |
% |
17.7 |
% |
4.6 |
% |
|
|
(1.9 |
)% |
|
|
7.7 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Return on Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Allocated equity |
|
$ |
2,596 |
|
$ |
2,594 |
|
$ |
2,555 |
|
$ |
2,338 |
|
$ |
2,347 |
|
$ |
2,596 |
|
$ |
2,347 |
|
$ |
(249 |
) |
(10 |
)% |
$ |
(249 |
) |
(10 |
)% |
$ |
9 |
|
|
|
Return on allocated equity (1)(2) |
|
11.9 |
% |
11.5 |
% |
10.0 |
% |
10.3 |
% |
11.4 |
% |
11.9 |
% |
11.4 |
% |
(0.5 |
)% |
|
|
(0.5 |
)% |
|
|
1.1 |
% |
|
| ||||||||||
Operating return on allocated equity (1)(3) |
|
11.8 |
% |
11.4 |
% |
9.8 |
% |
10.1 |
% |
11.1 |
% |
11.8 |
% |
11.1 |
% |
(0.7 |
)% |
|
|
(0.7 |
)% |
|
|
1.0 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Product Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Long Term Care |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax operating earnings (1) |
|
$ |
10 |
|
$ |
9 |
|
$ |
8 |
|
$ |
10 |
|
$ |
2 |
|
$ |
36 |
|
$ |
29 |
|
$ |
(8 |
) |
(80 |
)% |
$ |
(7 |
) |
(19 |
)% |
$ |
(8 |
) |
(80 |
)% |
Allocated equity |
|
$ |
648 |
|
$ |
648 |
|
$ |
657 |
|
$ |
441 |
|
$ |
435 |
|
$ |
648 |
|
$ |
435 |
|
$ |
(213 |
) |
(33 |
)% |
$ |
(213 |
) |
(33 |
)% |
$ |
(6 |
) |
(1 |
)% |
Operating return on allocated equity (1)(3) |
|
4.3 |
% |
3.7 |
% |
3.8 |
% |
4.6 |
% |
3.9 |
% |
4.3 |
% |
3.9 |
% |
(0.4 |
)% |
|
|
(0.4 |
)% |
|
|
(0.7 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Protection excluding Long Term Care |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax operating earnings (1) |
|
$ |
74 |
|
$ |
97 |
|
$ |
79 |
|
$ |
55 |
|
$ |
107 |
|
$ |
366 |
|
$ |
338 |
|
$ |
33 |
|
45 |
% |
$ |
(28 |
) |
(8 |
)% |
$ |
52 |
|
95 |
% |
Allocated equity |
|
$ |
1,948 |
|
$ |
1,946 |
|
$ |
1,898 |
|
$ |
1,897 |
|
$ |
1,912 |
|
$ |
1,948 |
|
$ |
1,912 |
|
$ |
(36 |
) |
(2 |
)% |
$ |
(36 |
) |
(2 |
)% |
$ |
15 |
|
1 |
% |
Operating return on allocated equity (1)(3) |
|
14.2 |
% |
13.9 |
% |
11.8 |
% |
11.9 |
% |
13.2 |
% |
14.2 |
% |
13.2 |
% |
(1.0 |
)% |
|
|
(1.0 |
)% |
|
|
1.3 |
% |
|
|
(1) See non-GAAP financial information on pg 36.
(2) Calculated using net income subject to the quarterly effective tax rate excluding CIEs for the last four quarters in the numerator and the average allocated equity as of the last day of the trailing four quarters and current quarter in the denominator.
(3) Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated equity as of the last day of the trailing four quarters and current quarter in the denominator.
Ameriprise Financial, Inc.
Protection Segment
Fourth Quarter 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 4Q |
|
YTD Chg - 4Q |
|
Seq Qtr Chg - 4Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
4 Qtr 2010 |
|
1 Qtr 2011 |
|
2 Qtr 2011 |
|
3 Qtr 2011 |
|
4 Qtr 2011 |
|
2010 |
|
2011 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
Cash Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
VUL / UL (1) |
|
$ |
54 |
|
$ |
37 |
|
$ |
48 |
|
$ |
46 |
|
$ |
51 |
|
$ |
221 |
|
$ |
182 |
|
$ |
(3 |
) |
(6 |
)% |
$ |
(39 |
) |
(18 |
)% |
$ |
5 |
|
11 |
% |
Term and whole life |
|
3 |
|
3 |
|
2 |
|
3 |
|
2 |
|
13 |
|
10 |
|
(1 |
) |
(33 |
)% |
(3 |
) |
(23 |
)% |
(1 |
) |
(33 |
)% | ||||||||||
Disability insurance |
|
1 |
|
1 |
|
2 |
|
2 |
|
1 |
|
6 |
|
6 |
|
|
|
|
|
|
|
|
|
(1 |
) |
(50 |
)% | ||||||||||
Auto and home |
|
174 |
|
185 |
|
186 |
|
199 |
|
186 |
|
716 |
|
756 |
|
12 |
|
7 |
% |
40 |
|
6 |
% |
(13 |
) |
(7 |
)% | ||||||||||
Total cash sales |
|
$ |
232 |
|
$ |
226 |
|
$ |
238 |
|
$ |
250 |
|
$ |
240 |
|
$ |
956 |
|
$ |
954 |
|
$ |
8 |
|
3 |
% |
$ |
(2 |
) |
|
|
$ |
(10 |
) |
(4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
VUL / UL Policyholder Account Balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Beginning balance |
|
$ |
9,079 |
|
$ |
9,492 |
|
$ |
9,698 |
|
$ |
9,694 |
|
$ |
8,862 |
|
$ |
8,803 |
|
$ |
9,492 |
|
$ |
(217 |
) |
(2 |
)% |
$ |
689 |
|
8 |
% |
$ |
(832 |
) |
(9 |
)% |
Premiums and deposits |
|
241 |
|
225 |
|
225 |
|
221 |
|
231 |
|
936 |
|
902 |
|
(10 |
) |
(4 |
)% |
(34 |
) |
(4 |
)% |
10 |
|
5 |
% | ||||||||||
Investment performance and interest |
|
457 |
|
269 |
|
43 |
|
(784 |
) |
393 |
|
861 |
|
(79 |
) |
(64 |
) |
(14 |
)% |
(940 |
) |
|
# |
1,177 |
|
|
# | ||||||||||
Withdrawals and surrenders |
|
(286 |
) |
(288 |
) |
(272 |
) |
(270 |
) |
(269 |
) |
(1,109 |
) |
(1,099 |
) |
17 |
|
6 |
% |
10 |
|
1 |
% |
1 |
|
|
| ||||||||||
Other |
|
1 |
|
|
|
|
|
1 |
|
(1 |
) |
1 |
|
|
|
(2 |
) |
|
# |
(1 |
) |
|
# |
(2 |
) |
|
# | ||||||||||
Total ending balance |
|
$ |
9,492 |
|
$ |
9,698 |
|
$ |
9,694 |
|
$ |
8,862 |
|
$ |
9,216 |
|
$ |
9,492 |
|
$ |
9,216 |
|
$ |
(276 |
) |
(3 |
)% |
$ |
(276 |
) |
(3 |
)% |
$ |
354 |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Premiums by Product |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Term and whole life |
|
$ |
13 |
|
$ |
13 |
|
$ |
14 |
|
$ |
13 |
|
$ |
13 |
|
$ |
54 |
|
$ |
53 |
|
$ |
|
|
|
|
$ |
(1 |
) |
(2 |
)% |
$ |
|
|
|
|
Disability insurance |
|
40 |
|
40 |
|
41 |
|
41 |
|
40 |
|
165 |
|
162 |
|
|
|
|
|
(3 |
) |
(2 |
)% |
(1 |
) |
(2 |
)% | ||||||||||
Long term care |
|
31 |
|
29 |
|
29 |
|
29 |
|
31 |
|
120 |
|
118 |
|
|
|
|
|
(2 |
) |
(2 |
)% |
2 |
|
7 |
% | ||||||||||
Auto and home |
|
177 |
|
175 |
|
180 |
|
184 |
|
188 |
|
690 |
|
727 |
|
11 |
|
6 |
% |
37 |
|
5 |
% |
4 |
|
2 |
% | ||||||||||
Intercompany premiums |
|
5 |
|
5 |
|
3 |
|
4 |
|
4 |
|
18 |
|
16 |
|
(1 |
) |
(20 |
)% |
(2 |
) |
(11 |
)% |
|
|
|
| ||||||||||
Total premiums by product |
|
$ |
266 |
|
$ |
262 |
|
$ |
267 |
|
$ |
271 |
|
$ |
276 |
|
$ |
1,047 |
|
$ |
1,076 |
|
$ |
10 |
|
4 |
% |
$ |
29 |
|
3 |
% |
$ |
5 |
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Auto and Home Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Policy count (thousands) |
|
650 |
|
664 |
|
677 |
|
687 |
|
696 |
|
650 |
|
696 |
|
46 |
|
7 |
% |
46 |
|
7 |
% |
9 |
|
1 |
% | ||||||||||
Loss ratio |
|
96.5 |
% |
85.6 |
% |
90.9 |
% |
94.5 |
% |
81.7 |
% |
84.6 |
% |
88.1 |
% |
(14.8 |
)% |
|
|
3.5 |
% |
|
|
(12.8 |
)% |
|
| ||||||||||
Expense ratio |
|
16.3 |
% |
15.4 |
% |
15.3 |
% |
15.5 |
% |
16.4 |
% |
15.4 |
% |
15.7 |
% |
0.1 |
% |
|
|
0.3 |
% |
|
|
0.9 |
% |
|
| ||||||||||
Combined ratio |
|
112.8 |
% |
101.0 |
% |
106.2 |
% |
110.0 |
% |
98.1 |
% |
100.0 |
% |
103.8 |
% |
(14.7 |
)% |
|
|
3.8 |
% |
|
|
(11.9 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
DAC Rollforward |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Life and Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Beginning balance |
|
$ |
1,787 |
|
$ |
1,813 |
|
$ |
1,811 |
|
$ |
1,791 |
|
$ |
1,746 |
|
$ |
1,852 |
|
$ |
1,813 |
|
$ |
(41 |
) |
(2 |
)% |
$ |
(39 |
) |
(2 |
)% |
$ |
(45 |
) |
(3 |
)% |
Capitalization |
|
32 |
|
27 |
|
28 |
|
29 |
|
28 |
|
119 |
|
112 |
|
(4 |
) |
(13 |
)% |
(7 |
) |
(6 |
)% |
(1 |
) |
(3 |
)% | ||||||||||
Amortization per income statement |
|
(36 |
) |
(34 |
) |
(35 |
) |
(38 |
) |
(34 |
) |
(129 |
) |
(141 |
) |
2 |
|
6 |
% |
(12 |
) |
(9 |
)% |
4 |
|
11 |
% | ||||||||||
Other |
|
30 |
|
5 |
|
(13 |
) |
(36 |
) |
|
|
(29 |
) |
(44 |
) |
(30 |
) |
|
# |
(15 |
) |
(52 |
)% |
36 |
|
|
# | ||||||||||
Total ending balance |
|
$ |
1,813 |
|
$ |
1,811 |
|
$ |
1,791 |
|
$ |
1,746 |
|
$ |
1,740 |
|
$ |
1,813 |
|
$ |
1,740 |
|
$ |
(73 |
) |
(4 |
)% |
$ |
(73 |
) |
(4 |
)% |
$ |
(6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Life Insurance in Force |
|
$ |
191,819 |
|
$ |
191,657 |
|
$ |
191,823 |
|
$ |
191,429 |
|
$ |
191,262 |
|
$ |
191,819 |
|
$ |
191,262 |
|
$ |
(557 |
) |
|
|
$ |
(557 |
) |
|
|
$ |
(167 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net Amount at Risk |
|
$ |
48,335 |
|
$ |
47,583 |
|
$ |
46,883 |
|
$ |
46,758 |
|
$ |
45,544 |
|
$ |
48,335 |
|
$ |
45,544 |
|
$ |
(2,791 |
) |
(6 |
)% |
$ |
(2,791 |
) |
(6 |
)% |
$ |
(1,214 |
) |
(3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net Policyholder Reserves |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
VUL / UL |
|
$ |
8,517 |
|
$ |
8,737 |
|
$ |
8,744 |
|
$ |
7,928 |
|
$ |
8,290 |
|
$ |
8,517 |
|
$ |
8,290 |
|
$ |
(227 |
) |
(3 |
)% |
$ |
(227 |
) |
(3 |
)% |
$ |
362 |
|
5 |
% |
Term and whole life |
|
235 |
|
234 |
|
235 |
|
236 |
|
237 |
|
235 |
|
237 |
|
2 |
|
1 |
% |
2 |
|
1 |
% |
1 |
|
|
| ||||||||||
Disability insurance |
|
504 |
|
511 |
|
517 |
|
519 |
|
521 |
|
504 |
|
521 |
|
17 |
|
3 |
% |
17 |
|
3 |
% |
2 |
|
|
| ||||||||||
Long term care and other |
|
2,514 |
|
2,524 |
|
2,538 |
|
2,548 |
|
2,569 |
|
2,514 |
|
2,569 |
|
55 |
|
2 |
% |
55 |
|
2 |
% |
21 |
|
1 |
% | ||||||||||
Auto and home loss and LAE reserves |
|
328 |
|
328 |
|
338 |
|
350 |
|
350 |
|
328 |
|
350 |
|
22 |
|
7 |
% |
22 |
|
7 |
% |
|
|
|
| ||||||||||
Total net policyholder reserves |
|
$ |
12,098 |
|
$ |
12,334 |
|
$ |
12,372 |
|
$ |
11,581 |
|
$ |
11,967 |
|
$ |
12,098 |
|
$ |
11,967 |
|
$ |
(131 |
) |
(1 |
)% |
$ |
(131 |
) |
(1 |
)% |
$ |
386 |
|
3 |
% |
(1) Includes lump sum deposits.
