0001104659-15-071919.txt : 20151021 0001104659-15-071919.hdr.sgml : 20151021 20151021162139 ACCESSION NUMBER: 0001104659-15-071919 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20151021 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20151021 DATE AS OF CHANGE: 20151021 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERIPRISE FINANCIAL INC CENTRAL INDEX KEY: 0000820027 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 133180631 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32525 FILM NUMBER: 151168413 BUSINESS ADDRESS: STREET 1: 1099 AMERIPRISE FINANCIAL CENTER CITY: MINNEAPOLIS STATE: MN ZIP: 55474 BUSINESS PHONE: 612-671-3131 MAIL ADDRESS: STREET 1: 1099 AMERIPRISE FINANCIAL CENTER CITY: MINNEAPOLIS STATE: MN ZIP: 55474 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN EXPRESS FINANCIAL CORP DATE OF NAME CHANGE: 20030513 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN EXPRESS FINANCIAL ADVISORS DATE OF NAME CHANGE: 19950711 FORMER COMPANY: FORMER CONFORMED NAME: IDS FINANCIAL CORP/MN/ DATE OF NAME CHANGE: 19920703 8-K 1 a15-21297_18k.htm 8-K

 

 

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) October 21, 2015

 

AMERIPRISE FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

001-32525

 

13-3180631

(State or other jurisdiction

 

(Commission

 

(IRS Employer

of incorporation)

 

File Number)

 

Identification No.)

 

55 Ameriprise Financial Center

Minneapolis, Minnesota

 

55474

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s 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 October 21, 2015, Ameriprise Financial, Inc. (the “Company,” “we,” or “our”) issued a press release announcing its financial results for the third quarter of 2015.  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 September 30, 2015.

 

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, the impact of our annual review of insurance and annuity valuation assumptions and model changes (“unlocking”), market impact on deferred acquisition costs (“DAC”) and deferred sales inducement costs (“DSIC”), market impact on variable annuity guaranteed benefits, market impact on indexed universal life benefits, market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments, net realized investment 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 2015 and 2014 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 (“AOCI”), fair value of hedges, unamortized discount and the impact of consolidating the assets and liabilities 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 excluding AOCI; Ameriprise Financial shareholders’ equity excluding CIEs; Ameriprise Financial shareholders’ equity excluding CIEs and AOCI; basic operating earnings per share; effective tax rate excluding noncontrolling interests; operating earnings; operating earnings per diluted share; operating effective tax rate; operating expenses; operating general and administrative expense; operating return on equity excluding AOCI; operating total net revenues; pretax operating earnings; pretax operating margin; return on equity excluding AOCI; total Ameriprise Financial capital excluding fair value of hedges, unamortized discount and equity of CIEs; total Ameriprise Financial long-term debt excluding fair value of hedges and unamortized discount; total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding fair value of hedges, unamortized discount and equity of CIEs; and various financial measures that exclude the impact of unlocking and the market impact on DAC and DSIC.

 

Item 9.01                   Financial Statements and Exhibits.

 

(d)         Exhibits.

 

Exhibit No.

 

Description

 

 

 

Exhibit 99.1

 

Press Release dated October 21, 2015 announcing financial results for the third quarter of 2015

 

 

 

Exhibit 99.2

 

Statistical Supplement for the quarterly period ended September 30, 2015

 

2


 

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, hereunto duly authorized.

 

 

 

AMERIPRISE FINANCIAL, INC.

 

(Registrant)

 

 

 

 

 

Date: October 21, 2015

 By

/s/ Walter S. Berman

 

 

Walter S. Berman

 

 

Executive Vice President and

 

 

Chief Financial Officer

 

3

 EX-99.1 2 a15-21297_1ex99d1.htm EX-99.1

Exhibit 99.1

 

Ameriprise Financial, Inc.

Ameriprise Financial Center

Minneapolis, MN  55474

 

News Release

 

Ameriprise Financial Reports
Third Quarter 2015 Results

Third quarter 2015 net income(1) per diluted share was $2.17, operating EPS up 12 percent to $2.35

 

Third quarter 2015 return on equity excluding AOCI was 22.0 percent
Operating ROE excluding AOCI increased 190 bps to a record high 24.0 percent

 

MINNEAPOLIS — October 21, 2015 — Ameriprise Financial, Inc. (NYSE: AMP) today reported third quarter 2015 net income(1) of $397 million, or $2.17 per diluted share. Operating earnings were $429 million, with operating earnings per diluted share increasing 12 percent to $2.35.

 

Operating net revenues were $2.9 billion, a decrease of 1 percent compared to last year. Results in the quarter were negatively impacted by increased equity market volatility, a 7 percent decline in the U.S. equity market in the quarter, and unfavorable foreign exchange translation.

 

Operating expenses decreased 1 percent to $2.3 billion, including a 4 percent decline in general and administrative expenses reflecting the company’s ongoing expense discipline, as well as a benefit from unlocking(2).

 

In the quarter, the company increased its return to shareholders through share repurchases and dividends to $571 million.

 

“Ameriprise had a solid third quarter given the backdrop of declining and volatile equity markets, unfavorable foreign exchange and persistently low interest rates,” said Jim Cracchiolo, chairman and chief executive officer. “In Advice and Wealth Management, we’re serving more clients and delivered another strong quarter for experienced advisor recruiting, both of which contributed to good client flows and helped balance market-related impacts in our other businesses.”

 

“We continue to differentiate Ameriprise with our capital strength. Return on equity reached 24 percent at quarter end — one of the best in the industry. With the pull back in our valuation, we increased our share repurchases, and with dividends, returned more than $570 million to shareholders in the quarter.”

 

(1)    Net income represents net income from continuing operations attributable to Ameriprise Financial.

(2)    Unlocking represents the company’s annual review of insurance and annuity valuation assumptions and model changes.

 

1


 

Ameriprise Financial, Inc.

Third Quarter Summary

 

 

 

Quarter Ended
September 30,

 

%
Better/

 

Per Diluted Share
Quarter Ended
September 30,

 

%
Better/

 

(in millions, except per share amounts, unaudited)

 

2015

 

2014

 

(Worse)

 

2015

 

2014

 

(Worse)

 

Net income from continuing operations attributable to Ameriprise Financial

 

$

397

 

$

420

 

(5

)%

$

2.17

 

$

2.17

 

—

%

Adjustments, net of tax (1) (see reconciliation on p. 11)

 

32

 

(13

)

 

 

0.18

 

(0.07

)

 

 

Operating earnings (2)

 

$

429

 

$

407

 

5

%

$

2.35

 

$

2.10

 

12

%

Weighted average common shares outstanding: Basic

 

180.4

 

190.3

 

 

 

 

 

 

 

 

 

Diluted

 

182.7

 

193.7

 

 

 

 

 

 

 

 

 

 

(1)     After-tax is calculated using the statutory tax rate of 35%.

(2)     The company believes the presentation of operating earnings best represents the economics of the business. Operating earnings, after-tax, exclude the consolidation of certain investment entities; net realized investment gains or losses, net of deferred sales inducement costs (“DSIC”) and deferred acquisition costs (“DAC”) amortization, unearned revenue amortization and the reinsurance accrual; integration and restructuring charges; the market impact on variable annuity guaranteed benefits, net of hedges and related DSIC and DAC amortization; the market impact on indexed universal life benefits, net of hedges and related DAC amortization, unearned revenue amortization, and the reinsurance accrual; the market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments; and income or loss from discontinued operations.

 

In the third quarter of the year, the company conducts its annual review of insurance and annuity valuation assumptions relative to current experience and management expectations. To the extent that expectations change as a result of this review, the company updates valuation assumptions and models and the impact is reflected as part of annual unlocking. As discussed in the segment commentary to follow, the favorable impact in the current quarter reflects improved policyholder behavior and model updates that more than offset the continued low interest rate environment, which the company estimated would increase over the past year.

 

In addition, the annual review of the closed long term care book resulted in no loss recognition, as better-than-expected premium increases offset higher morbidity and lower interest rates.

 

Third quarter operating earnings included the following after-tax items(1):

 

 

 

Quarter Ended
September 30,

 

Per Diluted Share
Quarter Ended
September 30,

 

(in millions, except per share amounts, unaudited)

 

2015

 

2014

 

2015

 

2014

 

Valuation Assumptions and Model Changes (unlocking)

 

$

27

 

$

(28

)

$

0.15

 

$

(0.14

)

Market Impact on DAC/DSIC

 

$

(20

)

$

(4

)

$

(0.11

)

$

(0.02

)

 

(1)After-tax is calculated using the statutory tax rate of 35%.

 

Taxes

 

The third quarter 2015 operating effective tax rate was 23.1 percent. The company estimates that its full year 2015 operating effective tax rate will be approximately 25 percent.

 

2


 

Third Quarter 2015 Business Highlights

 

·                  Total assets under management and administration were $766 billion as Ameriprise advisor client net inflows were more than offset by market depreciation and an unfavorable foreign exchange impact of approximately $10 billion.

 

·                  Advice & Wealth Management advisor client assets of $433 billion were essentially flat from a year ago as lower equity markets were partially offset by continued strength in fee-based investment advisory net inflows, including $3.0 billion of net inflows in the quarter.

 

·                  On a trailing 12-month basis, operating net revenue per advisor grew 6 percent to a record $514,000 reflecting consistent growth in advisor productivity.

 

·                  Total advisors increased to 9,814 reflecting strong advisor retention and ongoing experienced advisor recruiting. The company completed the acquisition of the retail assets of JHS Capital Advisors that added 53 advisors and $1.0 billion of client assets. In addition, the company added 95 experienced, highly productive advisors in the quarter.

 

·                  The company debuted its “Be BrilliantSM” brand platform that highlights the long-term benefits investors can gain by working with Ameriprise advisors. The accompanying national advertising illustrates how personal, comprehensive financial planning can help investors achieve moments of brilliance in their everyday lives and in retirement.

 

·                  Asset Management segment AUM declined to $471 billion, primarily driven by net outflows of $7.4 billion in the quarter and an unfavorable foreign exchange impact of approximately $10 billion year-over-year. Outflows were driven by former parent related flows and $3.3 billion from two clients’ decisions to exit strong performing portfolios due to either asset allocation or specific liquidity needs related to geopolitical issues.

 

·                  Investment performance remained strong with 114 four- and five-star funds at Columbia Threadneedle Investments.

 

·                  Variable annuity policyholder account balances were $73 billion and included $1.3 billion in new sales, up 11 percent driven by new benefit riders and increased sales of non-living benefit policies.

 

·                  Excess capital was approximately $2.5 billion after the company repurchased 3.8 million shares of common stock in the quarter for $450 million and paid $121 million in quarterly dividends. The company also holds $250 million of additional capital above required levels, primarily for variable annuity products.

 

·                  The company returned 133% of operating earnings to shareholders in the quarter, reflecting its strategy of adjusting the level of share repurchases based on valuation.

 

 

October 2015 marked the 10-year anniversary of our successful spin-off of Ameriprise Financial as an independent public company. During that time, we have transformed the company into a diversified financial services leader. We are proud of our strong record of delivering for our clients, advisors and shareholders and remain focused on continuing to serve our clients’ needs and advance the firm.

 

3


 

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Operating Results

 

 

 

Quarter Ended September 30,

 

% Better/

 

(in millions, unaudited)

 

2015

 

2014

 

(Worse)

 

Advice & Wealth Management

 

 

 

 

 

 

 

Net revenues

 

$

1,245

 

$

1,210

 

3

%

Expenses

 

1,026

 

1,005

 

(2

)%

Pretax operating earnings

 

$

219

 

$

205

 

7

%

 

 

 

 

 

 

 

 

Pretax operating margin

 

17.6

%

16.9

%

 

 

 

 

 

Quarter Ended September 30,

 

% Better/

 

 

 

2015

 

2014

 

(Worse)

 

Retail client assets (billions)

 

$

433

 

$

434

 

—

%

Mutual fund wrap net flows (billions)

 

$

3.0

 

$

3.8

 

(22

)%

Operating net revenue per branded advisor (trailing 12 months - thousands)

 

$

514

 

$

483

 

6

%

 

Advice & Wealth Management pretax operating earnings increased 7 percent to $219 million despite volatile equity markets. Given the operating environment, revenue growth was good and we continued our disciplined expense controls. Third quarter 2015 pretax operating margin reached a record high of 17.6 percent compared to 16.9 percent a year ago.

 

Operating net revenues grew 3 percent to $1.2 billion driven by growth in fee-based accounts from client net inflows partially offset by the negative impact of $20 billion of lower asset levels from market declines during the quarter.

 

Operating expenses increased 2 percent to $1.0 billion as business growth resulted in higher distribution expenses. General and administrative expenses declined 1 percent compared to a year ago.

 

Total retail client assets of $433 billion were essentially flat compared to the prior year as client net inflows and client acquisition were offset by year-over-year market depreciation. Underlying business metrics remained strong in the quarter. Wrap net inflows were $3.0 billion with wrap balances increasing 3 percent to $174 billion. Total advisors increased to 9,814 reflecting strong advisor retention and ongoing experienced advisor recruiting with 95 experienced advisors moving their practices to Ameriprise in the quarter. The combination of asset growth and client activity drove a 6 percent increase in operating net revenue per advisor on a trailing 12-month basis to $514,000.

 

4


 

Ameriprise Financial, Inc.

Asset Management Segment Operating Results

 

 

 

Quarter Ended September 30,

 

% Better/

 

(in millions, unaudited)

 

2015

 

2014

 

(Worse)

 

Asset Management

 

 

 

 

 

 

 

Net revenues

 

$

782

 

$

839

 

(7

)%

Expenses

 

602

 

631

 

5

%

Pretax operating earnings

 

$

180

 

$

208

 

(13

)%

Adjusted net pretax operating margin

 

39.1

%

41.3

%

 

 

 

 

 

Quarter Ended September 30,

 

% Better/

 

 

 

2015

 

2014

 

(Worse)

 

Total segment AUM(1) (billions)

 

$

471

 

$

505

 

(7

)%

Columbia Management AUM

 

$

336

 

$

358

 

(6

)%

Threadneedle AUM

 

$

139

 

$

150

 

(7

)%

Total segment net flows (billions)

 

$

(7.4

)

$

(4.1

)

(79

)%

Retail net flows

 

$

(4.1

)

$

(3.5

)

(16

)%

Institutional net flows

 

$

(3.8

)

$

(0.5

)

NM

 

Alternative net flows

 

$

0.5

 

$

(0.1

)

NM

 

 

(1)     Subadvisory eliminations between Columbia Management and Threadneedle are included in the company’s Third Quarter 2015 Statistical Supplement available at ir.ameriprise.com.

 

NM  Not Meaningful — variance of greater than 100%

 

Asset Management pretax operating earnings decreased 13 percent to $180 million driven by volatile market conditions globally, net outflows and the negative impact of foreign exchange. In addition, performance fees, which fluctuate quarter-to-quarter, were nominal in the current quarter compared to $10 million a year ago.

 

Third quarter adjusted net pretax operating margin remained solid at 39.1 percent compared to 41.3 percent a year ago.

 

Operating net revenues were down 7 percent to $782 million as asset levels were impacted by slowing market appreciation, as well as net outflows and the negative impact of foreign exchange. The year-ago quarter included $10 million of performance fees compared with less than $1 million in the current quarter.

 

Operating expenses decreased 5 percent to $602 million reflecting well-controlled general and administrative expenses and lower distribution expenses.

 

AUM was $471 billion, down $34 billion of which $10 billion was due to an unfavorable foreign exchange impact, and net outflows.

 

The quarter included $7.4 billion of net outflows, which reflected elevated outflows of $3.3 billion from two clients’ decisions to exit strong performing portfolios due to either asset allocation or specific liquidity needs due to geopolitical issues. In addition, we experienced outflows of $2.5 billion of lower fee former parent related assets. Underlying retail outflows were largely driven by $1.6 billion of outflows from the Acorn Fund as well as market volatility in the quarter that dampened investor demand.

 

5


 

Ameriprise Financial, Inc.

Annuities Segment Operating Results

 

 

 

Quarter Ended September 30,

 

% Better/

 

(in millions, unaudited)

 

2015

 

2014

 

(Worse)

 

Annuities

 

 

 

 

 

 

 

Net revenues

 

$

632

 

$

655

 

(4

)%

Expenses

 

456

 

527

 

13

%

Pretax operating earnings

 

$

176

 

$

128

 

38

%

Variable annuity pretax operating earnings

 

$

151

 

$

81

 

86

%

Fixed annuity pretax operating earnings

 

25

 

47

 

(47

)%

Total pretax operating earnings

 

$

176

 

$

128

 

38

%

Items included in operating earnings:

 

 

 

 

 

 

 

Variable Annuities:

 

 

 

 

 

 

 

Annual unlocking

 

$

64

 

$

(32

)

NM

 

Market impact on DAC and DSIC (mean reversion)

 

(29

)

(6

)

NM

 

Fixed Annuities:

 

 

 

 

 

 

 

Annual unlocking

 

2

 

10

 

(80

)%

Total annuities impact

 

$

37

 

$

(28

)

NM

 

 

 

 

Quarter Ended September 30,

 

% Better/

 

 

 

2015

 

2014

 

(Worse)

 

Variable annuity ending account balances (billions)

 

$

72.8

 

$

76.1

 

(4

)%

Variable annuity net flows (millions)

 

$

(259

)

$

(426

)

39

%

Fixed annuity ending account balances (billions)

 

$

10.9

 

$

12.4

 

(12

)%

Fixed annuity net flows (millions)

 

$

(375

)

$

(314

)

(19

)%

 

NM  Not Meaningful — variance of greater than 100%

 

Annuities pretax operating earnings increased to $176 million compared to $128 million a year ago, as the favorable impact from unlocking was partially offset by the higher market impact on DAC and DSIC expenses than a year ago. Adjusting for these items, earnings declined 11 percent primarily reflecting the continued anticipated run-off of the fixed annuity block.

 

Variable annuity operating earnings were $151 million in the quarter reflecting a $35 million net favorable impact from unlocking, partially offset by an unfavorable market impact on DAC and DSIC. The favorable unlocking of $64 million was driven by improved policyholder behavior and model updates, partially offset by continued low interest rates. Without these items in both periods, operating earnings declined $3 million as a result of the market impact on fees and the reserves for death and living benefit guarantees.

 

Variable annuity cash sales increased 11 percent to $1.3 billion for the quarter, driven by the introduction of new living benefit riders and increased sales of non-living benefit policies. Account balances were $73 billion driven by net outflows in a closed block of annuities sold through third parties and equity market declines.

 

Fixed annuity operating earnings declined to $25 million reflecting annual unlocking, as well as minimal sales given the continued low interest rate environment and older policies lapsing. Excluding unlocking, operating earnings declined $14 million reflecting the gradual run-off of the block.

 

6


 

Ameriprise Financial, Inc.

Protection Segment Operating Results

 

 

 

Quarter Ended September 30,

 

% Better/

 

(in millions, unaudited)

 

2015

 

2014

 

(Worse)

 

Protection

 

 

 

 

 

 

 

Net revenues

 

$

586

 

$

553

 

6

%

Expenses

 

561

 

487

 

(15

)%

Pretax operating earnings

 

$

25

 

$

66

 

(62

)%

Items included in operating earnings:

 

 

 

 

 

 

 

Annual unlocking

 

$

(24

)

$

(21

)

(14

)%

Market impact on DAC (mean reversion)

 

(2

)

—

 

NM

 

Long term care reserves

 

13

 

—

 

NM

 

Life and health reinsurance premium correction

 

(11

)

—

 

NM

 

Total protection impact

 

$

(24

)

$

(21

)

(14

)%

 

 

 

Quarter Ended September 30,

 

% Better/

 

 

 

2015

 

2014

 

(Worse)

 

Life insurance in force (billions)

 

$

196

 

$

195

 

—

%

VUL/UL ending account balances (billions)

 

$

10.9

 

$

11.1

 

(2

)%

Auto & Home policies in force (thousands)

 

958

 

912

 

5

%

 

NM  Not Meaningful — variance of greater than 100%

 

Protection pretax operating earnings were $25 million compared to $66 million a year ago. Adjusting for the items noted above, earnings decreased by $38 million with the impact essentially split between higher life mortality and unfavorable experience in Auto and Home.

 

Life and Health insurance earnings declined due to higher claims experience and the impact of low interest rates. Life claims were unusually high as a result of claims from several large, later duration policies that had limited reinsurance coverage. VUL/UL cash sales were $81 million, down 5 percent from a year ago, and VUL/UL account balances declined 2 percent.

 

The unfavorable unlocking this quarter was primarily driven by continued low interest rates. The review of the closed long term care book resulted in no loss recognition, as better-than-expected premium increases offset higher morbidity and lower interest rates.

 

Auto and Home had an operating loss in the quarter as low catastrophe experience was more than offset by deterioration in auto collision experience consistent with other firms. Results also include losses associated with the travel insurance business that the company is exiting, modest prior year catastrophe reserve development, and higher expenses associated with investing for business improvements. The company continues to make improvements in underwriting, operational and claims processes, and is implementing pricing actions to improve performance. These actions are expected to show improvement in 2016.

 

7


 

Ameriprise Financial, Inc.

Corporate & Other Segment Operating Results

 

 

 

Quarter Ended September 30,

 

% Better/

 

(in millions, unaudited)

 

2015

 

2014

 

(Worse)

 

Corporate & Other

 

 

 

 

 

 

 

Net revenues

 

$

(4

)

$

(1

)

NM

 

Expenses

 

38

 

52

 

27

%

Pretax operating loss

 

$

(42

)

$

(53

)

21

%

 

NM  Not Meaningful — variance of greater than 100%

 

Corporate & Other pretax operating loss was $42 million for the quarter compared to a $53 million loss a year ago.

 

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

 

Ameriprise Financial

 

(612) 671-4676

 

chad.j.sanner@ampf.com

 

 

 

At Ameriprise Financial, we have been helping people feel confident about their financial future for more than 120 years. With a nationwide network of 10,000 financial advisors and extensive asset management, advisory and insurance capabilities, we have the strength and expertise to serve the full range of individual and institutional investors’ financial needs. For more information, 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 FCA-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.

 

8


 

Forward-Looking Statements

 

This news release contains forward-looking statements that reflect management’s 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 in this news release that the company expects its full-year 2015 operating effective tax rate to be approximately 25 percent;

·                  the statements in this news release concerning the expected impact, and time during which impacts might be realized, as a result of actions taken in the company’s Auto and Home business;

·                  statements of the company’s 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, the introduction, cessation, terms or pricing of new or existing products and services, 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:

 

·                  conditions in the interest rate, credit default, equity market and foreign exchange environments, including changes in valuations, liquidity and volatility;

·                  changes in and the adoption of relevant accounting standards and securities rating agency standards and processes, 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, exemptions and regulations implemented or that may be implemented in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act or in light of the U.S. Department of Labor pending rule and exemptions pertaining to the fiduciary status of investment advice providers to 401(k) plan, plan sponsors, plan participants and the holders of individual retirement or health savings accounts;

·                  investment management performance and distribution partner and consumer acceptance of the company’s products;

·                  effects of competition in the financial services industry, including pricing pressure, the introduction of new products and services and changes in product distribution mix and distribution channels;

·                  changes to the company’s reputation that may arise from employee or advisor misconduct, legal or regulatory actions, perceptions of the financial services industry generally, improper management of conflicts of interest or otherwise;

·                  the company’s 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 company’s regulators, advisors, distribution partners or customers in response to any change or prospect of change in any such opinion;

·                  changes to the availability and cost of liquidity and the Company’s credit capacity that may arise due to shifts in market conditions, the Company’s credit ratings and the overall availability of credit;

·                  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

 

9


 

manufacturers of products the company distributes, experience deviations from the company’s 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 company’s regulators, advisors, distribution partners or customers in response to any such evaluation or prospect of changes in evaluation;

·                  experience deviations from the company’s 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 interest rates assumed in our loss recognition testing of our Long Term Care business, 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 company’s efforts to improve distribution economics and to grow third-party distribution of its products;

·                  the ability to pursue and complete strategic transactions and initiatives, including acquisitions, divestitures, restructurings, joint ventures and the development of new products and services;

·                  the ability to realize the financial, operating and business fundamental benefits of strategic transactions and initiatives the company has completed, is pursuing or may pursue in the future, which may be impacted by the ability to obtain regulatory approvals, the ability to effectively manage related expenses and by market, business partner and consumer reactions to such strategic transactions and initiatives;

·                  the ability and timing to realize savings and other benefits from re-engineering and tax planning;

·                  interruptions or other failures in our communications, technology and other operating systems, including errors or failures caused by third party service providers, interference or failures caused by third party attacks on our systems, or the failure to safeguard the privacy or confidentiality of sensitive information and data on such systems; and

·                  general economic and political factors, including consumer confidence in the economy and the financial industry, 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, 2014 available at ir.ameriprise.com and the “Risk Factors” discussion included in Part II, Item 1A and elsewhere in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2015.

 

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 company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015. For information about Ameriprise Financial entities, please refer to the Third Quarter 2015 Statistical Supplement available at ir.ameriprise.com and the tables that follow in this news release.

 

Ameriprise Financial announces financial and other information to investors through the company’s investor relations website at ir.ameriprise.com, as well as SEC filings, press releases, public conference

 

10


 

calls and webcasts. Investors and others interested in the company are encouraged to visit the investor relations website from time to time, as information is updated and new information is posted. The website also allows users to sign up for automatic notifications in the event new materials are posted. The information found on the website is not incorporated by reference into this release or in any other report or document the company furnishes or files with the SEC.

 

Reconciliation Tables

 

Ameriprise Financial, Inc.

