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) April 24, 2017
AMERIPRISE FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
Delaware |
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001-32525 |
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13-3180631 |
(State or other jurisdiction |
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(Commission |
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(IRS Employer |
of incorporation) |
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File Number) |
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Identification No.) |
55 Ameriprise Financial Center Minneapolis, Minnesota |
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55474 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code (612) 671-3131
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On April 24, 2017, Ameriprise Financial, Inc. (the Company, we, or our) issued a press release announcing its financial results for the first quarter of 2017. 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 March 31, 2017.
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 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 2017 and 2016 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, debt issuance costs, capital lease obligations 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; 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, debt issuance costs, capital lease obligations and equity of CIEs; total Ameriprise Financial long-term debt excluding fair value of hedges, unamortized discount, debt issuance costs and capital lease obligations; total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding fair value of hedges, unamortized discount, debt issuance costs, capital lease obligations and equity of CIEs; and various financial measures that exclude the impact of unlocking.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
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Description |
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Exhibit 99.1 |
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Press Release dated April 24, 2017 announcing financial results for the first quarter of 2017 |
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Exhibit 99.2 |
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Statistical Supplement for the quarterly period ended March 31, 2017 |
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.
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AMERIPRISE FINANCIAL, INC. | |
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(Registrant) | |
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Date: April 24, 2017 |
By |
/s/ Walter S. Berman |
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Walter S. Berman |
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Executive Vice President and |
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Chief Financial Officer |
Exhibit 99.1
Ameriprise Financial, Inc. |
News Release
Ameriprise Financial Reports
First Quarter 2017 Results
First quarter 2017 net income per diluted share was $2.52
Operating EPS was $2.70
First quarter 2017 return on equity excluding AOCI was 21.6 percent
Operating ROE excluding AOCI was 23.6 percent or 26.1 percent before annual unlocking(1)
The Board approved an 11 percent increase in the regular quarterly dividend to
$0.83 per share and an additional $2.5 billion share repurchase authorization
MINNEAPOLIS April 24, 2017 Ameriprise Financial, Inc. (NYSE: AMP) today reported first quarter 2017 net income of $403 million, up 11 percent compared to a year ago, or $2.52 per diluted share, up 21 percent. Operating earnings were $432 million, up 14 percent compared to a year ago, with operating earnings per diluted share of $2.70, up 24 percent.
GAAP Results First quarter
Net revenues of $2.9 billion increased 5 percent, or $136 million, from a year ago primarily due to strong net revenue growth in Advice & Wealth Management from growth in client assets. Net investment income also increased due to gains on investment securities in the quarter compared to losses on securities and negative market impact of hedges on investments a year ago.
Expenses of $2.4 billion increased 6 percent compared to a year ago reflecting the market impact on variable annuity guaranteed benefits and higher distribution expenses from increased advisor productivity. General and administrative expense increased 3 percent compared to a year ago and reflected the impacts of elevated DOL transition expenses, a renegotiated vendor arrangement and the beneficial impact of foreign exchange translation.
Operating Results First quarter
Operating net revenues of $2.9 billion increased 3 percent, or $72 million, compared to a year ago. Excluding the impact of transitioning advisory accounts to share classes without 12b-1 fees, one fewer fee day and foreign exchange, operating net revenue would have increased by 5 percent due to strong net revenue growth in Advice & Wealth Management from growth in client assets.
Operating expenses of $2.3 billion increased 2 percent. General and administrative expense increased 3 percent compared to a year ago and reflected the impacts of elevated DOL transition expenses, a renegotiated vendor arrangement and the beneficial impact of foreign exchange translation.
The company continued to deliver a strong return to shareholders through share repurchases and dividends of $478 million in the quarter.
(1) Unlocking represents the companys annual review of insurance and annuity valuation assumptions and model changes and the long term care review conducted in the third quarter.
Ameriprise had a strong first quarter led by wealth managementthe primary growth engine of the company, said Jim Cracchiolo, chairman and chief executive officer.
Client activity was strong and assets increased across the firm. Net inflows into fee-based investment advisory accounts more than doubled from last year. Our advisors are growing productivity and benefiting from both our position as the leader in advice as well as the investments weve made in our technology, financial planning tools and leadership support.
Our fee-based businesses are growing and will be larger contributors to our total earnings over time. This transition generates strong free cash flow that we invest in the business and return to shareholders.
Our operating return on equity is consistently among the best in the industry. In fact, weve announced an additional $2.5 billion share repurchase authorization and another increase to our quarterly dividend, raising it 11 percentthe tenth increase in the past eight years.
Ameriprise Financial, Inc.
First Quarter Summary
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Per Diluted Share |
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Quarter Ended |
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% |
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Quarter Ended |
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% |
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March 31, |
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Better/ |
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March 31, |
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Better/ |
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(in millions, except per share amounts, unaudited) |
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2017 |
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2016 |
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(Worse) |
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2017 |
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2016 |
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(Worse) |
| ||||
Net income |
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$ |
403 |
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$ |
364 |
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11 |
% |
$ |
2.52 |
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$ |
2.09 |
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21 |
% |
Adjustments, net of tax (1) |
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29 |
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14 |
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0.18 |
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0.08 |
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Operating earnings (2) |
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$ |
432 |
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$ |
378 |
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14 |
% |
$ |
2.70 |
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$ |
2.17 |
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24 |
% |
Weighted average common shares outstanding: |
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Basic |
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157.5 |
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172.6 |
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Diluted |
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160.1 |
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174.4 |
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(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.
Results in the quarter included a number of notable items that are discussed in the segment commentary and detailed on page 13.
Taxes
The operating effective tax rate in the quarter was 16.9 percent and included a $28 million benefit related to the adoption of stock compensation accounting guidance in the first quarter. Excluding this benefit, the effective tax rate was 22.3 percent compared to 23.9 percent a year ago. The company estimates that its full year 2017 operating effective tax rate will be in the 22 to 24 percent range.
First Quarter 2017 Highlights
Ameriprise continues to transform its business mix, which enables a differentiated return of capital to shareholders and consistent investment in the business
· Total assets under management and administration increased 6 percent to $818 billion as Ameriprise advisor client net inflows and market appreciation more than offset asset management net outflows and the unfavorable impact of foreign exchange rates.
· The company continued to deliver a differentiated level of capital return to shareholders while maintaining strong balance sheet fundamentals. Excess capital was nearly $2.0 billion at the end of the quarter after the company repurchased 2.9 million shares of common stock for $357 million and paid $121 million in quarterly dividends.
· Given its strong balance sheet fundamentals and free cash flow generation, the company increased its regular quarterly dividend 11 percent to $0.83 per share payable on May 19, 2017 to shareholders of record as of May 8, 2017. In addition, the Board approved an additional $2.5 billion share repurchase authorization that expires on June 30, 2019.
· In the first quarter, the company continued to prepare advisors and clients for the Department of Labor fiduciary rule that was scheduled to be phased in beginning in April 2017. The Department has extended the applicability dates of the rule and related exemptions and the company is adjusting accordingly.
· The company continues to invest for business growth. This includes investments in advisor technology and tools and the evolution of the companys Be Brilliant® advertising campaign. In addition, the company is transitioning Columbia Threadneedles front-, middle- and back-office capabilities to create a global platform.
Wealth Management continues to demonstrate strong results, including growth in fee-based assets, increased advisor productivity and margin expansion
· Advice & Wealth Management advisor client assets increased to a record $0.5 trillion, reflecting continued strength in fee-based investment advisory (wrap) net inflows, with net inflows of $3.9 billion in the quarter bringing platform AUM to $213 billion, one of the largest in the industry.
· Advice & Wealth Management continued to improve profitability, with pretax operating margin reaching 19.2 percent in the quarter, up from 17.1 percent a year ago. This growth reflects business initiatives that are generating strong revenue growth and continued expense discipline.
· Ameriprise continues to improve the productivity of its 9,668 advisors by ensuring its advisors can deliver full service financial planning to clients through industry-leading technology and tools, as well as dedicated field leadership and support. The companys exclusive Confident Retirement® approach helps clients saving for and living in retirement, as well as clients who are in the wealth building phase of their lives, including younger investors. The company remains an attractive destination for seasoned and productive advisors, with 98 experienced advisors joining the firm during the quarter.
· Operating net revenue per advisor was $529,000 on a trailing twelve-month basis. During the quarter, the company successfully completed its transition to share classes without 12b-1 fees in advisory accounts, reflecting the industry movement to this product design. Operating net revenue per advisor on a quarterly basis increased 9 percent, and adjusting for the change in 12b-1 fees in both periods, operating net revenue per advisor increased 13 percent.