# Variance of greater than 100%.
Ameriprise Financial, Inc.
Corporate & Other Segment
Fourth Quarter 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 4Q |
|
YTD Chg - 4Q |
|
Seq Qtr Chg - 4Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
4 Qtr 2010 |
|
1 Qtr 2011 |
|
2 Qtr 2011 |
|
3 Qtr 2011 |
|
4 Qtr 2011 |
|
2010 |
|
2011 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
Operating Income Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Management and financial advice fees |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
(1 |
) |
$ |
|
|
$ |
(1 |
) |
$ |
(1 |
) |
|
|
$ |
(1 |
) |
|
|
$ |
(1 |
) |
|
|
Distribution fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net investment income |
|
(7 |
) |
(7 |
) |
(6 |
) |
(7 |
) |
(7 |
) |
(21 |
) |
(27 |
) |
|
|
|
|
(6 |
) |
(29 |
)% |
|
|
|
| ||||||||||
Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Other revenues |
|
1 |
|
1 |
|
28 |
|
|
|
1 |
|
28 |
|
30 |
|
|
|
|
|
2 |
|
7 |
% |
1 |
|
|
| ||||||||||
Total revenues |
|
(6 |
) |
(6 |
) |
22 |
|
(7 |
) |
(7 |
) |
7 |
|
2 |
|
(1 |
) |
(17 |
)% |
(5 |
) |
(71 |
)% |
|
|
|
| ||||||||||
Banking and deposit interest expense |
|
|
|
|
|
|
|
|
|
(1 |
) |
3 |
|
(1 |
) |
(1 |
) |
|
|
(4 |
) |
|
# |
(1 |
) |
|
| ||||||||||
Operating total net revenues (1) |
|
(6 |
) |
(6 |
) |
22 |
|
(7 |
) |
(6 |
) |
4 |
|
3 |
|
|
|
|
|
(1 |
) |
(25 |
)% |
1 |
|
14 |
% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Distribution expenses |
|
1 |
|
|
|
1 |
|
|
|
|
|
1 |
|
1 |
|
(1 |
) |
|
# |
|
|
|
|
|
|
|
| ||||||||||
Interest credited to fixed accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Benefits, claims, losses and settlement expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Amortization of deferred acquisition costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Interest and debt expense |
|
27 |
|
25 |
|
24 |
|
23 |
|
23 |
|
107 |
|
95 |
|
(4 |
) |
(15 |
)% |
(12 |
) |
(11 |
)% |
|
|
|
| ||||||||||
General and administrative expense |
|
34 |
|
34 |
|
38 |
|
30 |
|
46 |
|
120 |
|
148 |
|
12 |
|
35 |
% |
28 |
|
23 |
% |
16 |
|
53 |
% | ||||||||||
Operating expenses (1) |
|
62 |
|
59 |
|
63 |
|
53 |
|
69 |
|
228 |
|
244 |
|
7 |
|
11 |
% |
16 |
|
7 |
% |
16 |
|
30 |
% | ||||||||||
Pretax operating loss (1) |
|
$ |
(68 |
) |
$ |
(65 |
) |
$ |
(41 |
) |
$ |
(60 |
) |
$ |
(75 |
) |
$ |
(224 |
) |
$ |
(241 |
) |
$ |
(7 |
) |
(10 |
)% |
$ |
(17 |
) |
(8 |
)% |
$ |
(15 |
) |
(25 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax segment loss |
|
$ |
(83 |
) |
$ |
(81 |
) |
$ |
(67 |
) |
$ |
(164 |
) |
$ |
(31 |
) |
$ |
(51 |
) |
$ |
(343 |
) |
$ |
52 |
|
63 |
% |
$ |
(292 |
) |
|
# |
$ |
133 |
|
81 |
% |
Pretax segment loss attributable to Ameriprise Financial |
|
$ |
(57 |
) |
$ |
(63 |
) |
$ |
(39 |
) |
$ |
(59 |
) |
$ |
(76 |
) |
$ |
(214 |
) |
$ |
(237 |
) |
$ |
(19 |
) |
(33 |
)% |
$ |
(23 |
) |
(11 |
)% |
$ |
(17 |
) |
(29 |
)% |
(1) See non-GAAP financial information on pg 36.
# Variance of greater than 100%.
Ameriprise Financial, Inc.
Eliminations (1)
Fourth Quarter 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 4Q |
|
YTD Chg - 4Q |
|
Seq Qtr Chg - 4Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
4 Qtr 2010 |
|
1 Qtr 2011 |
|
2 Qtr 2011 |
|
3 Qtr 2011 |
|
4 Qtr 2011 |
|
2010 |
|
2011 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
Operating Income Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Management and financial advice fees |
|
$ |
(33 |
) |
$ |
(28 |
) |
$ |
(29 |
) |
$ |
(29 |
) |
$ |
(29 |
) |
$ |
(127 |
) |
$ |
(115 |
) |
$ |
4 |
|
12 |
% |
$ |
12 |
|
9 |
% |
$ |
|
|
|
|
Distribution fees |
|
(274 |
) |
(278 |
) |
(294 |
) |
(284 |
) |
(277 |
) |
(987 |
) |
(1,133 |
) |
(3 |
) |
(1 |
)% |
(146 |
) |
(15 |
)% |
7 |
|
2 |
% | ||||||||||
Net investment income |
|
(1 |
) |
|
|
|
|
(1 |
) |
|
|
(1 |
) |
(1 |
) |
1 |
|
|
# |
|
|
|
|
1 |
|
|
# | ||||||||||
Premiums |
|
(5 |
) |
(4 |
) |
(4 |
) |
(4 |
) |
(5 |
) |
(18 |
) |
(17 |
) |
|
|
|
|
1 |
|
6 |
% |
(1 |
) |
(25 |
)% | ||||||||||
Other revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total revenues |
|
(313 |
) |
(310 |
) |
(327 |
) |
(318 |
) |
(311 |
) |
(1,133 |
) |
(1,266 |
) |
2 |
|
1 |
% |
(133 |
) |
(12 |
)% |
7 |
|
2 |
% | ||||||||||
Banking and deposit interest expense |
|
(1 |
) |
(1 |
) |
|
|
(1 |
) |
(2 |
) |
(2 |
) |
(4 |
) |
(1 |
) |
|
# |
(2 |
) |
|
# |
(1 |
) |
|
# | ||||||||||
Operating total net revenues (2) |
|
(312 |
) |
(309 |
) |
(327 |
) |
(317 |
) |
(309 |
) |
(1,131 |
) |
(1,262 |
) |
3 |
|
1 |
% |
(131 |
) |
(12 |
)% |
8 |
|
3 |
% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Distribution expenses |
|
(256 |
) |
(262 |
) |
(283 |
) |
(273 |
) |
(262 |
) |
(924 |
) |
(1,080 |
) |
(6 |
) |
(2 |
)% |
(156 |
) |
(17 |
)% |
11 |
|
4 |
% | ||||||||||
Interest credited to fixed accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Benefits, claims, losses and settlement expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Amortization of deferred acquisition costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Interest and debt expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
General and administrative expense |
|
(56 |
) |
(47 |
) |
(44 |
) |
(44 |
) |
(47 |
) |
(207 |
) |
(182 |
) |
9 |
|
16 |
% |
25 |
|
12 |
% |
(3 |
) |
(7 |
)% | ||||||||||
Operating expenses (2) |
|
(312 |
) |
(309 |
) |
(327 |
) |
(317 |
) |
(309 |
) |
(1,131 |
) |
(1,262 |
) |
3 |
|
1 |
% |
(131 |
) |
(12 |
)% |
8 |
|
3 |
% | ||||||||||
Pretax operating earnings (2) |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
$ |
|
|
|
|
$ |
|
|
|
|
(1) The majority of the amounts represent the impact of inter-segment transfer pricing for both revenues and expenses.
(2) See non-GAAP financial information on pg 36.
# Variance of greater than 100%.
Statistical Supplement Package
(unaudited)
Fourth Quarter 2011
Balance Sheet and Ratings Information
Ameriprise Financial, Inc.