Reconciliation Table: Earnings

 

 

 

Quarter Ended
September 30,

 

Per Diluted Share
Quarter Ended
September 30,

 

(in millions, except per share amounts, unaudited)

 

2015

 

2014

 

2015

 

2014

 

Net income attributable to Ameriprise Financial

 

$

397

 

$

420

 

$

2.17

 

$

2.17

 

Less: Loss from discontinued operations, net of tax

 

—

 

—

 

—

 

—

 

Net income from continuing operations  attributable to Ameriprise Financial

 

397

 

420

 

2.17

 

2.17

 

Add: Integration/restructuring charges, net of tax(1)

 

2

 

—

 

0.01

 

—

 

Add: Market impact on variable annuity  guaranteed benefits, net of tax(1)

 

3

 

(5

)

0.02

 

(0.03

)

Add: Market impact on indexed universal life benefits, net of tax(1)

 

—

 

(5

)

—

 

(0.03

)

Add: Market impact of hedges on investments, net of tax(1)

 

20

 

—

 

0.11

 

—

 

Add: Net realized investment (gains) losses, net of tax(1)

 

7

 

(3

)

0.04

 

(0.01

)

Operating earnings

 

$

429

 

$

407

 

$

2.35

 

$

2.10

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

180.4

 

190.3

 

 

 

 

 

Diluted

 

182.7

 

193.7

 

 

 

 

 

 

(1)     Calculated using the statutory tax rate of 35%.

 

Ameriprise Financial, Inc.

Reconciliation Table: Total Net Revenues

 

 

 

Quarter Ended
September 30,

 

(in millions, unaudited)

 

2015

 

2014

 

Total net revenues

 

$

2,886

 

$

3,111

 

Less: CIEs revenue

 

43

 

206

 

Less: Net realized investment gains (losses)

 

(10

)

4

 

Less: Market impact on indexed universal life benefits

 

9

 

2

 

Less: Market impact of hedges on investments

 

(31

)

—

 

Operating total net revenues

 

$

2,875

 

$

2,899

 

 

11


 

Ameriprise Financial, Inc.

Reconciliation Table: Total Expenses

 

 

 

Quarter Ended
September 30,

 

(in millions, unaudited)

 

2015

 

2014

 

Total expenses

 

$

2,423

 

$

2,391

 

Less: CIEs expenses

 

88

 

61

 

Less: Integration/restructuring charges

 

3

 

—

 

Less: Market impact on variable annuity guaranteed benefits

 

5

 

(9

)

Less: Market impact on indexed universal life benefits

 

10

 

(6

)

Operating expenses

 

$

2,317

 

$

2,345

 

 

Ameriprise Financial, Inc.

Reconciliation Table: Pretax Operating Earnings

 

 

 

Quarter Ended
September 30,

 

(in millions, unaudited)

 

2015

 

2014

 

Operating total net revenues

 

$

2,875

 

$

2,899

 

Operating expenses

 

2,317

 

2,345

 

Pretax operating earnings

 

$

558

 

$

554

 

 

Ameriprise Financial, Inc.
Reconciliation Table: General and Administrative Expense

 

 

 

Quarter Ended
September 30,

 

(in millions, unaudited)

 

2015

 

2014

 

General and administrative expense

 

$

 744

 

$

 757

 

Less: CIEs expenses

 

20

 

7

 

Less: Integration/restructuring charges

 

3

 

—

 

Operating general and administrative expense

 

$

 721

 

$

 750

 

 

12


 

Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate

 

 

 

Quarter Ended September 30, 2015

 

(in millions, unaudited)

 

GAAP

 

Operating

 

Income from continuing operations before income tax provision

 

$

 463

 

$

 558

 

Less: Pretax income attributable to noncontrolling interests

 

(45

)

—

 

Income from continuing operations before income tax provision excluding consolidated investment entities

 

$

508

 

$

 558

 

Income tax provision from continuing operations

 

$

 111

 

$

 129

 

Effective tax rate

 

24.1

%

23.1

%

Effective tax rate excluding noncontrolling interests

 

21.9

%

23.1

%

 

Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate

 

 

 

Quarter Ended September 30, 2014

 

(in millions, unaudited)

 

GAAP

 

Operating

 

Income from continuing operations before income tax provision

 

$

 720

 

$

 554

 

Less: Pretax income attributable to noncontrolling interests

 

145

 

—

 

Income from continuing operations before income tax provision excluding consolidated investment entities

 

$

575

 

$

 554

 

Income tax provision from continuing operations

 

$

 155

 

$

 147

 

Effective tax rate

 

21.6

%

26.5

%

Effective tax rate excluding noncontrolling interests

 

27.0

%

26.5

%

 

Ameriprise Financial, Inc.

Reconciliation Table: Asset Management Adjusted Net Pretax Operating Margin

 

 

 

Quarter Ended September 30,

 

(in millions, unaudited)

 

2015

 

2014

 

Operating total net revenues

 

$

 782

 

$

 839

 

Less: Distribution pass through revenues

 

214

 

233

 

Less: Subadvisory and other pass through revenues

 

95

 

98

 

Adjusted operating revenues

 

$

473

 

$

508

 

 

 

 

 

 

 

Pretax operating earnings

 

$

180

 

$

208

 

Less: Operating net investment income

 

1

 

7

 

Add: Amortization of intangibles

 

6

 

9

 

Adjusted operating earnings

 

$

185

 

$

210

 

 

 

 

 

 

 

Adjusted net pretax operating margin

 

39.1

%

41.3

%

 

13


 

Ameriprise Financial, Inc.

Reconciliation Table: Annuities Pretax Operating Earnings

 

 

 

Quarter Ended
September 30,

 

(in millions, unaudited)

 

2015

 

2014

 

Pretax operating earnings

 

$

176

 

$

128

 

Less: Unlocking

 

66

 

(22

)

Less: Market impact on DAC and DSIC (mean reversion)

 

(29

)

(6

)

Pretax operating earnings excluding unlocking and market impact on DAC and DSIC (mean reversion)

 

$

139

 

$

156

 

 

Ameriprise Financial, Inc.

Reconciliation Table: Return on Equity (ROE) Excluding Accumulated
Other Comprehensive Income “AOCI”

 

 

 

Twelve Months Ended
September 30,

 

(in millions, unaudited)

 

2015

 

2014

 

Net income attributable to Ameriprise Financial

 

$

1,630

 

$

1,490

 

Less: Loss from discontinued operations, net of tax

 

(1

)

(3

)

Net income from continuing operations attributable to  Ameriprise Financial, as reported

 

1,631

 

1,493

 

Less: Adjustments (1)

 

(84

)

(107

)

Operating earnings

 

$

1,715

 

$

1,600

 

 

 

 

 

 

 

Total Ameriprise Financial, Inc. shareholders’ equity

 

$

8,017

 

$

8,310

 

Less: Accumulated other comprehensive income, net of tax

 

615

 

723

 

Total Ameriprise Financial, Inc. shareholders’ equity excluding AOCI

 

7,402

 

7,587

 

Less: Equity impacts attributable to the consolidated investment entities

 

250

 

331

 

Operating equity

 

$

7,152

 

$

7,256

 

 

 

 

 

 

 

Return on equity excluding AOCI

 

22.0

%

19.7

%

Operating return on equity excluding AOCI (2)

 

24.0

%

22.1

%

 

(1)     Adjustments reflect the trailing twelve months’ sum of after-tax net realized investment gains/losses, net of deferred sales inducement costs (“DSIC”) and deferred acquisition costs (“DAC”) amortization, unearned revenue amortization and the reinsurance accrual; market impact on variable annuity guaranteed benefits, net of hedges and related DSIC and DAC amortization; the market impact on indexed universal life benefits, net of hedges and related DAC amortization, unearned revenue amortization, and the reinsurance accrual; the market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments; and integration/restructuring charges.  After-tax is calculated using the statutory tax rate of 35%.

(2)     Operating return on equity excluding accumulated other comprehensive income (AOCI) is calculated using the trailing twelve months of earnings excluding the after-tax net realized investment gains/losses, net of deferred sales inducement costs (“DSIC”) and deferred acquisition costs (“DAC”) amortization, unearned revenue amortization and the reinsurance accrual; market impact on variable annuity guaranteed benefits, net of hedges and related DSIC and DAC amortization; the market impact on indexed universal life benefits, net of hedges and related DAC amortization, unearned revenue amortization, and the reinsurance accrual; the market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments; integration/restructuring charges; and discontinued operations in the numerator, and Ameriprise Financial shareholders’ equity excluding AOCI and the impact of consolidating investment entities using a five-point average of quarter-end equity in the denominator.  After-tax is calculated using the statutory tax rate of 35%.

 

14


 

Ameriprise Financial, Inc.
Consolidated GAAP Results

 

 

 

Quarter Ended September 30,

 

% Better/

 

(in millions, unaudited)

 

2015

 

2014

 

(Worse)

 

Revenues

 

 

 

 

 

 

 

Management and financial advice fees

 

$

1,465

 

$

1,483

 

(1

)%

Distribution fees

 

451

 

464

 

(3

)

Net investment income

 

321

 

428

 

(25

)

Premiums

 

360

 

351

 

3

 

Other revenues

 

296

 

392

 

(24

)

Total revenues

 

2,893

 

3,118

 

(7

)

Banking and deposit interest expense

 

7

 

7

 

—

 

Total net revenues

 

2,886

 

3,111

 

(7

)

Expenses

 

 

 

 

 

 

 

Distribution expenses

 

806

 

813

 

1

 

Interest credited to fixed accounts

 

171

 

168

 

(2

)

Benefits, claims, losses and settlement expenses

 

471

 

458

 

(3

)

Amortization of deferred acquisition costs

 

133

 

116

 

(15

)

Interest and debt expense

 

98

 

79

 

(24

)

General and administrative expense

 

744

 

757

 

2

 

Total expenses

 

2,423

 

2,391

 

(1

)

Income from continuing operations before income tax provision

 

463

 

720

 

(36

)

Income tax provision

 

111

 

155

 

28

 

Income from continuing operations

 

352

 

565

 

(38

)

Loss from discontinued operations, net of tax

 

—

 

—

 

—

 

Net income

 

352

 

565

 

(38

)

Less: Net income attributable to noncontrolling interests

 

(45

)

145

 

NM

 

Net income attributable to Ameriprise Financial

 

$

397

 

$

420

 

(5

)

 

NM  Not Meaningful — variance of greater than 100%

 

15

 EX-99.2 3 a15-21297_1ex99d2.htm EX-99.2

Exhibit 99.2

 

GRAPHIC

 

Statistical Supplement Package

(unaudited)

 

Third Quarter 2015

 


 

Ameriprise Financial, Inc.

Statistical Supplement Information

Table of Contents

 

 

 

Page

Ameriprise Financial, Inc.

 

 

Statistical Supplement Presentation

 

4

Consolidated GAAP Income Statements

 

5

Consolidated Operating Results and Highlights

 

6

Common Share and Capital Summary

 

8

Segment Summary

 

10

Advice & Wealth Management Segment

 

 

Segment Operating Income Statements

 

12

Segment Metrics

 

13

Asset Management Segment

 

 

Segment Operating Income Statements

 

15

Segment Metrics

 

16

Columbia Asset Management Products

 

17

Threadneedle Asset Management Products

 

18

Retail Fund Performance - Columbia

 

19

Retail Fund Performance - Threadneedle

 

20

Annuities Segment

 

 

Segment Operating Income Statements

 

22

Segment Metrics

 

23

Protection Segment

 

 

Segment Operating Income Statements

 

25

Segment Metrics

 

26

Corporate & Other Segment

 

 

Segment Operating Income Statements

 

28

Eliminations

 

 

Operating Income Statements

 

29

Balance Sheet and Ratings Information

 

 

Consolidated Balance Sheets

 

31

Capital and Ratings Information

 

32

Investments

 

33

Non-GAAP Financial Information

 

34

Glossary of Selected Terminology

 

 

Glossary of Selected Terminology - Segments

 

35

Glossary of Selected Terminology

 

36

Exhibit A

 

 

Disclosed Items

 

38

Exhibit B

 

 

Non-GAAP Financial Measure Reconciliations

 

44

 

2


 

GRAPHIC

 

Statistical Supplement Package

(unaudited)

 

Third Quarter 2015

 

Consolidated Results

 

3


 

Ameriprise Financial, Inc.

Statistical Supplement Presentation

Third Quarter 2015

 

Ameriprise Financial, Inc. (“Ameriprise Financial” or “the Company”) prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”). Management believes that operating measures, which exclude net realized investment gains or losses, net of deferred sales inducement costs (“DSIC”) and deferred acquisition costs (“DAC”) amortization, unearned revenue amortization and the reinsurance accrual; the market impact on variable annuity guaranteed benefits, net of hedges and the related DSIC and DAC amortization; the market impact on indexed universal life benefits, net of hedges and the related DAC amortization, unearned revenue amortization, and the reinsurance accrual; the market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments; integration and restructuring charges; income (loss) from discontinued operations; and the impact of consolidating certain investment entities (“CIEs”), best reflect the underlying performance of our core operations and facilitate a more meaningful trend analysis. The Company also uses a number of non-GAAP financial measures to evaluate its financial performance on a basis comparable to that used by some securities analysts and investors. However, these measures are not a substitute for GAAP. Therefore, reconciliations to GAAP measures are provided on page 6 and in Exhibit B “Non-GAAP Financial Measure Reconciliations” on pages 44 and 45.

 

The market impact on variable annuity guaranteed benefits and indexed universal life benefits includes changes in liability values caused by changes in financial market conditions, net of changes in economic hedge values.  The market impact also includes certain valuation adjustments made in accordance with Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements and Disclosures (“ASC 820”), including the impact on liability values of discounting projected benefits to reflect a current estimate of RiverSource Life Insurance Company’s nonperformance spread.  Further, the market impact is net of related impacts on DAC, DSIC and unearned revenue amortization as well as a reinsurance accrual for indexed universal life.  The market impact relates to guaranteed minimum accumulation benefits, non-life contingent guaranteed minimum withdrawal benefits and indexed universal life benefits accounted for at fair value as embedded derivatives.

 

Operating earnings is the measure of segment profit or loss management uses to evaluate segment performance.  Operating earnings should not be viewed as a substitute for GAAP income from continuing operations before income tax provision.  Management believes the presentation of segment operating earnings as we measure it for management purposes enhances the understanding of our business by reflecting the underlying performance of our core operations and facilitating a more meaningful trend analysis.

 

In addition, management uses adjusted net pretax operating margin in the Asset Management segment to evaluate segment performance on a basis comparable to other asset managers.  In the Asset Management segment, operating revenues are adjusted to exclude distribution pass through revenues and subadvisory and other pass through revenues, and operating earnings are adjusted to exclude operating net investment income and amortization of intangibles.

 

4


 

Ameriprise Financial, Inc.

Consolidated GAAP Income Statements

Third Quarter 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Year Comparisons

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date

 

Qtr Chg - 3Q

 

YTD Chg - 3Q

 

Seq Qtr Chg - 3Q

 

(in millions, except per share amounts, unaudited)

 

3 Qtr 2014

 

4 Qtr 2014

 

1 Qtr 2015

 

2 Qtr 2015

 

3 Qtr 2015

 

2014

 

2015

 

Diff.

 

%

 

Diff.

 

%

 

Diff.

 

%

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management and financial advice fees

 

$

1,483

 

$

1,489

 

$

1,468

 

$

1,518

 

$

1,465

 

$

4,321

 

$

4,451

 

$

(18

)

(1

)%

$

130

 

3

%

$

(53

)

(3

)%

Distribution fees

 

464

 

484

 

466

 

472

 

451

 

1,410

 

1,389

 

(13

)

(3

)%

(21

)

(1

)%

(21

)

(4

)%

Net investment income

 

428

 

409

 

484

 

423

 

321

 

1,332

 

1,228

 

(107

)

(25

)%

(104

)

(8

)%

(102

)

(24

)%

Premiums

 

351

 

359

 

353

 

368

 

360

 

1,026

 

1,081

 

9

 

3

%

55

 

5

%

(8

)

(2

)%

Other revenues

 

392

 

355

 

289

 

354

 

296

 

1,111

 

939

 

(96

)

(24

)%

(172

)

(15

)%

(58

)

(16

)%

Total revenues

 

3,118

 

3,096

 

3,060

 

3,135

 

2,893

 

9,200

 

9,088

 

(225

)

(7

)%

(112

)

(1

)%

(242

)

(8

)%

Banking and deposit interest expense

 

7

 

7

 

7

 

7

 

7

 

21

 

21

 

—

 

—

 

—

 

—

 

—

 

—

 

Total net revenues

 

3,111

 

3,089

 

3,053

 

3,128

 

2,886

 

9,179

 

9,067

 

(225

)

(7

)%

(112

)

(1

)%

(242

)

(8

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution expenses

 

813

 

827

 

819

 

835

 

806

 

2,409

 

2,460

 

(7

)

(1

)%

51

 

2

%

(29

)

(3

)%

Interest credited to fixed accounts

 

168

 

184

 

172

 

160

 

171

 

529

 

503

 

3

 

2

%

(26

)

(5

)%

11

 

7

%

Benefits, claims, losses and settlement expenses

 

458

 

568

 

533

 

543

 

471

 

1,414

 

1,547

 

13

 

3

%

133

 

9

%

(72

)

(13

)%

Amortization of deferred acquisition costs

 

116

 

86

 

75

 

94

 

133

 

281

 

302

 

17

 

15

%

21

 

7

%

39

 

41

%

Interest and debt expense

 

79

 

91

 

84

 

89

 

98

 

237

 

271

 

19

 

24

%

34

 

14

%

9

 

10

%

General and administrative expense

 

757

 

775

 

752

 

792

 

744

 

2,320

 

2,288

 

(13

)

(2

)%

(32

)

(1

)%

(48

)

(6

)%

Total expenses

 

2,391

 

2,531

 

2,435

 

2,513

 

2,423

 

7,190

 

7,371

 

32

 

1

%

181

 

3

%

(90

)

(4

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income tax provision

 

720

 

558

 

618

 

615

 

463

 

1,989

 

1,696

 

(257

)

(36

)%

(293

)

(15

)%

(152

)

(25

)%

Income tax provision

 

155

 

104

 

139

 

139

 

111

 

441

 

389

 

(44

)

(28

)%

(52

)

(12

)%

(28

)

(20

)%

Income from continuing operations

 

565

 

454

 

479

 

476

 

352

 

1,548

 

1,307

 

(213

)

(38

)%

(241

)

(16

)%

(124

)

(26

)%

Income (loss) from discontinued operations, net of tax

 

—

 

(1

)

—

 

—

 

—

 

(1

)

—

 

—

 

—

 

1

 

#

 

—

 

—

 

Net income

 

565

 

453

 

479

 

476

 

352

 

1,547

 

1,307

 

(213

)

(38

)%

(240

)

(16

)%

(124

)

(26

)%

Less: Net income (loss) attributable to noncontrolling interests

 

145

 

28

 

86

 

61

 

(45

)

353

 

102

 

(190

)

#

 

(251

)

(71

)%

(106

)

#

 

Net income attributable to Ameriprise Financial

 

$

420

 

$

425

 

$

393

 

$

415

 

$

397

 

$

1,194

 

$

1,205

 

$

(23

)

(5

)%

$

11

 

1

%

$

(18

)

(4

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income on fixed maturities

 

$

365

 

$

365

 

$

354

 

$

355

 

$

346

 

$

1,114

 

$

1,055

 

$

(19

)

(5

)%

$

(59

)

(5

)%

$

(9

)

(3

)%

Realized investment gains (losses)

 

4

 

27

 

10

 

5

 

(10

)

10

 

5

 

(14

)

#

 

(5

)

(50

)%

(15

)

#

 

Affordable housing

 

(8

)

(5

)

(8

)

(10

)

(7

)

(20

)

(25

)

1

 

13

%

(5

)

(25

)%

3

 

30

%

Other (including seed money)

 

26

 

23

 

23

 

19

 

(10

)

70

 

32

 

(36

)

#

 

(38

)

(54

)%

(29

)

#

 

Consolidated investment entities

 

41

 

(1

)

105

 

54

 

2

 

158

 

161

 

(39

)

(95

)%

3

 

2

%

(52

)

(96

)%

Total net investment income

 

$

428

 

$

409

 

$

484

 

$

423

 

$

321

 

$

1,332

 

$

1,228

 

$

(107

)

(25

)%

$

(104

)

(8

)%

$

(102

)

(24

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

2.21

 

$

2.27

 

$

2.11

 

$

2.26

 

$

2.20

 

$

6.20

 

$

6.57

 

$

(0.01

)

—

 

$

0.37

 

6

%

$

(0.06

)

(3

)%

Income (loss) from discontinued operations

 

—

 

(0.01

)

—

 

—

 

—

 

(0.01

)

—

 

—

 

—

 

0.01

 

#

 

—

 

—

 

Net income

 

$

2.21

 

$

2.26

 

$

2.11

 

$

2.26

 

$

2.20

 

$

6.19

 

$

6.57

 

$

(0.01

)

—

 

$

0.38

 

6

%

$

(0.06

)

(3

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

2.17

 

$

2.23

 

$

2.08

 

$

2.23

 

$

2.17

 

$

6.09

 

$

6.48

 

$

—

 

—

 

$

0.39

 

6

%

$

(0.06

)

(3

)%

Income (loss) from discontinued operations

 

—

 

(0.01

)

—

 

—

 

—

 

(0.01

)

—

 

—

 

—

 

0.01

 

#

 

—

 

—

 

Net income

 

$

2.17

 

$

2.22

 

$

2.08

 

$

2.23

 

$

2.17

 

$

6.08

 

$

6.48

 

$

—

 

—

 

$

0.40

 

7

%

$

(0.06

)

(3

)%

Earnings per diluted share growth (from continuing operations)

 

16.7

%

51.7

%

3.5

%

16.8

%

—

 

22.5

%

6.4

%

(16.7

)%

 

 

(16.1

)%

 

 

(16.8

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average common shares outstanding

 

190.3

 

187.9

 

186.3

 

183.8

 

180.4

 

192.8

 

183.5

 

(9.9

)

(5

)%

(9.3

)

(5

)%

(3.4

)

(2

)%

Effect of potentially dilutive nonqualified stock options and other share-based awards

 

3.4

 

3.3

 

2.8

 

2.6

 

2.3

 

3.5

 

2.5

 

(1.1

)

(32

)%

(1.0

)

(29

)%

(0.3

)

(12

)%

Diluted weighted average common shares outstanding

 

193.7

 

191.2

 

189.1

 

186.4

 

182.7

 

196.3

 

186.0

 

(11.0

)

(6

)%

(10.3

)

(5

)%

(3.7

)

(2

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue growth

 

10.6

%

4.9

%

1.9

%

1.8

%

(7.2

)%

11.2

%

(1.2

)%

(17.8

)%

 

 

(12.4

)%

 

 

(9.0

)%

 

 

Pretax income margin (1)

 

23.1

%

18.1

%

20.2

%

19.7

%

16.0

%

21.7

%

18.7

%

(7.1

)%

 

 

(3.0

)%

 

 

(3.7

)%

 

 

Effective tax rate

 

21.6

%

18.7

%

22.5

%

22.6

%

24.1

%

22.2

%

23.0

%

2.5

%

 

 

0.8

%

 

 

1.5

%

 

 

Effective tax rate excluding noncontrolling interests (2)

 

27.0

%

19.7

%

26.1

%

25.1

%

21.9

%

26.9

%

24.4

%

(5.1

)%

 

 

(2.5

)%

 

 

(3.2

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ameriprise Financial shareholders’ equity / outstanding shares (3)

 

$

43.68

 

$

43.47

 

$

44.27

 

$

43.25

 

$

42.76

 

$

43.68

 

$

42.76

 

$

(0.92

)

(2

)%

$

(0.92

)

(2

)%

$

(0.49

)

(1

)%

Ameriprise Financial shareholders’ equity excluding AOCI / outstanding shares (2)(4)

 

$

39.74

 

$

39.93

 

$

40.47

 

$

40.50

 

$

40.18

 

$

39.74

 

$

40.18

 

$

0.44

 

1

%

$

0.44

 

1

%

$

(0.32

)

(1

)%

 

(1)    Calculated as income from continuing operations before income tax provision divided by total net revenues.

(2)    See non-GAAP financial information on pg 34.  Non-GAAP financial measure reconciliations can be found on pages 44 and 45.

(3)    Calculated as Ameriprise Financial shareholders’ equity divided by common shares outstanding plus common stock equivalents outstanding at period end.

(4)    Calculated as Ameriprise Financial shareholders’ equity excluding AOCI divided by common shares outstanding plus common stock equivalents outstanding at period end.

# Variance of greater than 100%.

 

5


 

Ameriprise Financial, Inc.

Consolidated Operating Results and Highlights

Third Quarter 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Year Comparisons

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date

 

Qtr Chg - 3Q

 

YTD Chg - 3Q

 

Seq Qtr Chg - 3Q

 

(in millions except per share amounts, unaudited)

 

3 Qtr 2014

 

4 Qtr 2014

 

1 Qtr 2015

 

2 Qtr 2015

 

3 Qtr 2015

 

2014

 

2015

 

Diff.

 

%

 

Diff.

 

%

 

Diff.