Global asset management platform with broad capabilities and competitive margins
· Asset Management adjusted net pretax operating margin was 35.0 percent reflecting AUM growth, stable fee rate and tight expense controls. Asset Management AUM grew to $467 billion, reflecting market appreciation partially offset by net outflows, which included expected outflows of former parent assets.
· Investment performance in equity, fixed income and multi-asset portfolios and institutional strategies remains strong. At quarter end, the company had 111 four- and five-star Morningstar-rated funds and five Columbia funds earned 2017 Lipper Fund Awards as top-performing mutual funds in their respective Lipper classifications for the period ended December 31, 2016.
· During the quarter, Columbia Threadneedle Investments launched a global advertising campaign highlighting the benefits of its consistent and collaborative approach to investing. The campaign features print and digital ads that promote its belief in consistency to drive investment success and are running in key markets in North America, Europe and Asia-Pacific.
· The Columbia Adaptive Risk Allocation Fund, the #2 fund for net flows in Morningstars tactical allocation category in 2016, and The Threadneedle UK Social Bond Fund have each established strong three-year track records.
Values-based, client-focused firm
· During the quarter, Ameriprise Financial announced its philanthropic results for 2016. Together with its employees and advisors, Ameriprise gave $13 million and logged 81,000 hours volunteering at nonprofits across the country. In keeping with its longstanding philanthropic priorities, the firm directed much of its support to nonprofits aimed at helping individuals meet basic needs like food and shelter.
In addition, Ameriprise continued its seven-year national partnership with Feeding America®, the countrys largest hunger-relief and food rescue organization. Through its partnership with Feeding America and other hunger-relief nonprofits nationwide, Ameriprise provided the equivalent of more than 8 million meals to families and individuals in 2016.
· Ameriprise advisors were named to multiple Top Advisor industry rankings reflecting the strength of their practices, strong compliance and/or involvement in their communities. This included nine Ameriprise advisors who were named to the Forbes Top 200 Women Wealth Advisors list, 61 advisors who were named to the Barrons annual Top Advisor Rankings by State and 38 advisors who were named to the Financial Times Top 400 Financial Advisors list.
Ameriprise Financial, Inc.
Advice & Wealth Management Segment Operating Results
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Quarter Ended March 31, |
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% Better/ |
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(in millions, unaudited) |
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2017 |
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2016 |
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(Worse) |
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Advice & Wealth Management |
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Net revenues |
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$ |
1,295 |
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$ |
1,198 |
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8 |
% |
Expenses |
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1,047 |
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993 |
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(5 |
)% | ||
Pretax operating earnings |
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$ |
248 |
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$ |
205 |
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21 |
% |
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Pretax operating margin |
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19.2 |
% |
17.1 |
% |
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Quarter Ended March 31, |
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% Better/ |
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2017 |
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2016 |
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(Worse) |
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Retail client assets (billions) |
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$ |
499 |
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$ |
451 |
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11 |
% |
Wrap net flows (billions) |
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$ |
3.9 |
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$ |
1.8 |
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NM |
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Brokerage cash balance (billions) |
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$ |
26.2 |
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$ |
23.4 |
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12 |
% |
Operating net revenue per branded advisor (trailing 12 months - thousands) |
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$ |
529 |
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$ |
510 |
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4 |
% |
NM Not Meaningful variance equal to or greater than 100%
Advice & Wealth Management pretax operating earnings increased 21 percent to $248 million driven by asset growth, higher earnings on cash balances and well controlled expenses. This resulted in strong margin expansion with a pretax operating margin of 19.2 percent, up from 17.1 percent a year ago.
Operating net revenues of $1.3 billion increased 8 percent reflecting net inflows into wrap accounts, higher earnings on cash balances and market appreciation. During the quarter, the company successfully completed its transition to share classes without 12b-1 fees in advisory accounts, which reduced revenue by $34 million. Normalizing for the 12b-1 fee impact and one less fee day during the quarter, revenue growth was 12 percent. Client asset growth remains strong as the company continues to experience growth in fee-based wrap assets.
Operating expenses increased 5 percent to $1.0 billion primarily from higher distribution expenses related to growth in wrap accounts. General and administrative expenses were up 3 percent compared to a year ago, reflecting continued strong expense controls.
Total retail client assets increased to a record $499 billion, driven by client net inflows, client acquisition and market appreciation. Wrap net inflows were $3.9 billion in the quarter, which contributed to a 16 percent year-over-year increase in balances to $213 billion. Client cash balances increased to $26.2 billion and certificates balances grew to $6.1 billion.
Total advisors were 9,668 reflecting good retention and another successful recruiting quarter, with 98 experienced advisors moving their practices to Ameriprise. Operating net revenue per advisor on a trailing 12-month basis was $529,000. Operating net revenue per advisor on a quarterly basis increased 9 percent, and after adjusting for the change made during the quarter to eliminate 12b-1 fees in advisory accounts, it increased 13 percent.
Ameriprise Financial, Inc.
Asset Management Segment Operating Results
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Quarter Ended March 31, |
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% Better/ |
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(in millions, unaudited) |
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2017 |
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2016 |
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(Worse) |
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Asset Management |
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Net revenues |
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$ |
726 |
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$ |
724 |
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Expenses |
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576 |
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575 |
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Pretax operating earnings |
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$ |
150 |
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$ |
149 |
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1 |
% | |||
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Pretax operating margin |
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20.7 |
% |
20.6 |
% |
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Adjusted net pretax operating margin (1) |
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35.0 |
% |
34.7 |
% |
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Quarter Ended March 31, |
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% Better/ |
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2017 |
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2016 |
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(Worse) |
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Total segment AUM (billions) |
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$ |
467 |
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$ |
464 |
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1 |
% | ||
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Net Flows (billions) |
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Global Retail net new flows, excl. former parent flows |
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$ |
(3.4 |
) |
$ |
(3.0 |
) |
(13 |
)% | ||
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Reinvested dividends |
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0.4 |
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0.4 |
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4 |
% | ||||
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Global Retail net flows, excl. former parent flows |
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(3.0 |
) |
(2.6 |
) |
(14 |
)% | ||||
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Global Institutional net flows, excl. former parent flows |
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(0.2 |
) |
(0.6 |
) |
47 |
% | ||||
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Former parent company related net new flows |
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(2.4 |
) |
(4.3 |
) |
45 |
% | ||||
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Total segment net flows |
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$ |
(5.6 |
) |
$ |
(7.5 |
) |
25 |
% | ||
(1)See reconciliation on page 16
Asset Management reported solid pretax operating earnings of $150 million, which were impacted by one less fee day in the quarter and $6 million in lower performance fees compared to a year ago. First quarter margin reflected effective expense managementpretax operating margin was 20.7 percent compared to 20.6 percent a year ago. Adjusted net pretax operating margin remains competitive at 35.0 percent compared to 34.7 percent a year ago.
Operating net revenues of $726 million were essentially unchanged compared to a year ago reflecting market appreciation offset by one less fee day in the quarter, net outflows and foreign exchange translation. AUM increased 1 percent to $467 billion.
Operating expenses of $576 million were flat to last year and general and administrative expenses improved 3 percent compared to last year reflecting continued expense discipline and foreign exchange.
Net outflows were $5.6 billion in the quarter and included $2.4 billion of lower fee, former parent related assets. Retail net outflows, excluding former parent flows, were $3.0 billion and were consistent with industry outflows in active strategies and improving trends among UK and European investors following the Brexit vote disruption. Global institutional outflows, excluding former parent assets, included inflows of several large mandates that funded during the quarter that had been anticipated, that were essentially offset by a $1.1 billion outflow from an institutional client that continued a pattern of redeeming assets for liquidity purposes that started in 2015.
Ameriprise Financial, Inc.
Annuities Segment Operating Results
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Quarter Ended March 31, |
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% Better/ |
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(in millions, unaudited) |
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2017 |
|
2016 |
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(Worse) |
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Annuities |
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|
|
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| ||
Net revenues |
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$ |
608 |
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$ |
596 |
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2 |
% |
Expenses |
|
469 |
|
472 |
|
1 |
% | ||
Pretax operating earnings |
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$ |
139 |
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$ |
124 |
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12 |
% |
Variable annuity pretax operating earnings |
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$ |
116 |
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$ |
100 |
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16 |
% |
Fixed annuity pretax operating earnings |
|
23 |
|
24 |
|
(4 |
)% | ||
Total pretax operating earnings |
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$ |
139 |
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$ |
124 |
|
12 |
% |
Item included in operating earnings: |
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|
|
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Market impact on DAC and DSIC (mean reversion) |
|
10 |
|
(6 |
) |
NM |
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|
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Quarter Ended March 31, |
|
% Better/ |
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|
|
2017 |
|
2016 |
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(Worse) |
| ||
Variable annuity ending account balances (billions) |
|
$ |
76.4 |
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$ |
74.2 |
|
3 |
% |
Variable annuity net flows (millions) |
|
$ |
(1,070 |
) |
$ |
(311 |
) |
NM |
|
Fixed annuity ending account balances (billions) |
|
$ |
9.8 |
|
$ |
10.5 |
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(7 |
)% |
Fixed annuity net flows (millions) |
|
$ |
(266 |
) |
$ |
(249 |
) |
(7 |
)% |
NM Not Meaningful variance equal to or greater than 100%
Annuities pretax operating earnings were $139 million compared to $124 million a year ago.