Consolidated Balance Sheets
Fourth Quarter 2011
(in millions, unaudited) |
|
December 31, 2010 |
|
March 31, 2011 |
|
June 30, 2011 |
|
September 30, 2011 |
|
December 31, 2011 |
| |||||
Assets |
|
|
|
|
|
|
|
|
|
|
| |||||
Ameriprise Financial |
|
|
|
|
|
|
|
|
|
|
| |||||
Cash and cash equivalents |
|
$ |
2,838 |
|
$ |
2,437 |
|
$ |
2,528 |
|
$ |
2,664 |
|
$ |
2,781 |
|
Investments (1) |
|
36,755 |
|
37,159 |
|
37,650 |
|
38,295 |
|
38,775 |
| |||||
Separate account assets |
|
68,330 |
|
70,260 |
|
70,763 |
|
63,237 |
|
66,780 |
| |||||
Receivables |
|
4,849 |
|
5,036 |
|
5,239 |
|
5,313 |
|
5,559 |
| |||||
Deferred acquisition costs |
|
4,619 |
|
4,638 |
|
4,582 |
|
4,324 |
|
4,402 |
| |||||
Restricted and segregated cash and investments (1) |
|
1,814 |
|
1,770 |
|
1,775 |
|
1,673 |
|
1,793 |
| |||||
Other assets |
|
4,965 |
|
5,106 |
|
5,341 |
|
7,898 |
|
7,468 |
| |||||
Assets held for sale |
|
173 |
|
166 |
|
162 |
|
165 |
|
|
| |||||
Total Ameriprise Financial assets |
|
124,343 |
|
126,572 |
|
128,040 |
|
123,569 |
|
127,558 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consolidated Investment Entities |
|
|
|
|
|
|
|
|
|
|
| |||||
Cash and cash equivalents |
|
472 |
|
906 |
|
479 |
|
429 |
|
470 |
| |||||
Investments |
|
5,444 |
|
5,363 |
|
5,416 |
|
5,160 |
|
4,789 |
| |||||
Receivables |
|
60 |
|
84 |
|
96 |
|
51 |
|
59 |
| |||||
Other assets |
|
895 |
|
920 |
|
1,107 |
|
1,171 |
|
1,110 |
| |||||
Total Consolidated Investment Entities assets |
|
6,871 |
|
7,273 |
|
7,098 |
|
6,811 |
|
6,428 |
| |||||
Total Assets |
|
$ |
131,214 |
|
$ |
133,845 |
|
$ |
135,138 |
|
$ |
130,380 |
|
$ |
133,986 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
| |||||
Ameriprise Financial |
|
|
|
|
|
|
|
|
|
|
| |||||
Future policy benefits and claims |
|
$ |
30,208 |
|
$ |
29,817 |
|
$ |
30,002 |
|
$ |
31,644 |
|
$ |
31,723 |
|
Separate account liabilities |
|
68,330 |
|
70,260 |
|
70,763 |
|
63,237 |
|
66,780 |
| |||||
Customer deposits |
|
8,779 |
|
8,911 |
|
9,430 |
|
9,624 |
|
9,850 |
| |||||
Short-term borrowings |
|
397 |
|
497 |
|
505 |
|
504 |
|
504 |
| |||||
Long-term debt |
|
2,317 |
|
2,298 |
|
2,332 |
|
2,404 |
|
2,393 |
| |||||
Accounts payable and accrued expenses |
|
1,112 |
|
861 |
|
1,045 |
|
1,005 |
|
1,048 |
| |||||
Other liabilities |
|
2,983 |
|
3,729 |
|
3,724 |
|
5,199 |
|
5,370 |
| |||||
Liabilities held for sale |
|
79 |
|
190 |
|
190 |
|
60 |
|
|
| |||||
Total Ameriprise Financial liabilities |
|
114,205 |
|
116,563 |
|
117,991 |
|
113,677 |
|
117,668 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consolidated Investment Entities |
|
|
|
|
|
|
|
|
|
|
| |||||
Debt |
|
5,535 |
|
5,712 |
|
5,702 |
|
5,529 |
|
5,178 |
| |||||
Accounts payable and accrued expenses |
|
22 |
|
22 |
|
27 |
|
25 |
|
17 |
| |||||
Other liabilities |
|
167 |
|
359 |
|
190 |
|
162 |
|
100 |
| |||||
Total Consolidated Investment Entities liabilities |
|
5,724 |
|
6,093 |
|
5,919 |
|
5,716 |
|
5,295 |
| |||||
Total Liabilities |
|
119,929 |
|
122,656 |
|
123,910 |
|
119,393 |
|
122,963 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Shareholders Equity |
|
|
|
|
|
|
|
|
|
|
| |||||
Ameriprise Financial |
|
|
|
|
|
|
|
|
|
|
| |||||
Common shares ($.01 par) |
|
3 |
|
3 |
|
3 |
|
3 |
|
3 |
| |||||
Additional paid-in capital |
|
6,029 |
|
6,043 |
|
6,108 |
|
6,182 |
|
6,237 |
| |||||
Retained earnings |
|
6,190 |
|
6,385 |
|
6,629 |
|
6,842 |
|
7,045 |
| |||||
Appropriated retained earnings of consolidated investment entities |
|
558 |
|
530 |
|
494 |
|
380 |
|
428 |
| |||||
Treasury stock |
|
(2,620 |
) |
(2,952 |
) |
(3,319 |
) |
(3,772 |
) |
(4,034 |
) | |||||
Accumulated other comprehensive income, net of tax |
|
565 |
|
542 |
|
633 |
|
636 |
|
638 |
| |||||
Total Ameriprise Financial shareholders equity |
|
10,725 |
|
10,551 |
|
10,548 |
|
10,271 |
|
10,317 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Noncontrolling interests |
|
560 |
|
638 |
|
680 |
|
716 |
|
706 |
| |||||
Total Equity |
|
11,285 |
|
11,189 |
|
11,228 |
|
10,987 |
|
11,023 |
| |||||
Total Liabilities and Shareholders Equity |
|
$ |
131,214 |
|
$ |
133,845 |
|
$ |
135,138 |
|
$ |
130,380 |
|
$ |
133,986 |
|
(1) In the fourth quarter of 2011, segregated investments of Ameriprise's broker dealer subsidiaries were reclassified from Investments to Restricted and Segregated Cash and Investments. All prior periods have been restated.
Ameriprise Financial, Inc.
Capital and Ratings Information
Fourth Quarter 2011
(in millions unless otherwise noted, unaudited) |
|
December 31, 2010 |
|
March 31, 2011 |
|
June 30, 2011 |
|
September 30, 2011 |
|
December 31, 2011 |
| |||||
Long-term Debt Summary |
|
|
|
|
|
|
|
|
|
|
| |||||
Senior notes |
|
$ |
2,003 |
|
$ |
1,990 |
|
$ |
2,024 |
|
$ |
2,098 |
|
$ |
2,099 |
|
Junior subordinated notes |
|
308 |
|
308 |
|
308 |
|
306 |
|
294 |
| |||||
Non-recourse debt for inverse floaters |
|
6 |
|
|
|
|
|
|
|
|
| |||||
Total Ameriprise Financial long-term debt |
|
2,317 |
|
2,298 |
|
2,332 |
|
2,404 |
|
2,393 |
| |||||
Non-recourse debt of consolidated investment entities |
|
5,535 |
|
5,712 |
|
5,702 |
|
5,529 |
|
5,178 |
| |||||
Total long-term debt |
|
$ |
7,852 |
|
$ |
8,010 |
|
$ |
8,034 |
|
$ |
7,933 |
|
$ |
7,571 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Ameriprise Financial long-term debt |
|
$ |
2,317 |
|
$ |
2,298 |
|
$ |
2,332 |
|
$ |
2,404 |
|
$ |
2,393 |
|
Total non-recourse debt for inverse floaters |
|
(6 |
) |
|
|
|
|
|
|
|
| |||||
Fair value of hedges and unamortized discount |
|
(53 |
) |
(40 |
) |
(74 |
) |
(148 |
) |
(149 |
) | |||||
Total Ameriprise Financial long-term debt excluding non-recourse debt for inverse floaters, fair value of hedges and unamortized discount (1) |
|
$ |
2,258 |
|
$ |
2,258 |
|
$ |
2,258 |
|
$ |
2,256 |
|
$ |
2,244 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total equity (3) |
|
$ |
11,285 |
|
$ |
11,189 |
|
$ |
11,228 |
|
$ |
10,987 |
|
$ |
11,023 |
|
Noncontrolling interests |
|
(560 |
) |
(638 |
) |
(680 |
) |
(716 |
) |
(706 |
) | |||||
Total Ameriprise Financial shareholders equity |
|
10,725 |
|
10,551 |
|
10,548 |
|
10,271 |
|
10,317 |
| |||||
Assets and liabilities held for sale |
|
(94 |
) |
24 |
|
28 |
|
(105 |
) |
|
| |||||
Equity of consolidated investment entities |
|
(529 |
) |
(501 |
) |
(464 |
) |
(347 |
) |
(402 |
) | |||||
Total Ameriprise Financial shareholders equity from continuing operations excluding CIEs (1) |
|
$ |
10,102 |
|
$ |
10,074 |
|
$ |
10,112 |
|
$ |
9,819 |
|
$ |
9,915 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Ameriprise Financial capital |
|
$ |
13,042 |
|
$ |
12,849 |
|
$ |
12,880 |
|
$ |
12,675 |
|
$ |
12,710 |
|
Total Ameriprise Financial capital from continuing operations excluding fair value of hedges, unamortized discount, non-recourse debt for inverse floaters and equity of CIEs (1) |
|
$ |
12,360 |
|
$ |
12,332 |
|
$ |
12,370 |
|
$ |
12,075 |
|
$ |
12,159 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Debt to capital |
|
|
|
|
|
|
|
|
|
|
| |||||
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital |
|
17.8 |
% |
17.9 |
% |
18.1 |
% |
19.0 |
% |
18.8 |
% | |||||
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital from continuing operations excluding fair value of hedges, unamortized discount, non-recourse debt for inverse floaters and equity of CIEs (1) |
|
18.3 |
% |
18.3 |
% |
18.3 |
% |
18.7 |
% |
18.5 |
% |
Ratings (as of December 31, 2011 earnings release date) |
|
A.M. Best |
|
Standard & Poors Rating |
|
Moodys Investors |
|
Fitch Ratings |
|
Claims Paying Ratings (2) |
|
|
|
|
|
|
|
|
|
RiverSource Life Insurance Company |
|
A+ |
|
AA- |
|
Aa3 |
|
AA- |
|
IDS Property Casualty Ins. Company |
|
A |
|
N/R |
|
N/R |
|
N/R |
|
|
|
|
|
|
|
|
|
|
|
Debt Ratings (2) |
|
|
|
|
|
|
|
|
|
Ameriprise Financial, Inc. |
|
a- |
|
A |
|
A3 |
|
A- |
|
(1) See non-GAAP financial information on pg 36.
(2) For the most current ratings information, please see the individual rating agency's website.
(3) Includes accumulated other comprehensive income, net of tax.
N/R - Not Rated.
Ameriprise Financial, Inc.