 

%

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total net revenues

 

$

3,111

 

$

3,089

 

$

3,053

 

$

3,128

 

$

2,886

 

$

9,179

 

$

9,067

 

$

(225

)

(7

)%

$

(112

)

(1

)%

$

(242

)

(8

)%

Less revenues attributable to the CIEs

 

206

 

108

 

149

 

141

 

43

 

543

 

333

 

(163

)

(79

)%

(210

)

(39

)%

(98

)

(70

)%

Less net realized investment gains (losses) (1)

 

4

 

27

 

10

 

5

 

(10

)

10

 

5

 

(14

)

#

 

(5

)

(50

)%

(15

)

#

 

Less market impact on indexed universal life benefits (1)

 

2

 

(11

)

(4

)

—

 

9

 

—

 

5

 

7

 

#

 

5

 

—

 

9

 

—

 

Less market impact of hedges on investments

 

—

 

—

 

—

 

(1

)

(31

)

—

 

(32

)

(31

)

—

 

(32

)

—

 

(30

)

#

 

Operating total net revenues (2)

 

$

2,899

 

$

2,965

 

$

2,898

 

$

2,983

 

$

2,875

 

$

8,626

 

$

8,756

 

$

(24

)

(1

)%

$

130

 

2

%

$

(108

)

(4

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Ameriprise Financial

 

$

420

 

$

425

 

$

393

 

$

415

 

$

397

 

$

1,194

 

$

1,205

 

$

(23

)

(5

)%

$

11

 

1

%

$

(18

)

(4

)%

Less income (loss) from discontinued operations, net of tax

 

—

 

(1

)

—

 

—

 

—

 

(1

)

—

 

—

 

—

 

1

 

#

 

—

 

—

 

Net income from continuing operations attributable to Ameriprise Financial

 

420

 

426

 

393

 

415

 

397

 

1,195

 

1,205

 

(23

)

(5

)%

10

 

1

%

(18

)

(4

)%

Integration/restructuring charges, net of tax (3)

 

—

 

—

 

—

 

1

 

2

 

—

 

3

 

2

 

—

 

3

 

—

 

1

 

#

 

Market impact on variable annuity guaranteed benefits, net of tax (1)(3)

 

(5

)

21

 

22

 

23

 

3

 

40

 

48

 

8

 

#

 

8

 

20

%

(20

)

(87

)%

Market impact on indexed universal life benefits, net of tax (1)(3)

 

(5

)

10

 

4

 

(3

)

—

 

(6

)

1

 

5

 

#

 

7

 

#

 

3

 

#

 

Market impact of hedges on investments, net of tax (3)

 

—

 

—

 

—

 

1

 

20

 

—

 

21

 

20

 

—

 

21

 

—

 

19

 

#

 

Less net realized investment gains (losses), net of tax (1)(3)

 

3

 

17

 

7

 

3

 

(7

)

7

 

3

 

(10

)

#

 

(4

)

(57

)%

(10

)

#

 

Operating earnings (2)

 

$

407

 

$

440

 

$

412

 

$

434

 

$

429

 

$

1,222

 

$

1,275

 

$

22

 

5

%

$

53

 

4

%

$

(5

)

(1

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income tax provision

 

$

720

 

$

558

 

$

618

 

$

615

 

$

463

 

$

1,989

 

$

1,696

 

$

(257

)

(36

)%

$

(293

)

(15

)%

$

(152

)

(25

)%

Less net income (loss) attributable to noncontrolling interests

 

145

 

28

 

86

 

61

 

(45

)

353

 

102

 

(190

)

#

 

(251

)

(71

)%

(106

)

#

 

Pretax earnings excluding CIEs

 

575

 

530

 

532

 

554

 

508

 

1,636

 

1,594

 

(67

)

(12

)%

(42

)

(3

)%

(46

)

(8

)%

Integration/restructuring charges

 

—

 

—

 

—

 

1

 

3

 

—

 

4

 

3

 

—

 

4

 

—

 

2

 

#

 

Market impact on variable annuity guaranteed benefits (1)

 

(9

)

34

 

34

 

36

 

5

 

60

 

75

 

14

 

#

 

15

 

25

%

(31

)

(86

)%

Market impact on indexed universal life benefits (1)

 

(8

)

15

 

6

 

(5

)

1

 

(9

)

2

 

9

 

#

 

11

 

#

 

6

 

#

 

Market impact of hedges on investments

 

—

 

—

 

—

 

1

 

31

 

—

 

32

 

31

 

—

 

32

 

—

 

30

 

#

 

Less net realized investment gains (losses) (1)

 

4

 

27

 

10

 

5

 

(10

)

10

 

5

 

(14

)

#

 

(5

)

(50

)%

(15

)

#

 

Pretax operating earnings (2)

 

$

554

 

$

552

 

$

562

 

$

582

 

$

558

 

$

1,677

 

$

1,702

 

$

4

 

1

%

$

25

 

1

%

$

(24

)

(4

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax Operating Margin (2)(4)

 

19.1

%

18.6

%

19.4

%

19.5

%

19.4

%

19.4

%

19.4

%

0.3

%

 

 

—

 

 

 

(0.1

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Effective Tax Rate (2)(5)

 

26.5

%

20.3

%

26.7

%

25.4

%

23.1

%

27.1

%

25.1

%

(3.4

)%

 

 

(2.0

)%

 

 

(2.3

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

190.3

 

187.9

 

186.3

 

183.8

 

180.4

 

192.8

 

183.5

 

(9.9

)

(5

)%

(9.3

)

(5

)%

(3.4

)

(2

)%

Diluted

 

193.7

 

191.2

 

189.1

 

186.4

 

182.7

 

196.3

 

186.0

 

(11.0

)

(6

)%

(10.3

)

(5

)%

(3.7

)

(2

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Earnings Per Share (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic operating earnings per share

 

$

2.14

 

$

2.34

 

$

2.21

 

$

2.36

 

$

2.38

 

$

6.34

 

$

6.95

 

$

0.24

 

11

%

$

0.61

 

10

%

$

0.02

 

1

%

Operating earnings per diluted share

 

$

2.10

 

$

2.30

 

$

2.18

 

$

2.33

 

$

2.35

 

$

6.23

 

$

6.85

 

$

0.25

 

12

%

$

0.62

 

10

%

$

0.02

 

1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on equity excluding AOCI (2)(5)

 

19.7

%

21.5

%

21.5

%

22.1

%

22.0

%

19.7

%

22.0

%

2.3

%

 

 

2.3

%

 

 

(0.1

)%

 

 

Operating return on equity excluding AOCI (2)(5)

 

22.1

%

23.0

%

23.1

%

23.5

%

24.0

%

22.1

%

24.0

%

1.9

%

 

 

1.9

%

 

 

0.5

%

 

 

 

(1)             Operating adjustments for net realized investment gains (losses), market impact on indexed universal life benefits and market impact on variable annuity guaranteed benefits are net of the following impacts, as applicable:  hedges, DAC and DSIC amortization, unearned revenue amortization and the reinsurance accrual.

(2)             See non-GAAP financial information on pg 34.

(3)             Calculated using the statutory tax rate of 35%.

(4)             Defined as pretax operating earnings as a percentage of operating total net revenues.

(5)             Non-GAAP financial measure reconciliations can be found on pg 44.

# Variance of greater than 100%.

 

6


 

Ameriprise Financial, Inc.

Consolidated Operating Results and Highlights

Third Quarter 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Year Comparisons

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date

 

Qtr Chg - 3Q

 

YTD Chg - 3Q

 

Seq Qtr Chg - 3Q

 

(in millions except per share amounts, headcount and where noted, unaudited)

 

3 Qtr 2014

 

4 Qtr 2014

 

1 Qtr 2015

 

2 Qtr 2015

 

3 Qtr 2015

 

2014

 

2015

 

Diff.

 

%

 

Diff.

 

%

 

Diff.

 

%

 

Book Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ameriprise Financial shareholders’ equity excluding CIEs / outstanding shares (1)(2)

 

$

42.12

 

$

42.28

 

$

42.84

 

$

41.91

 

$

41.86

 

$

42.12

 

$

41.86

 

$

(0.26

)

(1

)%

$

(0.26

)

(1

)%

$

(0.05

)

—

 

Ameriprise Financial shareholders’ equity excluding CIEs and AOCI / outstanding shares (1)(3)

 

$

38.11

 

$

38.67

 

$

38.96

 

$

39.09

 

$

39.20

 

$

38.11

 

$

39.20

 

$

1.09

 

3

%

$

1.09

 

3

%

$

0.11

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating total net revenue growth: Target 6 - 8%

 

7.6

%

5.3

%

3.1

%

2.3

%

(0.8

)%

7.3

%

1.5

%

(8.4

)%

 

 

(5.8

)%

 

 

(3.1

)%

 

 

Operating earnings per diluted share growth: Target 12 - 15%

 

9.9

%

23.0

%

6.9

%

12.0

%

11.9

%

20.3

%

10.0

%

2.0

%

 

 

(10.3

)%

 

 

(0.1

)%

 

 

Operating return on equity excluding AOCI: Target 19 - 23% (1)

 

22.1

%

23.0

%

23.1

%

23.5

%

24.0

%

22.1

%

24.0

%

1.9

%

 

 

1.9

%

 

 

0.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt to Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Ameriprise Financial long-term debt to total Ameriprise Financial capital

 

27.0

%

27.4

%

27.2

%

28.0

%

28.4

%

27.0

%

28.4

%

1.4

%

 

 

1.4

%

 

 

0.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill and Intangible Assets

 

$

2,036

 

$

2,010

 

$

1,982

 

$

1,997

 

$

1,982

 

$

2,036

 

$

1,982

 

$

(54

)

(3

)%

$

(54

)

(3

)%

$

(15

)

(1

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets Under Management and Administration

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advice & Wealth Management AUM

 

$

168,724

 

$

174,088

 

$

179,361

 

$

181,127

 

$

173,000

 

$

168,724

 

$

173,000

 

$

4,276

 

3

%

$

4,276

 

3

%

$

(8,127

)

(4

)%

Asset Management AUM

 

504,793

 

505,588

 

506,310

 

503,093

 

471,078

 

504,793

 

471,078

 

(33,715

)

(7

)%

(33,715

)

(7

)%

(32,015

)

(6

)%

Corporate AUM

 

861

 

826

 

756

 

723

 

693

 

861

 

693

 

(168

)

(20

)%

(168

)

(20

)%

(30

)

(4

)%

Eliminations

 

(21,699

)

(21,885

)

(22,489

)

(23,255

)

(22,200

)

(21,699

)

(22,200

)

(501

)

(2

)%

(501

)

(2

)%

1,055

 

5

%

Total Assets Under Management

 

652,679

 

658,617

 

663,938

 

661,688

 

622,571

 

652,679

 

622,571

 

(30,108

)

(5

)%

(30,108

)

(5

)%

(39,117

)

(6

)%

Total Assets Under Administration

 

144,075

 

147,560

 

150,836

 

149,385

 

143,183

 

144,075

 

143,183

 

(892

)

(1

)%

(892

)

(1

)%

(6,202

)

(4

)%

Total AUM and AUA

 

$

796,754

 

$

806,177

 

$

814,774

 

$

811,073

 

$

765,754

 

$

796,754

 

$

765,754

 

$

(31,000

)

(4

)%

$

(31,000

)

(4

)%

$

(45,319

)

(6

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Ameriprise client assets

 

$

433,804

 

$

444,391

 

$

452,969

 

$

453,336

 

$

433,458

 

$

433,804

 

$

433,458

 

$

(346

)

—

 

$

(346

)

—

 

$

(19,878

)

(4

)%

Total branded financial advisors

 

9,696

 

9,672

 

9,691

 

9,721

 

9,814

 

9,696

 

9,814

 

118

 

1

%

118

 

1

%

93

 

1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Flows and Net Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Branded advisor wrap

 

$

3,834

 

$

3,130

 

$

2,802

 

$

3,278

 

$

2,980

 

$

11,058

 

$

9,060

 

$

(854

)

(22

)%

$

(1,998

)

(18

)%

$

(298

)

(9

)%

Asset Management

 

(4,117

)

5,682

 

(5,821

)

(1,959

)

(7,371

)

(3,590

)

(15,151

)

(3,254

)

(79

)%

(11,561

)

#

 

(5,412

)

#

 

Annuities

 

(740

)

(721

)

(950

)

(901

)

(634

)

(2,471

)

(2,485

)

106

 

14

%

(14

)

(1

)%

267

 

30

%

Variable universal life / Universal life

 

(39

)

(30

)

(48

)

(44

)

(46

)

(108

)

(138

)

(7

)

(18

)%

(30

)

(28

)%

(2

)

(5

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

S&P 500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Daily average

 

1,977

 

2,012

 

2,064

 

2,102

 

2,027

 

1,904

 

2,064

 

50

 

3

%

160

 

8

%

(75

)

(4

)%

Period end

 

1,972

 

2,059

 

2,068

 

2,063

 

1,920

 

1,972

 

1,920

 

(52

)

(3

)%

(52

)

(3

)%

(143

)

(7

)%

 

(1)              See non-GAAP financial information on pg 34.  Non-GAAP financial measure reconciliations can be found on pages 44 and 45.

(2)              Calculated as Ameriprise Financial shareholders’ equity excluding CIEs divided by common shares outstanding plus common stock equivalents outstanding at period end.

(3)              Calculated as Ameriprise Financial shareholders’ equity excluding CIEs and AOCI divided by common shares outstanding plus common stock equivalents outstanding at period end.

# Variance of greater than 100%.

 

7


 

Ameriprise Financial, Inc.

Common Share and Capital Summary

Third Quarter 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Year Comparisons

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date

 

Qtr Chg - 3Q

 

YTD Chg - 3Q

 

Seq Qtr Chg - 3Q

 

(in millions unless otherwise noted, unaudited)

 

3 Qtr 2014

 

4 Qtr 2014

 

1 Qtr 2015

 

2 Qtr 2015

 

3 Qtr 2015

 

2014

 

2015

 

Diff.

 

%

 

Diff.

 

%

 

Diff.

 

%

 

Common shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

187.7

 

185.4

 

183.1

 

181.8

 

178.7

 

192.1

 

183.1

 

(9.0

)

(5

)%

(9.0

)

(5

)%

(3.1

)

(2

)%

Repurchases

 

(2.7

)

(2.7

)

(2.6

)

(3.4

)

(3.8

)

(9.1

)

(9.8

)

(1.1

)

(41

)%

(0.7

)

(8

)%

(0.4

)

(12

)%

Issuances

 

0.8

 

0.9

 

2.0

 

0.4

 

0.2

 

4.8

 

2.6

 

(0.6

)

(75

)%

(2.2

)

(46

)%

(0.2

)

(50

)%

Other

 

(0.4

)

(0.5

)

(0.7

)

(0.1

)

(0.1

)

(2.4

)

(0.9

)

0.3

 

75

%

1.5

 

63

%

—

 

—

 

Total common shares outstanding

 

185.4

 

183.1

 

181.8

 

178.7

 

175.0

 

185.4

 

175.0

 

(10.4

)

(6

)%

(10.4

)

(6

)%

(3.7

)

(2

)%

Restricted stock units

 

3.7

 

3.8

 

3.3

 

3.4

 

3.4

 

3.7

 

3.4

 

(0.3

)

(8

)%

(0.3

)

(8

)%

—

 

—

 

Total basic common shares outstanding

 

189.1

 

186.9

 

185.1

 

182.1

 

178.4

 

189.1

 

178.4

 

(10.7

)

(6

)%

(10.7

)

(6

)%

(3.7

)

(2

)%

Total potentially dilutive shares

 

3.4

 

3.2

 

2.7

 

2.5

 

2.2

 

3.4

 

2.2

 

(1.2

)

(35

)%

(1.2

)

(35

)%

(0.3

)

(12

)%

Total diluted shares

 

192.5

 

190.1

 

187.8

 

184.6

 

180.6

 

192.5

 

180.6

 

(11.9

)

(6

)%

(11.9

)

(6

)%

(4.0

)

(2

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Returned to Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends paid

 

$

111

 

$

109

 

$

110

 

$

124

 

$

121

 

$

326

 

$

355

 

$

10

 

9

%

$

29

 

9

%

$

(3

)

(2

)%

Common stock share repurchases

 

$

331

 

$

335

 

$

349

 

$

425

 

$

450

 

$

1,037

 

$

1,224

 

$

119

 

36

%

$

187

 

18

%

$

25

 

6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated Capital (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advice & Wealth Management

 

$

510

 

$

510

 

$

516

 

$

521

 

$

528

 

$

510

 

$

528

 

$

18

 

4

%

$

18

 

4

%

$

7

 

1

%

Asset Management

 

1,905

 

1,884

 

1,872

 

1,854

 

1,836

 

1,905

 

1,836

 

(69

)

(4

)%

(69

)

(4

)%

(18

)

(1

)%

Annuities

 

1,938

 

1,982

 

1,987

 

1,941

 

1,900

 

1,938

 

1,900

 

(38

)

(2

)%

(38

)

(2

)%

(41

)

(2

)%

Protection

 

1,897

 

1,962

 

1,975

 

2,014

 

2,009

 

1,897

 

2,009

 

112

 

6

%

112

 

6

%

(5

)

—

 

Corporate & Other

 

3,950

 

3,884

 

3,856

 

3,782

 

3,674

 

3,950

 

3,674

 

(276

)

(7

)%

(276

)

(7

)%

(108

)

(3

)%

Total allocated capital

 

$

10,200

 

$

10,222

 

$

10,206

 

$

10,112

 

$

9,947

 

$

10,200

 

$

9,947

 

$

(253

)

(2

)%

$

(253

)

(2

)%

$

(165

)

(2

)%

 

(1)     Allocated capital equals Ameriprise Financial shareholders’ equity excluding consolidated investment entities less AOCI plus Ameriprise Financial long-term debt excluding fair value of hedges and unamortized discount.  Allocated capital is not adjusted for non-operating items except for CIEs.

 

8


 

GRAPHIC

Statistical Supplement Package

(unaudited)

 

Third Quarter 2015

 

Segment Results

 

9


 

Ameriprise Financial, Inc.

Segment Summary

Third Quarter 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Year Comparisons

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date

 

Qtr Chg - 3Q

 

YTD Chg - 3Q

 

Seq Qtr Chg - 3Q

 

(in millions unless otherwise noted, unaudited)

 

3 Qtr 2014

 

4 Qtr 2014

 

1 Qtr 2015

 

2 Qtr 2015

 

3 Qtr 2015

 

2014

 

2015

 

Diff.

 

%

 

Diff.

 

%

 

Diff.

 

%

 

Segment Summary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advice & Wealth Management

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating total net revenues

 

$

1,210

 

$

1,249

 

$

1,228

 

$

1,274

 

$

1,245

 

$

3,557

 

$

3,747

 

$

35

 

3

%

$

190

 

5

%

$

(29

)

(2

)%

Operating expenses

 

1,005

 

1,037

 

1,018

 

1,054

 

1,026

 

2,977

 

3,098

 

21

 

2

%

121

 

4

%

(28

)

(3

)%

Pretax operating earnings

 

$

205

 

$

212

 

$

210

 

$

220

 

$

219

 

$

580

 

$

649

 

$

14

 

7

%

$

69

 

12

%

$

(1

)

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated capital

 

$

510

 

$

510

 

$

516

 

$

521

 

$

528

 

$

510

 

$

528

 

$

18

 

4

%

$

18

 

4

%

$

7

 

1

%

Operating return on allocated capital (1)

 

112.3

%

120.5

%

121.6

%

124.3

%

126.8

%

112.3

%

126.8

%

14.5

%

 

 

14.5

%

 

 

2.5

%

 

 

Pretax operating margin

 

16.9

%

17.0

%

17.1

%

17.3

%

17.6

%

16.3

%

17.3

%

0.7

%

 

 

1.0

%

 

 

0.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Management

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating total net revenues

 

$

839

 

$

830

 

$

807

 

$

832

 

$

782

 

$

2,490

 

$

2,421

 

$

(57

)

(7

)%

$

(69

)

(3

)%

$

(50

)

(6

)%

Operating expenses

 

631

 

632

 

616

 

635

 

602

 

1,900

 

1,853

 

(29

)

(5

)%

(47

)

(2

)%

(33

)

(5

)%

Pretax operating earnings

 

$

208

 

$

198

 

$

191

 

$

197

 

$

180

 

$

590

 

$

568

 

$

(28

)

(13

)%

$

(22

)

(4

)%

$

(17

)

(9

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated capital

 

$

1,905

 

$

1,884

 

$

1,872

 

$

1,854

 

$

1,836

 

$

1,905

 

$

1,836

 

$

(69

)

(4

)%

$

(69

)

(4

)%

$

(18

)

(1

)%

Operating return on allocated capital (1)

 

30.1

%

31.3

%

31.5

%

31.9

%

31.2

%

30.1

%

31.2

%

1.1

%

 

 

1.1

%

 

 

(0.7

)%

 

 

Pretax operating margin

 

24.8

%

23.9

%

23.7

%

23.7

%

23.0

%

23.7

%

23.5

%

(1.8

)%

 

 

(0.2

)%

 

 

(0.7

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating total net revenues

 

$

839

 

$

830

 

$

807

 

$

832

 

$

782

 

$

2,490

 

$

2,421

 

$

(57

)

(7

)%

$

(69

)

(3

)%

$

(50

)

(6

)%

Distribution pass thru revenues

 

(233

)

(231

)

(218

)

(219

)

(214

)

(698

)

(651

)

19

 

8

%

47

 

7

%

5

 

2

%

Subadvisory and other pass thru revenues

 

(98

)

(99

)

(103

)

(102

)

(95

)

(301

)

(300

)

3

 

3

%

1

 

—

 

7

 

7

%

Adjusted operating revenues (2)

 

$

508

 

$

500

 

$

486

 

$

511

 

$

473

 

$

1,491

 

$

1,470

 

$

(35

)

(7

)%

$

(21

)

(1

)%

$

(38

)

(7

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax operating earnings

 

$

208

 

$

198

 

$

191

 

$

197

 

$

180

 

$

590

 

$

568

 

$

(28

)

(13

)%

$

(22

)

(4

)%

$

(17

)

(9

)%

Operating net investment income

 

(7

)

(6

)

(6

)

(4

)

(1

)

(24

)

(11

)

6

 

86

%

13

 

54

%

3

 

75

%

Amortization of intangibles

 

9

 

8

 

8

 

7

 

6

 

26

 

21

 

(3

)

(33

)%

(5

)

(19

)%

(1

)

(14

)%

Adjusted operating earnings (2)

 

$

210

 

$

200

 

$

193

 

$

200

 

$

185

 

$

592

 

$

578

 

$

(25

)

(12

)%

$

(14

)

(2

)%

$

(15

)

(8

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net pretax operating margin (2)(3)

 

41.3

%

40.0

%

39.7

%

39.1

%

39.1

%

39.7

%

39.3

%

(2.2

)%

 

 

(0.4

)%

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annuities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating total net revenues

 

$

655

 

$

649

 

$

631

 

$

651

 

$

632

 

$

1,942

 

$

1,914

 

$

(23

)

(4

)%

$

(28

)

(1

)%

$

(19

)

(3

)%

Operating expenses

 

527

 

490

 

459

 

501

 

456

 

1,468

 

1,416

 

(71

)

(13

)%

(52

)

(4

)%

(45

)

(9

)%

Pretax operating earnings

 

$

128

 

$

159

 

$

172

 

$

150

 

$

176

 

$

474

 

$

498

 

$

48

 

38

%

$

24

 

5

%

$

26

 

17

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated capital

 

$

1,938

 

$

1,982

 

$

1,987

 

$

1,941

 

$

1,900

 

$

1,938

 

$

1,900

 

$

(38

)

(2

)%

$

(38

)

(2

)%

$

(41

)

(2

)%

Operating return on allocated capital (1)

 

18.3

%

19.3

%

20.7

%

22.1

%

25.6

%

18.3

%

25.6

%

7.3

%

 

 

7.3

%

 

 

3.5

%

 

 

Pretax operating margin

 

19.5

%

24.5

%

27.3

%

23.0

%

27.8

%

24.4

%

26.0

%

8.3

%

 

 

1.6

%

 

 

4.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Protection

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating total net revenues

 

$

553

 

$

600

 

$

590

 

$

600

 

$

586

 

$

1,687

 

$

1,776

 

$

33

 

6

%

$

89

 

5

%

$

(14

)

(2

)%

Operating expenses

 

487

 

570

 

539

 

528

 

561

 

1,471

 

1,628

 

74

 

15

%

157

 

11

%

33

 

6

%

Pretax operating earnings

 

$

66

 

$

30

 

$

51

 

$

72

 

$

25

 

$

216

 

$

148

 

$

(41

)

(62

)%

$

(68

)

(31

)%

$

(47

)

(65

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated capital

 

$

1,897

 

$

1,962

 

$

1,975

 

$

2,014

 

$

2,009

 

$

1,897

 

$

2,009

 

$

112

 

6

%

$

112

 

6

%

$

(5

)

—

 

Operating return on allocated capital (1)

 

11.4

%

9.6

%

9.1

%

8.4

%

6.8

%

11.4

%

6.8

%

(4.6

)%

 

 

(4.6

)%

 

 

(1.6

)%

 

 

Pretax operating margin

 

11.9

%

5.0

%

8.6

%

12.0

%

4.3

%

12.8

%

8.3

%

(7.6

)%

 

 

(4.5

)%

 

 

(7.7

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate & Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating total net revenues

 

$

(1

)

$

1

 

$

(6

)

$

(2

)

$

(4

)

$

3

 

$

(12

)

$

(3

)

#

 

$

(15

)

#

 

$

(2

)

#

 

Operating expenses

 

52

 

48

 

56

 

55

 

38

 

186

 

149

 

(14

)

(27

)%

(37

)

(20

)%

(17

)

(31

)%

Pretax operating loss

 

$

(53

)

$

(47

)

$

(62

)

$

(57

)

$

(42

)

$

(183

)

$

(161

)

$

11

 

21

%

$

22

 

12

%

$

15

 

26

%

 

(1)     Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated capital as of the last day of the trailing four quarters and current quarter in the denominator.

(2)     See non-GAAP financial information on pg 34.

(3)     Calculated as adjusted operating earnings as a percentage of adjusted operating revenues.

# Variance of greater than 100%.

 

10


 

 

Statistical Supplement Package

(unaudited)

 

Third Quarter 2015

 

Advice & Wealth Management Segment

 

11

 


 

Ameriprise Financial, Inc.

Advice & Wealth Management Segment

Third Quarter 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Year Comparisons

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date

 

Qtr Chg - 3Q

 

YTD Chg - 3Q

 

Seq Qtr Chg - 3Q

 

(in millions unless otherwise noted, unaudited)

 

3 Qtr 2014

 

4 Qtr 2014

 

1 Qtr 2015

 

2 Qtr 2015

 

3 Qtr 2015

 

2014

 

2015

 

Diff.

 

%

 

Diff.

 

%

 

Diff.