Variable annuity operating earnings were $116 million compared to $100 million a year ago. Earnings improved reflecting equity market growth and a favorable market impact on DAC/DSIC offset by the ongoing impact of unlocking. Variable annuity account balances increased 3 percent to $76 billion as market appreciation was partially offset by net outflows. Variable annuity cash sales declined to $0.9 billion in the quarter. Lapse rates were higher in the quarter, reflecting increased client asset transfers from variable annuities to fee-based investment advisory accounts, as well as from run-off of a closed block of policies distributed through third parties.
Fixed annuity operating earnings decreased to $23 million from $24 million a year ago due to continued spread compression and lower account balances reflecting the low interest rate environment. Account balances declined 7 percent from limited new product sales and lapses of older policies.
Ameriprise Financial, Inc. Protection Segment Operating Results
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|
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Quarter Ended March 31, |
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% Better/ |
| ||||
(in millions, unaudited) |
|
2017 |
|
2016 |
|
(Worse) |
| ||
Protection |
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|
|
|
|
|
| ||
Net revenues |
|
$ |
521 |
|
$ |
542 |
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(4 |
)% |
Expenses |
|
458 |
|
474 |
|
3 |
% | ||
Pretax operating earnings |
|
$ |
63 |
|
$ |
68 |
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(7 |
)% |
Life and Health insurance net revenues |
|
$ |
262 |
|
$ |
260 |
|
1 |
% |
Life and Health insurance expenses |
|
194 |
|
179 |
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(8 |
)% | ||
Life and Health insurance pretax operating earnings |
|
$ |
68 |
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$ |
81 |
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(16 |
)% |
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|
|
|
|
|
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| ||
Auto and Home net revenues |
|
$ |
259 |
|
$ |
282 |
|
(8 |
)% |
Auto and Home expenses |
|
264 |
|
295 |
|
11 |
% | ||
Auto and Home pretax operating loss |
|
$ |
(5 |
) |
$ |
(13 |
) |
62 |
% |
|
|
|
|
|
|
|
| ||
Items included in operating earnings: |
|
|
|
|
|
|
| ||
Market impact on DAC (mean reversion) |
|
$ |
1 |
|
$ |
(1 |
) |
NM |
|
Life and Health reinsurance recapture and model changes |
|
|
|
6 |
|
NM |
| ||
Auto and Home catastrophe losses |
|
(25 |
) |
(23 |
) |
(9 |
)% | ||
Total protection impact |
|
$ |
(24 |
) |
$ |
(18 |
) |
(33 |
)% |
|
|
Quarter Ended March 31, |
|
% Better/ |
| ||||
|
|
2017 |
|
2016 |
|
(Worse) |
| ||
Life insurance in force (billions) |
|
$ |
196 |
|
$ |
196 |
|
|
|
VUL/UL ending account balances (billions) |
|
$ |
11.8 |
|
$ |
11.2 |
|
5 |
% |
Auto and Home policies in force (thousands) |
|
940 |
|
957 |
|
(2 |
)% |
NM Not Meaningful variance equal to or greater than 100%
Protection pretax operating earnings were $63 million compared to $68 million a year ago.
Life and Health insurance earnings declined to $68 million from $81 million a year ago. The decrease related to the disclosed reinsurance recapture last year and higher life and disability insurance claims relative to favorable experience last year. Overall claims remain within our expectations.
Auto & Home earnings improved substantially in the quarter from improved loss performance trends that reflected changes made to product, pricing, underwriting and claims management. The loss ratio improved to 88 percent from 92 percent a year ago. Catastrophe losses were higher than anticipated at $25 million reflecting several storms in March. The company entered into new reinsurance arrangements at the beginning of the year to reduce catastrophe risk. These arrangements, combined with other changes, are expected to reduce catastrophe loss volatility going forward.
Ameriprise Financial, Inc.
Corporate & Other Segment Operating Results
|
|
Quarter Ended March 31, |
|
% Better/ |
| ||||
(in millions, unaudited) |
|
2017 |
|
2016 |
|
(Worse) |
| ||
Corporate & Other, Excluding Long Term Care |
|
|
|
|
|
|
| ||
Pretax operating loss |
|
$ |
(81 |
) |
$ |
(50 |
) |
(62 |
)% |
|
|
|
|
|
|
|
| ||
Long Term Care |
|
|
|
|
|
|
| ||
Pretax operating earnings |
|
$ |
1 |
|
$ |
1 |
|
|
|
|
|
|
|
|
|
|
| ||
Items included in operating earnings: |
|
|
|
|
|
|
| ||
DOL planning and implementation expenses |
|
$ |
(10 |
) |
$ |
(5 |
) |
NM |
|
Renegotiated vendor arrangement |
|
(9 |
) |
|
|
NM |
| ||
Total corporate & other impact |
|
$ |
(19 |
) |
$ |
(5 |
) |
NM |
|
NM Not Meaningful variance equal to or greater than 100%
Corporate & Other pretax operating loss excluding long term care was $81 million for the quarter compared to a $50 million loss a year ago. The increase in expense was primarily related to incremental Department of Labor expense of $10 million, the renegotiation of a vendor arrangement, and higher amortization relating to an increase in low income housing assets.
The Corporate & Other segment now includes the closed block of LTC insurance, which generated $1 million of earnings in the quarter.
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.
Forward-Looking Statements
This news release contains forward-looking statements that reflect managements plans, estimates and beliefs. Actual results could differ materially from those described in these forward-looking statements. Examples of such forward-looking statements include:
· The statement in this news release that the fee-based businesses will become larger contributors to total earnings over time;
· the statements that the company estimates that its full year 2017 operating effective tax rate, will be in the 22 to 24 percent range,
· the statement that reinsurance arrangements, combined with business changes, are expected to reduce the Auto & Home earnings volatility related to catastrophe losses;
· statements of the companys plans, intentions, positioning, expectations, objectives or goals, including those relating to asset flows, mass affluent and affluent client acquisition strategy, client retention and growth of our client base, financial advisor productivity, retention, recruiting and enrollments, 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 or modified in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act or in light of the U.S. Department of Labor 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 companys 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 companys 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 companys capital structure, including indebtedness, limitations on subsidiaries to pay dividends, and the extent, manner, terms and timing of any share or debt repurchases management may effect as well as the opinions of rating agencies and other analysts and the reactions of market participants or the companys regulators, advisors, distribution partners or customers in response to any change or prospect of change in any such opinion;
· changes to the availability and cost of liquidity and the Companys credit capacity that may arise due to shifts in market conditions, the Companys 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 manufacturers of products the company distributes, experience deviations from the companys assumptions regarding such risks, the evaluations or the prospect of changes in evaluations of any such third parties published by rating agencies or other analysts, and the reactions of other market participants or the companys regulators, advisors, distribution partners or customers in response to any such evaluation or prospect of changes in evaluation;
· experience deviations from the companys assumptions regarding morbidity, mortality and persistency in certain annuity and insurance products, or from assumptions regarding market returns assumed in valuing or unlocking DAC and DSIC or market volatility underlying our valuation and hedging of guaranteed living benefit annuity riders, or from assumptions regarding 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 companys 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 (such as the June 2016 UK referendum on membership in the European Union and the uncertain regulatory environment in the U.S. after the recent U.S. election), 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, 2016 available at ir.ameriprise.com.
The financial results discussed in this news release represent past performance only, which may not be used to predict or project future results. The financial results and values presented in this news release and the below-referenced Statistical Supplement are based upon asset valuations that represent estimates as of the date of this news release and may be revised in the companys Quarter Report on Form 10-Q for the quarter ended March 31, 2017. For information about Ameriprise Financial entities, please refer to the First quarter 2017 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 companys investor relations website at ir.ameriprise.com, as well as SEC filings, press releases, public conference 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.
Ameriprise Financial, Inc.