Ameriprise Financial Investments (1)
Fourth Quarter 2011
(in millions unless otherwise noted, unaudited) |
|
December 31, 2010 |
|
March 31, 2011 |
|
June 30, 2011 |
|
September 30, 2011 |
|
December 31, 2011 |
| |||||
Cash and cash equivalents |
|
$ |
2,838 |
|
$ |
2,437 |
|
$ |
2,528 |
|
$ |
2,664 |
|
$ |
2,781 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Investments - Ending Balances |
|
|
|
|
|
|
|
|
|
|
| |||||
Available-for-Sale Securities |
|
|
|
|
|
|
|
|
|
|
| |||||
Corporate debt securities |
|
16,606 |
|
16,676 |
|
16,634 |
|
17,343 |
|
18,040 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Residential mortgage backed securities |
|
7,258 |
|
7,562 |
|
7,712 |
|
7,433 |
|
7,396 |
| |||||
Commercial mortgage backed securities |
|
4,868 |
|
4,702 |
|
4,735 |
|
4,885 |
|
4,719 |
| |||||
Asset backed securities |
|
2,020 |
|
2,015 |
|
2,063 |
|
2,034 |
|
1,985 |
| |||||
Total mortgage and other asset backed securities |
|
14,146 |
|
14,279 |
|
14,510 |
|
14,352 |
|
14,100 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Other structured investments |
|
|
|
|
|
|
|
|
|
|
| |||||
State and municipal obligations |
|
1,582 |
|
1,836 |
|
1,957 |
|
2,083 |
|
2,130 |
| |||||
US government and agencies obligations |
|
143 |
|
93 |
|
94 |
|
73 |
|
71 |
| |||||
Foreign government bonds and obligations |
|
108 |
|
108 |
|
124 |
|
127 |
|
144 |
| |||||
Common and preferred stocks |
|
10 |
|
10 |
|
10 |
|
8 |
|
9 |
| |||||
Other AFS |
|
24 |
|
28 |
|
19 |
|
26 |
|
11 |
| |||||
Total other |
|
1,867 |
|
2,075 |
|
2,204 |
|
2,317 |
|
2,365 |
| |||||
Total available-for-sale securities |
|
32,619 |
|
33,030 |
|
33,348 |
|
34,012 |
|
34,505 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Commercial mortgage loans |
|
2,615 |
|
2,582 |
|
2,560 |
|
2,555 |
|
2,624 |
| |||||
Allowance for loan losses |
|
(38 |
) |
(36 |
) |
(36 |
) |
(35 |
) |
(35 |
) | |||||
Commercial mortgage loans, net |
|
2,577 |
|
2,546 |
|
2,524 |
|
2,520 |
|
2,589 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Policy loans |
|
733 |
|
731 |
|
736 |
|
741 |
|
742 |
| |||||
Other investments (2) |
|
826 |
|
852 |
|
1,042 |
|
1,022 |
|
939 |
| |||||
Total investments |
|
36,755 |
|
37,159 |
|
37,650 |
|
38,295 |
|
38,775 |
| |||||
Total cash, cash equivalents and investments |
|
$ |
39,593 |
|
$ |
39,596 |
|
$ |
40,178 |
|
$ |
40,959 |
|
$ |
41,556 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net unrealized gain Available-for-Sale Securities |
|
$ |
1,486 |
|
$ |
1,391 |
|
$ |
1,673 |
|
$ |
2,006 |
|
$ |
2,058 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
AFS Fixed Maturity Asset Quality - % |
|
|
|
|
|
|
|
|
|
|
| |||||
AAA |
|
39 |
% |
39 |
% |
39 |
% |
37 |
% |
35 |
% | |||||
AA |
|
6 |
% |
6 |
% |
6 |
% |
6 |
% |
6 |
% | |||||
AFS securities AA and above |
|
45 |
% |
45 |
% |
45 |
% |
43 |
% |
41 |
% | |||||
A |
|
14 |
% |
14 |
% |
15 |
% |
16 |
% |
16 |
% | |||||
BBB |
|
35 |
% |
36 |
% |
35 |
% |
36 |
% |
38 |
% | |||||
Below investment grade |
|
6 |
% |
5 |
% |
5 |
% |
5 |
% |
5 |
% | |||||
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 |
|
5 |
% |
5 |
% |
5 |
% |
5 |
% |
5 |
% |
(1) Investments excluding investments of CIEs.
(2) In the fourth quarter of 2011, segregated investments of Ameriprises broker dealer subsidiaries were reclassified from Investments - Trading Securities to Restricted and Segregated Cash and Investments. In addition, Trading Securities were combined with Other Investments. All prior periods have been restated.
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 46 - 49.
These non-GAAP measures include:
· Adjusted net pretax operating margin;
· Adjusted operating earnings;
· Adjusted operating revenues;
· Ameriprise Financial shareholders equity from continuing operations excluding AOCI;
· Ameriprise Financial shareholders equity from continuing operations excluding CIEs;
· Ameriprise Financial shareholders equity from continuing operations excluding CIEs and AOCI;
· Basic operating earnings per share;
· Effective tax rate excluding CIEs;
· Operating earnings (loss);
· Operating earnings per diluted share;
· Operating effective tax rate;
· Operating expenses;
· Operating net investment income;
· Operating return on allocated equity;
· Operating return on equity excluding CIEs and AOCI;
· Operating total net revenues;
· Pretax operating earnings (loss);
· Pretax operating margin;
· Return on allocated equity;
· Return on equity excluding AOCI;
· Total Ameriprise Financial capital from continuing operations excluding fair value of hedges, unamortized discount, non-recourse debt for inverse floaters and equity of CIEs;
· Total Ameriprise Financial long-term debt excluding non-recourse debt for inverse floaters, fair value of hedges and unamortized discount;
· Total Ameriprise Financial long-term debt to total Ameriprise Financial capital from continuing operations excluding fair value of hedges, unamortized discount, non-recourse debt for inverse floaters 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 and banking services, primarily to retail clients through our financial advisors. Ameriprise financial advisors utilize a diversified 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 invested assets primarily from certificate and banking products. This segment earns revenues (distribution fees) for distributing non-affiliated products and earns intersegment revenues (distribution fees) for distributing 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.
Asset Management - This segment provides investment advice and investment products to retail and institutional clients. Columbia Management Investment Advisors, LLC (Columbia) predominantly provides U.S. domestic products and services and Threadneedle Asset Management Holdings Sàrl (Threadneedle) predominantly provides international investment products and services. Columbia retail products are distributed through our Advice & Wealth Management segment and also through unaffiliated third party financial institutions, including distribution through Bank of America and its affiliates. Institutional products and services are primarily sold through our institutional sales force. Threadneedle retail products are primarily distributed through third parties. Retail products include mutual 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, individually managed accounts, collateralized loan obligations, hedge funds, collective funds and property funds. Revenues in this segment are primarily earned as fees based on managed asset balances, which are impacted by both market movements and net asset flows. In addition to the products and services provided to third party clients, management teams serving our Asset Management segment provide all intercompany asset management services. The fees for all 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 variable and fixed annuity products of RiverSource Life companies to retail clients. Prior to the fourth quarter of 2010, our variable annuity products were distributed through affiliated financial advisors as well as unaffiliated advisors through third-party distribution. During the fourth quarter of 2010, we discontinued new sales of our variable annuities in non-Ameriprise channels to further strengthen the risk and return characteristics of the business. Our fixed annuity products are distributed through affiliated advisors as well as unaffiliated advisors through third-party distribution. 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 invested 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 invested 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 certain 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 offers a variety of protection products to address the protection and risk management needs of our retail clients including life, disability income and property-casualty insurance. Life and disability income products are primarily distributed through Ameriprise advisors. Our property-casualty products are sold direct, primarily through affinity relationships. We issue insurance policies through our life insurance subsidiaries and property casualty companies. 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 invested 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 the Asset Management segment for marketing support and other services provided in connection with the availability of certain 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 on corporate level assets, including excess capital held in our subsidiaries and other unallocated equity and other revenues from various investments 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 - The following is a list of items subtracted from asset management segment operating total net revenues to arrive at Adjusted Operating Revenues: operating net investment income, pass through distribution revenue, other pass through fees and subadvisory expenses.
Allocated Equity - The internal allocation of consolidated Ameriprise Financial shareholders equity, excluding accumulated other comprehensive income (loss), CIEs, and the net of assets and liabilities held for sale is based on managements best estimate of capital required by the business, and may include capital for contingencies. Equity is allocated to our operating segments for purposes of measuring segment return on allocated equity. Allocated equity does not represent insurance company risk-based capital or other regulatory capital requirements applicable to us and certain of our subsidiaries. For the Corporate & Other segment, allocated equity also includes any equity available after equity has been allocated to the operating segments. Allocated equity is not adjusted for non-operating items except for CIEs and the net of assets and liabilities held for sale.
Alternative Assets - Assets reported by the Company that include Hedge Funds and Collateralized Debt Obligations (CDO).
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 wrap accounts. These assets include those held in clients brokerage accounts. We generally record fees 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 assets for which we provide investment management services, such as the assets of the Columbia funds and Threadneedle funds, assets of institutional clients, and client assets held in wrap and personal trust 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, client assets of CIEs, and bank deposits. 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 doesnt need to result in time of sale revenue), or activity that doesnt increase assets or premiums in force, but generates fee revenue.
Consolidated Investment Entities (CIEs) - CIEs include certain property and hedge funds as well as the variable interest entities 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 costs of acquiring new protection, annuity and certain mutual fund business, principally direct sales commissions and other distribution and underwriting costs that have been deferred on the sale of annuity, life, disability income and long term care insurance and, to a lesser extent, deferred marketing and promotion expenses on auto and home insurance and deferred distribution costs on certain mutual fund products. These costs are deferred to the extent they are recoverable from future profits.
FAS 157 Valuation Impact - The portion of the market impact on variable annuity guaranteed living benefits related to liability valuation adjustments made in accordance with Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements and Disclosures (FAS 157) that management considers to be non-economic, including the impact of discounting projected benefits at a rate reflecting a current estimate of RiverSource Lifes nonperformance spread.
Life Insurance in Force - The total amount of all life insurance death benefits currently insured by our company.
Market Impact on Variable Annuity Guaranteed Living 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 associated hedge asset values and net of related impacts on DAC and DSIC amortization. This market impact includes the FAS 157 valuation 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 - Mutual or VP/VIT fund inflows less outflows.
Operating Earnings - Net income attributable to Ameriprise Financial less integration/restructuring charges, net of tax, market impact on variable annuity guaranteed living benefits, net of tax, income (loss) from discontinued operations, net of tax and realized gains, net of tax, plus realized losses, net of tax.
Operating Expenses - Total expenses less integration/restructuring charges, market impact on variable annuity guaranteed living benefits and expense from consolidated investment entities.
Operating Net Investment Income - Net investment income minus net realized gains (losses) and net investment income from consolidated investment entities.
Operating Return on Allocated Equity - Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated equity as of the last day of the trailing four quarters and current quarter in the denominator.
Operating Total Net Revenues - Total net revenues less realized gains plus realized losses less revenue from consolidated investment entities.
Pretax Operating Earnings - Pretax segment income (loss) plus or minus net realized gains (losses) plus integration/restructuring charges plus market impact on variable annuity guaranteed living benefits minus pretax income (loss) from consolidated investment entities.
Pretax Operating Margin - A ratio representing pretax operating earnings as a percentage of total operating net revenues.
Pretax Segment Income (Loss) or Pretax Income (Loss) - Income (loss) from continuing operations before income tax provision (benefit), including net income (loss) attributable to noncontrolling interests.
Pretax Segment Margin or Pretax Income (Loss) Margin - A ratio representing pretax segment income (loss) or pretax income (loss) as a percentage of total net revenues.
Return on Allocated Equity - Calculated using net income (loss) subject to the quarterly effective tax rate excluding CIEs for the last four quarters in the numerator and the average allocated equity as of the last day of the trailing four quarters and current quarter in the denominator.
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 from continuing operations excluding fair value of hedges, unamortized discount, non-recourse debt for inverse floaters 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 from continuing operations ratios excluding fair value of hedges, unamortized discount, non-recourse debt for inverse floaters and equity of consolidated investment entities.