 

%

 

Operating Income Statements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management and financial advice fees

 

$

621

 

$

633

 

$

637

 

$

666

 

$

658

 

$

1,780

 

$

1,961

 

$

37

 

6

%

$

181

 

10

%

$

(8

)

(1

)%

Distribution fees

 

544

 

571

 

543

 

561

 

540

 

1,642

 

1,644

 

(4

)

(1

)%

2

 

—

 

(21

)

(4

)%

Net investment income

 

33

 

35

 

35

 

35

 

38

 

101

 

108

 

5

 

15

%

7

 

7

%

3

 

9

%

Premiums

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Other revenues

 

19

 

17

 

20

 

19

 

16

 

55

 

55

 

(3

)

(16

)%

—

 

—

 

(3

)

(16

)%

Total revenues

 

1,217

 

1,256

 

1,235

 

1,281

 

1,252

 

3,578

 

3,768

 

35

 

3

%

190

 

5

%

(29

)

(2

)%

Banking and deposit interest expense

 

7

 

7

 

7

 

7

 

7

 

21

 

21

 

—

 

—

 

—

 

—

 

—

 

—

 

Operating total net revenues

 

1,210

 

1,249

 

1,228

 

1,274

 

1,245

 

3,557

 

3,747

 

35

 

3

%

190

 

5

%

(29

)

(2

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution expenses

 

742

 

760

 

757

 

783

 

764

 

2,183

 

2,304

 

22

 

3

%

121

 

6

%

(19

)

(2

)%

Interest credited to fixed accounts

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Benefits, claims, losses and settlement expenses

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Amortization of deferred acquisition costs

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Interest and debt expense

 

1

 

1

 

2

 

2

 

2

 

5

 

6

 

1

 

#

 

1

 

20

%

—

 

—

 

General and administrative expense

 

262

 

276

 

259

 

269

 

260

 

789

 

788

 

(2

)

(1

)%

(1

)

—

 

(9

)

(3

)%

Operating expenses

 

1,005

 

1,037

 

1,018

 

1,054

 

1,026

 

2,977

 

3,098

 

21

 

2

%

121

 

4

%

(28

)

(3

)%

Pretax operating earnings

 

$

205

 

$

212

 

$

210

 

$

220

 

$

219

 

$

580

 

$

649

 

$

14

 

7

%

$

69

 

12

%

$

(1

)

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax operating margin

 

16.9

%

17.0

%

17.1

%

17.3

%

17.6

%

16.3

%

17.3

%

0.7

%

 

 

1.0

%

 

 

0.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated capital

 

$

510

 

$

510

 

$

516

 

$

521

 

$

528

 

$

510

 

$

528

 

$

18

 

4

%

$

18

 

4

%

$

7

 

1

%

Operating return on allocated capital (1)

 

112.3

%

120.5

%

121.6

%

124.3

%

126.8

%

112.3

%

126.8

%

14.5

%

 

 

14.5

%

 

 

2.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

On-balance sheet deposits

 

$

7,522

 

$

7,674

 

$

7,885

 

$

7,825

 

$

8,049

 

$

7,522

 

$

8,049

 

$

527

 

7

%

$

527

 

7

%

$

224

 

3

%

 

(1)             Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated capital as of the last day of the trailing four quarters and current quarter in the denominator.

# Variance of greater than 100%.

 

12

 


 

Ameriprise Financial, Inc.

Advice & Wealth Management Segment

Third Quarter 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Year Comparisons

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date

 

Qtr Chg - 3Q

 

YTD Chg - 3Q

 

Seq Qtr Chg - 3Q

 

(in millions, except headcount and where noted, unaudited)

 

3 Qtr 2014

 

4 Qtr 2014

 

1 Qtr 2015

 

2 Qtr 2015

 

3 Qtr 2015

 

2014

 

2015

 

Diff.

 

%

 

Diff.

 

%

 

Diff.

 

%

 

Product Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certificates and Banking - Combined

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax operating earnings

 

$

9

 

$

10

 

$

10

 

$

15

 

$

11

 

$

30

 

$

36

 

$

2

 

22

%

$

6

 

20

%

$

(4

)

(27

)%

Allocated capital

 

$

237

 

$

236

 

$

241

 

$

243

 

$

251

 

$

237

 

$

251

 

$

14

 

6

%

$

14

 

6

%

$

8

 

3

%

Operating return on allocated capital (1)

 

12.5

%

12.9

%

12.0

%

13.9

%

14.5

%

12.5

%

14.5

%

2.0

%

 

 

2.0

%

 

 

0.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wealth Management & Distribution

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax operating earnings

 

$

196

 

$

202

 

$

200

 

$

205

 

$

208

 

$

550

 

$

613

 

$

12

 

6

%

$

63

 

11

%

$

3

 

1

%

Allocated capital

 

$

273

 

$

274

 

$

275

 

$

278

 

$

277

 

$

273

 

$

277

 

$

4

 

1

%

$

4

 

1

%

$

(1

)

—

 

Operating return on allocated capital (1)

 

203.0

%

217.1

%

218.5

%

220.2

%

225.3

%

203.0

%

225.3

%

22.3

%

 

 

22.3

%

 

 

5.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Branded financial plan net cash sales

 

$

60

 

$

70

 

$

62

 

$

65

 

$

62

 

$

181

 

$

189

 

$

2

 

3

%

$

8

 

4

%

$

(3

)

(5

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Advisors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee advisors

 

2,100

 

2,083

 

2,084

 

2,082

 

2,099

 

2,100

 

2,099

 

(1

)

—

 

(1

)

—

 

17

 

1

%

Franchisee advisors

 

7,596

 

7,589

 

7,607

 

7,639

 

7,715

 

7,596

 

7,715

 

119

 

2

%

119

 

2

%

76

 

1

%

Total branded financial advisors

 

9,696

 

9,672

 

9,691

 

9,721

 

9,814

 

9,696

 

9,814

 

118

 

1

%

118

 

1

%

93

 

1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating total net revenues per financial advisor (in thousands) (2)

 

$

125

 

$

129

 

$

127

 

$

131

 

$

127

 

$

367

 

$

385

 

$

2

 

2

%

$

18

 

5

%

$

(4

)

(3

)%

Operating total net revenues per financial advisor-trailing twelve months (in thousands) (3)

 

$

483

 

$

496

 

$

505

 

$

512

 

$

514

 

$

483

 

$

514

 

$

31

 

6

%

$

31

 

6

%

$

2

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advisor Retention

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee

 

91.9

%

91.2

%

91.0

%

91.1

%

91.0

%

91.9

%

91.0

%

(0.9

)%

 

 

(0.9

)%

 

 

(0.1

)%

 

 

Franchisee

 

94.6

%

94.5

%

94.3

%

94.2

%

94.2

%

94.6

%

94.2

%

(0.4

)%

 

 

(0.4

)%

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Client Assets (at period end)

 

$

433,804

 

$

444,391

 

$

452,969

 

$

453,336

 

$

433,458

 

$

433,804

 

$

433,458

 

$

(346

)

—

 

$

(346

)

—

 

$

(19,878

)

(4

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Wrap Accounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning assets

 

$

167,805

 

$

169,227

 

$

174,670

 

$

180,044

 

$

181,853

 

$

153,512

 

$

174,670

 

$

14,048

 

8

%

$

21,158

 

14

%

$

1,809

 

1

%

Net flows

 

3,834

 

3,130

 

2,802

 

3,278

 

2,980

 

11,058

 

9,060

 

(854

)

(22

)%

(1,998

)

(18

)%

(298

)

(9

)%

Market appreciation (depreciation) and other

 

(2,412

)

2,313

 

2,572

 

(1,469

)

(11,045

)

4,657

 

(9,942

)

(8,633

)

#

 

(14,599

)

#

 

(9,576

)

#

 

Total wrap ending assets

 

$

169,227

 

$

174,670

 

$

180,044

 

$

181,853

 

$

173,788

 

$

169,227

 

$

173,788

 

$

4,561

 

3

%

$

4,561

 

3

%

$

(8,065

)

(4

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advisory wrap account assets ending balance (4)

 

$

168,157

 

$

173,489

 

$

178,749

 

$

180,451

 

$

172,342

 

$

168,157

 

$

172,342

 

4,185

 

2

%

4,185

 

2

%

(8,109

)

(4

)%

 

(1)             Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated capital as of the last day of the trailing four quarters and current quarter in the denominator.

(2)             Year-to-date is sum of current and prior quarters for the year under review.

(3)             Trailing twelve months is the sum of the last four quarters.

(4)             Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts.  Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee.

# Variance of greater than 100%.

 

13

 


 

GRAPHIC

 

Statistical Supplement Package

(unaudited)

 

Third Quarter 2015

 

Asset Management Segment

 

14


 

Ameriprise Financial, Inc.

Asset Management Segment

Third Quarter 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Year Comparisons

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date

 

Qtr Chg - 3Q

 

YTD Chg - 3Q

 

Seq Qtr Chg - 3Q

 

(in millions unless otherwise noted, unaudited)

 

3 Qtr 2014

 

4 Qtr 2014

 

1 Qtr 2015

 

2 Qtr 2015

 

3 Qtr 2015

 

2014

 

2015

 

Diff.

 

%

 

Diff.

 

%

 

Diff.

 

%

 

Operating Income Statements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management and financial advice fees

 

$

706

 

$

698

 

$

674

 

$

696

 

$

656

 

$

2,093

 

$

2,026

 

$

(50

)

(7

)%

$

(67

)

(3

)%

$

(40

)

(6

)%

Distribution fees

 

124

 

125

 

125

 

128

 

123

 

368

 

376

 

(1

)

(1

)%

8

 

2

%

(5

)

(4

)%

Net investment income

 

7

 

6

 

6

 

4

 

1

 

24

 

11

 

(6

)

(86

)%

(13

)

(54

)%

(3

)

(75

)%

Premiums

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Other revenues

 

2

 

1

 

2

 

4

 

2

 

5

 

8

 

—

 

—

 

3

 

60

%

(2

)

(50

)%

Total revenues

 

839

 

830

 

807

 

832

 

782

 

2,490

 

2,421

 

(57

)

(7

)%

(69

)

(3

)%

(50

)

(6

)%

Banking and deposit interest expense

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Operating total net revenues

 

839

 

830

 

807

 

832

 

782

 

2,490

 

2,421

 

(57

)

(7

)%

(69

)

(3

)%

(50

)

(6

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution expenses

 

288

 

285

 

278

 

278

 

270

 

863

 

826

 

(18

)

(6

)%

(37

)

(4

)%

(8

)

(3

)%

Interest credited to fixed accounts

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Benefits, claims, losses and settlement expenses

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Amortization of deferred acquisition costs

 

4

 

3

 

3

 

5

 

4

 

12

 

12

 

—

 

—

 

—

 

—

 

(1

)

(20

)%

Interest and debt expense

 

6

 

7

 

6

 

7

 

6

 

19

 

19

 

—

 

—

 

—

 

—

 

(1

)

(14

)%

General and administrative expense

 

333

 

337

 

329

 

345

 

322

 

1,006

 

996

 

(11

)

(3

)%

(10

)

(1

)%

(23

)

(7

)%

Operating expenses

 

631

 

632

 

616

 

635

 

602

 

1,900

 

1,853

 

(29

)

(5

)%

(47

)

(2

)%

(33

)

(5

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax operating earnings

 

$

208

 

$

198

 

$

191

 

$

197

 

$

180

 

$

590

 

$

568

 

$

(28

)

(13

)%

$

(22

)

(4

)%

$

(17

)

(9

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax operating margin

 

24.8

%

23.9

%

23.7

%

23.7

%

23.0

%

23.7

%

23.5

%

(1.8

)%

 

 

(0.2

)%

 

 

(0.7

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating total net revenues

 

$

839

 

$

830

 

$

807

 

$

832

 

$

782

 

$

2,490

 

$

2,421

 

$

(57

)

(7

)%

$

(69

)

(3

)%

$

(50

)

(6

)%

Distribution pass thru revenues

 

(233

)

(231

)

(218

)

(219

)

(214

)

(698

)

(651

)

19

 

8

%

47

 

7

%

5

 

2

%

Subadvisory and other pass thru revenues

 

(98

)

(99

)

(103

)

(102

)

(95

)

(301

)

(300

)

3

 

3

%

1

 

—

 

7

 

7

%

Adjusted operating revenues (1)

 

$

508

 

$

500

 

$

486

 

$

511

 

$

473

 

$

1,491

 

$

1,470

 

$

(35

)

(7

)%

$

(21

)

(1

)%

$

(38

)

(7

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax operating earnings

 

$

208

 

$

198

 

$

191

 

$

197

 

$

180

 

$

590

 

$

568

 

$

(28

)

(13

)%

$

(22

)

(4

)%

$

(17

)

(9

)%

Operating net investment income

 

(7

)

(6

)

(6

)

(4

)

(1

)

(24

)

(11

)

6

 

86

%

13

 

54

%

3

 

75

%

Amortization of intangibles

 

9

 

8

 

8

 

7

 

6

 

26

 

21

 

(3

)

(33

)%

(5

)

(19

)%

(1

)

(14

)%

Adjusted operating earnings (1)

 

$

210

 

$

200

 

$

193

 

$

200

 

$

185

 

$

592

 

$

578

 

$

(25

)

(12

)%

$

(14

)

(2

)%

$

(15

)

(8

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net pretax operating margin (1)(2)

 

41.3

%

40.0

%

39.7

%

39.1

%

39.1

%

39.7

%

39.3

%

(2.2

)%

 

 

(0.4

)%

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated capital

 

$

1,905

 

$

1,884

 

$

1,872

 

$

1,854

 

$

1,836

 

$

1,905

 

$

1,836

 

$

(69

)

(4

)%

$

(69

)

(4

)%

$

(18

)

(1

)%

Operating return on allocated capital (3)

 

30.1

%

31.3

%

31.5

%

31.9

%

31.2

%

30.1

%

31.2

%

1.1

%

 

 

1.1

%

 

 

(0.7

)%

 

 

 

(1)             See non-GAAP financial information on pg 34.

(2)             Calculated as adjusted operating earnings as a percentage of adjusted operating revenues.

(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 capital as of the last day of the trailing four quarters and current quarter in the denominator.

 

15


 

Ameriprise Financial, Inc.

Asset Management Segment

Third Quarter 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Year Comparisons

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date

 

Qtr Chg - 3Q

 

YTD Chg - 3Q

 

Seq Qtr Chg - 3Q

 

(in millions unless otherwise noted, unaudited)

 

3 Qtr 2014

 

4 Qtr 2014

 

1 Qtr 2015

 

2 Qtr 2015

 

3 Qtr 2015

 

2014

 

2015

 

Diff.

 

%

 

Diff.

 

%

 

Diff.

 

%

 

Total Managed Asset Net Flows

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Columbia managed asset net flows

 

$

(2,317

)

$

7,136

 

$

(3,199

)

$

(285

)

$

(4,994

)

$

(4,804

)

$

(8,478

)

$

(2,677

)

#

 

$

(3,674

)

(76

)%

$

(4,709

)

#

 

Threadneedle managed asset net flows

 

(1,889

)

(1,073

)

(1,116

)

(756

)

(3,633

)

1,118

 

(5,505

)

(1,744

)

(92

)%

(6,623

)

#

 

(2,877

)

#

 

Sub-advised eliminations

 

89

 

(381

)

(1,506

)

(918

)

1,256

 

96

 

(1,168

)

1,167

 

#

 

(1,264

)

#

 

2,174

 

#

 

Total managed asset net flows

 

$

(4,117

)

$

5,682

 

$

(5,821

)

$

(1,959

)

$

(7,371

)

$

(3,590

)

$

(15,151

)

$

(3,254

)

(79

)%

$

(11,561

)

#

 

$

(5,412

)

#

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Managed Assets Reconciliations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Columbia managed assets

 

$

357,583

 

$

361,190

 

$

364,186

 

$

358,528

 

$

336,236

 

$

357,583

 

$

336,236

 

$

(21,347

)

(6

)%

$

(21,347

)

(6

)%

$

(22,292

)

(6

)%

Threadneedle managed assets

 

150,375

 

147,883

 

147,235

 

150,716

 

139,152

 

150,375

 

139,152

 

(11,223

)

(7

)%

(11,223

)

(7

)%

(11,564

)

(8

)%

Sub-advised eliminations

 

(3,165

)

(3,485

)

(5,111

)

(6,151

)

(4,310

)

(3,165

)

(4,310

)

(1,145

)

(36

)%

(1,145

)

(36

)%

1,841

 

30

%

Total managed assets

 

$

504,793

 

$

505,588

 

$

506,310

 

$

503,093

 

$

471,078

 

$

504,793

 

$

471,078

 

$

(33,715

)

(7

)%

$

(33,715

)

(7

)%

$

(32,015

)

(6

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Managed Assets by Type

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

$

277,341

 

$

278,052

 

$

279,395

 

$

276,974

 

$

248,925

 

$

277,341

 

$

248,925

 

$

(28,416

)

(10

)%

$

(28,416

)

(10

)%

$

(28,049

)

(10

)%

Fixed income

 

194,613

 

193,355

 

192,009

 

188,592

 

184,727

 

194,613

 

184,727

 

(9,886

)

(5

)%

(9,886

)

(5

)%

(3,865

)

(2

)%

Money market

 

6,561

 

6,660

 

6,918

 

7,039

 

6,524

 

6,561

 

6,524

 

(37

)

(1

)%

(37

)

(1

)%

(515

)

(7

)%

Alternative

 

6,982

 

7,453

 

7,372

 

7,941

 

8,272

 

6,982

 

8,272

 

1,290

 

18

%

1,290

 

18

%

331

 

4

%

Hybrid and other

 

19,296

 

20,068

 

20,616

 

22,547

 

22,630

 

19,296

 

22,630

 

3,334

 

17

%

3,334

 

17

%

83

 

—

 

Total managed assets by type

 

$

504,793

 

$

505,588

 

$

506,310

 

$

503,093

 

$

471,078

 

$

504,793

 

$

471,078

 

$

(33,715

)

(7

)%

$

(33,715

)

(7

)%

$

(32,015

)

(6

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Managed Assets by Type (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

$

284,091

 

$

279,786

 

$

279,148

 

$

280,553

 

$

266,179

 

$

279,012

 

$

274,715

 

$

(17,912

)

(6

)%

$

(4,297

)

(2

)%

$

(14,374

)

(5

)%

Fixed income

 

196,100

 

194,701

 

193,845

 

190,643

 

187,341

 

196,300

 

190,672

 

(8,759

)

(4

)%

(5,628

)

(3

)%

(3,302

)

(2

)%

Money market

 

6,512

 

6,538

 

6,457

 

6,895

 

6,715

 

6,639

 

6,630

 

203

 

3

%

(9

)

—

 

(180

)

(3

)%

Alternative

 

7,083

 

7,383

 

7,411

 

7,814

 

7,912

 

6,869

 

7,724

 

829

 

12

%

855

 

12

%

98

 

1

%

Hybrid and other

 

19,178

 

19,638

 

20,341

 

21,707

 

22,805

 

17,893

 

21,624

 

3,627

 

19

%

3,731

 

21

%

1,098

 

5

%

Total average managed assets by type

 

$

512,964

 

$

508,046

 

$

507,202

 

$

507,612

 

$

490,952

 

$

506,713

 

$

501,365

 

$

(22,012

)

(4

)%

$

(5,348

)

(1

)%

$

(16,660

)

(3

)%

 

(1)   Average ending balances are calculated using the average of the prior period’s ending balance and all months in the current period.

# Variance of greater than 100%.

 

16


 

Ameriprise Financial, Inc.

Asset Management Segment - Columbia

Third Quarter 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Year Comparisons

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date

 

Qtr Chg - 3Q

 

YTD Chg - 3Q

 

Seq Qtr Chg - 3Q

 

(in millions unless otherwise noted, unaudited)

 

3 Qtr 2014

 

4 Qtr 2014

 

1 Qtr 2015

 

2 Qtr 2015

 

3 Qtr 2015

 

2014

 

2015

 

Diff.

 

%

 

Diff.

 

%

 

Diff.

 

%

 

Columbia Managed Assets Rollforward

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning assets

 

$

243,796

 

$

237,034

 

$

237,652

 

$

239,501

 

$

234,843

 

$

239,393

 

$

237,652

 

$

(8,953

)

(4

)%

$

(1,741

)

(1

)%

$

(4,658

)

(2

)%

Mutual fund inflows

 

9,147

 

9,545

 

9,227

 

8,776

 

7,871

 

26,409

 

25,874

 

(1,276

)

(14

)%

(535

)

(2

)%

(905

)

(10

)%

Mutual fund outflows

 

(12,002

)

(12,779

)

(12,292

)

(12,811

)

(12,446

)

(34,576

)

(37,549

)

(444

)

(4

)%

(2,973

)

(9

)%

365

 

3

%

Net VP/VIT fund flows

 

(236

)

(255

)

(265

)

(208

)

(163

)

(669

)

(636

)

73

 

31

%

33

 

5

%

45

 

22

%

Net new flows

 

(3,091

)

(3,489

)

(3,330

)

(4,243

)

(4,738

)

(8,836

)

(12,311

)

(1,647

)

(53

)%

(3,475

)

(39

)%

(495

)

(12

)%

Reinvested dividends

 

574

 

8,995

 

469

 

3,571

 

606

 

4,424

 

4,646

 

32

 

6

%

222

 

5

%

(2,965

)

(83

)%

Net flows

 

(2,517

)

5,506

 

(2,861

)

(672

)

(4,132

)

(4,412

)

(7,665

)

(1,615

)

(64

)%

(3,253

)

(74

)%

(3,460

)

#

 

Distributions

 

(709

)

(10,652

)

(595

)

(4,122

)

(734

)

(5,289

)

(5,451

)

(25

)

(4

)%

(162

)

(3

)%

3,388

 

82

%

Market appreciation (depreciation) and other

 

(3,536

)

5,764

 

5,305

 

136

 

(14,076

)

7,342

 

(8,635

)

(10,540

)

#

 

(15,977

)

#

 

(14,212

)

#

 

Total ending assets

 

237,034

 

237,652

 

239,501

 

234,843

 

215,901

 

237,034

 

215,901

 

(21,133

)

(9

)%

(21,133

)

(9

)%

(18,942

)

(8

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of total retail assets sub-advised

 

20.2

%

20.2

%

21.6

%

21.8

%

21.5

%

20.2

%

21.5

%

1.4

%

 

 

1.4

%

 

 

(0.3

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning assets

 

77,627

 

78,019

 

80,709

 

81,752

 

81,263

 

75,648

 

80,709

 

3,636

 

5

%

5,061

 

7

%

(489

)

(1

)%

Inflows

 

5,512

 

5,806

 

4,946

 

5,140

 

4,352

 

14,660

 

14,438

 

(1,160

)

(21

)%

(222

)

(2

)%

(788

)

(15

)%

Outflows

 

(5,191

)

(4,702

)

(5,301

)

(5,227

)

(5,696

)

(15,516

)

(16,224

)

(505

)

(10

)%

(708

)

(5

)%

(469

)

(9

)%

Net flows

 

321

 

1,104

 

(355

)

(87

)

(1,344

)

(856

)

(1,786

)

(1,665

)

#

 

(930

)

#

 

(1,257

)

#

 

Market appreciation (depreciation) and other (1)

 

71

 

1,586

 

1,398

 

(402

)

(2,646

)

3,227

 

(1,650

)

(2,717

)

#

 

(4,877

)

#

 

(2,244

)

#

 

Total ending assets

 

78,019

 

80,709

 

81,752

 

81,263

 

77,273

 

78,019

 

77,273

 

(746

)

(1

)%

(746

)

(1

)%

(3,990

)

(5

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternative

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning assets

 

6,390

 

6,230

 

6,745

 

6,705

 

7,265

 

5,643

 

6,745

 

875

 

14

%

1,102

 

20

%

560

 

8

%

Inflows

 

4

 

625

 

151

 

588

 

709

 

1,061

 

1,448

 

705

 

#

 

387

 

36

%

121

 

21

%

Outflows

 

(125

)

(99

)

(134

)

(114

)

(227

)

(597

)

(475

)

(102

)

(82

)%

122

 

20

%

(113

)

(99

)%

Net flows

 

(121

)

526

 

17

 

474

 

482

 

464

 

973

 

603

 

#

 

509

 

#

 

8

 

2

%

Market appreciation (depreciation) and other

 

(39

)

(11

)

(57

)

86

 

(99

)

123

 

(70

)

(60

)

#

 

(193

)

#

 

(185

)

#

 

Total ending assets

 

6,230

 

6,745

 

6,705

 

7,265

 

7,648

 

6,230

 

7,648

 

1,418

 

23

%

1,418

 

23

%

383

 

5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliated General Account Assets

 

36,300

 

36,084

 

36,228

 

35,157

 

35,414

 

36,300

 

35,414

 

(886

)

(2

)%

(886

)

(2

)%

257

 

1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Columbia managed assets

 

$

357,583

 

$

361,190

 

$

364,186

 

$

358,528

 

$

336,236

 

$

357,583

 

$

336,236

 

$

(21,347

)

(6

)%

$

(21,347

)

(6

)%

$

(22,292

)

(6

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Columbia net flows

 

$

(2,317

)

$

7,136

 

$

(3,199

)

$

(285

)

$

(4,994

)

$

(4,804

)

$

(8,478

)

$

(2,677

)

#

 

$

(3,674

)

(76

)%

$

(4,709

)

#

 

 

(1)

Included in Market appreciation (depreciation) and other for Institutional funds in the 4th quarter of 2014 and the 2nd quarter of 2015 are ($0.3B) and ($0.1B), respectively, due to the transfer of assets from Separately Managed Accounts (SMAs) to Unified Managed Accounts (UMAs).

#

Variance of greater than 100%.

 

17


 

Ameriprise Financial, Inc.

Asset Management Segment - Threadneedle

Third Quarter 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Year Comparisons

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date

 

Qtr Chg - 3Q

 

YTD Chg - 3Q

 

Seq Qtr Chg - 3Q

 

(in millions unless otherwise noted, unaudited)

 

3 Qtr 2014

 

4 Qtr 2014

 

1 Qtr 2015

 

2 Qtr 2015

 

3 Qtr 2015

 

2014

 

2015

 

Diff.

 

%

 

Diff.

 

%

 

Diff.