After-tax(1) Items Included in Operating Earnings
(in millions, except per share amounts, unaudited) |
|
Quarter Ended |
|
Per Diluted Share |
| ||
Market impact on DAC/DSIC |
|
$ |
7 |
|
$ |
0.04 |
|
Auto & Home catastrophe losses |
|
$ |
(16 |
) |
$ |
(0.10 |
) |
DOL planning and implementation expenses |
|
$ |
(7 |
) |
$ |
(0.04 |
) |
Renegotiation of a vendor arrangement |
|
$ |
(6 |
) |
$ |
(0.04 |
) |
Tax benefit from adopting new accounting standard |
|
$ |
28 |
|
$ |
0.17 |
|
(1)All items except the tax benefit are shown after-tax using the statutory tax rate of 35%.
Reconciliation Tables
Ameriprise Financial, Inc.
Reconciliation Table: Earnings
|
|
Quarter Ended |
|
Per Diluted Share |
| ||||||||
(in millions, except per share amounts, unaudited) |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
| ||||
Net income |
|
$ |
403 |
|
$ |
364 |
|
$ |
2.52 |
|
$ |
2.09 |
|
Less: Net income (loss) attributable to consolidated investment entities |
|
1 |
|
(1 |
) |
0.01 |
|
|
| ||||
Add: Market impact on variable annuity guaranteed benefits (1) |
|
63 |
|
(17 |
) |
0.40 |
|
(0.09 |
) | ||||
Add: Market impact on indexed universal life benefits (1) |
|
|
|
(19 |
) |
|
|
(0.11 |
) | ||||
Add: Market impact of hedges on investments (1) |
|
(1 |
) |
40 |
|
(0.01 |
) |
0.23 |
| ||||
Add: Net realized investment (gains) losses (1) |
|
(16 |
) |
16 |
|
(0.10 |
) |
0.09 |
| ||||
Add: Tax effect of adjustments (2) |
|
(16 |
) |
(7 |
) |
(0.10 |
) |
(0.04 |
) | ||||
Operating earnings |
|
$ |
432 |
|
$ |
378 |
|
$ |
2.70 |
|
$ |
2.17 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
| ||||
Basic |
|
157.5 |
|
172.6 |
|
|
|
|
| ||||
Diluted |
|
160.1 |
|
174.4 |
|
|
|
|
|
(1) Pretax operating adjustment.
(2) Calculated using the statutory tax rate of 35%.
Ameriprise Financial, Inc.
Reconciliation Table: Total Net Revenues
|
|
Quarter Ended |
| ||||
(in millions, unaudited) |
|
2017 |
|
2016 |
| ||
Total net revenues |
|
$ |
2,901 |
|
$ |
2,765 |
|
Less: CIEs revenue |
|
22 |
|
24 |
| ||
Less: Net realized investment gains (losses) |
|
17 |
|
(16 |
) | ||
Less: Market impact on indexed universal life benefits |
|
1 |
|
9 |
| ||
Less: Market impact of hedges on investments |
|
1 |
|
(40 |
) | ||
Operating total net revenues |
|
2,860 |
|
2,788 |
| ||
Less: Impact of transitioning advisory accounts to share classes without 12b-1 fees |
|
|
|
34 |
| ||
Less: Impact of one fewer fee day |
|
|
|
15 |
| ||
Less: Foreign exchange translation |
|
(15 |
) |
|
| ||
Operating total net revenues excluding 12b-1, fee day and foreign exchange impacts |
|
$ |
2,875 |
|
$ |
2,739 |
|
Ameriprise Financial, Inc.
Reconciliation Table: Total Expenses
|
|
Quarter Ended |
| ||||
(in millions, unaudited) |
|
2017 |
|
2016 |
| ||
Total expenses |
|
$ |
2,426 |
|
$ |
2,290 |
|
Less: CIEs expenses |
|
21 |
|
26 |
| ||
Less: Market impact on variable annuity guaranteed benefits |
|
63 |
|
(17 |
) | ||
Less: Market impact on indexed universal life benefits |
|
1 |
|
(10 |
) | ||
Less: DAC offset to net realized investment gains (losses) |
|
1 |
|
|
| ||
Operating expenses |
|
$ |
2,340 |
|
$ |
2,291 |
|
Ameriprise Financial, Inc.
Reconciliation Table: Pretax Operating Earnings
|
|
Quarter Ended |
| ||||
(in millions, unaudited) |
|
2017 |
|
2016 |
| ||
Operating total net revenues |
|
$ |
2,860 |
|
$ |
2,788 |
|
Operating expenses |
|
2,340 |
|
2,291 |
| ||
Pretax operating earnings |
|
$ |
520 |
|
$ |
497 |
|
Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
|
|
Quarter Ended March 31, 2017 |
| ||||
(in millions, unaudited) |
|
GAAP |
|
Operating |
| ||
Pretax Income |
|
$ |
475 |
|
$ |
520 |
|
Income tax provision |
|
$ |
72 |
|
$ |
88 |
|
Effective tax rate |
|
15.2 |
% |
16.9 |
% |
Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
(in millions, unaudited) |
|
Quarter Ended |
| |
Pretax operating earnings |
|
$ |
520 |
|
|
|
|
| |
Operating income tax provision |
|
$ |
88 |
|
Benefit from adoption of stock compensation accounting guidance |
|
(28 |
) | |
Operating income tax provision excluding benefit |
|
$ |
116 |
|
Effective tax rate |
|
16.9 |
% | |
Effective tax rate excluding income tax benefit |
|
22.3 |
% |
Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
|
|
Quarter Ended March 31, 2016 |
| ||||
(in millions, unaudited) |
|
GAAP |
|
Operating |
| ||
Pretax Income |
|
$ |
475 |
|
$ |
497 |
|
Income tax provision |
|
$ |
111 |
|
$ |
119 |
|
Effective tax rate |
|
23.3 |
% |
23.9 |
% |
Ameriprise Financial, Inc.
Reconciliation Table: Advice & Wealth Management Operating Net Revenues
|
|
Quarter Ended March 31, |
| ||||
(in millions, unaudited) |
|
2017 |
|
2016 |
| ||
Operating net revenues |
|
$ |
1,295 |
|
$ |
1,198 |
|
Less: Impact of transitioning advisory accounts to share classes without 12b-1 fees |
|
|
|
34 |
| ||
Less: Impact of one fewer fee day |
|
|
|
6 |
| ||
Operating total net revenues excluding 12b-1 and fee day impacts |
|
$ |
1,295 |
|
$ |
1,158 |
|
Ameriprise Financial, Inc.
Reconciliation Table: Asset Management Adjusted Net Pretax Operating Margin
|
|
Quarter Ended March 31, |
| ||||
(in millions, unaudited) |
|
2017 |
|
2016 |
| ||
Operating total net revenues |
|
$ |
726 |
|
$ |
724 |
|
Less: Distribution pass through revenues |
|
206 |
|
199 |
| ||
Less: Subadvisory and other pass through revenues |
|
92 |
|
87 |
| ||
Adjusted operating revenues |
|
$ |
428 |
|
$ |
438 |
|
|
|
|
|
|
| ||
Pretax operating earnings |
|
$ |
150 |
|
$ |
149 |
|
Less: Operating net investment income |
|
4 |
|
3 |
| ||
Add: Amortization of intangibles |
|
4 |
|
6 |
| ||
Adjusted operating earnings |
|
$ |
150 |
|
$ |
152 |
|
|
|
|
|
|
| ||
Pretax operating margin |
|
20.7 |
% |
20.6 |
% | ||
Adjusted net pretax operating margin |
|
35.0 |
% |
34.7 |
% |
Ameriprise Financial, Inc.
Reconciliation Table: Return on Equity (ROE) Excluding Accumulated
Other Comprehensive Income AOCI
|
|
Twelve Months Ended |
| ||||
(in millions, unaudited) |
|
2017 |
|
2016 |
| ||
Net income |
|
$ |
1,353 |
|
$ |
1,533 |
|
Less: Adjustments (1) |
|
(128 |
) |
(149 |
) | ||
Operating earnings |
|
1,481 |
|
1,682 |
| ||
Less: Unlocking, net of tax (2) |
|
(153 |
) |
27 |
| ||
Operating earnings excluding unlocking |
|
$ |
1,634 |
|
$ |
1,655 |
|
|
|
|
|
|
| ||
Total Ameriprise Financial, Inc. shareholders equity |
|
$ |
6,684 |
|
$ |
7,576 |
|
Less: Accumulated other comprehensive income, net of tax |
|
419 |
|
472 |
| ||
Total Ameriprise Financial, Inc. shareholders equity excluding AOCI |
|
6,265 |
|
7,104 |
| ||
Less: Equity impacts attributable to the consolidated investment entities |
|
|
|
170 |
| ||
Operating equity |
|
$ |
6,265 |
|
$ |
6,934 |
|
|
|
|
|
|
| ||
Return on equity excluding AOCI |
|
21.6 |
% |
21.6 |
% | ||
Operating return on equity excluding AOCI (3) |
|
23.6 |
% |
24.3 |
% | ||
Operating return on equity excluding AOCI and unlocking |
|
26.1 |
% |
23.9 |
% |
(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; integration/restructuring charges; and the impact of consolidating certain investment entities. After-tax is calculated using the statutory tax rate of 35%.