Wrap Accounts - Wrap accounts enable our clients to purchase other securities such as mutual funds in connection with investment advisory 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 investment advisory wrap accounts. In a discretionary wrap account, an unaffiliated investment advisor or our investment management subsidiary, Columbia Management Investment Advisors, 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 an asset-based fee based on the 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
4 Qtr 2011
Excluded from Operating Earnings
|
|
Advice & Wealth |
|
Asset Management |
|
Annuities |
|
Corporate |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
Market Impact on |
|
|
|
|
| |||||||
|
|
Securities |
|
Securities |
|
Integration |
|
Securities |
|
VA Guaranteed |
|
Securities |
|
|
| |||||||
(in millions, unaudited) |
|
Gains/(Losses) (1) |
|
Gains/(Losses) (1) |
|
Charges (2) |
|
Gains/(Losses) (1) |
|
Living Benefits (3) |
|
Gains/(Losses) (1) |
|
CIEs (4) |
| |||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Management and financial advice fees |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Distribution fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net investment income |
|
(4 |
) |
1 |
|
|
|
5 |
|
|
|
(1 |
) |
112 |
| |||||||
Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Other revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
34 |
| |||||||
Total revenues |
|
(4 |
) |
1 |
|
|
|
5 |
|
|
|
(1 |
) |
146 |
| |||||||
Banking and deposit interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total net revenues |
|
(4 |
) |
1 |
|
|
|
5 |
|
|
|
(1 |
) |
146 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Distribution expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Interest credited to fixed accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Benefits, claims, losses and settlement expenses |
|
|
|
|
|
|
|
|
|
152 |
|
|
|
|
| |||||||
Amortization of deferred acquisition costs |
|
|
|
|
|
|
|
|
|
(61 |
) |
|
|
|
| |||||||
Interest and debt expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
73 |
| |||||||
General and administrative expense |
|
|
|
|
|
21 |
|
|
|
|
|
|
|
28 |
| |||||||
Total expenses |
|
|
|
|
|
21 |
|
|
|
91 |
|
|
|
101 |
| |||||||
Pretax segment income (loss) |
|
(4 |
) |
1 |
|
(21 |
) |
5 |
|
(91 |
) |
(1 |
) |
45 |
| |||||||
Less: Net income (loss) attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
45 |
| |||||||
Pretax segment gain (loss) attributable to Ameriprise Financial |
|
$ |
(4 |
) |
$ |
1 |
|
$ |
(21 |
) |
$ |
5 |
|
$ |
(91 |
) |
$ |
(1 |
) |
$ |
|
|
Included in Operating Earnings
|
|
Asset Management |
|
Annuities |
|
Protection |
| ||||||
|
|
|
|
|
|
Market |
|
Market |
| ||||
|
|
|
|
Indexed Annuity Reserve |
|
Impacts |
|
Impacts |
| ||||
(in millions, unaudited) |
|
CDO Gain (5) |
|
Adjustment (6) |
|
to DAC/DSIC (7) |
|
to DAC/DSIC (7) |
| ||||
Revenues |
|
|
|
|
|
|
|
|
| ||||
Management and financial advice fees |
|
$ |
9 |
|
$ |
|
|
$ |
|
|
$ |
|
|
Distribution fees |
|
|
|
|
|
|
|
|
| ||||
Net investment income |
|
6 |
|
|
|
|
|
|
| ||||
Premiums |
|
|
|
|
|
|
|
|
| ||||
Other revenues |
|
|
|
|
|
|
|
|
| ||||
Total revenues |
|
15 |
|
|
|
|
|
|
| ||||
Banking and deposit interest expense |
|
|
|
|
|
|
|
|
| ||||
Total net revenues |
|
15 |
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Expenses |
|
|
|
|
|
|
|
|
| ||||
Distribution expenses |
|
|
|
|
|
|
|
|
| ||||
Interest credited to fixed accounts |
|
|
|
8 |
|
|
|
|
| ||||
Benefits, claims, losses and settlement expenses |
|
|
|
|
|
(4 |
) |
|
| ||||
Amortization of deferred acquisition costs |
|
|
|
|
|
(20 |
) |
(3 |
) | ||||
Interest and debt expense |
|
|
|
|
|
|
|
|
| ||||
General and administrative expense |
|
4 |
|
|
|
|
|
|
| ||||
Total expenses |
|
4 |
|
8 |
|
(24 |
) |
(3 |
) | ||||
Pretax segment income (loss) |
|
11 |
|
(8 |
) |
24 |
|
3 |
| ||||
Less: Net income (loss) attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
| ||||
Pretax segment gain (loss) attributable to Ameriprise Financial |
|
$ |
11 |
|
$ |
(8 |
) |
$ |
24 |
|
$ |
3 |
|
(1) Pretax net realized investment gains/(losses) on Available-for-Sale securities and other securities
(2) Non-recurring integration charges related to Columbia Management acquisition
(3) Variable annuity guaranteed living benefit impacts include:
$162 million net expense related to hedged variable annuity living benefits
$71 million decrease in DAC and DSIC amortization resulting from hedged living benefits
(4) Reflects revenues and expenses of Consolidated Investment Entities
(5) Gain on liquidation of CDO
(6) Adjustment in the liability for a closed book of indexed annuities
(7) Decrease in DAC and DSIC amortization from higher than projected separate account growth
Ameriprise Financial, Inc.
Disclosed Items
3 Qtr 2011
Excluded from Operating Earnings
|
|
Advice & Wealth |
|
Asset Management |
|
Annuities |
|
Protection |
|
Corporate |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
Market Impact on |
|
|
|
|
|
|
| ||||||||
|
|
Securities |
|
Securities |
|
Integration |
|
Securities |
|
VA Guaranteed |
|
Securities |
|
Securities |
|
|
| ||||||||
(in millions, unaudited) |
|
Gains/(Losses) (1) |
|
Gains/(Losses) (1) |
|
Charges (2) |
|
Gains/(Losses) (1) |
|
Living Benefits (3)(9) |
|
Gains/(Losses) (1) |
|
Gains/(Losses) (1) |
|
CIEs (4) |
| ||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Management and financial advice fees |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Distribution fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net investment income |
|
(2 |
) |
2 |
|
|
|
(2 |
) |
|
|
(1 |
) |
1 |
|
(65 |
) | ||||||||
Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Other revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22 |
| ||||||||
Total revenues |
|
(2 |
) |
2 |
|
|
|
(2 |
) |
|
|
(1 |
) |
1 |
|
(43 |
) | ||||||||
Banking and deposit interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total net revenues |
|
(2 |
) |
2 |
|
|
|
(2 |
) |
|
|
(1 |
) |
1 |
|
(43 |
) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Distribution expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Interest credited to fixed accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Benefits, claims, losses and settlement expenses |
|
|
|
|
|
|
|
|
|
(119 |
) |
|
|
|
|
|
| ||||||||
Amortization of deferred acquisition costs |
|
|
|
|
|
|
|
|
|
63 |
|
|
|
|
|
|
| ||||||||
Interest and debt expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47 |
| ||||||||
General and administrative expense |
|
|
|
|
|
24 |
|
|
|
|
|
|
|
|
|
15 |
| ||||||||
Total expenses |
|
|
|
|
|
24 |
|
|
|
(56 |
) |
|
|
|
|
62 |
| ||||||||
Pretax segment income (loss) |
|
(2 |
) |
2 |
|
(24 |
) |
(2 |
) |
56 |
|
(1 |
) |
1 |
|
(105 |
) | ||||||||
Less: Net income (loss) attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(105 |
) | ||||||||
Pretax segment gain (loss) attributable to Ameriprise Financial |
|
$ |
(2 |
) |
$ |
2 |
|
$ |
(24 |
) |
$ |
(2 |
) |
$ |
56 |
|
$ |
(1 |
) |
$ |
1 |
|
$ |
|
|
Included in Operating Earnings
|
|
Advice & Wealth |
|
Asset Management |
|
Annuities |
|
Protection |
| ||||||||||||||||
|
|
|
|
|
|
|
|
Market |
|
Valuation |
|
Market |
|
Valuation |
|
Auto & Home |
| ||||||||
|
|
Structured Securities |
|
Threadneedle |
|
Structured Securities |
|
Impacts |
|
Assumptions & |
|
Impacts |
|
Assumptions & |
|
Catastrophe |
| ||||||||
(in millions, unaudited) |
|
Investment Income (5) |
|
Project Costs (6) |
|
Investment Income (5) |
|
to DAC/DSIC (7) |
|
Model Changes (8)(9) |
|
to DAC/DSIC (7) |
|
Model Changes (8) |
|
Losses (10) |
| ||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Management and financial advice fees |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Distribution fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net investment income |
|
6 |
|
|
|
37 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Other revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
(20 |
) |
|
| ||||||||
Total revenues |
|
6 |
|
|
|
37 |
|
|
|
|
|
|
|
(20 |
) |
|
| ||||||||
Banking and deposit interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total net revenues |
|
6 |
|
|
|
37 |
|
|
|
|
|
|
|
(20 |
) |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Distribution expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Interest credited to fixed accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Benefits, claims, losses and settlement expenses |
|
|
|
|
|
1 |
|
9 |
|
(40 |
) |
|
|
(4 |
) |
23 |
| ||||||||
Amortization of deferred acquisition costs |
|
|
|
|
|
3 |
|
49 |
|
65 |
|
7 |
|
(2 |
) |
|
| ||||||||
Interest and debt expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
General and administrative expense |
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total expenses |
|
|
|
10 |
|
4 |
|
58 |
|
25 |
|
7 |
|
(6 |
) |
23 |
| ||||||||
Pretax segment income (loss) |
|
6 |
|
(10 |
) |
33 |
|
(58 |
) |
(25 |
) |
(7 |
) |
(14 |
) |
(23 |
) | ||||||||
Less: Net income (loss) attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Pretax segment gain (loss) attributable to Ameriprise Financial |
|
$ |
6 |
|
$ |
(10 |
) |
$ |
33 |
|
$ |
(58 |
) |
$ |
(25 |
) |
$ |
(7 |
) |
$ |
(14 |
) |
$ |
(23 |
) |
(1) Pretax net realized investment gains/(losses) on Available-for-Sale securities and other securities
(2) Non-recurring integration charges related to Columbia Management acquisition
(3) Variable annuity guaranteed living benefit impacts include:
$130 million net benefit related to hedged variable annuity living benefits
$74 million increase in DAC and DSIC amortization resulting from hedged living benefits
(4) Reflects revenues and expenses of Consolidated Investment Entities
(5) Adjustment for additional bond discount amortization investment income related to prior periods resulting from revisions to the accounting classification of certain structured securities
(6) Threadneedle project implementation costs primarily related to a new transfer agency agreement
(7) Increase in DAC and DSIC amortization from lower than projected separate account growth
(8) Net pretax impact of annual review/updating of valuation assumptions and model changes
(9) $2 million expense attributable to annual review/updating of valuation assumptions and model changes is excluded from operating earnings and disclosed as part of the Market Impact on VA Guaranteed Living Benefits
(10) Catastrophe losses related to storms
Ameriprise Financial, Inc.