 

%

 

Threadneedle Managed Assets Rollforward

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning assets

 

$

52,082

 

$

48,235

 

$

46,523

 

$

47,124

 

$

48,853

 

$

50,620

 

$

46,523

 

$

(3,229

)

(6

)%

$

(4,097

)

(8

)%

$

1,729

 

4

%

Mutual fund inflows

 

4,832

 

5,799

 

5,555

 

5,538

 

4,000

 

17,585

 

15,093

 

(832

)

(17

)%

(2,492

)

(14

)%

(1,538

)

(28

)%

Mutual fund outflows

 

(5,915

)

(6,322

)

(5,080

)

(4,757

)

(5,226

)

(19,640

)

(15,063

)

689

 

12

%

4,577

 

23

%

(469

)

(10

)%

Net new flows

 

(1,083

)

(523

)

475

 

781

 

(1,226

)

(2,055

)

30

 

(143

)

(13

)%

2,085

 

#

 

(2,007

)

#

 

Reinvested dividends

 

40

 

71

 

33

 

21

 

36

 

104

 

90

 

(4

)

(10

)%

(14

)

(13

)%

15

 

71

%

Net flows

 

(1,043

)

(452

)

508

 

802

 

(1,190

)

(1,951

)

120

 

(147

)

(14

)%

2,071

 

#

 

(1,992

)

#

 

Distributions

 

(147

)

(237

)

(135

)

(186

)

(125

)

(452

)

(446

)

22

 

15

%

6

 

1

%

61

 

33

%

Market appreciation (depreciation)

 

(420

)

807

 

2,381

 

(1,715

)

(1,434

)

(17

)

(768

)

(1,014

)

#

 

(751

)

#

 

281

 

16

%

Foreign currency translation (1)

 

(2,408

)

(2,053

)

(2,345

)

2,999

 

(1,783

)

(770

)

(1,129

)

625

 

26

%

(359

)

(47

)%

(4,782

)

#

 

Other (2)

 

171

 

223

 

192

 

(171

)

205

 

805

 

226

 

34

 

20

%

(579

)

(72

)%

376

 

#

 

Total ending assets

 

48,235

 

46,523

 

47,124

 

48,853

 

44,526

 

48,235

 

44,526

 

(3,709

)

(8

)%

(3,709

)

(8

)%

(4,327

)

(9

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning assets

 

105,293

 

101,388

 

100,652

 

99,444

 

101,187

 

96,065

 

100,652

 

(4,106

)

(4

)%

4,587

 

5

%

1,743

 

2

%

Inflows

 

1,834

 

1,778

 

1,919

 

3,022

 

1,923

 

11,503

 

6,864

 

89

 

5

%

(4,639

)

(40

)%

(1,099

)

(36

)%

Outflows

 

(2,703

)

(2,397

)

(3,542

)

(4,573

)

(4,365

)

(8,406

)

(12,480

)

(1,662

)

(61

)%

(4,074

)

(48

)%

208

 

5

%

Net flows

 

(869

)

(619

)

(1,623

)

(1,551

)

(2,442

)

3,097

 

(5,616

)

(1,573

)

#

 

(8,713

)

#

 

(891

)

(57

)%

Market appreciation (depreciation)

 

1,195

 

3,614

 

4,757

 

(3,923

)

(1,720

)

1,766

 

(886

)

(2,915

)

#

 

(2,652

)

#

 

2,203

 

56

%

Foreign currency translation (1)

 

(4,972

)

(4,312

)

(5,000

)

6,267

 

(3,728

)

(1,826

)

(2,461

)

1,244

 

25

%

(635

)

(35

)%

(9,995

)

#

 

Other

 

741

 

581

 

658

 

950

 

705

 

2,286

 

2,313

 

(36

)

(5

)%

27

 

1

%

(245

)

(26

)%

Total ending assets

 

101,388

 

100,652

 

99,444

 

101,187

 

94,002

 

101,388

 

94,002

 

(7,386

)

(7

)%

(7,386

)

(7

)%

(7,185

)

(7

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternative

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning assets

 

774

 

752

 

708

 

667

 

676

 

758

 

708

 

(98

)

(13

)%

(50

)

(7

)%

9

 

1

%

Inflows

 

25

 

—

 

11

 

2

 

1

 

25

 

14

 

(24

)

(96

)%

(11

)

(44

)%

(1

)

(50

)%

Outflows

 

(2

)

(2

)

(12

)

(9

)

(2

)

(53

)

(23

)

—

 

—

 

30

 

57

%

7

 

78

%

Net flows

 

23

 

(2

)

(1

)

(7

)

(1

)

(28

)

(9

)

(24

)

#

 

19

 

68

%

6

 

86

%

Market appreciation (depreciation)

 

(15

)

(17

)

(13

)

(32

)

(32

)

2

 

(77

)

(17

)

#

 

(79

)

#

 

—

 

—

 

Foreign currency translation (1)

 

(38

)

(32

)

(33

)

42

 

(24

)

(12

)

(15

)

14

 

37

%

(3

)

(25

)%

(66

)

#

 

Other

 

8

 

7

 

6

 

6

 

5

 

32

 

17

 

(3

)

(38

)%

(15

)

(47

)%

(1

)

(17

)%

Total ending assets

 

752

 

708

 

667

 

676

 

624

 

752

 

624

 

(128

)

(17

)%

(128

)

(17

)%

(52

)

(8

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Threadneedle managed assets

 

$

150,375

 

$

147,883

 

$

147,235

 

$

150,716

 

$

139,152

 

$

150,375

 

$

139,152

 

$

(11,223

)

(7

)%

$

(11,223

)

(7

)%

$

(11,564

)

(8

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Threadneedle net flows

 

$

(1,889

)

$

(1,073

)

$

(1,116

)

$

(756

)

$

(3,633

)

$

1,118

 

$

(5,505

)

$

(1,744

)

(92

)%

$

(6,623

)

#

 

$

(2,877

)

#

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Threadneedle net flows excluding legacy insurance mandates

 

$

(1,051

)

$

(286

)

$

(303

)

$

1,903

 

$

(2,823

)

$

3,733

 

$

(1,223

)

$

(1,772

)

#

 

$

(4,956

)

#

 

$

(4,726

)

#

 

 

(1)  Amounts represent British Pound to US dollar conversion.

(2)  Included in Other for retail funds in the 2nd quarter of 2015 are $0.5B related to the sale of the Multi-Manager business.

# Variance of greater than 100%.

 

18


 

Ameriprise Financial, Inc.

Asset Management Segment - Columbia

Third Quarter 2015

 

Mutual Fund Rankings in top 2 Lipper Quartiles

 

 

 

 

 

3 Qtr 2014

 

4 Qtr 2014

 

1 Qtr 2015

 

2 Qtr 2015

 

3 Qtr 2015

 

Domestic Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

Equal weighted

 

1 year

 

66

%

61

%

55

%

59

%

57

%

 

 

3 year

 

73

%

68

%

65

%

65

%

65

%

 

 

5 year

 

54

%

57

%

54

%

65

%

57

%

Asset weighted

 

1 year

 

62

%

58

%

61

%

64

%

59

%

 

 

3 year

 

68

%

62

%

64

%

68

%

72

%

 

 

5 year

 

60

%

62

%

63

%

74

%

70

%

International Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

Equal weighted

 

1 year

 

73

%

50

%

71

%

77

%

68

%

 

 

3 year

 

59

%

68

%

67

%

77

%

73

%

 

 

5 year

 

60

%

65

%

63

%

70

%

70

%

Asset weighted

 

1 year

 

87

%

74

%

84

%

48

%

35

%

 

 

3 year

 

40

%

45

%

41

%

47

%

42

%

 

 

5 year

 

38

%

45

%

41

%

45

%

40

%

Taxable Fixed Income

 

 

 

 

 

 

 

 

 

 

 

 

 

Equal weighted

 

1 year

 

44

%

50

%

65

%

58

%

58

%

 

 

3 year

 

56

%

61

%

75

%

65

%

59

%

 

 

5 year

 

59

%

65

%

75

%

71

%

71

%

Asset weighted

 

1 year

 

66

%

71

%

77

%

69

%

72

%

 

 

3 year

 

69

%

83

%

84

%

85

%

82

%

 

 

5 year

 

70

%

83

%

84

%

86

%

85

%

Tax Exempt Fixed Income

 

 

 

 

 

 

 

 

 

 

 

 

 

Equal weighted

 

1 year

 

94

%

89

%

89

%

94

%

94

%

 

 

3 year

 

94

%

100

%

100

%

100

%

100

%

 

 

5 year

 

100

%

100

%

100

%

100

%

100

%

Asset weighted

 

1 year

 

84

%

78

%

84

%

99

%

99

%

 

 

3 year

 

84

%

100

%

100

%

100

%

100

%

 

 

5 year

 

100

%

100

%

100

%

100

%

100

%

Asset Allocation Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

Equal weighted

 

1 year

 

58

%

58

%

82

%

80

%

90

%

 

 

3 year

 

64

%

64

%

78

%

56

%

67

%

 

 

5 year

 

89

%

89

%

89

%

88

%

88

%

Asset weighted

 

1 year

 

65

%

67

%

89

%

96

%

100

%

 

 

3 year

 

75

%

76

%

77

%

62

%

73

%

 

 

5 year

 

97

%

97

%

97

%

97

%

97

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of 4- or 5-star Morningstar rated funds

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall

 

 

 

54

 

51

 

48

 

53

 

51

 

3 year

 

 

 

48

 

42

 

43

 

51

 

52

 

5 year

 

 

 

46

 

46

 

50

 

48

 

44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percent of 4- or 5-star Morningstar rated funds

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall

 

 

 

51

%

49

%

48

%

52

%

50

%

3 year

 

 

 

46

%

40

%

43

%

50

%

51

%

5 year

 

 

 

47

%

47

%

53

%

51

%

46

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percent of 4- or 5-star Morningstar rated assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall

 

 

 

56

%

55

%

56

%

58

%

58

%

3 year

 

 

 

38

%

35

%

40

%

48

%

57

%

5 year

 

 

 

52

%

54

%

57

%

55

%

54

%

 

Mutual fund performance rankings are based on the performance of Class Z fund shares for Columbia branded mutual funds.  Only funds with Class Z shares are included.  In instances where a fund’s Class Z share does not have a full five year track record (prior to 9-30-15), performance for an older share class of the same fund, typically Class A shares, is utilized for the period before Class Z shares were launched.  No adjustments to the historical track records are made to account for differences in fund expenses between share classes of a fund.  Starting 9-30-2015, legacy RiverSource funds have reached 5 years of Z share performance and will not be appended.  Historical rankings will continue to be appended.

 

Equal Weighted Rankings in Top 2 Quartiles:  Counts the number of funds with above median ranking divided by the total number of funds.  Asset size is not a factor.

 

Asset Weighted Rankings in Top 2 Quartiles:  Sums the total assets of the funds with above median ranking (using Class Z and appended Class Z) divided by total assets of all funds.  Funds with more assets will receive a greater share of the total percentage above or below median.

 

19


 

Ameriprise Financial, Inc.

Asset Management Segment - Threadneedle

Third Quarter 2015

 

Retail Fund Rankings in Top 2 Morningstar Quartiles or Above Index Benchmark

 

 

 

 

 

3 Qtr 2014

 

4 Qtr 2014

 

1 Qtr 2015

 

2 Qtr 2015

 

3 Qtr 2015

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

Equal weighted

 

1 year

 

62

%

61

%

71

%

71

%

71

%

 

 

3 year

 

73

%

64

%

68

%

72

%

74

%

 

 

5 year

 

84

%

83

%

83

%

81

%

84

%

Asset weighted

 

1 year

 

57

%

63

%

78

%

63

%

67

%

 

 

3 year

 

61

%

59

%

61

%

58

%

68

%

 

 

5 year

 

84

%

86

%

87

%

86

%

93

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Income

 

 

 

 

 

 

 

 

 

 

 

 

 

Equal weighted

 

1 year

 

70

%

65

%

65

%

52

%

56

%

 

 

3 year

 

74

%

68

%

59

%

64

%

68

%

 

 

5 year

 

62

%

68

%

68

%

70

%

71

%

Asset weighted

 

1 year

 

65

%

65

%

63

%

50

%

66

%

 

 

3 year

 

62

%

71

%

37

%

39

%

69

%

 

 

5 year

 

49

%

51

%

47

%

52

%

59

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocation (Managed) Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

Equal weighted

 

1 year

 

63

%

57

%

75

%

63

%

63

%

 

 

3 year

 

83

%

83

%

83

%

67

%

86

%

 

 

5 year

 

67

%

83

%

83

%

83

%

83

%

Asset weighted

 

1 year

 

51

%

68

%

79

%

75

%

73

%

 

 

3 year

 

93

%

93

%

93

%

55

%

93

%

 

 

5 year

 

55

%

93

%

93

%

93

%

93

%

 

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.

 

20


 

GRAPHIC

 

Statistical Supplement Package

(unaudited)

 

Third Quarter 2015

 

Annuities Segment

 

21


 

Ameriprise Financial, Inc.

Annuities Segment

Third Quarter 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Year Comparisons

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date

 

Qtr Chg - 3Q

 

YTD Chg - 3Q

 

Seq Qtr Chg - 3Q

 

(in millions unless otherwise noted, unaudited)

 

3 Qtr 2014

 

4 Qtr 2014

 

1 Qtr 2015

 

2 Qtr 2015

 

3 Qtr 2015

 

2014

 

2015

 

Diff.

 

%

 

Diff.

 

%

 

Diff.

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income Statements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management and financial advice fees

 

$

191

 

$

193

 

$

190

 

$

192

 

$

187

 

$

563

 

$

569

 

$

(4

)

(2

)%

$

6

 

1

%

$

(5

)

(3

)%

Distribution fees

 

91

 

90

 

89

 

94

 

91

 

270

 

274

 

—

 

—

 

4

 

1

%

(3

)

(3

)%

Net investment income

 

235

 

230

 

221

 

218

 

208

 

711

 

647

 

(27

)

(11

)%

(64

)

(9

)%

(10

)

(5

)%

Premiums

 

26

 

25

 

22

 

30

 

25

 

84

 

77

 

(1

)

(4

)%

(7

)

(8

)%

(5

)

(17

)%

Other revenues

 

112

 

111

 

109

 

117

 

121

 

314

 

347

 

9

 

8

%

33

 

11

%

4

 

3

%

Total revenues

 

655

 

649

 

631

 

651

 

632

 

1,942

 

1,914

 

(23

)

(4

)%

(28

)

(1

)%

(19

)

(3

)%

Banking and deposit interest expense

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Operating total net revenues

 

655

 

649

 

631

 

651

 

632

 

1,942

 

1,914

 

(23

)

(4

)%

(28

)

(1

)%

(19

)

(3

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution expenses

 

110

 

113

 

108

 

116

 

111

 

326

 

335

 

1

 

1

%

9

 

3

%

(5

)

(4

)%

Interest credited to fixed accounts

 

136

 

133

 

127

 

125

 

125

 

423

 

377

 

(11

)

(8

)%

(46

)

(11

)%

—

 

—

 

Benefits, claims, losses and settlement expenses

 

136

 

128

 

115

 

135

 

89

 

335

 

339

 

(47

)

(35

)%

4

 

1

%

(46

)

(34

)%

Amortization of deferred acquisition costs

 

78

 

52

 

43

 

59

 

66

 

183

 

168

 

(12

)

(15

)%

(15

)

(8

)%

7

 

12

%

Interest and debt expense

 

9

 

10

 

10

 

9

 

10

 

28

 

29

 

1

 

11

%

1

 

4

%

1

 

11

%

General and administrative expense

 

58

 

54

 

56

 

57

 

55

 

173

 

168

 

(3

)

(5

)%

(5

)

(3

)%

(2

)

(4

)%

Operating expenses

 

527

 

490

 

459

 

501

 

456

 

1,468

 

1,416

 

(71

)

(13

)%

(52

)

(4

)%

(45

)

(9

)%

Pretax operating earnings

 

$

128

 

$

159

 

$

172

 

$

150

 

$

176

 

$

474

 

$

498

 

$

48

 

38

%

$

24

 

5

%

$

26

 

17

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax operating margin

 

19.5

%

24.5

%

27.3

%

23.0

%

27.8

%

24.4

%

26.0

%

8.3

%

 

 

1.6

%

 

 

4.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated capital

 

$

1,938

 

$

1,982

 

$

1,987

 

$

1,941

 

$

1,900

 

$

1,938

 

$

1,900

 

$

(38

)

(2

)%

$

(38

)

(2

)%

$

(41

)

(2

)%

Operating return on allocated capital (1)

 

18.3

%

19.3

%

20.7

%

22.1

%

25.6

%

18.3

%

25.6

%

7.3

%

 

 

7.3

%

 

 

3.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market impact on variable annuity guaranteed benefits (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk margin and nonperformance spread impact

 

$

26

 

$

7

 

$

17

 

$

(5

)

$

98

 

$

6

 

$

110

 

$

72

 

#

 

$

104

 

#

 

$

103

 

#

 

Other

 

(17

)

(41

)

(51

)

(31

)

(103

)

(66

)

(185

)

(86

)

#

 

(119

)

#

 

(72

)

#

 

Total VA guaranteed benefit impact excluded from operating earnings

 

$

9

 

$

(34

)

$

(34

)

$

(36

)

$

(5

)

$

(60

)

$

(75

)

$

(14

)

#

 

$

(15

)

(25

)%

$

31

 

86

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total annuity net flows

 

$

(740

)

$

(721

)

$

(950

)

$

(901

)

$

(634

)

$

(2,471

)

$

(2,485

)

$

106

 

14

%

$

(14

)

(1

)%

$

267

 

30

%

 

(1)             Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated capital as of the last day of the trailing four quarters and current quarter in the denominator.

(2)             Guaranteed Minimum Withdrawal Benefit (GMWB) and Guaranteed Minimum Accumulation Benefit (GMAB) only, net of variable annuity guarantee hedges, DSIC and DAC amortization.

# Variance of greater than 100%.

 

22


 

Ameriprise Financial, Inc.

Annuities Segment

Third Quarter 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Year Comparisons

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date

 

Qtr Chg - 3Q

 

YTD Chg - 3Q

 

 Seq Qtr Chg - 3Q

 

(in millions unless otherwise noted, unaudited)

 

3 Qtr 2014

 

4 Qtr 2014

 

1 Qtr 2015

 

2 Qtr 2015

 

3 Qtr 2015

 

2014

 

2015

 

Diff.

 

%

 

Diff.

 

%

 

Diff.

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable Annuities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax operating earnings

 

$

81

 

$

123

 

$

144

 

$

120

 

$

151

 

$

366

 

$

415

 

$

70

 

86

%

$

49

 

13

%

$

31

 

26

%

Allocated capital (1)

 

$

564

 

$

644

 

$

650

 

$

650

 

$

650

 

$

564

 

$

650

 

$

86

 

15

%

$

86

 

15

%

$

—

 

—

 

Operating return on allocated capital (2)

 

33.0

%

34.8

%

41.2

%

48.0

%

64.8

%

33.0

%

64.8

%

31.8

%

 

 

31.8

%

 

 

16.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Annuities (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax operating earnings

 

$

47

 

$

36

 

$

28

 

$

30

 

$

25

 

$

108

 

$

83

 

$

(22

)

(47

)%

$

(25

)

(23

)%

$

(5

)

(17

)%

Allocated capital

 

$

1,374

 

$

1,338

 

$

1,337

 

$

1,291

 

$

1,250

 

$

1,374

 

$

1,250

 

$

(124

)

(9

)%

$

(124

)

(9

)%

$

(41

)

(3

)%

Operating return on allocated capital (2)

 

6.6

%

7.7

%

7.6

%

7.9

%

6.9

%

6.6

%

6.9

%

0.3

%

 

 

0.3

%

 

 

(1.0

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable Annuities Rollforward

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

77,580

 

$

76,141

 

$

76,988

 

$

77,934

 

$

77,137

 

$

75,522

 

$

76,988

 

$

(443

)

(1

)%

$

1,466

 

2

%

$

(797

)

(1

)%

Deposits

 

1,204

 

1,200

 

1,182

 

1,366

 

1,340

 

3,667

 

3,888

 

136

 

11

%

221

 

6

%

(26

)

(2

)%

Withdrawals and terminations

 

(1,630

)

(1,606

)

(1,567

)

(1,704

)

(1,599

)

(4,949

)

(4,870

)

31

 

2

%

79

 

2

%

105

 

6

%

Net flows

 

(426

)

(406

)

(385

)

(338

)

(259

)

(1,282

)

(982

)

167

 

39

%

300

 

23

%

79

 

23

%

Investment performance and interest credited

 

(1,013

)

1,253

 

1,331

 

(459

)

(4,035

)

1,901

 

(3,163

)

(3,022

)

#

 

(5,064

)

#

 

(3,576

)

#

 

Total ending balance - contract accumulation values

 

$

76,141

 

$

76,988

 

$

77,934

 

$

77,137

 

$

72,843

 

$

76,141

 

$

72,843

 

$

(3,298

)

(4

)%

$

(3,298

)

(4

)%

$

(4,294

)

(6

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable annuities fixed sub-accounts

 

$

4,869

 

$

4,860

 

$

4,848

 

$

4,874

 

$

4,913

 

$

4,869

 

$

4,913

 

$

44

 

1

%

$

44

 

1

%

$

39

 

1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Annuities Rollforward

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

12,581

 

$

12,360

 

$

12,137

 

$

11,658

 

$

11,179

 

$

13,252

 

$

12,137

 

$

(1,402

)

(11

)%

$

(1,115

)

(8

)%

$

(479

)

(4

)%

Deposits

 

38

 

37

 

36

 

35

 

52

 

140

 

123

 

14

 

37

%

(17

)

(12

)%

17

 

49

%

Withdrawals and terminations

 

(352

)

(352

)

(601

)

(598

)

(427

)

(1,329

)

(1,626

)

(75

)

(21

)%

(297

)

(22

)%

171

 

29

%

Net flows

 

(314

)

(315

)

(565

)

(563

)

(375

)

(1,189

)

(1,503

)

(61

)

(19

)%

(314

)

(26

)%

188

 

33

%

Policyholder interest credited

 

93

 

92

 

86

 

84

 

82

 

297

 

252

 

(11

)

(12

)%

(45

)

(15

)%

(2

)

(2

)%

Total ending balance - contract accumulation values

 

$

12,360

 

$

12,137

 

$

11,658

 

$

11,179

 

$

10,886

 

$

12,360

 

$

10,886

 

$

(1,474

)

(12

)%

$

(1,474

)

(12

)%

$

(293

)

(3

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

$

1

 

$

1

 

$

1

 

$

—

 

$

1

 

$

2

 

$

2

 

$

—

 

—

 

$

—

 

—

 

$

1

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payout Annuities Reserve Balance

 

$

2,110

 

$

2,103

 

$

2,088

 

$

2,088

 

$

2,090

 

$

2,110

 

$

2,090

 

$

(20

)

(1

)%

$

(20

)

(1

)%

$

2

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax Equivalent Spread - Fixed Annuities (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross rate of return on invested assets (5)

 

5.0

%

4.9

%

4.7

%

4.8

%

4.7

%

4.9

%

4.7

%

(0.3

)%

 

 

(0.2

)%

 

 

(0.1

)%

 

 

Crediting rate excluding capitalized interest

 

(3.0

)%

(3.0

)%

(3.0

)%

(3.0

)%

(3.0

)%

(3.1

)%

(3.0

)%

—

 

 

 

0.1

%

 

 

—

 

 

 

Tax equivalent margin spread

 

2.0

%

1.9

%

1.7

%

1.8

%

1.7

%

1.8

%

1.7

%

(0.3

)%

 

 

(0.1

)%

 

 

(0.1

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Variable Annuities DAC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

1,692

 

$

1,655

 

$

1,663

 

$

1,670

 

$

1,684

 

$

1,690

 

$

1,663

 

$

(8

)

—

 

$

(27

)

(2

)%

$

14

 

1

%

Capitalization

 

42

 

42

 

39

 

50

 

48

 

127

 

137

 

6

 

14

%

10

 

8

%

(2

)

(4

)%

Non-operating amortization

 

(7

)

6

 

4

 

4

 

(7

)

3

 

1

 

—

 

—

 

(2

)

(67

)%

(11

)

#

 

Amortization per income statement

 

(78

)

(43

)

(33

)

(51

)

(62

)

(162

)

(146

)

16

 

21

%

16

 

10

%

(11

)

(22

)%

Other

 

6

 

3

 

(3

)

11

 

2

 

(3

)

10

 

(4

)

(67

)%

13

 

#

 

(9

)

(82

)%

Total ending balance

 

$

1,655

 

$

1,663

 

$

1,670

 

$

1,684

 

$

1,665

 

$

1,655

 

$

1,665

 

$

10

 

1

%

$

10

 

1

%

$

(19

)

(1

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Annuities DAC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

58

 

$

68

 

$

67

 

$

59

 

$

69

 

$

88

 

$

67

 

$

11

 

19

%

$

(21

)

(24

)%

$

10

 

17

%

Capitalization

 

1

 

1

 

1

 

—

 

1

 

2

 

2

 

—

 

—

 

—

 

—

 

1

 

—

 

Non-operating amortization

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Amortization per income statement

 

—

 

(9

)

(10

)

(8

)

(4

)

(21

)

(22

)

(4

)

—

 

(1

)

(5

)%

4

 

50

%

Other

 

9

 

7

 

1

 

18

 

6

 

(1

)

25

 

(3

)

(33

)%

26

 

#

 

(12

)

(67

)%

Total ending balance

 

$

68

 

$

67

 

$

59

 

$

69

 

$

72

 

$

68

 

$

72

 

$

4

 

6

%

$

4

 

6

%

$

3

 

4

%

 

(1)             The variable annuity allocated capital calculation takes into account the capital necessary to support the business, recognizing the established reserves and potential future interest rate changes.

(2)             Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated capital as of the last day of the trailing four quarters and current quarter in the denominator.

(3)             Includes payout annuities.

(4)             Attributable to interest sensitive products only, which has been approximately 99% of the total ending fixed annuities accumulation values in the periods reported.  The asset earnings rate is a calculated yield based on specifically assigned assets.

(5)             In the 3rd quarter of 2014 through the 3rd quarter of 2015, the Gross rates of return on invested assets were impacted by outstanding repurchase agreements.  Without these positions, the Gross rates of return on invested assets would have been 4.8%, 4.8%, 4.6%, 4.7% and 4.6% respectively.

# Variance of greater than 100%.

 

23


 

GRAPHIC

 

Statistical Supplement Package

(unaudited)

 

Third Quarter 2015

 

Protection Segment

 

24


 

Ameriprise Financial, Inc.