(2) After-tax is calculated using the statutory tax rate of 35%.
(3) 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; the impact of consolidating certain investment entities; 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%.
Ameriprise Financial, Inc.
Consolidated GAAP Results
|
|
Quarter Ended March 31, |
|
% Better/ |
| ||||
(in millions, unaudited) |
|
2017 |
|
2016 |
|
(Worse) |
| ||
Revenues |
|
|
|
|
|
|
| ||
Management and financial advice fees |
|
$ |
1,482 |
|
$ |
1,386 |
|
7 |
% |
Distribution fees |
|
443 |
|
435 |
|
2 |
| ||
Net investment income |
|
391 |
|
331 |
|
18 |
| ||
Premiums |
|
339 |
|
368 |
|
(8 |
) | ||
Other revenues |
|
256 |
|
254 |
|
1 |
| ||
Total revenues |
|
2,911 |
|
2,774 |
|
5 |
| ||
Banking and deposit interest expense |
|
10 |
|
9 |
|
(11 |
) | ||
Total net revenues |
|
2,901 |
|
2,765 |
|
5 |
| ||
Expenses |
|
|
|
|
|
|
| ||
Distribution expenses |
|
823 |
|
770 |
|
(7 |
) | ||
Interest credited to fixed accounts |
|
162 |
|
146 |
|
(11 |
) | ||
Benefits, claims, losses and settlement expenses |
|
567 |
|
482 |
|
(18 |
) | ||
Amortization of deferred acquisition costs |
|
72 |
|
110 |
|
35 |
| ||
Interest and debt expense |
|
50 |
|
55 |
|
9 |
| ||
General and administrative expense |
|
752 |
|
727 |
|
(3 |
) | ||
Total expenses |
|
2,426 |
|
2,290 |
|
(6 |
) | ||
Pretax income |
|
475 |
|
475 |
|
|
| ||
Income tax provision |
|
72 |
|
111 |
|
35 |
| ||
Net income |
|
$ |
403 |
|
$ |
364 |
|
11 |
|
Exhibit 99.2
Statistical Supplement Package
(unaudited)
First Quarter 2017
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 |
Global Asset Management Products |
|
17 |
Retail Fund Performance - Columbia |
|
18 |
Retail Fund Performance - Threadneedle |
|
19 |
Annuities Segment |
|
|
Segment Operating Income Statements |
|
21 |
Segment Metrics |
|
22 |
Protection Segment |
|
|
Segment Operating Income Statements |
|
24 |
Segment Metrics |
|
25 |
Corporate & Other Segment |
|
|
Segment Operating Income Statements |
|
27 |
Eliminations |
|
|
Operating Income Statements |
|
28 |
Balance Sheet and Ratings Information |
|
|
Consolidated Balance Sheets |
|
30 |
Capital and Ratings Information |
|
31 |
Investments |
|
32 |
Non-GAAP Financial Information |
|
33 |
Glossary of Selected Terminology |
|
|
Glossary of Selected Terminology - Segments |
|
34 |
Glossary of Selected Terminology |
|
35 |
Exhibit A |
|
|
Disclosed Items |
|
38 |
Exhibit B |
|
|
Corporate & Other Segment Details |
|
44 |
Exhibit C |
|
|
Non-GAAP Financial Measure Reconciliations |
|
47 |
Ameriprise Financial, Inc.
Statistical Supplement Presentation
First Quarter 2017
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 C Non-GAAP Financial Measure Reconciliations on pages 47 and 48.
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 Companys nonperformance spread. Further, the market impact is net of related impacts on DAC, DSIC and unearned revenue amortization as well as a reinsurance accrual for indexed universal life. The market impact relates to guaranteed minimum accumulation benefits, non-life contingent guaranteed minimum withdrawal benefits and indexed universal life benefits accounted for at fair value as embedded derivatives.
Operating earnings is the measure of segment profit or loss management uses to evaluate segment performance. Operating earnings should not be viewed as a substitute for GAAP income from continuing operations before income tax provision. Management believes the presentation of segment operating earnings as we measure it for management purposes enhances the understanding of our business by reflecting the underlying performance of our core operations and facilitating a more meaningful trend analysis.
In addition, management uses adjusted net pretax operating margin in the Asset Management segment to evaluate segment performance on a basis comparable to other asset managers. In the Asset Management segment, operating revenues are adjusted to exclude distribution pass through revenues and subadvisory and other pass through revenues, and operating earnings are adjusted to exclude operating net investment income and amortization of intangibles.
Ameriprise Financial, Inc.
Consolidated GAAP Income Statements
First Quarter 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
(in millions, except per share amounts, unaudited) |
|
1 Qtr 2016 |
|
2 Qtr 2016 |
|
3 Qtr 2016 |
|
4 Qtr 2016 |
|
1 Qtr 2017 |
|
2016 |
|
2017 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Management and financial advice fees |
|
$ |
1,386 |
|
$ |
1,439 |
|
$ |
1,464 |
|
$ |
1,489 |
|
$ |
1,482 |
|
$ |
1,386 |
|
$ |
1,482 |
|
$ |
96 |
|
7 |
% |
$ |
96 |
|
7 |
% |
$ |
(7 |
) |
|
|
Distribution fees |
|
435 |
|
448 |
|
455 |
|
457 |
|
443 |
|
435 |
|
443 |
|
8 |
|
2 |
% |
8 |
|
2 |
% |
(14 |
) |
(3 |
)% | ||||||||||
Net investment income |
|
331 |
|
372 |
|
387 |
|
486 |
|
391 |
|
331 |
|
391 |
|
60 |
|
18 |
% |
60 |
|
18 |
% |
(95 |
) |
(20 |
)% | ||||||||||
Premiums |
|
368 |
|
372 |
|
374 |
|
377 |
|
339 |
|
368 |
|
339 |
|
(29 |
) |
(8 |
)% |
(29 |
) |
(8 |
)% |
(38 |
) |
(10 |
)% | ||||||||||
Other revenues |
|
254 |
|
248 |
|
330 |
|
263 |
|
256 |
|
254 |
|
256 |
|
2 |
|
1 |
% |
2 |
|
1 |
% |
(7 |
) |
(3 |
)% | ||||||||||
Total revenues |
|
2,774 |
|
2,879 |
|
3,010 |
|
3,072 |
|
2,911 |
|
2,774 |
|
2,911 |
|
137 |
|
5 |
% |
137 |
|
5 |
% |
(161 |
) |
(5 |
)% | ||||||||||
Banking and deposit interest expense |
|
9 |
|
8 |
|
12 |
|
10 |
|
10 |
|
9 |
|
10 |
|
1 |
|
11 |
% |
1 |
|
11 |
% |
|
|
|
| ||||||||||