Disclosed Items
2 Qtr 2011
Excluded from Operating Earnings
|
|
Asset Management |
|
Annuities |
|
Protection |
|
Corporate |
| ||||||||||
|
|
|
|
|
|
Market Impact on |
|
|
|
|
|
|
| ||||||
|
|
Integration |
|
Securities |
|
VA Guaranteed |
|
Securities |
|
Securities |
|
|
| ||||||
(in millions, unaudited) |
|
Charges (2) |
|
Gains/(Losses) (1) |
|
Living Benefits (3) |
|
Gains/(Losses) (1) |
|
Gains/(Losses) (1) |
|
CIEs (4) |
| ||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Management and financial advice fees |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Distribution fees |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net investment income |
|
|
|
1 |
|
|
|
3 |
|
2 |
|
17 |
| ||||||
Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Other revenues |
|
|
|
|
|
|
|
|
|
|
|
18 |
| ||||||
Total revenues |
|
|
|
1 |
|
|
|
3 |
|
2 |
|
35 |
| ||||||
Banking and deposit interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total net revenues |
|
|
|
1 |
|
|
|
3 |
|
2 |
|
35 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Distribution expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest credited to fixed accounts |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Benefits, claims, losses and settlement expenses |
|
|
|
|
|
7 |
|
|
|
|
|
|
| ||||||
Amortization of deferred acquisition costs |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest and debt expense |
|
|
|
|
|
|
|
|
|
|
|
51 |
| ||||||
General and administrative expense |
|
21 |
|
|
|
|
|
|
|
|
|
12 |
| ||||||
Total expenses |
|
21 |
|
|
|
7 |
|
|
|
|
|
63 |
| ||||||
Pretax segment income (loss) |
|
(21 |
) |
1 |
|
(7 |
) |
3 |
|
2 |
|
(28 |
) | ||||||
Less: Net income (loss) attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
(28 |
) | ||||||
Pretax segment gain (loss) attributable to Ameriprise Financial |
|
$ |
(21 |
) |
$ |
1 |
|
$ |
(7 |
) |
$ |
3 |
|
$ |
2 |
|
$ |
|
|
Included in Operating Earnings
|
|
Asset Management |
|
Annuities |
|
Protection |
|
Corporate |
| |||||||
|
|
|
|
Market |
|
Auto & Home |
|
Auto & Home |
|
Gain on |
| |||||
|
|
Threadneedle |
|
Impacts |
|
Auto Liability |
|
Catastrophe |
|
Interest Rate |
| |||||
(in millions, unaudited) |
|
Compensation (8) |
|
to DAC/DSIC (5) |
|
Reserves (9) |
|
Losses (6) |
|
Hedge (7) |
| |||||
Revenues |
|
|
|
|
|
|
|
|
|
|
| |||||
Management and financial advice fees |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Distribution fees |
|
|
|
|
|
|
|
|
|
|
| |||||
Net investment income |
|
|
|
|
|
|
|
|
|
|
| |||||
Premiums |
|
|
|
|
|
|
|
|
|
|
| |||||
Other revenues |
|
|
|
|
|
|
|
|
|
27 |
| |||||
Total revenues |
|
|
|
|
|
|
|
|
|
27 |
| |||||
Banking and deposit interest expense |
|
|
|
|
|
|
|
|
|
|
| |||||
Total net revenues |
|
|
|
|
|
|
|
|
|
27 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Expenses |
|
|
|
|
|
|
|
|
|
|
| |||||
Distribution expenses |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest credited to fixed accounts |
|
|
|
|
|
|
|
|
|
|
| |||||
Benefits, claims, losses and settlement expenses |
|
|
|
|
|
10 |
|
15 |
|
|
| |||||
Amortization of deferred acquisition costs |
|
|
|
(3 |
) |
|
|
|
|
|
| |||||
Interest and debt expense |
|
|
|
|
|
|
|
|
|
|
| |||||
General and administrative expense |
|
7 |
|
|
|
|
|
|
|
|
| |||||
Total expenses |
|
7 |
|
(3 |
) |
10 |
|
15 |
|
|
| |||||
Pretax segment income (loss) |
|
(7 |
) |
3 |
|
(10 |
) |
(15 |
) |
27 |
| |||||
Less: Net income (loss) attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
| |||||
Pretax segment gain (loss) attributable to Ameriprise Financial |
|
$ |
(7 |
) |
$ |
3 |
|
$ |
(10 |
) |
$ |
(15 |
) |
$ |
27 |
|
(1) Pretax net realized investment gains/(losses) on Available-for-Sale securities and other securities
(2) Non-recurring integration charges related to Columbia Management acquisition
(3) Variable annuity guaranteed living benefit impacts include:
$6 million net expense related to hedged variable annuity living benefits
$1 million increase in DAC and DSIC amortization resulting from hedged living 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) Catastrophe loss related to storms in April and May
(7) Gain on interest rate hedge put in place in anticipation of issuing debt. The company did not issue debt and recognized a gain.
(8) Higher equity-based compensation at Threadneedle vs. a year ago
(9) Higher auto liability reserves reflecting elevated reserve levels based on late 2010 experience
Ameriprise Financial, Inc.
Disclosed Items
1 Qtr 2011
Excluded from Operating Earnings
|
|
Advice & Wealth |
|
Asset Management |
|
Annuities |
|
Protection |
|
Corporate |
| |||||||||||
|
|
|
|
|
|
|
|
Market Impact on |
|
|
|
|
|
|
| |||||||
|
|
Securities |
|
Integration |
|
Securities |
|
VA Guaranteed |
|
Securities |
|
Securities |
|
|
| |||||||
(in millions, unaudited) |
|
Gains/(Losses) (1) |
|
Charges (2) |
|
Gains/(Losses) (1) |
|
Living Benefits (3) |
|
Gains/(Losses) (1) |
|
Gains/(Losses) (1) |
|
CIEs (4) |
| |||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Management and financial advice fees |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Distribution fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net investment income |
|
1 |
|
|
|
(3 |
) |
|
|
1 |
|
2 |
|
27 |
| |||||||
Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Other revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
20 |
| |||||||
Total revenues |
|
1 |
|
|
|
(3 |
) |
|
|
1 |
|
2 |
|
47 |
| |||||||
Banking and deposit interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total net revenues |
|
1 |
|
|
|
(3 |
) |
|
|
1 |
|
2 |
|
47 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Distribution expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Interest credited to fixed accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Benefits, claims, losses and settlement expenses |
|
|
|
|
|
|
|
27 |
|
|
|
|
|
|
| |||||||
Amortization of deferred acquisition costs |
|
|
|
|
|
|
|
(10 |
) |
|
|
|
|
|
| |||||||
Interest and debt expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
50 |
| |||||||
General and administrative expense |
|
|
|
29 |
|
|
|
|
|
|
|
|
|
15 |
| |||||||
Total expenses |
|
|
|
29 |
|
|
|
17 |
|
|
|
|
|
65 |
| |||||||
Pretax segment income (loss) |
|
1 |
|
(29 |
) |
(3 |
) |
(17 |
) |
1 |
|
2 |
|
(18 |
) | |||||||
Less: Net income (loss) attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
(18 |
) | |||||||
Pretax segment gain (loss) attributable to Ameriprise Financial |
|
$ |
1 |
|
$ |
(29 |
) |
$ |
(3 |
) |
$ |
(17 |
) |
$ |
1 |
|
$ |
2 |
|
$ |
|
|
Included in Operating Earnings
|
|
Asset Management |
|
Annuities |
|
Protection |
| ||||||
|
|
|
|
Threadneedle |
|
Market |
|
Market |
| ||||
|
|
Threadneedle |
|
FSA Regulatory |
|
Impacts |
|
Impacts |
| ||||
(in millions, unaudited) |
|
Valuation (5) |
|
Levy (6) |
|
to DAC/DSIC (7) |
|
to DAC/DSIC (7) |
| ||||
Revenues |
|
|
|
|
|
|
|
|
| ||||
Management and financial advice fees |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Distribution fees |
|
|
|
|
|
|
|
|
| ||||
Net investment income |
|
|
|
|
|
|
|
|
| ||||
Premiums |
|
|
|
|
|
|
|
|
| ||||
Other revenues |
|
|
|
|
|
|
|
|
| ||||
Total revenues |
|
|
|
|
|
|
|
|
| ||||
Banking and deposit interest expense |
|
|
|
|
|
|
|
|
| ||||
Total net revenues |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Expenses |
|
|
|
|
|
|
|
|
| ||||
Distribution expenses |
|
|
|
|
|
|
|
|
| ||||
Interest credited to fixed accounts |
|
|
|
|
|
|
|
|
| ||||
Benefits, claims, losses and settlement expenses |
|
|
|
|
|
(3 |
) |
|
| ||||
Amortization of deferred acquisition costs |
|
|
|
|
|
(13 |
) |
(2 |
) | ||||
Interest and debt expense |
|
|
|
|
|
|
|
|
| ||||
General and administrative expense |
|
5 |
|
5 |
|
|
|
|
| ||||
Total expenses |
|
5 |
|
5 |
|
(16 |
) |
(2 |
) | ||||
Pretax segment income (loss) |
|
(5 |
) |
(5 |
) |
16 |
|
2 |
| ||||
Less: Net income (loss) attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
| ||||
Pretax segment gain (loss) attributable to Ameriprise Financial |
|
$ |
(5 |
) |
$ |
(5 |
) |
$ |
16 |
|
$ |
2 |
|
(1) Pretax net realized investment gains/(losses) on Available-for-Sale securities and other securities
(2) Non-recurring integration charges related to Columbia Management acquisition
(3) Variable annuity guaranteed living benefit impacts include:
$29 million net expense related to hedged variable annuity living benefits
$12 million decrease in DAC and DSIC amortization resulting from hedged living benefits offset
(4) Reflects revenues and expenses of Consolidated Investment Entities
(5) Impact related to Threadneedles estimated change in market valuation attributable to its employee incentive compensation program
(6) Impact related to an industry-wide Financial Services Authority levy
(7) Decrease in DAC and DSIC amortization from higher than projected separate account growth
Ameriprise Financial, Inc.