Protection Segment

Third Quarter 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Year Comparisons

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date

 

Qtr Chg - 3Q

 

YTD Chg - 3Q

 

Seq Qtr Chg - 3Q

 

(in millions unless otherwise noted, unaudited)

 

3 Qtr 2014

 

4 Qtr 2014

 

1 Qtr 2015

 

2 Qtr 2015

 

3 Qtr 2015

 

2014

 

2015

 

Diff.

 

%

 

Diff.

 

%

 

Diff.

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income Statements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management and financial advice fees

 

$

14

 

$

15

 

$

15

 

$

13

 

$

14

 

$

44

 

$

42

 

$

—

 

—

 

$

(2

)

(5

)%

$

1

 

8

%

Distribution fees

 

24

 

23

 

23

 

24

 

24

 

69

 

71

 

—

 

—

 

2

 

3

%

—

 

—

 

Net investment income

 

111

 

115

 

114

 

118

 

118

 

332

 

350

 

7

 

6

%

18

 

5

%

—

 

—

 

Premiums

 

329

 

338

 

335

 

341

 

339

 

954

 

1,015

 

10

 

3

%

61

 

6

%

(2

)

(1

)%

Other revenues

 

75

 

109

 

103

 

104

 

91

 

288

 

298

 

16

 

21

%

10

 

3

%

(13

)

(13

)%

Total revenues

 

553

 

600

 

590

 

600

 

586

 

1,687

 

1,776

 

33

 

6

%

89

 

5

%

(14

)

(2

)%

Banking and deposit interest expense

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Operating total net revenues

 

553

 

600

 

590

 

600

 

586

 

1,687

 

1,776

 

33

 

6

%

89

 

5

%

(14

)

(2

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution expenses

 

14

 

17

 

13

 

16

 

12

 

44

 

41

 

(2

)

(14

)%

(3

)

(7

)%

(4

)

(25

)%

Interest credited to fixed accounts

 

39

 

39

 

40

 

39

 

42

 

114

 

121

 

3

 

8

%

7

 

6

%

3

 

8

%

Benefits, claims, losses and settlement expenses

 

338

 

400

 

380

 

368

 

384

 

1,016

 

1,132

 

46

 

14

%

116

 

11

%

16

 

4

%

Amortization of deferred acquisition costs

 

26

 

45

 

36

 

35

 

50

 

90

 

121

 

24

 

92

%

31

 

34

%

15

 

43

%

Interest and debt expense

 

6

 

8

 

8

 

8

 

9

 

20

 

25

 

3

 

50

%

5

 

25

%

1

 

13

%

General and administrative expense

 

64

 

61

 

62

 

62

 

64

 

187

 

188

 

—

 

—

 

1

 

1

%

2

 

3

%

Operating expenses

 

487

 

570

 

539

 

528

 

561

 

1,471

 

1,628

 

74

 

15

%

157

 

11

%

33

 

6

%

Pretax operating earnings

 

$

66

 

$

30

 

$

51

 

$

72

 

$

25

 

$

216

 

$

148

 

$

(41

)

(62

)%

$

(68

)

(31

)%

$

(47

)

(65

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax operating margin

 

11.9

%

5.0

%

8.6

%

12.0

%

4.3

%

12.8

%

8.3

%

(7.6

)%

 

 

(4.5

)%

 

 

(7.7

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated capital

 

$

1,897

 

$

1,962

 

$

1,975

 

$

2,014

 

$

2,009

 

$

1,897

 

$

2,009

 

$

112

 

6

%

$

112

 

6

%

$

(5

)

—

 

Operating return on allocated capital (1)

 

11.4

%

9.6

%

9.1

%

8.4

%

6.8

%

11.4

%

6.8

%

(4.6

)%

 

 

(4.6

)%

 

 

(1.6

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market impact on indexed universal life benefits (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk margin and nonperformance spread impact

 

$

6

 

$

1

 

$

—

 

$

(1

)

$

(6

)

$

12

 

$

(7

)

$

(12

)

#

 

$

(19

)

#

 

$

(5

)

#

 

Other

 

2

 

(16

)

(6

)

6

 

5

 

(3

)

5

 

3

 

#

 

8

 

#

 

(1

)

(17

)%

Total market impact on indexed universal life benefits excluded from operating earnings

 

$

8

 

$

(15

)

$

(6

)

$

5

 

$

(1

)

$

9

 

$

(2

)

$

(9

)

#

 

$

(11

)

#

 

$

(6

)

#

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long Term Care

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax operating earnings

 

$

(5

)

$

—

 

$

(31

)

$

15

 

$

7

 

$

5

 

$

(9

)

$

12

 

#

 

$

(14

)

#

 

$

(8

)

(53

)%

Allocated capital

 

$

522

 

$

536

 

$

556

 

$

580

 

$

568

 

$

522

 

$

568

 

$

46

 

9

%

$

46

 

9

%

$

(12

)

(2

)%

Operating return on allocated capital (1)

 

0.9

%

0.7

%

(4.7

)%

(2.8

)%

(1.1

)%

0.9

%

(1.1

)%

(2.0

)%

 

 

(2.0

)%

 

 

1.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Protection excluding Long Term Care

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax operating earnings

 

$

71

 

$

30

 

$

82

 

$

57

 

$

18

 

$

211

 

$

157

 

$

(53

)

(75

)%

$

(54

)

(26

)%

$

(39

)

(68

)%

Allocated capital

 

$

1,375

 

$

1,426

 

$

1,419

 

$

1,434

 

$

1,441

 

$

1,375

 

$

1,441

 

$

66

 

5

%

$

66

 

5

%

$

7

 

—

 

Operating return on allocated capital (1)

 

15.5

%

13.1

%

14.4

%

12.7

%

9.9

%

15.5

%

9.9

%

(5.6

)%

 

 

(5.6

)%

 

 

(2.8

)%

 

 

 

(1)       Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated capital as of the last day of the trailing four quarters and current quarter in the denominator.

(2)       Market impact on indexed universal life benefits, net of hedges and the related DAC amortization, unearned revenue amortization, and the reinsurance accrual.

# Variance of greater than 100%.

 

25


 

Ameriprise Financial, Inc.

Protection Segment

Third Quarter 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Year Comparisons

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date

 

Qtr Chg - 3Q

 

YTD Chg - 3Q

 

Seq Qtr Chg - 3Q

 

(in millions unless otherwise noted, unaudited)

 

3 Qtr 2014

 

4 Qtr 2014

 

1 Qtr 2015

 

2 Qtr 2015

 

3 Qtr 2015

 

2014

 

2015

 

Diff.

 

%

 

Diff.

 

%

 

Diff.

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VUL / UL (1)

 

$

85

 

$

85

 

$

66

 

$

86

 

$

81

 

$

241

 

$

233

 

$

(4

)

(5

)%

$

(8

)

(3

)%

$

(5

)

(6

)%

Term and whole life

 

2

 

3

 

2

 

2

 

2

 

7

 

6

 

—

 

—

 

(1

)

(14

)%

—

 

—

 

Disability insurance

 

2

 

1

 

1

 

1

 

1

 

4

 

3

 

(1

)

(50

)%

(1

)

(25

)%

—

 

—

 

Auto and home

 

274

 

251

 

262

 

270

 

288

 

766

 

820

 

14

 

5

%

54

 

7

%

18

 

7

%

Total cash sales

 

$

363

 

$

340

 

$

331

 

$

359

 

$

372

 

$

1,018

 

$

1,062

 

$

9

 

2

%

$

44

 

4

%

$

13

 

4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VUL / UL Policyholder Account Balances

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

11,234

 

$

11,124

 

$

11,283

 

$

11,421

 

$

11,408

 

$

10,906

 

$

11,283

 

$

174

 

2

%

$

377

 

3

%

$

(13

)

—

 

Premiums and deposits

 

258

 

266

 

246

 

260

 

255

 

767

 

761

 

(3

)

(1

)%

(6

)

(1

)%

(5

)

(2

)%

Investment performance and interest

 

(70

)

190

 

186

 

30

 

(431

)

326

 

(215

)

(361

)

#

 

(541

)

#

 

(461

)

#

 

Withdrawals and surrenders

 

(297

)

(296

)

(294

)

(304

)

(301

)

(875

)

(899

)

(4

)

(1

)%

(24

)

(3

)%

3

 

1

%

Other

 

(1

)

(1

)

—

 

1

 

—

 

—

 

1

 

1

 

#

 

1

 

—

 

(1

)

#

 

Total ending balance

 

$

11,124

 

$

11,283

 

$

11,421

 

$

11,408

 

$

10,931

 

$

11,124

 

$

10,931

 

$

(193

)

(2

)%

$

(193

)

(2

)%

$

(477

)

(4

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums by Product

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term and whole life

 

$

12

 

$

12

 

$

11

 

$

12

 

$

6

 

$

36

 

$

29

 

$

(6

)

(50

)%

$

(7

)

(19

)%

$

(6

)

(50

)%

Disability insurance

 

38

 

38

 

37

 

38

 

37

 

115

 

112

 

(1

)

(3

)%

(3

)

(3

)%

(1

)

(3

)%

Long term care

 

28

 

30

 

27

 

27

 

27

 

84

 

81

 

(1

)

(4

)%

(3

)

(4

)%

—

 

—

 

Auto and home

 

245

 

253

 

254

 

259

 

264

 

702

 

777

 

19

 

8

%

75

 

11

%

5

 

2

%

Intercompany premiums

 

6

 

5

 

6

 

5

 

5

 

17

 

16

 

(1

)

(17

)%

(1

)

(6

)%

—

 

—

 

Total premiums by product

 

$

329

 

$

338

 

$

335

 

$

341

 

$

339

 

$

954

 

$

1,015

 

$

10

 

3

%

$

61

 

6

%

$

(2

)

(1

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Auto and Home Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Policy count (thousands)

 

912

 

929

 

943

 

952

 

958

 

912

 

958

 

46

 

5

%

46

 

5

%

6

 

1

%

Loss ratio

 

85.6

%

106.2

%

90.1

%

97.5

%

93.2

%

91.7

%

93.6

%

7.6

%

 

 

1.9

%

 

 

(4.3

)%

 

 

Expense ratio

 

14.7

%

15.6

%

15.5

%

15.9

%

15.0

%

15.2

%

15.5

%

0.3

%

 

 

0.3

%

 

 

(0.9

)%

 

 

Combined ratio

 

100.3

%

121.8

%

105.6

%

113.4

%

108.2

%

106.9

%

109.1

%

7.9

%

 

 

2.2

%

 

 

(5.2

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DAC Rollforward

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life and Health

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

835

 

$

854

 

$

851

 

$

845

 

$

876

 

$

859

 

$

851

 

$

41

 

5

%

$

(8

)

(1

)%

$

31

 

4

%

Capitalization

 

24

 

22

 

20

 

20

 

22

 

66

 

62

 

(2

)

(8

)%

(4

)

(6

)%

2

 

10

%

Non-operating amortization

 

(1

)

8

 

3

 

1

 

(6

)

1

 

(2

)

(5

)

#

 

(3

)

#

 

(7

)

#

 

Amortization per income statement

 

(11

)

(29

)

(20

)

(19

)

(34

)

(46

)

(73

)

(23

)

#

 

(27

)

(59

)%

(15

)

(79

)%

Other

 

7

 

(4

)

(9

)

29

 

9

 

(26

)

29

 

2

 

29

%

55

 

#

 

(20

)

(69

)%

Total ending balance

 

$

854

 

$

851

 

$

845

 

$

876

 

$

867

 

$

854

 

$

867

 

$

13

 

2

%

$

13

 

2

%

$

(9

)

(1

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life Insurance in Force

 

$

195,155

 

$

195,510

 

$

195,694

 

$

195,838

 

$

195,862

 

$

195,155

 

$

195,862

 

$

707

 

—

 

$

707

 

—

 

$

24

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Amount at Risk

 

$

40,600

 

$

40,552

 

$

40,331

 

$

40,340

 

$

40,789

 

$

40,600

 

$

40,789

 

$

189

 

—

 

$

189

 

—

 

$

449

 

1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Policyholder Reserves

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VUL / UL

 

$

10,295

 

$

10,476

 

$

10,631

 

$

10,621

 

$

10,148

 

$

10,295

 

$

10,148

 

$

(147

)

(1

)%

$

(147

)

(1

)%

$

(473

)

(4

)%

Term and whole life

 

218

 

216

 

215

 

214

 

213

 

218

 

213

 

(5

)

(2

)%

(5

)

(2

)%

(1

)

—

 

Disability insurance

 

537

 

538

 

532

 

533

 

527

 

537

 

527

 

(10

)

(2

)%

(10

)

(2

)%

(6

)

(1

)%

Long term care and other

 

2,723

 

2,738

 

2,778

 

2,766

 

2,770

 

2,723

 

2,770

 

47

 

2

%

47

 

2

%

4

 

—

 

Auto and home loss and LAE reserves

 

428

 

473

 

493

 

507

 

504

 

428

 

504

 

76

 

18

%

76

 

18

%

(3

)

(1

)%

Total net policyholder reserves

 

$

14,201

 

$

14,441

 

$

14,649

 

$

14,641

 

$

14,162

 

$

14,201

 

$

14,162

 

$

(39

)

—

 

$

(39

)

—

 

$

(479

)

(3

)%

 

(1)    Includes lump sum deposits.

# Variance of greater than 100%.

 

26


 

GRAPHIC

 

Statistical Supplement Package

(unaudited)

 

Third Quarter 2015

 

Corporate & Other Segment

 

27


 

Ameriprise Financial, Inc.

Corporate & Other Segment

Third Quarter 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Year Comparisons

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date

 

Qtr Chg - 3Q

 

YTD Chg - 3Q

 

Seq Qtr Chg - 3Q

 

(in millions unless otherwise noted, unaudited)

 

3 Qtr 2014

 

4 Qtr 2014

 

1 Qtr 2015

 

2 Qtr 2015

 

3 Qtr 2015

 

2014

 

2015

 

Diff.

 

%

 

Diff.

 

%

 

Diff.

 

%

 

Operating Income Statements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management and financial advice fees

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

—

 

$

—

 

—

 

$

—

 

—

 

Distribution fees

 

—

 

—

 

—

 

—

 

—

 

1

 

—

 

—

 

—

 

(1

)

#

 

—

 

—

 

Net investment income

 

(3

)

(2

)

(7

)

(10

)

(5

)

(4

)

(22

)

(2

)

(67

)%

(18

)

#

 

5

 

50

%

Premiums

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Other revenues

 

2

 

3

 

1

 

8

 

1

 

6

 

10

 

(1

)

(50

)%

4

 

67

%

(7

)

(88

)%

Total revenues

 

(1

)

1

 

(6

)

(2

)

(4

)

3

 

(12

)

(3

)

#

 

(15

)

#

 

(2

)

#

 

Banking and deposit interest expense

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Operating total net revenues

 

(1

)

1

 

(6

)

(2

)

(4

)

3

 

(12

)

(3

)

#

 

(15

)

#

 

(2

)

#

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution expenses

 

1

 

—

 

—

 

—

 

—

 

1

 

—

 

(1

)

#

 

(1

)

#

 

—

 

—

 

Interest credited to fixed accounts

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Benefits, claims, losses and settlement expenses

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Amortization of deferred acquisition costs

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Interest and debt expense

 

3

 

5

 

5

 

4

 

3

 

16

 

12

 

—

 

—

 

(4

)

(25

)%

(1

)

(25

)%

General and administrative expense

 

48

 

43

 

51

 

51

 

35

 

169

 

137

 

(13

)

(27

)%

(32

)

(19

)%

(16

)

(31

)%

Operating expenses

 

52

 

48

 

56

 

55

 

38

 

186

 

149

 

(14

)

(27

)%

(37

)

(20

)%

(17

)

(31

)%

Pretax operating loss

 

$

(53

)

$

(47

)

$

(62

)

$

(57

)

$

(42

)

$

(183

)

$

(161

)

$

11

 

21

%

$

22

 

12

%

$

15

 

26

%

 

# Variance of greater than 100%.

 

28


 

Ameriprise Financial, Inc.

Eliminations (1)

Third Quarter 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Year Comparisons

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date

 

Qtr Chg - 3Q

 

YTD Chg - 3Q

 

Seq Qtr Chg - 3Q

 

(in millions unless otherwise noted, unaudited)

 

3 Qtr 2014

 

4 Qtr 2014

 

1 Qtr 2015

 

2 Qtr 2015

 

3 Qtr 2015

 

2014

 

2015

 

Diff.

 

%

 

Diff.

 

%

 

Diff.

 

%

 

Operating Income Statements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management and financial advice fees

 

$

(34

)

$

(34

)

$

(34

)

$

(34

)

$

(35

)

$

(101

)

$

(103

)

$

(1

)

(3)

%

$

(2

)

(2

)%

$

(1

)

(3

)%

Distribution fees

 

(319

)

(325

)

(314

)

(335

)

(327

)

(940

)

(976

)

(8

)

(3)

%

(36

)

(4

)%

8

 

2

%

Net investment income

 

—

 

(1

)

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Premiums

 

(4

)

(4

)

(4

)

(3

)

(4

)

(12

)

(11

)

—

 

—

 

1

 

8

%

(1

)

(33

)%

Other revenues

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Total revenues

 

(357

)

(364

)

(352

)

(372

)

(366

)

(1,053

)

(1,090

)

(9

)

(3)

%

(37

)

(4

)%

6

 

2

%

Banking and deposit interest expense

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Operating total net revenues

 

(357

)

(364

)

(352

)

(372

)

(366

)

(1,053

)

(1,090

)

(9

)

(3)

%

(37

)

(4

)%

6

 

2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution expenses

 

(342

)

(348

)

(337

)

(358

)

(351

)

(1,008

)

(1,046

)

(9

)

(3)

%

(38

)

(4

)%

7

 

2

%

Interest credited to fixed accounts

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Benefits, claims, losses and settlement expenses

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Amortization of deferred acquisition costs

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Interest and debt expense

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

General and administrative expense

 

(15

)

(16

)

(15

)

(14

)

(15

)

(45

)

(44

)

—

 

—

 

1

 

2

%

(1

)

(7

)%

Operating expenses

 

(357

)

(364

)

(352

)

(372

)

(366

)

(1,053

)

(1,090

)

(9

)

(3)

%

(37

)

(4

)%

6

 

2

%

Pretax operating earnings

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

—

 

$

—

 

—

 

$

—

 

—

 

 

(1)             The majority of the amounts represent the impact of inter-segment transfer pricing for both revenues and expenses.

 

29


 

GRAPHIC

 

 

Statistical Supplement Package

(unaudited)

 

Third Quarter 2015

 

Balance Sheet and Ratings Information

 

30


 

Ameriprise Financial, Inc.

Consolidated Balance Sheets

Third Quarter 2015

 

(in millions, unaudited)

 

September 30, 2014

 

December 31, 2014

 

March 31, 2015

 

June 30, 2015

 

September 30, 2015

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,876

 

$

2,638

 

$

2,809

 

$

2,570

 

$

2,780

 

Cash of consolidated investment entities

 

279

 

390

 

338

 

471

 

790

 

Investments

 

35,899

 

35,582

 

35,726

 

34,896

 

34,746

 

Investments of consolidated investment entities

 

5,661

 

6,148

 

6,090

 

6,594

 

6,977

 

Separate account assets

 

82,420

 

83,256

 

84,243

 

83,704

 

78,636

 

Receivables

 

4,827

 

4,887

 

5,063

 

5,178

 

5,187

 

Receivables of consolidated investment entities

 

68

 

140

 

77

 

89

 

102

 

Deferred acquisition costs

 

2,605

 

2,608

 

2,602

 

2,658

 

2,634

 

Restricted and segregated cash and investments

 

2,382

 

2,614

 

2,714

 

2,491

 

2,703

 

Other assets

 

8,158

 

8,611

 

9,896

 

8,166

 

8,625

 

Other assets of consolidated investment entities

 

2,018

 

1,936

 

1,890

 

1,989

 

2,140

 

Total Assets

 

$

147,193

 

$

148,810

 

$

151,448

 

$

148,806

 

$

145,320

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Policyholder account balances, future policy benefits and claims

 

$

29,810

 

$

30,350

 

$

30,482

 

$

29,345

 

$

30,046

 

Separate account liabilities

 

82,420

 

83,256

 

84,243

 

83,704

 

78,636

 

Customer deposits

 

7,513

 

7,664

 

7,878

 

7,820

 

8,046

 

Short-term borrowings

 

200

 

200

 

200

 

200

 

200

 

Long-term debt

 

3,059

 

3,062

 

3,066

 

3,055

 

3,019

 

Debt of consolidated investment entities

 

6,394

 

6,867

 

6,779

 

7,353

 

7,926

 

Accounts payable and accrued expenses

 

1,411

 

1,482

 

1,275

 

1,341

 

1,435

 

Accounts payable and accrued expenses of consolidated investment entities

 

50

 

41

 

46

 

53

 

62

 

Other liabilities

 

6,882

 

6,357

 

8,068

 

6,669

 

6,567

 

Other liabilities of consolidated investment entities

 

114

 

226

 

152

 

270

 

562

 

Total Liabilities

 

137,853

 

139,505

 

142,189

 

139,810

 

136,499

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

Ameriprise Financial

 

 

 

 

 

 

 

 

 

 

 

Common shares ($.01 par)

 

3

 

3

 

3

 

3

 

3

 

Additional paid-in capital

 

7,232

 

7,345

 

7,423

 

7,500

 

7,557

 

Retained earnings

 

8,152

 

8,469

 

8,752

 

9,043

 

9,319

 

Appropriated retained earnings of consolidated investment entities

 

308

 

234

 

279

 

257

 

174

 

Treasury stock

 

(8,181

)

(8,589

)

(8,966

)

(9,428

)

(9,885

)

Accumulated other comprehensive income, net of tax

 

746

 

662

 

704

 

500

 

461

 

Total Ameriprise Financial Shareholders’ Equity

 

8,260

 

8,124

 

8,195

 

7,875

 

7,629

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interests

 

1,080

 

1,181

 

1,064

 

1,121

 

1,192

 

Total Equity

 

9,340

 

9,305

 

9,259

 

8,996

 

8,821

 

Total Liabilities and Equity

 

$

147,193

 

$

148,810

 

$

151,448

 

$

148,806

 

$

145,320

 

 

31


 

Ameriprise Financial, Inc.

Capital and Ratings Information

Third Quarter 2015

 

(in millions unless otherwise noted, unaudited)

 

September 30, 2014

 

December 31, 2014

 

March 31, 2015

 

June 30, 2015

 

September 30, 2015

 

Long-term Debt Summary

 

 

 

 

 

 

 

 

 

 

 

Senior notes

 

$

2,765

 

$

2,768

 

$

2,772

 

$

2,761

 

$

2,766

 

Junior subordinated notes

 

294

 

294

 

294

 

294

 

253

 

Total Ameriprise Financial long-term debt

 

3,059

 

3,062

 

3,066

 

3,055

 

3,019

 

Non-recourse debt of consolidated investment entities

 

6,394

 

6,867

 

6,779

 

7,353

 

7,926

 

Total long-term debt

 

$

9,453

 

$

9,929

 

$

9,845

 

$

10,408

 

$

10,945

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Ameriprise Financial long-term debt

 

$

3,059

 

$

3,062

 

$

3,066

 

$

3,055

 

$

3,019

 

Fair value of hedges and unamortized discount

 

(65

)

(68

)

(72

)

(61

)

(66

)

Total Ameriprise Financial long-term debt excluding fair value of hedges and unamortized discount (1)

 

$

2,994

 

$

2,994

 

$

2,994

 

$

2,994

 

$

2,953

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity (2)

 

$

9,340

 

$

9,305

 

$

9,259

 

$

8,996

 

$

8,821

 

Noncontrolling interests

 

(1,080

)

(1,181

)

(1,064

)

(1,121

)

(1,192

)

Total Ameriprise Financial shareholders’ equity

 

8,260

 

8,124

 

8,195

 

7,875

 

7,629

 

Equity of consolidated investment entities

 

(296

)

(222

)

(266

)

(243

)

(162

)

Total Ameriprise Financial shareholders’ equity excluding CIEs (1)

 

$

7,964

 

$

7,902

 

$

7,929

 

$

7,632

 

$

7,467

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Ameriprise Financial capital

 

$

11,319

 

$

11,186

 

$

11,261

 

$

10,930

 

$

10,648

 

Total Ameriprise Financial capital excluding fair value of hedges, unamortized discount and equity of CIEs (1)

 

$

10,958

 

$

10,896

 

$

10,923

 

$

10,626

 

$

10,420

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt to capital

 

 

 

 

 

 

 

 

 

 

 

Total Ameriprise Financial long-term debt to total Ameriprise Financial capital

 

27.0

%

27.4

%

27.2

%

28.0

%

28.4

%

Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding fair value of hedges, unamortized discount and equity of CIEs (1)

 

27.3

%

27.5

%

27.4

%

28.2

%

28.3

%

 

 

 

 

 

 

 

 

 

 

 

 

Ratings (as of September 30, 2015 earnings release date)

 

A.M. Best
Company

 

Standard & Poor’s Rating
Services

 

Moody’s Investors
Service, Inc.

 

 

 

 

 

Claims Paying Ratings (3)

 

 

 

 

 

 

 

 

 

 

 

RiverSource Life Insurance Company

 

A+

 

AA-

 

Aa3

 

 

 

 

 

IDS Property Casualty Ins. Company

 

A

 

N/R

 

N/R

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Ratings (3)

 

 

 

 

 

 

 

 

 

 

 

Ameriprise Financial, Inc.

 

a-

 

A

 

A3

 

 

 

 

 

 

(1) See non-GAAP financial information on pg 34.  Non-GAAP financial measure reconciliations can be found on page 45.

(2) Includes accumulated other comprehensive income, net of tax.

(3) For the most current ratings information, please see the individual rating agency’s website.

N/R - Not Rated.

 

32

 


 

Ameriprise Financial, Inc.