Total net revenues |
|
2,765 |
|
2,871 |
|
2,998 |
|
3,062 |
|
2,901 |
|
2,765 |
|
2,901 |
|
136 |
|
5 |
% |
136 |
|
5 |
% |
(161 |
) |
(5 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Distribution expenses |
|
770 |
|
803 |
|
798 |
|
831 |
|
823 |
|
770 |
|
823 |
|
53 |
|
7 |
% |
53 |
|
7 |
% |
(8 |
) |
(1 |
)% | ||||||||||
Interest credited to fixed accounts |
|
146 |
|
158 |
|
161 |
|
158 |
|
162 |
|
146 |
|
162 |
|
16 |
|
11 |
% |
16 |
|
11 |
% |
4 |
|
3 |
% | ||||||||||
Benefits, claims, losses and settlement expenses |
|
482 |
|
597 |
|
855 |
|
712 |
|
567 |
|
482 |
|
567 |
|
85 |
|
18 |
% |
85 |
|
18 |
% |
(145 |
) |
(20 |
)% | ||||||||||
Amortization of deferred acquisition costs |
|
110 |
|
87 |
|
163 |
|
55 |
|
72 |
|
110 |
|
72 |
|
(38 |
) |
(35 |
)% |
(38 |
) |
(35 |
)% |
17 |
|
31 |
% | ||||||||||
Interest and debt expense |
|
55 |
|
53 |
|
52 |
|
81 |
|
50 |
|
55 |
|
50 |
|
(5 |
) |
(9 |
)% |
(5 |
) |
(9 |
)% |
(31 |
) |
(38 |
)% | ||||||||||
General and administrative expense |
|
727 |
|
763 |
|
731 |
|
756 |
|
752 |
|
727 |
|
752 |
|
25 |
|
3 |
% |
25 |
|
3 |
% |
(4 |
) |
(1 |
)% | ||||||||||
Total expenses |
|
2,290 |
|
2,461 |
|
2,760 |
|
2,593 |
|
2,426 |
|
2,290 |
|
2,426 |
|
136 |
|
6 |
% |
136 |
|
6 |
% |
(167 |
) |
(6 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax income |
|
475 |
|
410 |
|
238 |
|
469 |
|
475 |
|
475 |
|
475 |
|
|
|
|
|
|
|
|
|
6 |
|
1 |
% | ||||||||||
Income tax provision |
|
111 |
|
75 |
|
23 |
|
69 |
|
72 |
|
111 |
|
72 |
|
(39 |
) |
(35 |
)% |
(39 |
) |
(35 |
)% |
3 |
|
4 |
% | ||||||||||
Net income |
|
$ |
364 |
|
$ |
335 |
|
$ |
215 |
|
$ |
400 |
|
$ |
403 |
|
$ |
364 |
|
$ |
403 |
|
$ |
39 |
|
11 |
% |
$ |
39 |
|
11 |
% |
$ |
3 |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Investment income on fixed maturities |
|
$ |
343 |
|
$ |
343 |
|
$ |
342 |
|
$ |
340 |
|
$ |
337 |
|
$ |
343 |
|
$ |
337 |
|
$ |
(6 |
) |
(2 |
)% |
$ |
(6 |
) |
(2 |
)% |
$ |
(3 |
) |
(1 |
)% |
Realized investment gains (losses) |
|
(16 |
) |
5 |
|
6 |
|
11 |
|
17 |
|
(16 |
) |
17 |
|
33 |
|
# |
|
33 |
|
# |
|
6 |
|
55 |
% | ||||||||||
Affordable housing |
|
(7 |
) |
(11 |
) |
(17 |
) |
(9 |
) |
(12 |
) |
(7 |
) |
(12 |
) |
(5 |
) |
(71 |
)% |
(5 |
) |
(71 |
)% |
(3 |
) |
(33 |
)% | ||||||||||
Other (including seed money) |
|
(17 |
) |
5 |
|
25 |
|
78 |
|
24 |
|
(17 |
) |
24 |
|
41 |
|
# |
|
41 |
|
# |
|
(54 |
) |
(69 |
)% | ||||||||||
Consolidated investment entities |
|
28 |
|
30 |
|
31 |
|
66 |
|
25 |
|
28 |
|
25 |
|
(3 |
) |
(11 |
)% |
(3 |
) |
(11 |
)% |
(41 |
) |
(62 |
)% | ||||||||||
Total net investment income |
|
$ |
331 |
|
$ |
372 |
|
$ |
387 |
|
$ |
486 |
|
$ |
391 |
|
$ |
331 |
|
$ |
391 |
|
$ |
60 |
|
18 |
% |
$ |
60 |
|
18 |
% |
$ |
(95 |
) |
(20 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Basic earnings per share |
|
$ |
2.11 |
|
$ |
1.99 |
|
$ |
1.31 |
|
$ |
2.49 |
|
$ |
2.56 |
|
$ |
2.11 |
|
$ |
2.56 |
|
$ |
0.45 |
|
21 |
% |
$ |
0.45 |
|
21 |
% |
$ |
0.07 |
|
3 |
% |
Earnings per diluted share |
|
$ |
2.09 |
|
$ |
1.97 |
|
$ |
1.30 |
|
$ |
2.46 |
|
$ |
2.52 |
|
$ |
2.09 |
|
$ |
2.52 |
|
$ |
0.43 |
|
21 |
% |
$ |
0.43 |
|
21 |
% |
$ |
0.06 |
|
2 |
% |
Earnings per diluted share growth |
|
0.5 |
% |
(11.7 |
)% |
(40.1 |
)% |
23.0 |
% |
20.6 |
% |
0.5 |
% |
20.6 |
% |
20.1 |
% |
|
|
20.1 |
% |
|
|
(2.4 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Basic weighted average common shares outstanding |
|
172.6 |
|
168.3 |
|
164.0 |
|
160.4 |
|
157.5 |
|
172.6 |
|
157.5 |
|
(15.1 |
) |
(9 |
)% |
(15.1 |
) |
(9 |
)% |
(2.9 |
) |
(2 |
)% | ||||||||||
Effect of potentially dilutive nonqualified stock options and other share-based awards |
|
1.8 |
|
1.8 |
|
1.8 |
|
2.0 |
|
2.6 |
|
1.8 |
|
2.6 |
|
0.8 |
|
44 |
% |
0.8 |
|
44 |
% |
0.6 |
|
30 |
% | ||||||||||
Diluted weighted average common shares outstanding |
|
174.4 |
|
170.1 |
|
165.8 |
|
162.4 |
|
160.1 |
|
174.4 |
|
160.1 |
|
(14.3 |
) |
(8 |
)% |
(14.3 |
) |
(8 |
)% |
(2.3 |
) |
(1 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net revenue growth |
|
(9.4 |
)% |
(8.2 |
)% |
3.9 |
% |
(1.3 |
)% |
4.9 |
% |
(9.4 |
)% |
4.9 |
% |
14.3 |
% |
|
|
14.3 |
% |
|
|
6.2 |
% |
|
| ||||||||||
Pretax income margin |
|
17.2 |
% |
14.3 |
% |
7.9 |
% |
15.3 |
% |
16.4 |
% |
17.2 |
% |
16.4 |
% |
(0.8 |
)% |
|
|
(0.8 |
)% |
|
|
1.1 |
% |
|
| ||||||||||
Effective tax rate |
|
23.3 |
% |
18.4 |
% |
9.7 |
% |
14.5 |
% |
15.2 |
% |
23.3 |
% |
15.2 |
% |
(8.1 |
)% |
|
|
(8.1 |
)% |
|
|
0.7 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Ameriprise Financial shareholders equity / outstanding shares (1) |
|
$ |
41.50 |
|
$ |
42.60 |
|
$ |
41.76 |
|
$ |
39.70 |
|
$ |
39.81 |
|
$ |
41.50 |
|
$ |
39.81 |
|
$ |
(1.69 |
) |
(4 |
)% |
$ |
(1.69 |
) |
(4 |
)% |
$ |
0.11 |
|
|
|
Ameriprise Financial shareholders equity excluding AOCI / outstanding shares (2)(3) |
|
$ |
38.90 |
|
$ |
38.75 |
|
$ |
38.09 |
|
$ |
38.44 |
|
$ |
38.41 |
|
$ |
38.90 |
|
$ |
38.41 |
|
$ |
(0.49 |
) |
(1 |
)% |
$ |
(0.49 |
) |
(1 |
)% |
$ |
(0.03 |
) |
|
|
(1) Calculated as Ameriprise Financial shareholders equity divided by common shares outstanding plus common stock equivalents outstanding at period end.
(2) Calculated as Ameriprise Financial shareholders equity excluding AOCI divided by common shares outstanding plus common stock equivalents outstanding at period end.
(3) See non-GAAP financial information on pg 33. Non-GAAP financial measure reconciliations can be found on pages 47 and 48.
# Variance equal to or greater than 100%.
Ameriprise Financial, Inc.