Disclosed Items
4 Qtr 2010
Excluded from Operating Earnings
|
|
Advice & Wealth |
|
Asset Management |
|
Annuities |
|
Protection |
|
Corporate |
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Market Impact on |
|
|
|
|
|
|
|
|
| |||||||||
|
|
Securities |
|
Securities |
|
Integration |
|
Securities |
|
VA Guaranteed |
|
Securities |
|
Securities |
|
Restructuring |
|
|
| |||||||||
(in millions, unaudited) |
|
Gains/(Losses) (1) |
|
Gains/(Losses) (1) |
|
Charges (2) |
|
Gains/(Losses) (1) |
|
Living Benefits (3) |
|
Gains/(Losses) (1) |
|
Gains/(Losses) (1) |
|
Charges (4) |
|
CIEs (5) |
| |||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Management and financial advice fees |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Distribution fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Net investment income |
|
1 |
|
1 |
|
|
|
3 |
|
|
|
(1 |
) |
15 |
|
|
|
24 |
| |||||||||
Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Other revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 |
| |||||||||
Total revenues |
|
1 |
|
1 |
|
|
|
3 |
|
|
|
(1 |
) |
15 |
|
|
|
37 |
| |||||||||
Banking and deposit interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total net revenues |
|
1 |
|
1 |
|
|
|
3 |
|
|
|
(1 |
) |
15 |
|
|
|
37 |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Distribution expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Interest credited to fixed accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Benefits, claims, losses and settlement expenses |
|
|
|
|
|
|
|
|
|
72 |
|
|
|
|
|
|
|
|
| |||||||||
Amortization of deferred acquisition costs |
|
|
|
|
|
|
|
|
|
(29 |
) |
|
|
|
|
|
|
|
| |||||||||
Interest and debt expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51 |
| |||||||||
General and administrative expense |
|
|
|
|
|
24 |
|
|
|
|
|
|
|
|
|
4 |
|
12 |
| |||||||||
Total expenses |
|
|
|
|
|
24 |
|
|
|
43 |
|
|
|
|
|
4 |
|
63 |
| |||||||||
Pretax segment income (loss) |
|
1 |
|
1 |
|
(24 |
) |
3 |
|
(43 |
) |
(1 |
) |
15 |
|
(4 |
) |
(26 |
) | |||||||||
Less: Net income (loss) attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(26 |
) | |||||||||
Pretax segment gain (loss) attributable to Ameriprise Financial |
|
$ |
1 |
|
$ |
1 |
|
$ |
(24 |
) |
$ |
3 |
|
$ |
(43 |
) |
$ |
(1 |
) |
$ |
15 |
|
$ |
(4 |
) |
$ |
|
|
Included in Operating Earnings
|
|
Asset |
|
Annuities |
|
Protection |
| |||||||||
|
|
Hedge Fund |
|
Market |
|
Market |
|
Auto Liability |
|
Phoenix |
| |||||
|
|
Performance |
|
Impacts |
|
Impacts |
|
Reserve |
|
Hail Storm |
| |||||
(in millions, unaudited) |
|
Fees (6) |
|
to DAC/DSIC (7) |
|
to DAC/DSIC (7) |
|
Increase (8) |
|
Expense (9) |
| |||||
Revenues |
|
|
|
|
|
|
|
|
|
|
| |||||
Management and financial advice fees |
|
$ |
* |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Distribution fees |
|
|
|
|
|
|
|
|
|
|
| |||||
Net investment income |
|
|
|
|
|
|
|
|
|
|
| |||||
Premiums |
|
|
|
|
|
|
|
|
|
|
| |||||
Other revenues |
|
|
|
|
|
|
|
|
|
|
| |||||
Total revenues |
|
|
|
|
|
|
|
|
|
|
| |||||
Banking and deposit interest expense |
|
|
|
|
|
|
|
|
|
|
| |||||
Total net revenues |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Expenses |
|
|
|
|
|
|
|
|
|
|
| |||||
Distribution expenses |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest credited to fixed accounts |
|
|
|
|
|
|
|
|
|
|
| |||||
Benefits, claims, losses and settlement expenses |
|
|
|
(3 |
) |
|
|
16 |
|
11 |
| |||||
Amortization of deferred acquisition costs |
|
|
|
(20 |
) |
(3 |
) |
|
|
|
| |||||
Interest and debt expense |
|
|
|
|
|
|
|
|
|
|
| |||||
General and administrative expense |
|
* |
|
|
|
|
|
|
|
|
| |||||
Total expenses |
|
|
|
(23 |
) |
(3 |
) |
16 |
|
11 |
| |||||
Pretax segment income (loss) |
|
22 |
|
23 |
|
3 |
|
(16 |
) |
(11 |
) | |||||
Less: Net income (loss) attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
| |||||
Pretax segment gain (loss) attributable to Ameriprise Financial |
|
$ |
22 |
|
$ |
23 |
|
$ |
3 |
|
$ |
(16 |
) |
$ |
(11 |
) |
(1) Pretax net realized investment gains/(losses) on Available-for-Sale securities and other securities
(2) Non-recurring integration charges related to Columbia Management acquisition
(3) Variable annuity guaranteed living benefit impacts include:
$78 million net expense related to hedged variable annuity living benefits
$35 million decrease in DAC and DSIC amortization resulting from hedged living benefits offset
(4) Severance and related expenses for ending variable annuity distribution through non-Ameriprise distribution channels
(5) Reflects revenues and expenses of Consolidated Investment Entities
(6) The company has chosen not to disclose the gross revenue and expense amounts for competitive reasons, but instead has shown the net PTI impact
(7) Decrease in DAC and DSIC amortization from higher than projected separate account growth
(8) Reserve increase for higher auto liability claims in both the third and fourth quarters of 2010
(9) Higher claims driven by a hail storm in the Phoenix area
Exhibit B
Statistical Supplement Package
(unaudited)
Fourth Quarter 2011
Reconciliation of GAAP Metrics to Operating Metrics
Ameriprise Financial, Inc.
Reconciliation of GAAP Segment Income Statements to Segment Operating Income Statements
Fourth Quarter 2011
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
| |||||||||
(in millions unless otherwise noted, unaudited) |
|
4 Qtr 2010 |
|
1 Qtr 2011 |
|
2 Qtr 2011 |
|
3 Qtr 2011 |
|
4 Qtr 2011 |
|
2010 |
|
2011 |
| |||||||
Advice & Wealth Management Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Pretax operating earnings |
|
$ |
96 |
|
$ |
99 |
|
$ |
108 |
|
$ |
116 |
|
$ |
83 |
|
$ |
322 |
|
$ |
406 |
|
Reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Realized gains (losses) |
|
1 |
|
1 |
|
|
|
(2 |
) |
(4 |
) |
1 |
|
(5 |
) | |||||||
General and administrative expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Integration and restructuring charges |
|
|
|
|
|
|
|
|
|
|
|
(7 |
) |
|
| |||||||
Total reconciling items, before income taxes |
|
1 |
|
1 |
|
|
|
(2 |
) |
(4 |
) |
(6 |
) |
(5 |
) | |||||||
Pretax segment income |
|
$ |
97 |
|
$ |
100 |
|
$ |
108 |
|
$ |
114 |
|
$ |
79 |
|
$ |
316 |
|
$ |
401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Asset Management Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Pretax operating earnings |
|
$ |
163 |
|
$ |
136 |
|
$ |
146 |
|
$ |
119 |
|
$ |
127 |
|
$ |
410 |
|
$ |
528 |
|
Reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Realized gains (losses) |
|
1 |
|
|
|
|
|
2 |
|
1 |
|
3 |
|
3 |
| |||||||
General and administrative expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Integration and restructuring charges |
|
(24 |
) |
(29 |
) |
(21 |
) |
(24 |
) |
(21 |
) |
(95 |
) |
(95 |
) | |||||||
Total reconciling items, before income taxes |
|
(23 |
) |
(29 |
) |
(21 |
) |
(22 |
) |
(20 |
) |
(92 |
) |
(92 |
) | |||||||
Pretax segment income |
|
$ |
140 |
|
$ |
107 |
|
$ |
125 |
|
$ |
97 |
|
$ |
107 |
|
$ |
318 |
|
$ |
436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Annuities Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Pretax operating earnings |
|
$ |
171 |
|
$ |
174 |
|
$ |
149 |
|
$ |
82 |
|
$ |
174 |
|
$ |
664 |
|
$ |
579 |
|
Reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Realized gains (losses) |
|
3 |
|
(3 |
) |
1 |
|
(2 |
) |
5 |
|
9 |
|
1 |
| |||||||
Benefits, claims, losses and settlement expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Market impact on VA guaranteed living benefits |
|
(72 |
) |
(27 |
) |
(7 |
) |
119 |
|
(152 |
) |
(9 |
) |
(67 |
) | |||||||
Amortization of deferred acquisition costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Market impact on VA guaranteed living benefits |
|
29 |
|
10 |
|
|
|
(63 |
) |
61 |
|
(16 |
) |
8 |
| |||||||
Total reconciling items, before income taxes |
|
(40 |
) |
(20 |
) |
(6 |
) |
54 |
|
(86 |
) |
(16 |
) |
(58 |
) | |||||||
Pretax segment income |
|
$ |
131 |
|
$ |
154 |
|
$ |
143 |
|
$ |
136 |
|
$ |
88 |
|
$ |
648 |
|
$ |
521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Protection Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Pretax operating earnings |
|
$ |
84 |
|
$ |
106 |
|
$ |
87 |
|
$ |
65 |
|
$ |
109 |
|
$ |
402 |
|
$ |
367 |
|
Reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Realized gains (losses) |
|
(1 |
) |
1 |
|
3 |
|
(1 |
) |
|
|
1 |
|
3 |
| |||||||
Total reconciling items, before income taxes |
|
(1 |
) |
1 |
|
3 |
|
(1 |
) |
|
|
1 |
|
3 |
| |||||||
Pretax segment income |
|
$ |
83 |
|
$ |
107 |
|
$ |
90 |
|
$ |
64 |
|
$ |
109 |
|
$ |
403 |
|
$ |
370 |
|
Ameriprise Financial, Inc.
Reconciliation of GAAP Segment Income Statements to Segment Operating Income Statements
Fourth Quarter 2011
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
| |||||||||
(in millions unless otherwise noted, unaudited) |
|
4 Qtr 2010 |
|
1 Qtr 2011 |
|
2 Qtr 2011 |
|
3 Qtr 2011 |
|
4 Qtr 2011 |
|
2010 |
|
2011 |
| |||||||
Corporate Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Pretax operating loss |
|
$ |
(68 |
) |
$ |
(65 |
) |
$ |
(41 |
) |
$ |
(60 |
) |
$ |
(75 |
) |
$ |
(224 |
) |
$ |
(241 |
) |
Reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net investment income attributable to the CIEs |
|
24 |
|
27 |
|
17 |
|
(65 |
) |
112 |
|
275 |
|
91 |
| |||||||
Realized gains (losses) |
|
15 |
|
2 |
|
2 |
|
1 |
|
(1 |
) |
19 |
|
4 |
| |||||||
Other revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Other revenues attributable to the CIEs |
|
13 |
|
20 |
|
18 |
|
22 |
|
34 |
|
125 |
|
94 |
| |||||||
Interest and debt expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Interest and debt expense attributable to the CIEs |
|
(51 |
) |
(50 |
) |
(51 |
) |
(47 |
) |
(73 |
) |
(181 |
) |
(221 |
) | |||||||
General and administrative expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Integration and restructuring charges |
|
(4 |
) |
|
|
|
|
|
|
|
|
(9 |
) |
|
| |||||||
General and administrative expense attributable to the CIEs |
|
(12 |
) |
(15 |
) |
(12 |
) |
(15 |
) |
(28 |
) |
(56 |
) |
(70 |
) | |||||||
Total reconciling items, before income taxes |
|
(15 |
) |
(16 |
) |
(26 |
) |
(104 |
) |
44 |
|
173 |
|
(102 |
) | |||||||
Pretax segment loss |
|
$ |
(83 |
) |
$ |
(81 |
) |
$ |
(67 |
) |
$ |
(164 |
) |
$ |
(31 |
) |
$ |
(51 |
) |
$ |
(343 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Eliminations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Pretax operating earnings |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Management and financial advice fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Management fees earned by the Company from the CIEs |
|
(10 |
) |
(10 |
) |
(10 |
) |
(9 |
) |
(20 |
) |
(38 |
) |
(49 |
) | |||||||
General and administrative expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
General and administrative expense attributable to the CIEs |
|
10 |
|
10 |
|
10 |
|
9 |
|
20 |
|
38 |
|
49 |
| |||||||
Total reconciling items, before income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Pretax segment income |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Ameriprise Financial, Inc.