Ameriprise Financial Investments (1)

Third Quarter 2015

 

(in millions unless otherwise noted, unaudited)

 

September 30, 2014

 

December 31, 2014

 

March 31, 2015

 

June 30, 2015

 

September 30, 2015

 

Cash and cash equivalents

 

$

2,876

 

$

2,638

 

$

2,809

 

$

2,570

 

$

2,780

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments - Ending Balances

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale Securities

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

17,322

 

17,165

 

17,218

 

16,919

 

16,898

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage backed securities

 

6,232

 

6,207

 

6,270

 

6,121

 

6,008

 

Commercial mortgage backed securities

 

2,637

 

2,630

 

2,694

 

2,562

 

2,499

 

Asset backed securities

 

1,488

 

1,470

 

1,405

 

1,321

 

1,302

 

Total mortgage and other asset backed securities

 

10,357

 

10,307

 

10,369

 

10,004

 

9,809

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

2,257

 

2,239

 

2,243

 

2,190

 

2,259

 

US government and agencies obligations

 

47

 

47

 

56

 

56

 

72

 

Foreign government bonds and obligations

 

253

 

251

 

245

 

239

 

230

 

Common and preferred stocks

 

20

 

18

 

19

 

19

 

18

 

Total other

 

2,577

 

2,555

 

2,563

 

2,504

 

2,579

 

Total available-for-sale securities

 

30,256

 

30,027

 

30,150

 

29,427

 

29,286

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial mortgage loans

 

2,714

 

2,729

 

2,683

 

2,735

 

2,757

 

Allowance for loan losses

 

(25

)

(25

)

(23

)

(23

)

(22

)

Commercial mortgage loans, net

 

2,689

 

2,704

 

2,660

 

2,712

 

2,735

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage loans

 

771

 

739

 

710

 

679

 

649

 

Allowance for loan losses

 

(3

)

(3

)

(2

)

(3

)

(2

)

Residential mortgage loans, net

 

768

 

736

 

708

 

676

 

647

 

 

 

 

 

 

 

 

 

 

 

 

 

Policy loans

 

805

 

806

 

813

 

817

 

824

 

Other investments

 

1,381

 

1,309

 

1,395

 

1,264

 

1,254

 

Total investments

 

35,899

 

35,582

 

35,726

 

34,896

 

34,746

 

Total cash, cash equivalents and investments

 

$

38,775

 

$

38,220

 

$

38,535

 

$

37,466

 

$

37,526

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain Available-for-Sale Securities

 

$

1,985

 

$

1,961

 

$

2,178

 

$

1,500

 

$

1,393

 

 

 

 

 

 

 

 

 

 

 

 

 

AFS Fixed Maturity Asset Quality - %

 

 

 

 

 

 

 

 

 

 

 

AAA

 

26

%

26

%

26

%

25

%

25

%

AA

 

6

%

6

%

6

%

6

%

6

%

AFS securities AA and above

 

32

%

32

%

32

%

31

%

31

%

A

 

22

%

22

%

21

%

21

%

20

%

BBB

 

40

%

40

%

41

%

42

%

44

%

Below investment grade

 

6

%

6

%

6

%

6

%

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

 

6

%

6

%

6

%

6

%

5

%

 

(1)              Investments excluding investments of CIEs.

 

33


 

Ameriprise Financial, Inc.

 

Non-GAAP Financial Information

 

Ameriprise Financial, Inc. (the Company) prepares its financial statements in accordance with accounting principles generally accepted in the United States (U.S. GAAP).  This report includes information on both a U.S. GAAP and non-GAAP basis.  Management believes that the presentation of these non-GAAP financial measures best reflect the underlying performance of the Company and facilitate a more meaningful trend analysis.  Management uses certain of these non-GAAP measures to evaluate our financial performance on a basis comparable to that used by some securities analysts and investors. Also, certain of these non-GAAP measures are taken into consideration, to varying degrees, for purposes of business planning and analysis and certain compensation-related matters.  See the reconciliations on pages 6, 15, 44 and 45.

 

These non-GAAP measures include:

 

· Adjusted net pretax operating margin;

· Adjusted operating earnings;

· Adjusted operating revenues;

· Ameriprise Financial shareholders’ equity excluding AOCI;

· Ameriprise Financial shareholders’ equity excluding CIEs;

· Ameriprise Financial shareholders’ equity excluding CIEs and AOCI;

· Basic operating earnings per share;

· Effective tax rate excluding noncontrolling interests;

· Operating earnings;

· Operating earnings per diluted share;

· Operating effective tax rate;

· Operating return on equity excluding AOCI;

· Operating total net revenues;

· Pretax operating earnings;

· Pretax operating margin;

· Return on equity excluding AOCI;

· Total Ameriprise Financial capital excluding fair value of hedges, unamortized discount and equity of CIEs;

· Total Ameriprise Financial long-term debt excluding fair value of hedges and unamortized discount;

· Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding fair value of hedges, unamortized discount and equity of CIEs

 

Reclassification

 

Certain prior period information has been restated to conform to current period presentation.

 

34

 


 

Ameriprise Financial, Inc.

Glossary of Selected Terminology - Segments

 

Advice & Wealth Management - This segment provides financial planning and advice, as well as full service brokerage services, primarily to retail clients through our advisors. These services are centered on long-term, personal relationships between our advisors and our clients and focus on helping clients confidently achieve their financial goals. Our advisors provide a distinctive approach to financial planning and have access to a broad selection of both affiliated and non-affiliated products to help clients meet their financial needs. A significant portion of revenues in this segment is fee-based, driven by the level of client assets, which is impacted by both market movements and net asset flows. We also earn net investment income on owned assets primarily from certificate products. This segment earns revenues (distribution fees) for providing non-affiliated products and intersegment revenues (distribution fees) for providing our affiliated products and services to our retail clients. Intersegment expenses for this segment include expenses for investment management services provided by our Asset Management segment. This segment also includes the results of operation for Ameriprise National Trust Bank, which terminated its deposit-taking and credit-originating activities in the fourth quarter of 2012.

 

Asset Management - This segment provides investment advice and investment products to retail, high net worth and institutional clients on a global scale through Columbia Threadneedle Investments. We provide clients with U.S. domestic individual products through unaffiliated third-party financial institutions and through our Advice & Wealth Management segment, and we provide institutional products and services through our institutional sales force. International retail products are primarily distributed through third-party financial institutions and unaffiliated financial advisors. Individual products include U.S. mutual funds and their non-U.S. equivalents, exchange-traded funds and variable product funds underlying insurance and annuity separate accounts. Institutional asset management services are designed to meet specific client objectives and may involve a range of products, including those that focus on traditional asset classes, separately managed accounts, collateralized loan obligations, hedge funds, collective funds and property funds. Collateralized loan obligations, hedge funds and certain private funds are often classified as alternative assets. Revenues in this segment are primarily earned as fees based on managed asset balances, which are impacted by market movements, net asset flows, asset allocation and product mix. We may also earn performance fees from certain accounts where investment performance meets or exceeds certain pre-identified targets. In addition our Asset Management segment provides all intercompany asset management services for Ameriprise Financial subsidiaries. The fees for such services are reflected within the Asset Management segment results through intersegment transfer pricing. Intersegment expenses for this segment include distribution expenses for services provided by our Advice & Wealth Management, Annuities and Protection segments.

 

Annuities - This segment provides RiverSource variable and fixed annuity products to individual clients. RiverSource Life Insurance Company and RiverSource Life Insurance Co. of New York provide variable annuity products through our advisors, and our fixed annuity products are distributed through both affiliated and unaffiliated advisors and financial institutions. These products are designed to help individuals address their asset accumulation and income goals.  Revenues for our variable annuity products are primarily earned as fees based on underlying account balances, which are impacted by both market movements and net asset flows. Revenues for our fixed annuity products are primarily earned as net investment income on assets supporting fixed account balances, with profitability significantly impacted by the spread between net investment income earned and interest credited on the fixed account balances. We also earn net investment income on owned assets supporting reserves for immediate annuities and for certain guaranteed benefits offered with variable annuities and on capital supporting the business. Intersegment revenues for this segment reflect fees paid by our Asset Management segment for marketing support and other services provided in connection with the availability of VIT Funds under the variable annuity contracts. Intersegment expenses for this segment include distribution expenses for services provided by our Advice & Wealth Management segment, as well as expenses for investment management services provided by our Asset Management segment.

 

Protection - This segment provides a variety of products to address the protection and risk management needs of our retail clients, including life, disability income and property-casualty insurance. These products are designed to provide a lifetime of solutions that allow clients to protect income, grow assets and give to loved ones or charity. Life and disability income products are primarily provided through our advisors. Our property-casualty products are sold primarily through affinity relationships. We issue insurance policies through our life insurance subsidiaries and property casualty companies (IDS Property Casualty Insurance Company and its subsidiary, Ameriprise Insurance Company). The primary sources of revenues for this segment are premiums, fees, and charges we receive to assume insurance-related risk. We earn net investment income on owned assets supporting insurance reserves and capital supporting the business. We also receive fees based on the level of assets supporting variable universal life separate account balances. This segment earns intersegment revenues from fees paid by our Asset Management segment for marketing support and other services provided in connection with the availability of VIT Funds under the variable universal life contracts. Intersegment expenses for this segment include distribution expenses for services provided by our Advice & Wealth Management segment, as well as expenses for investment management services provided by our Asset Management segment.

 

Corporate & Other - This segment consists of net investment income or loss on corporate level assets, including excess capital held in our subsidiaries and other unallocated equity and other revenues as well as unallocated corporate expenses.

 

35

 


 

Ameriprise Financial, Inc.

Glossary of Selected Terminology

 

Adjusted Net Pretax Operating Margin - An internal measure designed to calculate operating margins similar to how asset management companies define operating margins. A ratio representing adjusted operating earnings as a percentage of adjusted operating revenues for the asset management segment.

 

Adjusted Operating Earnings - Asset management segment pretax operating earnings less operating net investment income plus amortization of intangibles.

 

Adjusted Operating Revenues - Asset management segment operating total net revenues less pass through distribution revenue and subadvisory and other pass through revenues.

 

Affiliated General Account Assets - Balance sheet assets from various affiliates managed and reported by Columbia.

 

Allocated Capital - The internal allocation of Total Ameriprise Financial Capital, excluding accumulated other comprehensive income (loss), CIEs, and fair value of hedges and unamortized discount on Ameriprise Financial long-term debt, is based on management’s best estimate of capital required to support the business. Estimates reflect the higher of regulatory or rating agency capital requirements, and include capital held for some stress contingencies.  Capital is allocated to our operating segments for the purpose of measuring segment return on allocated capital.  For the Corporate & Other segment, allocated capital also includes any capital available after capital has been allocated to the operating segments. Allocated capital is not adjusted for non-operating items except for CIEs.

 

Alternative Assets - Assets reported by the Company that include Hedge Funds and Collateralized Loan Obligations (“CLO”).

 

Ameriprise Financial - Ameriprise Financial includes ownership interests in subsidiaries that are attributable, directly or indirectly, to Ameriprise Financial, Inc. and excludes noncontrolling interests.

 

AOCI - Accumulated other comprehensive income (loss), net of tax.

 

Assets Under Administration - Assets under administration include assets for which we provide administrative services such as client assets invested in other companies’ products that we offer outside of our advisory wrap accounts. These assets include those held in clients’ brokerage accounts. We generally record revenues received from administered assets as distribution fees. We do not exercise management discretion over these assets and do not earn a management fee. These assets are not reported on our Consolidated Balance Sheets. Assets under administration also include certain assets on our Consolidated Balance Sheets for which we do not provide investment management services and do not recognize management fees, such as investments in non-affiliated funds held in the separate accounts of our life insurance subsidiaries. These assets do not include assets under advisement, for which we provide model portfolios but do not have full discretionary investment authority.

 

Assets Under Management - Assets under management include external client assets for which we provide investment management services, such as the assets of the Columbia funds and Threadneedle funds, assets of institutional clients and advisory assets held in wrap accounts as well as assets managed by sub-advisors selected by us. Assets under management also include certain assets on our Consolidated Balance Sheets for which we provide investment management services and recognize management fees in our Asset Management segment, such as the assets of the general account, RiverSource Variable Product funds held in the separate accounts of our life insurance subsidiaries, and client assets of CIEs. These assets do not include assets under advisement, for which we provide model portfolios, but do not have full discretionary investment authority.

 

Auto & Home Insurance - Personal auto and home protection products marketed directly to customers through marketing affiliates such as Costco Wholesale Corporation and Ford Motor Credit Company. We sell these products through our auto and home subsidiary, IDS Property Casualty Insurance Company (doing business as Ameriprise Auto & Home Insurance).

 

Cash Sales - Cash sales are the dollar value volume indicator that captures gross new cash inflows which generate product revenue streams to our company. This includes primarily “client initiated” activity that results in an incremental increase in assets or premiums in force (but doesn’t need to result in time of sale revenue), or activity that doesn’t increase assets or premiums in force, but generates “fee revenue”.

 

Consolidated Investment Entities (“CIEs”) - CIEs include variable interest entities, such as property funds and CLOs, required to be consolidated under current accounting standards.

 

DAC Rollforward Other - We record unrealized securities gains (losses) in accumulated other comprehensive income (loss), net of income tax provision (benefit) and net of adjustments in other asset and liability balances, such as DAC, to reflect the expected impact on their carrying values had the unrealized securities gains (losses) been realized as of the respective balance sheet dates.

 

Deferred Acquisition Costs and Amortization - Deferred acquisition costs (“DAC”) represent the direct costs of acquiring new protection and annuity contracts, principally direct sales commissions and other distribution and underwriting costs that have been deferred on the sale of life, disability income, long term care, auto, and home insurance and annuities.  DAC also includes deferred direct sales commissions on certain mutual fund products. These costs are deferred to the extent they are directly related to the acquisition of new business and are recoverable from future profits.

 

Life Insurance in Force - The total amount of all life insurance death benefits currently insured by our company.

 

Market Impact of Hedges on Investments - The market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments.

 

Market Impact on Indexed Universal Life Benefits - The impact of changes in financial market conditions on benefit costs associated with indexed universal life benefits accounted for as embedded derivatives, net of changes in associated economic hedge values and net of related impacts on DAC amortization, unearned revenue amortization, and the reinsurance accrual.  This market impact includes the risk margin and nonperformance spread impact.

 

Market Impact on Variable Annuity Guaranteed Benefits - The impact of changes in financial market conditions on benefit costs associated with variable annuity guaranteed living benefits accounted for as embedded derivatives, net of changes in economic hedge values and unhedged items including the difference between assumed and actual underlying separate account investment performance, fixed income credit exposures, transaction costs and certain policyholder contract elections, net of related impacts on DAC and DSIC amortization.  The market impact includes the risk margin and nonperformance spread impact.

 

Net Amount at Risk - Life insurance in force less policyholder reserves net of reinsurance.

 

Net Flows - Sales less redemptions and miscellaneous flows which may include reinvested dividends.

 

Net New Flows - Mutual or VP/VIT fund inflows less outflows.

 

Net Realized Investment Gains (Losses) - The net of realized investment gains and realized investment losses, net of DSIC and DAC amortization, unearned revenue amortization and the reinsurance accrual.

 

Operating Earnings - Net income attributable to Ameriprise Financial excluding integration/restructuring charges, net of tax, market impact on variable annuity guaranteed benefits and indexed universal life benefits, net of tax, market impact of hedges on investments, net of tax, income (loss) from discontinued operations, net of tax and net realized investment gains (losses), net of tax.

 

Operating Expenses - Total expenses excluding integration/restructuring charges, market impact on variable annuity guaranteed benefits, market impact on indexed universal life benefits, DAC and DSIC offsets to net realized investment gains (losses) and expense from consolidated investment entities.

 

Operating Net Investment Income - Net investment income excluding net realized investment gains (losses), market impact of hedges on investments and net investment income from consolidated investment entities.

 

Operating Return on Allocated Capital - Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated capital as of the last day of the trailing four quarters and current quarter in the denominator.  Operating earnings for each product line are based on the target level of assets which are based on management’s best estimate after considering regulatory and rating agency requirements.

 

Operating Total Net Revenues - Total net revenues excluding net realized investment gains (losses), indexed universal life market impact on reinsurance and unearned revenue, market impact of hedges on investments, revenue from consolidated investment entities and integration/restructuring.

 

Pretax Operating Earnings - Income from continuing operations before income tax provision excluding net realized investment gains (losses), integration/restructuring charges, market impact on variable annuity guaranteed benefits, market impact on indexed universal life benefits, market impact of hedges on investments and pretax income (loss) from consolidated investment entities.

 

Pretax Operating Margin - A ratio representing pretax operating earnings as a percentage of operating total net revenues.

 

Pretax Income (Loss) Margin - A ratio representing pretax income (loss) as a percentage of total net revenues.

 

Risk Margin and Nonperformance Spread Impact - The portion of the market impact on variable annuity guaranteed benefits and indexed universal life benefits related to liability valuation adjustments made in accordance with Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements and Disclosures (“ASC 820”) that management considers to be non-economic, including the impact of discounting projected benefits at a rate reflecting a current estimate of RiverSource Life’s nonperformance spread, net of related impacts on DAC, DSIC and unearned revenue as well as a reinsurance accrual for indexed universal life.

 

Separate Account - Represents assets and liabilities that are maintained and established primarily for the purpose of funding variable annuity and insurance products. The assets of the separate account are only available to fund the liabilities of the variable annuity contract holders and others with contracts requiring premiums or other deposits to the separate account. Clients elect to invest premiums in stock, bond and/or money market funds depending on their risk tolerance. All investment performance, net of fees, is passed through to the client.

 

Threadneedle - Threadneedle Asset Management Holdings Sarl is a holding company for the London-based Threadneedle companies, which provide investment management products and services.

 

Total Ameriprise Financial Capital - Total Ameriprise Financial shareholders’ equity plus total Ameriprise Financial long-term debt. Total Ameriprise Financial capital is also presented excluding fair value of hedges, unamortized discount and equity of CIEs.

 

Total Ameriprise Financial Long-term Debt to Total Ameriprise Financial Capital Ratio - A ratio comprised of total Ameriprise Financial long-term debt divided by Ameriprise Financial capital. We also present total Ameriprise Financial long-term debt to total Ameriprise Financial capital ratios excluding fair value of hedges, unamortized discount and equity of consolidated investment entities.

 

Wrap Accounts - Wrap accounts enable our clients to purchase other securities such as mutual funds in connection with fee-based “wrap account” programs or services. We offer clients the opportunity to select products that include affiliated and non-affiliated funds. We currently offer both discretionary and non-discretionary wrap accounts. In a discretionary wrap account, an unaffiliated investment advisor or our investment management subsidiary, Columbia Management Investment Advisers, LLC, chooses the underlying investments in the portfolio on behalf of the client. In a non-discretionary wrap account, the client chooses the underlying investments in the portfolio based, to the extent the client elects, in part or whole on the recommendations of their financial advisor. Investors in our wrap accounts generally pay a fee based on the advisory assets held in their wrap accounts. These investors also pay any related fees or costs included in the underlying securities held in that account, such as underlying mutual fund operating expenses and Rule 12b-1 fees.

 

36

 


 

Exhibit A

 

 

Statistical Supplement Package

(unaudited)

 

Third Quarter 2015

 

Disclosed Items

 

37

 


 

Ameriprise Financial, Inc.

Disclosed Items

3 Qtr 2015

 

Excluded from Operating Earnings

 

 

 

Advice & Wealth
Management

 

Annuities

 

Protection

 

Corporate and Eliminations

 

 

 

 

 

 

 

Market Impact on

 

 

 

Market Impact on

 

 

 

 

 

Market Impact

 

 

 

Securities

 

Securities

 

VA Guaranteed

 

Securities

 

Indexed Universal

 

 

 

Integration

 

of Hedges

 

(in millions, unaudited)

 

Gains/(Losses) (1)

 

Gains/(Losses) (1)

 

Benefits (2)

 

Gains/(Losses) (1)

 

Life Benefits (3)

 

CIEs (4)

 

Charges (5)

 

on Investments (6)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management and financial advice fees

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

(15

)

$

—

 

$

—

 

Distribution fees

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Net investment income

 

(1

)

(8

)

—

 

(1

)

—

 

2

 

—

 

(31

)

Premiums

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Other revenues

 

—

 

—

 

—

 

—

 

9

 

56

 

—

 

—

 

Total revenues

 

(1

)

(8

)

—

 

(1

)

9

 

43

 

—

 

(31

)

Banking and deposit interest expense

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Total net revenues

 

(1

)

(8

)

—

 

(1

)

9

 

43

 

—

 

(31

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution expenses

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Interest credited to fixed accounts

 

—

 

—

 

—

 

—

 

4

 

—

 

—

 

—

 

Benefits, claims, losses and settlement expenses

 

—

 

—

 

(2

)

—

 

—

 

—

 

—

 

—

 

Amortization of deferred acquisition costs

 

—

 

—

 

7

 

—

 

6

 

—

 

—

 

—

 

Interest and debt expense

 

—

 

—

 

—

 

—

 

—

 

68

 

—

 

—

 

General and administrative expense

 

—

 

—

 

—

 

—

 

—

 

20

 

3

 

—

 

Total expenses

 

—

 

—

 

5

 

—

 

10

 

88

 

3

 

—

 

Pretax segment income (loss)

 

(1

)

(8

)

(5

)

(1

)

(1

)

(45

)

(3

)

(31

)

Less: Net income (loss) attributable to noncontrolling interest

 

—

 

—

 

—

 

—

 

—

 

(45

)

—

 

—

 

Pretax segment gain (loss) attributable to Ameriprise Financial

 

$

(1

)

$

(8

)

$

(5

)

$

(1

)

$

(1

)

$

—

 

$

(3

)

$

(31

)

 

Included in Operating Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annuities

 

Protection

 

 

 

 

 

 

 

Market

 

Valuation

 

Market

 

Valuation

 

Long Term

 

Life Reinsurance

 

 

 

 

 

 

 

Impacts

 

Assumptions &

 

Impacts

 

Assumptions &

 

Care

 

Premium

 

 

 

 

 

(in millions, unaudited)

 

to DAC/DSIC (7)

 

Model Changes (8)

 

to DAC/DSIC (7)

 

Model Changes (8)

 

Reserves (9)

 

Correction (10)

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management and financial advice fees

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

 

 

 

 

Distribution fees

 

—

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

Net investment income

 

—

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

Premiums

 

—

 

—

 

—

 

(3

)

—

 

(4

)

 

 

 

 

Other revenues

 

—

 

—

 

—

 

(5

)

—

 

(9

)

 

 

 

 

Total revenues

 

—

 

—

 

—

 

(8

)

—

 

(13

)

 

 

 

 

Banking and deposit interest expense

 

—

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

Operating total net revenues

 

—

 

—

 

—

 

(8

)

—

 

(13

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution expenses

 

—

 

—

 

—

 

—

 

—

 

(2

)

 

 

 

 

Interest credited to fixed accounts

 

—

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

Benefits, claims, losses and settlement expenses

 

6

 

(61

)

—

 

6

 

(13

)

—

 

 

 

 

 

Amortization of deferred acquisition costs

 

23

 

(5

)

2

 

10

 

—

 

—

 

 

 

 

 

Interest and debt expense

 

—

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

General and administrative expense

 

—

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

Operating expenses

 

29

 

(66

)

2

 

16

 

(13

)

(2

)

 

 

 

 

Pretax operating earnings

 

$

(29

)

$

66

 

$

(2

)

$

(24

)

$

13

 

$

(11

)

 

 

 

 

 

(1)

Pretax net realized investment gains/(losses) on Available-for-Sale securities and other securities

(2)

Variable annuity guaranteed benefit impacts include:

 

$4 million net benefit related to hedged variable annuity benefits

 

$9 million increase in DAC and DSIC amortization resulting from hedged benefits

(3)

Indexed universal life benefit impacts include:

 

$4 million net expense related to hedged indexed universal life benefits

 

$6 million increase in DAC amortization resulting from hedged indexed universal life benefits

 

$9 million increase in unearned revenue reserve amortization and reinsurance accrual from hedged indexed universal life benefits

(4)

Reflects revenues and expenses of Consolidated Investment Entities

(5)

Integration charges related to JHS Capital Advisors acquisition

(6)

The market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments

(7)

Increase in DAC and DSIC amortization from lower than projected separate account growth

(8)

Net pretax impact of model changes and the annual review/updating of valuation assumptions

(9)

Reserve release related to our closed block of long term care insurance

(10)

Accrual established for ceded reinsurance

 

38


 

Ameriprise Financial, Inc.