Consolidated Operating Results and Highlights
First Quarter 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
(in millions except per share amounts, unaudited) |
|
1 Qtr 2016 |
|
2 Qtr 2016 |
|
3 Qtr 2016 |
|
4 Qtr 2016 |
|
1 Qtr 2017 |
|
2016 |
|
2017 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total net revenues |
|
$ |
2,765 |
|
$ |
2,871 |
|
$ |
2,998 |
|
$ |
3,062 |
|
$ |
2,901 |
|
$ |
2,765 |
|
$ |
2,901 |
|
$ |
136 |
|
5 |
% |
$ |
136 |
|
5 |
% |
$ |
(161 |
) |
(5 |
)% |
Less revenues attributable to the CIEs |
|
24 |
|
26 |
|
27 |
|
51 |
|
22 |
|
24 |
|
22 |
|
(2 |
) |
(8 |
)% |
(2 |
) |
(8 |
)% |
(29 |
) |
(57 |
)% | ||||||||||
Less net realized investment gains (losses) (1) |
|
(16 |
) |
5 |
|
6 |
|
11 |
|
17 |
|
(16 |
) |
17 |
|
33 |
|
# |
|
33 |
|
# |
|
6 |
|
55 |
% | ||||||||||
Less market impact on indexed universal life benefits (1) |
|
9 |
|
3 |
|
6 |
|
6 |
|
1 |
|
9 |
|
1 |
|
(8 |
) |
(89 |
)% |
(8 |
) |
(89 |
)% |
(5 |
) |
(83 |
)% | ||||||||||
Less market impact of hedges on investments |
|
(40 |
) |
(19 |
) |
5 |
|
57 |
|
1 |
|
(40 |
) |
1 |
|
41 |
|
# |
|
41 |
|
# |
|
(56 |
) |
(98 |
)% | ||||||||||
Operating total net revenues (2) |
|
$ |
2,788 |
|
$ |
2,856 |
|
$ |
2,954 |
|
$ |
2,937 |
|
$ |
2,860 |
|
$ |
2,788 |
|
$ |
2,860 |
|
$ |
72 |
|
3 |
% |
$ |
72 |
|
3 |
% |
$ |
(77 |
) |
(3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net income |
|
$ |
364 |
|
$ |
335 |
|
$ |
215 |
|
$ |
400 |
|
$ |
403 |
|
$ |
364 |
|
$ |
403 |
|
$ |
39 |
|
11 |
% |
$ |
39 |
|
11 |
% |
$ |
3 |
|
1 |
% |
Less net income (loss) attributable to the CIEs |
|
(1 |
) |
|
|
|
|
(1 |
) |
1 |
|
(1 |
) |
1 |
|
2 |
|
# |
|
2 |
|
# |
|
2 |
|
# |
| ||||||||||
Market impact on variable annuity guaranteed benefits (1)(3) |
|
(17 |
) |
58 |
|
37 |
|
138 |
|
63 |
|
(17 |
) |
63 |
|
80 |
|
# |
|
80 |
|
# |
|
(75 |
) |
(54 |
)% | ||||||||||
Market impact on indexed universal life benefits (1)(3) |
|
(19 |
) |
(5 |
) |
(7 |
) |
(5 |
) |
|
|
(19 |
) |
|
|
19 |
|
# |
|
19 |
|
# |
|
5 |
|
# |
| ||||||||||
Market impact of hedges on investments (3) |
|
40 |
|
19 |
|
(5 |
) |
(57 |
) |
(1 |
) |
40 |
|
(1 |
) |
(41 |
) |
# |
|
(41 |
) |
# |
|
56 |
|
98 |
% | ||||||||||
Less net realized investment gains (losses) (1)(3) |
|
(16 |
) |
5 |
|
6 |
|
11 |
|
16 |
|
(16 |
) |
16 |
|
32 |
|
# |
|
32 |
|
# |
|
5 |
|
45 |
% | ||||||||||
Tax effect of adjustments (4) |
|
(7 |
) |
(23 |
) |
(7 |
) |
(23 |
) |
(16 |
) |
(7 |
) |
(16 |
) |
(9 |
) |
# |
|
(9 |
) |
# |
|
7 |
|
30 |
% | ||||||||||
Operating earnings (2) |
|
$ |
378 |
|
$ |
379 |
|
$ |
227 |
|
$ |
443 |
|
$ |
432 |
|
$ |
378 |
|
$ |
432 |
|
$ |
54 |
|
14 |
% |
$ |
54 |
|
14 |
% |
$ |
(11 |
) |
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax income |
|
$ |
475 |
|
$ |
410 |
|
$ |
238 |
|
$ |
469 |
|
$ |
475 |
|
$ |
475 |
|
$ |
475 |
|
$ |
|
|
|
|
$ |
|
|
|
|
$ |
6 |
|
1 |
% |
Less pretax income (loss) attributable to the CIEs |
|
(2 |
) |
1 |
|
|
|
(1 |
) |
1 |
|
(2 |
) |
1 |
|
3 |
|
# |
|
3 |
|
# |
|
2 |
|
# |
| ||||||||||
Market impact on variable annuity guaranteed benefits (1) |
|
(17 |
) |
58 |
|
37 |
|
138 |
|
63 |
|
(17 |
) |
63 |
|
80 |
|
# |
|
80 |
|
# |
|
(75 |
) |
(54 |
)% | ||||||||||
Market impact on indexed universal life benefits (1) |
|
(19 |
) |
(5 |
) |
(7 |
) |
(5 |
) |
|
|
(19 |
) |
|
|
19 |
|
# |
|
19 |
|
# |
|
5 |
|
# |
| ||||||||||
Market impact of hedges on investments |
|
40 |
|
19 |
|
(5 |
) |
(57 |
) |
(1 |
) |
40 |
|
(1 |
) |
(41 |
) |
# |
|
(41 |
) |
# |
|
56 |
|
98 |
% | ||||||||||
Less net realized investment gains (losses) (1) |
|
(16 |
) |
5 |
|
6 |
|
11 |
|
16 |
|
(16 |
) |
16 |
|
32 |
|
# |
|
32 |
|
# |
|
5 |
|
45 |
% | ||||||||||
Pretax operating earnings (2) |
|
$ |
497 |
|
$ |
476 |
|
$ |
257 |
|
$ |
535 |
|
$ |
520 |
|
$ |
497 |
|
$ |
520 |
|
$ |
23 |
|
5 |
% |
$ |
23 |
|
5 |
% |
$ |
(15 |
) |
(3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax Operating Margin (2)(5) |
|
17.8 |
% |
16.7 |
% |
8.7 |
% |
18.2 |
% |
18.2 |
% |
17.8 |
% |
18.2 |
% |
0.4 |
% |
|
|
0.4 |
% |
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating Effective Tax Rate (2)(6) |
|
23.9 |
% |
20.4 |
% |
11.7 |
% |
17.2 |
% |
16.9 |
% |
23.9 |
% |
16.9 |
% |
(7.0 |
)% |
|
|
(7.0 |
)% |
|
|
(0.3 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Weighted Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Basic |
|
172.6 |
|
168.3 |
|
164.0 |
|
160.4 |
|
157.5 |
|
172.6 |
|
157.5 |
|
(15.1 |
) |
(9 |
)% |
(15.1 |
) |
(9 |
)% |
(2.9 |
) |
(2 |
)% | ||||||||||
Diluted |
|
174.4 |
|
170.1 |
|
165.8 |
|
162.4 |
|
160.1 |
|
174.4 |
|
160.1 |
|
(14.3 |
) |
(8 |
)% |
(14.3 |
) |
(8 |
)% |
(2.3 |
) |
(1 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating Earnings Per Share (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Basic operating earnings per share |
|
$ |
2.19 |
|
$ |
2.25 |
|
$ |
1.38 |
|
$ |
2.76 |
|
$ |
2.74 |
|
$ |
2.19 |
|
$ |
2.74 |
|
$ |
0.55 |
|
25 |
% |
$ |
0.55 |
|
25 |
% |
$ |
(0.02 |
) |
(1 |
)% |
Operating earnings per diluted share |
|
$ |
2.17 |
|
$ |
2.23 |
|
$ |
1.37 |
|
$ |
2.73 |
|
$ |
2.70 |
|
$ |
2.17 |
|
$ |
2.70 |
|
$ |
0.53 |
|
24 |
% |
$ |
0.53 |
|
24 |
% |
$ |
(0.03 |
) |
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Return on Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Return on equity excluding AOCI (2)(6) |
|
21.6 |
% |
21.1 |
% |
19.1 |
% |
20.4 |
% |
21.6 |
% |
21.6 |
% |
21.6 |
% |
|
|
|
|
|
|
|
|
1.2 |
% |
|
| ||||||||||
Operating return on equity excluding AOCI (2)(6) |
|
24.3 |
% |
24.0 |
% |
21.6 |
% |
22.2 |
% |
23.6 |
% |
24.3 |
% |
23.6 |
% |
(0.7 |
)% |
|
|
(0.7 |
)% |
|
|
1.4 |
% |
|
|
(1) Operating adjustments for net realized investment gains (losses), market impact on indexed universal life benefits and market impact on variable annuity guaranteed benefits are net of the following impacts, as applicable: hedges, DAC and DSIC amortization, unearned revenue amortization and the reinsurance accrual.
(2) See non-GAAP financial information on pg 33.
(3) Pretax operating adjustments
(4) Calculated using the statutory tax rate of 35%.