Reconciliation of GAAP Metrics to Operating Metrics
Fourth Quarter 2011
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
| |||||||||
(in millions unless otherwise noted, unaudited) |
|
4 Qtr 2010 |
|
1 Qtr 2011 |
|
2 Qtr 2011 |
|
3 Qtr 2011 |
|
4 Qtr 2011 |
|
2010 |
|
2011 |
| |||||||
Total net revenues |
|
$ |
2,558 |
|
$ |
2,532 |
|
$ |
2,623 |
|
$ |
2,455 |
|
$ |
2,582 |
|
$ |
9,512 |
|
$ |
10,192 |
|
Less CIEs |
|
27 |
|
37 |
|
25 |
|
(52 |
) |
126 |
|
362 |
|
136 |
| |||||||
Plus Realized (gains) losses |
|
(19 |
) |
(1 |
) |
(6 |
) |
2 |
|
(1 |
) |
(33 |
) |
(6 |
) | |||||||
Operating total net revenues |
|
$ |
2,512 |
|
$ |
2,494 |
|
$ |
2,592 |
|
$ |
2,509 |
|
$ |
2,455 |
|
$ |
9,117 |
|
$ |
10,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Pretax income (2) |
|
$ |
368 |
|
$ |
387 |
|
$ |
399 |
|
$ |
247 |
|
$ |
352 |
|
$ |
1,634 |
|
$ |
1,385 |
|
Less CIEs |
|
(26 |
) |
(18 |
) |
(28 |
) |
(105 |
) |
45 |
|
163 |
|
(106 |
) | |||||||
Pretax earnings excluding CIEs |
|
394 |
|
405 |
|
427 |
|
352 |
|
307 |
|
1,471 |
|
1,491 |
| |||||||
Less income tax provision |
|
88 |
|
93 |
|
114 |
|
81 |
|
67 |
|
350 |
|
355 |
| |||||||
Plus income (loss) from discontinued operations, net of tax |
|
(26 |
) |
(71 |
) |
(4 |
) |
2 |
|
13 |
|
(24 |
) |
(60 |
) | |||||||
Net income attributable to Ameriprise Financial |
|
280 |
|
241 |
|
309 |
|
273 |
|
253 |
|
1,097 |
|
1,076 |
| |||||||
Integration/restructuring charges net of tax (1) |
|
20 |
|
19 |
|
14 |
|
15 |
|
14 |
|
73 |
|
62 |
| |||||||
Market impact on variable annuity guaranteed living benefits net of tax (1) |
|
27 |
|
11 |
|
5 |
|
(37 |
) |
59 |
|
16 |
|
38 |
| |||||||
Realized (gains) losses net of tax (1) |
|
(13 |
) |
(1 |
) |
(4 |
) |
2 |
|
(1 |
) |
(22 |
) |
(4 |
) | |||||||
Less income (loss) from discontinued operations, net of tax |
|
(26 |
) |
(71 |
) |
(4 |
) |
2 |
|
13 |
|
(24 |
) |
(60 |
) | |||||||
Operating earnings |
|
$ |
340 |
|
$ |
341 |
|
$ |
328 |
|
$ |
251 |
|
$ |
312 |
|
$ |
1,188 |
|
$ |
1,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Pretax income (2) |
|
$ |
368 |
|
$ |
387 |
|
$ |
399 |
|
$ |
247 |
|
$ |
352 |
|
$ |
1,634 |
|
$ |
1,385 |
|
Less CIEs |
|
(26 |
) |
(18 |
) |
(28 |
) |
(105 |
) |
45 |
|
163 |
|
(106 |
) | |||||||
Pretax earnings excluding CIEs |
|
394 |
|
405 |
|
427 |
|
352 |
|
307 |
|
1,471 |
|
1,491 |
| |||||||
Integration/restructuring charges |
|
28 |
|
29 |
|
21 |
|
24 |
|
21 |
|
111 |
|
95 |
| |||||||
Market impact on variable annuity guaranteed living benefits |
|
43 |
|
17 |
|
7 |
|
(56 |
) |
91 |
|
25 |
|
59 |
| |||||||
Realized (gains) losses |
|
(19 |
) |
(1 |
) |
(6 |
) |
2 |
|
(1 |
) |
(33 |
) |
(6 |
) | |||||||
Pretax operating earnings |
|
$ |
446 |
|
$ |
450 |
|
$ |
449 |
|
$ |
322 |
|
$ |
418 |
|
$ |
1,574 |
|
$ |
1,639 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Margin |
|
10.9 |
% |
9.5 |
% |
11.8 |
% |
11.1 |
% |
9.8 |
% |
11.5 |
% |
10.6 |
% | |||||||
Pretax operating margin |
|
17.8 |
% |
18.0 |
% |
17.3 |
% |
12.8 |
% |
17.0 |
% |
17.3 |
% |
16.3 |
% | |||||||
Operating margin |
|
13.5 |
% |
13.7 |
% |
12.7 |
% |
10.0 |
% |
12.7 |
% |
13.0 |
% |
12.3 |
% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Basic |
|
252.7 |
|
251.6 |
|
245.5 |
|
238.0 |
|
230.6 |
|
257.4 |
|
241.4 |
| |||||||
Diluted |
|
258.9 |
|
257.7 |
|
251.0 |
|
242.0 |
|
234.5 |
|
262.3 |
|
246.3 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Basic earnings per share |
|
$ |
1.21 |
|
$ |
1.24 |
|
$ |
1.28 |
|
$ |
1.14 |
|
$ |
1.04 |
|
$ |
4.36 |
|
$ |
4.71 |
|
Earnings per diluted share |
|
$ |
1.18 |
|
$ |
1.21 |
|
$ |
1.25 |
|
$ |
1.12 |
|
$ |
1.02 |
|
$ |
4.27 |
|
$ |
4.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Basic operating earnings per share |
|
$ |
1.35 |
|
$ |
1.36 |
|
$ |
1.34 |
|
$ |
1.05 |
|
$ |
1.35 |
|
$ |
4.62 |
|
$ |
5.10 |
|
Operating earnings per diluted share |
|
$ |
1.31 |
|
$ |
1.32 |
|
$ |
1.31 |
|
$ |
1.04 |
|
$ |
1.33 |
|
$ |
4.53 |
|
$ |
5.00 |
|
(1) Calculated using the statutory tax rate of 35%.
(2) Represents income from continuing operations before income tax provision (benefit)
Ameriprise Financial, Inc.
Reconciliation of GAAP Metrics to Operating Metrics
Fourth Quarter 2011
(in millions unless otherwise noted, unaudited) |
|
December 31, 2010 |
|
March 31, 2011 |
|
June 30, 2011 |
|
September 30, 2011 |
|
December 31, 2011 |
| |||||
Long-term Debt Summary |
|
|
|
|
|
|
|
|
|
|
| |||||
Senior notes |
|
$ |
2,003 |
|
$ |
1,990 |
|
$ |
2,024 |
|
$ |
2,098 |
|
$ |
2,099 |
|
Junior subordinated notes |
|
308 |
|
308 |
|
308 |
|
306 |
|
294 |
| |||||
Non-recourse debt for inverse floaters |
|
6 |
|
|
|
|
|
|
|
|
| |||||
Total Ameriprise Financial long-term debt |
|
2,317 |
|
2,298 |
|
2,332 |
|
2,404 |
|
2,393 |
| |||||
Less non-recourse debt for inverse floaters |
|
6 |
|
|
|
|
|
|
|
|
| |||||
Less fair value of hedges and unamortized discount |
|
53 |
|
40 |
|
74 |
|
148 |
|
149 |
| |||||
Total Ameriprise Financial long-term debt excluding non-recourse debt for inverse floaters, fair value of hedges and unamortized discount |
|
$ |
2,258 |
|
$ |
2,258 |
|
$ |
2,258 |
|
$ |
2,256 |
|
$ |
2,244 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total equity |
|
$ |
11,285 |
|
$ |
11,189 |
|
$ |
11,228 |
|
$ |
10,987 |
|
$ |
11,023 |
|
Less noncontrolling interests |
|
560 |
|
638 |
|
680 |
|
716 |
|
706 |
| |||||
Total Ameriprise Financial shareholders equity |
|
10,725 |
|
10,551 |
|
10,548 |
|
10,271 |
|
10,317 |
| |||||
Less equity of consolidated investment entities |
|
529 |
|
501 |
|
464 |
|
347 |
|
402 |
| |||||
Less assets and liabilities held for sale |
|
94 |
|
(24 |
) |
(28 |
) |
105 |
|
|
| |||||
Total Ameriprise Financial shareholders equity from continuing operations excluding CIEs |
|
$ |
10,102 |
|
$ |
10,074 |
|
$ |
10,112 |
|
$ |
9,819 |
|
$ |
9,915 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Ameriprise Financial long-term debt |
|
$ |
2,317 |
|
$ |
2,298 |
|
$ |
2,332 |
|
$ |
2,404 |
|
$ |
2,393 |
|
Total Ameriprise Financial shareholders equity |
|
10,725 |
|
10,551 |
|
10,548 |
|
10,271 |
|
10,317 |
| |||||
Total Ameriprise Financial capital |
|
13,042 |
|
12,849 |
|
12,880 |
|
12,675 |
|
12,710 |
| |||||
Less non-recourse debt for inverse floaters |
|
6 |
|
|
|
|
|
|
|
|
| |||||
Less equity of consolidated investment entities |
|
529 |
|
501 |
|
464 |
|
347 |
|
402 |
| |||||
Less assets and liabilities held for sale |
|
94 |
|
(24 |
) |
(28 |
) |
105 |
|
|
| |||||
Less fair value of hedges and unamortized discount |
|
53 |
|
40 |
|
74 |
|
148 |
|
149 |
| |||||
Total Ameriprise Financial capital from continuing operations excluding fair value of hedges, unamortized discount, non-recourse debt for inverse floaters, and equity of CIEs |
|
$ |
12,360 |
|
$ |
12,332 |
|
$ |
12,370 |
|
$ |
12,075 |
|
$ |
12,159 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital |
|
17.8 |
% |
17.9 |
% |
18.1 |
% |
19.0 |
% |
18.8 |
% | |||||
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital from continuing operations excluding fair value of hedges, unamortized discount, non-recourse debt for inverse floaters and equity of CIEs |
|
18.3 |
% |
18.3 |
% |
18.3 |
% |
18.7 |
% |
18.5 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Ameriprise Financial shareholders equity |
|
$ |
10,725 |
|
$ |
10,551 |
|
$ |
10,548 |
|
$ |
10,271 |
|
$ |
10,317 |
|
AOCI |
|
565 |
|
542 |
|
633 |
|
636 |
|
638 |
| |||||
Appropriated retained earnings of CIEs |
|
558 |
|
530 |
|
494 |
|
380 |
|
428 |
| |||||
AOCI attributable to CIEs |
|
29 |
|
29 |
|
30 |
|
33 |
|
26 |
| |||||
Assets and liabilities held for sale |
|
94 |
|
(24 |
) |
(28 |
) |
105 |
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Ameriprise Financial shareholders equity |
|
$ |
10,725 |
|
$ |
10,551 |
|
$ |
10,548 |
|
$ |
10,271 |
|
$ |
10,317 |
|
Less assets and liabilities held for sale |
|
94 |
|
(24 |
) |
(28 |
) |
105 |
|
|
| |||||
Less AOCI |
|
565 |
|
542 |
|
633 |
|
636 |
|
638 |
| |||||
Ameriprise Financial shareholders equity from continuing operations excluding AOCI |
|
$ |
10,066 |
|
$ |
10,033 |
|
$ |
9,943 |
|
$ |
9,530 |
|
$ |
9,679 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Ameriprise Financial shareholders equity |
|
$ |
10,725 |
|
$ |
10,551 |
|
$ |
10,548 |
|
$ |
10,271 |
|
$ |
10,317 |
|
Less assets and liabilities held for sale |
|
94 |
|
(24 |
) |
(28 |
) |
105 |
|
|
| |||||
Less appropriated retained earnings of CIEs |
|
558 |
|
530 |
|
494 |
|
380 |
|
428 |
| |||||
Plus AOCI attributable to CIEs |
|
29 |
|
29 |
|
30 |
|
33 |
|
26 |
| |||||
Ameriprise Financial shareholders equity from continuing operations excluding CIEs |
|
$ |
10,102 |
|
$ |
10,074 |
|
$ |
10,112 |
|
$ |
9,819 |
|
$ |
9,915 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Ameriprise Financial shareholders equity |
|
$ |
10,725 |
|
$ |
10,551 |
|
$ |
10,548 |
|
$ |
10,271 |
|
$ |
10,317 |
|
Less assets and liabilities held for sale |
|
94 |
|
(24 |
) |
(28 |
) |
105 |
|
|
| |||||
Less appropriated retained earnings of CIEs |
|
558 |
|
530 |
|
494 |
|
380 |
|
428 |
| |||||
Less AOCI |
|
565 |
|
542 |
|
633 |
|
636 |
|
638 |
| |||||
Ameriprise Financial shareholders equity from continuing operations excluding CIEs and AOCI |
|
$ |
9,508 |
|
$ |
9,503 |
|
$ |
9,449 |
|
$ |
9,150 |
|
$ |
9,251 |
|
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