Disclosed Items

2 Qtr 2015

 

Excluded from Operating Earnings

 

 

 

Annuities

 

Protection

 

Corporate and Eliminations

 

 

 

 

 

Market Impact on

 

 

 

Market Impact on

 

 

 

 

 

Market Impact

 

 

 

Securities

 

VA Guaranteed

 

Securities

 

Indexed Universal

 

 

 

Integration

 

of Hedges

 

(in millions, unaudited)

 

Gains/(Losses) (1)

 

Benefits (2)

 

Gains/(Losses) (1)

 

Life Benefits (3)

 

CIEs (4)

 

Charges (5)

 

on Investments (6)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management and financial advice fees

 

$

—

 

$

—

 

$

—

 

$

—

 

$

(15

)

$

—

 

$

—

 

Distribution fees

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Net investment income

 

3

 

—

 

2

 

—

 

54

 

—

 

(1

)

Premiums

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Other revenues

 

—

 

—

 

—

 

—

 

102

 

—

 

—

 

Total revenues

 

3

 

—

 

2

 

—

 

141

 

—

 

(1

)

Banking and deposit interest expense

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Total net revenues

 

3

 

—

 

2

 

—

 

141

 

—

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution expenses

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Interest credited to fixed accounts

 

—

 

—

 

—

 

(4

)

—

 

—

 

—

 

Benefits, claims, losses and settlement expenses

 

—

 

40

 

—

 

—

 

—

 

—

 

—

 

Amortization of deferred acquisition costs

 

—

 

(4

)

—

 

(1

)

—

 

—

 

—

 

Interest and debt expense

 

—

 

—

 

—

 

—

 

59

 

—

 

—

 

General and administrative expense

 

—

 

—

 

—

 

—

 

21

 

1

 

—

 

Total expenses

 

—

 

36

 

—

 

(5

)

80

 

1

 

—

 

Pretax segment income (loss)

 

3

 

(36

)

2

 

5

 

61

 

(1

)

(1

)

Less: Net income (loss) attributable to noncontrolling interest

 

—

 

—

 

—

 

—

 

61

 

—

 

—

 

Pretax segment gain (loss) attributable to Ameriprise Financial

 

$

3

 

$

(36

)

$

2

 

$

5

 

$

—

 

$

(1

)

$

(1

)

 

Included in Operating Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annuities

 

Protection

 

 

 

 

 

 

 

 

 

Market

 

 

 

 

 

Auto & Home

 

 

 

 

 

 

 

 

 

Impacts

 

Variable Annuity

 

Long Term Care

 

Catastrophe

 

 

 

 

 

 

 

(in millions, unaudited)

 

to DAC/DSIC (7)

 

Product Changes (8)

 

Reserves (9)

 

Losses (10)

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management and financial advice fees

 

$

—

 

$

—

 

$

—

 

$

—

 

 

 

 

 

 

 

Distribution fees

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

Net investment income

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

Premiums

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

Other revenues

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

Total revenues

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

Banking and deposit interest expense

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

Operating total net revenues

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution expenses

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

Interest credited to fixed accounts

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

Benefits, claims, losses and settlement expenses

 

1

 

(2

)

(18

)

48

 

 

 

 

 

 

 

Amortization of deferred acquisition costs

 

4

 

—

 

—

 

—

 

 

 

 

 

 

 

Interest and debt expense

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

General and administrative expense

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

Operating expenses

 

5

 

(2

)

(18

)

48

 

 

 

 

 

 

 

Pretax operating earnings

 

$

(5

)

$

2

 

$

18

 

$

(48

)

 

 

 

 

 

 

 

(1)

Pretax net realized investment gains/(losses) on Available-for-Sale securities and other securities

(2)

Variable annuity guaranteed benefit impacts include:

 

$39 million net expense related to hedged variable annuity benefits

 

$3 million decrease in DAC and DSIC amortization resulting from hedged benefits

(3)

Indexed universal life benefit impacts include:

 

$4 million net benefit related to hedged indexed universal life benefits

 

$1 million decrease in DAC amortization resulting from hedged indexed universal life benefits

(4)

Reflects revenues and expenses of Consolidated Investment Entities

(5)

Integration charges related to JHS Capital Advisors acquisition

(6)

The market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments

(7)

Increase in DAC and DSIC amortization from lower than projected separate account growth

(8)

Benefit related to the addition of Portfolio Stabilizer (managed volatility) fund options for in-force variable annuities with living benefit guarantees

(9)

Reserve release related to our closed block of long term care insurance

(10)

Total auto and home catastrophe losses for the quarter, which were $25 million higher than expectations

 

39


 

Ameriprise Financial, Inc.

Disclosed Items

1 Qtr 2015

 

Excluded from Operating Earnings

 

 

 

Advice & Wealth
Management

 

Annuities

 

Protection

 

Corporate and
Eliminations

 

 

 

 

 

 

 

Market Impact on

 

 

 

Market Impact on

 

 

 

 

 

Securities

 

Securities

 

VA Guaranteed

 

Securities

 

Indexed Universal

 

 

 

(in millions, unaudited)

 

Gains/(Losses) (1)

 

Gains/(Losses) (1)

 

Benefits (2)

 

Gains/(Losses) (1)

 

Life Benefits (3)

 

CIEs (4)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

Management and financial advice fees

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

(14

)

Distribution fees

 

—

 

—

 

—

 

—

 

—

 

—

 

Net investment income

 

(1

)

7

 

—

 

4

 

—

 

105

 

Premiums

 

—

 

—

 

—

 

—

 

—

 

—

 

Other revenues

 

—

 

—

 

—

 

—

 

(4

)

58

 

Total revenues

 

(1

)

7

 

—

 

4

 

(4

)

149

 

Banking and deposit interest expense

 

—

 

—

 

—

 

—

 

—

 

—

 

Total net revenues

 

(1

)

7

 

—

 

4

 

(4

)

149

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution expenses

 

—

 

—

 

—

 

—

 

—

 

—

 

Interest credited to fixed accounts

 

—

 

—

 

—

 

—

 

5

 

—

 

Benefits, claims, losses and settlement expenses

 

—

 

—

 

38

 

—

 

—

 

—

 

Amortization of deferred acquisition costs

 

—

 

—

 

(4

)

—

 

(3

)

—

 

Interest and debt expense

 

—

 

—

 

—

 

—

 

—

 

53

 

General and administrative expense

 

—

 

—

 

—

 

—

 

—

 

10

 

Total expenses

 

—

 

—

 

34

 

—

 

2

 

63

 

Pretax segment income (loss)

 

(1

)

7

 

(34

)

4

 

(6

)

86

 

Less: Net income (loss) attributable to noncontrolling interest

 

—

 

—

 

—

 

—

 

—

 

86

 

Pretax segment gain (loss) attributable to Ameriprise Financial

 

$

(1

)

$

7

 

$

(34

)

$

4

 

$

(6

)

$

—

 

 

Included in Operating Earnings

 

 

 

Annuities

 

Protection

 

 

 

Market

 

 

 

Market

 

 

 

Disability Insurance

 

Auto & Home

 

 

 

Impacts

 

Variable Annuity

 

Impacts

 

Long Term Care

 

Discount Rate

 

Weather-Related

 

(in millions, unaudited)

 

to DAC/DSIC (5)

 

Product Changes (6)

 

to DAC/DSIC (5)

 

Reserves (7)

 

Change (8)

 

Losses (9)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

Management and financial advice fees

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Distribution fees

 

—

 

—

 

—

 

—

 

—

 

—

 

Net investment income

 

—

 

—

 

—

 

—

 

—

 

—

 

Premiums

 

—

 

—

 

—

 

—

 

—

 

—

 

Other revenues

 

—

 

—

 

—

 

—

 

—

 

—

 

Total revenues

 

—

 

—

 

—

 

—

 

—

 

—

 

Banking and deposit interest expense

 

—

 

—

 

—

 

—

 

—

 

—

 

Operating total net revenues

 

—

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution expenses

 

—

 

—

 

—

 

—

 

—

 

—

 

Interest credited to fixed accounts

 

—

 

—

 

—

 

—

 

—

 

—

 

Benefits, claims, losses and settlement expenses

 

(2

)

(3

)

—

 

32

 

(7

)

12

 

Amortization of deferred acquisition costs

 

(8

)

1

 

(1

)

—

 

—

 

—

 

Interest and debt expense

 

—

 

—

 

—

 

—

 

—

 

—

 

General and administrative expense

 

—

 

—

 

—

 

—

 

—

 

—

 

Operating expenses

 

(10

)

(2

)

(1

)

32

 

(7

)

12

 

Pretax operating earnings

 

$

10

 

$

2

 

$

1

 

$

(32

)

$

7

 

$

(12

)

 

(1)

Pretax net realized investment gains/(losses) on Available-for-Sale securities and other securities

(2)

Variable annuity guaranteed benefit impacts include:

 

$39 million net expense related to hedged variable annuity benefits

 

$5 million decrease in DAC and DSIC amortization resulting from hedged benefits

(3)

Indexed universal life benefit impacts include:

 

$5 million net expense related to hedged indexed universal life benefits

 

$3 million decrease in DAC amortization resulting from hedged indexed universal life benefits

 

$4 million decrease in unearned revenue reserve amortization and reinsurance accrual from hedged indexed universal life benefits

(4)

Reflects revenues and expenses of Consolidated Investment Entities

(5)

Decrease in DAC and DSIC amortization from higher than projected separate account growth

(6)

Benefit related to the addition of Portfolio Stabilizer (managed volatility) fund options for in-force variable annuities with living benefit guarantees

(7)

Reserve increase related to our closed block of long term care insurance

(8)

Favorable impact from a change in the discount rate for disability insurance products

(9)

Auto and home weather-related losses, includes $4 million related to 2014 catastrophe losses

 

40


 

Ameriprise Financial, Inc.

Disclosed Items

4 Qtr 2014

 

Excluded from Operating Earnings

 

 

 

Advice & Wealth 
Management

 

Annuities

 

Protection

 

Corporate and 
Eliminations

 

 

 

 

 

 

 

Market Impact on

 

 

 

Market Impact on

 

 

 

 

 

Securities

 

Securities

 

VA Guaranteed

 

Securities

 

Indexed Universal

 

 

 

(in millions, unaudited)

 

Gains/(Losses) (1)

 

Gains/(Losses) (1)

 

Benefits (2)

 

Gains/(Losses) (1)

 

Life Benefits (3)

 

CIEs (4)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

Management and financial advice fees

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

(16

)

Distribution fees

 

—

 

—

 

—

 

—

 

—

 

—

 

Net investment income

 

1

 

16

 

—

 

10

 

—

 

(1

)

Premiums

 

—

 

—

 

—

 

—

 

—

 

—

 

Other revenues

 

—

 

—

 

—

 

—

 

(11

)

125

 

Total revenues

 

1

 

16

 

—

 

10

 

(11

)

108

 

Banking and deposit interest expense

 

—

 

—

 

—

 

—

 

—

 

—

 

Total net revenues

 

1

 

16

 

—

 

10

 

(11

)

108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution expenses

 

—

 

—

 

—

 

—

 

—

 

—

 

Interest credited to fixed accounts

 

—

 

—

 

—

 

—

 

12

 

—

 

Benefits, claims, losses and settlement expenses

 

—

 

—

 

40

 

—

 

—

 

—

 

Amortization of deferred acquisition costs

 

—

 

—

 

(6

)

—

 

(8

)

—

 

Interest and debt expense

 

—

 

—

 

—

 

—

 

—

 

60

 

General and administrative expense

 

—

 

—

 

—

 

—

 

—

 

20

 

Total expenses

 

—

 

—

 

34

 

—

 

4

 

80

 

Pretax segment income (loss)

 

1

 

16

 

(34

)

10

 

(15

)

28

 

Less: Net income (loss) attributable to noncontrolling interest

 

—

 

—

 

—

 

—

 

—

 

28

 

Pretax segment gain (loss) attributable to Ameriprise Financial

 

$

1

 

$

16

 

$

(34

)

$

10

 

$

(15

)

$

—

 

 

Included in Operating Earnings

 

 

 

Annuities

 

Protection

 

 

 

 

 

Market

 

 

 

Market

 

 

 

 

 

 

 

 

 

Impacts

 

Variable Annuity

 

Impacts

 

Actuarial Model

 

Auto & Home

 

 

 

(in millions, unaudited)

 

to DAC/DSIC (5)

 

Product Changes (6)

 

to DAC/DSIC (5)

 

Correction (7)

 

Reserves (8)

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

Management and financial advice fees

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

 

 

Distribution fees

 

—

 

—

 

—

 

—

 

—

 

 

 

Net investment income

 

—

 

—

 

—

 

—

 

—

 

 

 

Premiums

 

—

 

—

 

—

 

—

 

—

 

 

 

Other revenues

 

—

 

—

 

—

 

—

 

—

 

 

 

Total revenues

 

—

 

—

 

—

 

—

 

—

 

 

 

Banking and deposit interest expense

 

—

 

—

 

—

 

—

 

—

 

 

 

Operating total net revenues

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution expenses

 

—

 

—

 

—

 

—

 

—

 

 

 

Interest credited to fixed accounts

 

—

 

—

 

—

 

—

 

—

 

 

 

Benefits, claims, losses and settlement expenses

 

(1

)

(2

)

—

 

—

 

60

 

 

 

Amortization of deferred acquisition costs

 

(6

)

—

 

(1

)

7

 

—

 

 

 

Interest and debt expense

 

—

 

—

 

—

 

—

 

—

 

 

 

General and administrative expense

 

—

 

—

 

—

 

—

 

—

 

 

 

Operating expenses

 

(7

)

(2

)

(1

)

7

 

60

 

 

 

Pretax operating earnings

 

$

7

 

$

2

 

$

1

 

$

(7

)

$

(60

)

 

 

 

(1)        Pretax net realized investment gains/(losses) on Available-for-Sale securities and other securities

(2)        Variable annuity guaranteed benefit impacts include:

$42 million net expense related to hedged variable annuity benefits

$8 million decrease in DAC and DSIC amortization resulting from hedged benefits

(3)        Indexed universal life benefit impacts include:

$12 million net expense related to hedged indexed universal life benefits

$8 million decrease in DAC amortization resulting from hedged indexed universal life benefits

$11 million decrease in unearned revenue reserve amortization and reinsurance accrual from hedged indexed universal life benefits

(4)        Reflects revenues and expenses of Consolidated Investment Entities

(5)        Decrease in DAC and DSIC amortization from higher than projected separate account growth

(6)        Benefit related to the addition of Portfolio Stabilizer (managed volatility) fund options for in-force variable annuities with living benefit guarantees

(7)        Actuarial model correction in life and health

(8)        Increase in auto reserves

 

41


 

Ameriprise Financial, Inc.

Disclosed Items

3 Qtr 2014

 

Excluded from Operating Earnings

 

 

 

Annuities

 

Protection

 

Corporate and Eliminations

 

 

 

 

 

Market Impact on

 

 

 

Market Impact on

 

 

 

 

 

 

 

Securities

 

VA Guaranteed

 

Securities

 

Indexed Universal

 

Securities

 

 

 

(in millions, unaudited)

 

Gains/(Losses) (1)

 

Benefits (2)

 

Gains/(Losses) (1)

 

Life Benefits (3)

 

Gains/(Losses) (1)

 

CIEs (4)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

Management and financial advice fees

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

(15

)

Distribution fees

 

—

 

—

 

—

 

—

 

—

 

—

 

Net investment income

 

7

 

—

 

1

 

—

 

(4

)

41

 

Premiums

 

—

 

—

 

—

 

—

 

—

 

—

 

Other revenues

 

—

 

—

 

—

 

2

 

—

 

180

 

Total revenues

 

7

 

—

 

1

 

2

 

(4

)

206

 

Banking and deposit interest expense

 

—

 

—

 

—

 

—

 

—

 

—

 

Total net revenues

 

7

 

—

 

1

 

2

 

(4

)

206

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution expenses

 

—

 

—

 

—

 

—

 

—

 

—

 

Interest credited to fixed accounts

 

—

 

—

 

—

 

(7

)

—

 

—

 

Benefits, claims, losses and settlement expenses

 

—

 

(16

)

—

 

—

 

—

 

—

 

Amortization of deferred acquisition costs

 

—

 

7

 

—

 

1

 

—

 

—

 

Interest and debt expense

 

—

 

—

 

—

 

—

 

—

 

54

 

General and administrative expense

 

—

 

—

 

—

 

—

 

—

 

7

 

Total expenses

 

—

 

(9

)

—

 

(6

)

—

 

61

 

Pretax segment income (loss)

 

7

 

9

 

1

 

8

 

(4

)

145

 

Less: Net income (loss) attributable to noncontrolling interest

 

—

 

—

 

—

 

—

 

—

 

145

 

Pretax segment gain (loss) attributable to Ameriprise Financial

 

$

7

 

$

9

 

$

1

 

$

8

 

$

(4

)

$

—

 

 

Included in Operating Earnings

 

 

 

Annuities

 

Protection

 

 

 

 

 

 

 

 

 

Market

 

Valuation

 

Valuation

 

 

 

 

 

 

 

 

 

Impacts

 

Assumptions &

 

Assumptions &

 

 

 

 

 

 

 

(in millions, unaudited)

 

to DAC/DSIC (5)

 

Model Changes (6)

 

Model Changes (6)

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

Management and financial advice fees

 

$

—

 

$

—

 

$

—

 

 

 

 

 

 

 

Distribution fees

 

—

 

—

 

—

 

 

 

 

 

 

 

Net investment income

 

—

 

—

 

—

 

 

 

 

 

 

 

Premiums

 

—

 

—

 

—

 

 

 

 

 

 

 

Other revenues

 

—

 

—

 

(29

)

 

 

 

 

 

 

Total revenues

 

—

 

—

 

(29

)

 

 

 

 

 

 

Banking and deposit interest expense

 

—

 

—

 

—

 

 

 

 

 

 

 

Operating total net revenues

 

—

 

—

 

(29

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution expenses

 

—

 

—

 

—

 

 

 

 

 

 

 

Interest credited to fixed accounts

 

—

 

—

 

—

 

 

 

 

 

 

 

Benefits, claims, losses and settlement expenses

 

1

 

5

 

1

 

 

 

 

 

 

 

Amortization of deferred acquisition costs

 

5

 

17

 

(9

)

 

 

 

 

 

 

Interest and debt expense

 

—

 

—

 

—

 

 

 

 

 

 

 

General and administrative expense

 

—

 

—

 

—

 

 

 

 

 

 

 

Operating expenses

 

6

 

22

 

(8

)

 

 

 

 

 

 

Pretax operating earnings

 

$

(6

)

$

(22

)

$

(21

)

 

 

 

 

 

 

 

(1)        Pretax net realized investment gains/(losses) on Available-for-Sale securities and other securities

(2)        Variable annuity guaranteed benefit impacts include:

$17 million net benefit related to hedged variable annuity benefits

$8 million increase in DAC and DSIC amortization resulting from hedged benefits

(3)        Indexed universal life benefit impacts include:

$7 million net benefit related to hedged indexed universal life benefits

$1 million increase in DAC amortization resulting from hedged indexed universal life benefits

$2 million increase in unearned revenue reserve amortization and reinsurance accrual from hedged indexed universal life benefits

(4)        Reflects revenues and expenses of Consolidated Investment Entities

(5)        Increase in DAC and DSIC amortization from lower than projected separate account growth

(6)        Net pretax impact of model changes and the annual review/updating of valuation assumptions

 

42


 

Exhibit B

 

GRAPHIC

 

 

Statistical Supplement Package

(unaudited)

 

Third Quarter 2015

 

Non-GAAP Financial Measure Reconciliations

 

43


 

Ameriprise Financial, Inc.

Non-GAAP Financial Measure Reconciliations

Third Quarter 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-date

 

(in millions unless otherwise noted, unaudited)

 

3 Qtr 2014

 

4 Qtr 2014

 

1 Qtr 2015

 

2 Qtr 2015

 

3 Qtr 2015

 

2014

 

2015

 

Return on Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Ameriprise Financial (last twelve months)

 

$

1,490

 

$

1,619

 

$

1,612

 

$

1,653

 

$

1,630

 

$

1,490

 

$

1,630

 

Less income (loss) from discontinued operations, net of tax (last twelve months)

 

(3

)

(2

)

(1

)

(1

)

(1

)

(3

)

(1

)

Net income from continuing operations attributable to Ameriprise Financial (last twelve months)

 

1,493

 

1,621

 

1,613

 

1,654

 

1,631

 

1,493

 

1,631

 

Less adjustments (1)

 

(107

)

(41

)

(54

)

(39

)

(84

)

(107

)

(84

)

Operating earnings (last twelve months)

 

$

1,600

 

$

1,662

 

$

1,667

 

$

1,693

 

$

1,715

 

$

1,600

 

$

1,715

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Ameriprise Financial shareholders’ equity (five point quarter end average)

 

$

8,310

 

$

8,270

 

$

8,270

 

$

8,176

 

$

8,017

 

$

8,310

 

$

8,017

 

Less AOCI, net of tax (five point quarter end average)

 

723

 

734

 

755

 

706

 

615

 

723

 

615

 

Total Ameriprise Financial shareholders’ equity excluding AOCI (five point quarter end average)

 

7,587

 

7,536

 

7,515

 

7,470

 

7,402

 

7,587

 

7,402

 

Less equity impacts attributable to the consolidated investment entities (five point quarter end average)

 

331

 

311

 

300

 

280

 

250

 

331

 

250

 

Operating equity (five point quarter end average)

 

$

7,256

 

$

7,225

 

$

7,215

 

$

7,190

 

$

7,152

 

$

7,256

 

$

7,152

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on equity excluding AOCI

 

19.7

%

21.5

%

21.5

%

22.1

%

22.0

%

19.7

%

22.0

%

Operating return on equity excluding AOCI

 

22.1

%

23.0

%

23.1

%

23.5

%

24.0

%

22.1

%

24.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective Tax Rate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income tax provision

 

$

720

 

$

558

 

$

618

 

$

615

 

$

463

 

$

1,989

 

$

1,696

 

Less pretax income (loss) attributable to noncontrolling interests

 

145

 

28

 

86

 

61

 

(45

)

353

 

102

 

Income from continuing operations before income tax provision excluding consolidated investment entities (CIEs)

 

575

 

530

 

532

 

554

 

508

 

1,636

 

1,594

 

Less adjustments (2)

 

21

 

(22

)

(30

)

(28

)

(50

)

(41

)

(108

)

Pretax operating earnings

 

$

554

 

$

552

 

$

562

 

$

582

 

$

558

 

$

1,677

 

$

1,702

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax provision from continuing operations

 

$

155

 

$

104

 

$

139

 

$

139

 

$

111

 

$

441

 

$

389

 

Operating income tax provision

 

$

147

 

$

112

 

$

150

 

$

148

 

$

129

 

$

455

 

$

427

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective tax rate

 

21.6

%

18.7

%

22.5

%

22.6

%

24.1

%

22.2

%

23.0

%

Effective tax rate excluding noncontrolling interests

 

27.0

%

19.7

%

26.1

%

25.1

%

21.9

%

26.9

%

24.4

%

Operating effective tax rate

 

26.5

%

20.3

%

26.7

%

25.4

%

23.1

%

27.1

%

25.1

%

 

(1)             Adjustments reflect the trailing twelve months’ sum of after-tax net realized investment gains/losses, net of DSIC and DAC amortization, unearned revenue amortization and the reinsurance accrual; the market impact on variable annuity guaranteed benefits, net of hedges and the related DSIC and DAC amortization; the market impact on indexed universal life benefits, net of hedges and the related DAC amortization, unearned revenue amortization, and the reinsurance accrual; the market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments; and integration/restructuring charges. After-tax is calculated using the statutory tax rate of 35%.

(2)             Adjustments reflect net realized investment gains/losses, net of DSIC and DAC amortization, unearned revenue amortization and the reinsurance accrual; the market impact on variable annuity guaranteed benefits net of hedges and the related DSIC and DAC amortization; the market impact on indexed universal life benefits, net of hedges and the related DAC amortization, unearned revenue amortization, and the reinsurance accrual; the market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments; and integration/restructuring charges.

 

44


 

Ameriprise Financial, Inc.

Non-GAAP Financial Measure Reconciliations

Third Quarter 2015

 

(in millions unless otherwise noted, unaudited)

 

September 30, 2014

 

December 31, 2014

 

March 31, 2015

 

June 30, 2015

 

September 30, 2015

 

Long-term Debt Summary

 

 

 

 

 

 

 

 

 

 

 

Senior notes

 

$

2,765

 

$

2,768

 

$

2,772

 

$

2,761

 

$

2,766

 

Junior subordinated notes

 

294

 

294

 

294

 

294

 

253

 

Total Ameriprise Financial long-term debt

 

3,059

 

3,062

 

3,066

 

3,055

 

3,019

 

Less fair value of hedges and unamortized discount

 

65

 

68

 

72

 

61

 

66

 

Total Ameriprise Financial long-term debt excluding fair value of hedges and unamortized discount

 

$

2,994

 

$

2,994

 

$

2,994

 

$

2,994

 

$

2,953

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Summary

 

 

 

 

 

 

 

 

 

 

 

Total equity

 

$

9,340

 

$

9,305

 

$

9,259

 

$

8,996

 

$

8,821

 

Less noncontrolling interests

 

1,080

 

1,181

 

1,064

 

1,121

 

1,192

 

Total Ameriprise Financial shareholders’ equity

 

8,260

 

8,124

 

8,195

 

7,875

 

7,629

 

Less equity of consolidated investment entities

 

296

 

222

 

266

 

243

 

162

 

Total Ameriprise Financial shareholders’ equity excluding CIEs

 

$

7,964

 

$

7,902

 

$

7,929

 

$

7,632

 

$

7,467

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Summary

 

 

 

 

 

 

 

 

 

 

 

Total Ameriprise Financial long-term debt

 

$

3,059

 

$

3,062

 

$

3,066

 

$

3,055

 

$

3,019

 

Total Ameriprise Financial shareholders’ equity

 

8,260

 

8,124

 

8,195

 

7,875

 

7,629

 

Total Ameriprise Financial capital

 

11,319

 

11,186

 

11,261

 

10,930

 

10,648

 

Less equity of consolidated investment entities

 

296

 

222

 

266

 

243

 

162

 

Less fair value of hedges and unamortized discount

 

65

 

68

 

72

 

61

 

66

 

Total Ameriprise Financial capital excluding fair value of hedges, unamortized discount and equity of CIEs

 

$

10,958

 

$

10,896

 

$

10,923

 

$

10,626

 

$

10,420

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Ameriprise Financial long-term debt to total Ameriprise Financial capital

 

27.0

%

27.4

%

27.2

%

28.0

%

28.4

%

Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding fair value of hedges, unamortized discount and equity of CIEs

 

27.3

%

27.5

%

27.4

%

28.2

%

28.3

%

 

 

 

 

 

 

 

 

 

 

 

 

Ameriprise Financial shareholders’ equity

 

$

8,260

 

$

8,124

 

$

8,195

 

$

7,875

 

$

7,629

 

AOCI

 

746

 

662

 

704

 

500

 

461

 

Appropriated retained earnings of CIEs

 

308

 

234

 

279

 

257

 

174

 

AOCI attributable to CIEs

 

(12

)

(12

)

(13

)

(14

)

(12

)

 

 

 

 

 

 

 

 

 

 

 

 

Ameriprise Financial shareholders’ equity

 

$

8,260

 

$

8,124

 

$

8,195

 

$

7,875

 

$

7,629

 

Less AOCI

 

746

 

662

 

704

 

500

 

461

 

Ameriprise Financial shareholders’ equity excluding AOCI

 

$

7,514

 

$

7,462

 

$

7,491

 

$

7,375

 

$

7,168

 

 

 

 

 

 

 

 

 

 

 

 

 

Ameriprise Financial shareholders’ equity

 

$

8,260

 

$

8,124

 

$

8,195

 

$

7,875

 

$

7,629

 

Less appropriated retained earnings of CIEs

 

308

 

234

 

279

 

257

 

174

 

Less AOCI

 

746

 

662

 

704

 

500

 

461

 

Ameriprise Financial shareholders’ equity excluding CIEs and AOCI

 

$

7,206

 

$

7,228

 

$

7,212

 

$

7,118

 

$

6,994

 

 

45

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