(5) Defined as pretax operating earnings as a percentage of operating total net revenues.
(6) Non-GAAP financial measure reconciliations can be found on pg 47.
# Variance equal to or greater than 100%.
Ameriprise Financial, Inc.
Consolidated Operating Results and Highlights
First Quarter 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
(in millions except per share amounts, headcount and where noted, unaudited) |
|
1 Qtr 2016 |
|
2 Qtr 2016 |
|
3 Qtr 2016 |
|
4 Qtr 2016 |
|
1 Qtr 2017 |
|
2016 |
|
2017 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
Book Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Ameriprise Financial shareholders equity excluding CIEs / outstanding shares (1)(2) |
|
$ |
41.49 |
|
$ |
42.60 |
|
$ |
41.76 |
|
$ |
39.70 |
|
$ |
39.81 |
|
$ |
41.49 |
|
$ |
39.81 |
|
$ |
(1.68 |
) |
(4 |
)% |
$ |
(1.68 |
) |
(4 |
)% |
$ |
0.11 |
|
|
|
Ameriprise Financial shareholders equity excluding CIEs and AOCI / outstanding shares (1)(3) |
|
$ |
38.90 |
|
$ |
38.75 |
|
$ |
38.09 |
|
$ |
38.44 |
|
$ |
38.41 |
|
$ |
38.90 |
|
$ |
38.41 |
|
$ |
(0.49 |
) |
(1 |
)% |
$ |
(0.49 |
) |
(1 |
)% |
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating total net revenue growth: Target 6 - 8% |
|
(3.8 |
)% |
(4.3 |
)% |
2.7 |
% |
(1.4 |
)% |
2.6 |
% |
(3.8 |
)% |
2.6 |
% |
6.4 |
% |
|
|
6.4 |
% |
|
|
4.0 |
% |
|
| ||||||||||
Operating earnings per diluted share growth: Target 12 - 15% |
|
(0.5 |
)% |
(4.3 |
)% |
(41.7 |
)% |
10.5 |
% |
24.4 |
% |
(0.5 |
)% |
24.4 |
% |
24.9 |
% |
|
|
24.9 |
% |
|
|
13.9 |
% |
|
| ||||||||||
Operating return on equity excluding AOCI: Target 19 - 23% (1) |
|
24.3 |
% |
24.0 |
% |
21.6 |
% |
22.2 |
% |
23.6 |
% |
24.3 |
% |
23.6 |
% |
(0.7 |
)% |
|
|
(0.7 |
)% |
|
|
1.4 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Debt to Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital |
|
27.5 |
% |
25.8 |
% |
30.2 |
% |
31.7 |
% |
31.9 |
% |
27.5 |
% |
31.9 |
% |
4.4 |
% |
|
|
4.4 |
% |
|
|
0.2 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Goodwill and Intangible Assets |
|
$ |
1,965 |
|
$ |
1,936 |
|
$ |
1,939 |
|
$ |
1,924 |
|
$ |
1,924 |
|
$ |
1,965 |
|
$ |
1,924 |
|
$ |
(41 |
) |
(2 |
)% |
$ |
(41 |
) |
(2 |
)% |
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Assets Under Management and Administration |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Advice & Wealth Management AUM |
|
$ |
182,276 |
|
$ |
188,590 |
|
$ |
196,186 |
|
$ |
199,712 |
|
$ |
211,740 |
|
$ |
182,276 |
|
$ |
211,740 |
|
$ |
29,464 |
|
16 |
% |
$ |
29,464 |
|
16 |
% |
$ |
12,028 |
|
6 |
% |
Asset Management AUM |
|
464,059 |
|
459,577 |
|
467,770 |
|
454,413 |
|
467,031 |
|
464,059 |
|
467,031 |
|
2,972 |
|
1 |
% |
2,972 |
|
1 |
% |
12,618 |
|
3 |
% | ||||||||||
Corporate AUM |
|
372 |
|
367 |
|
354 |
|
346 |
|
331 |
|
372 |
|
331 |
|
(41 |
) |
(11 |
)% |
(41 |
) |
(11 |
)% |
(15 |
) |
(4 |
)% | ||||||||||
Eliminations |
|
(23,087 |
) |
(24,056 |
) |
(24,737 |
) |
(24,841 |
) |
(24,681 |
) |
(23,087 |
) |
(24,681 |
) |
(1,594 |
) |
(7 |
)% |
(1,594 |
) |
(7 |
)% |
160 |
|
1 |
% | ||||||||||
Total Assets Under Management |
|
623,620 |
|
624,478 |
|
639,573 |
|
629,630 |
|
654,421 |
|
623,620 |
|
654,421 |
|
30,801 |
|
5 |
% |
30,801 |
|
5 |
% |
24,791 |
|
4 |
% | ||||||||||
Total Assets Under Administration |
|
149,113 |
|
152,107 |
|
156,072 |
|
157,742 |
|
163,165 |
|
149,113 |
|
163,165 |
|
14,052 |
|
9 |
% |
14,052 |
|
9 |
% |
5,423 |
|
3 |
% | ||||||||||
Total AUM and AUA |
|
$ |
772,733 |
|
$ |
776,585 |
|
$ |
795,645 |
|
$ |
787,372 |
|
$ |
817,586 |
|
$ |
772,733 |
|
$ |
817,586 |
|
$ |
44,853 |
|
6 |
% |
$ |
44,853 |
|
6 |
% |
$ |
30,214 |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Business Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Ameriprise client assets |
|
$ |
451,417 |
|
$ |
461,740 |
|
$ |
475,662 |
|
$ |
479,209 |
|
$ |
498,907 |
|
$ |
451,417 |
|
$ |
498,907 |
|
$ |
47,490 |
|
11 |
% |
$ |
47,490 |
|
11 |
% |
$ |
19,698 |
|
4 |
% |
Total branded financial advisors |
|
9,766 |
|
9,758 |
|
9,747 |
|
9,675 |
|
9,668 |
|
9,766 |
|
9,668 |
|
(98 |
) |
(1 |
)% |
(98 |
) |
(1 |
)% |
(7 |
) |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net Flows and Net Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Branded advisor wrap |
|
$ |
1,829 |
|
$ |
2,294 |
|
$ |
2,751 |
|
$ |
3,310 |
|
$ |
3,944 |
|
$ |
1,829 |
|
$ |
3,944 |
|
$ |
2,115 |
|
# |
|
$ |
2,115 |
|
# |
|
$ |
634 |
|
19 |
% |
Asset Management |
|
(7,465 |
) |
(4,726 |
) |
(4,349 |
) |
(2,095 |
) |
(5,629 |
) |
(7,465 |
) |
(5,629 |
) |
1,836 |
|
25 |
% |
1,836 |
|
25 |
% |
(3,534 |
) |
# |
| ||||||||||
Annuities |
|
(560 |
) |
(768 |
) |
(890 |
) |
(983 |
) |
(1,336 |
) |
(560 |
) |
(1,336 |
) |
(776 |
) |
# |
|
(776 |
) |
# |
|
(353 |
) |
(36 |
)% | ||||||||||
Variable universal life / Universal life |
|
(48 |
) |
(61 |
) |
(57 |
) |
(33 |
) |
(74 |
) |
(48 |
) |
(74 |
) |
(26 |
) |
(54 |
)% |
(26 |
) |
(54 |
)% |
(41 |
) |
# |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
S&P 500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Daily average |
|
1,952 |
|
2,074 |
|
2,161 |
|
2,185 |
|
2,324 |
|
1,952 |
|
2,324 |
|
372 |
|
19 |
% |
372 |
|
19 |
% |
139 |
|
6 |
% | ||||||||||
Period end |
|
2,060 |
|
2,099 |
|
2,168 |
|
2,239 |
|
2,363 |
|
2,060 |
|
2,363 |
|
303 |
|
15 |
% |
303 |
|
15 |
% |
124 |
|
6 |
% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Weighted Equity Index (WEI) (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Daily average |
|
1,428 |
|
1,516 |
|
1,579 |
|
1,596 |
|
1,695 |
|
1,428 |
|
1,695 |
|
267 |
|
19 |
% |
267 |
|
19 |
% |
99 |
|
6 |
% | ||||||||||
Period end |
|
1,506 |
|
1,527 |
|
1,591 |
|
1,637 |
|
1,724 |
|
1,506 |
|
1,724 |
|
218 |
|
14 |
% |
218 |
|
14 |
% |
87 |
|
5 |
% |
(1) See non-GAAP financial information on pg 33. Non-GAAP financial measure reconciliations can be found on pages 47 and 48.
(2) Calculated as Ameriprise Financial shareholders equity excluding CIEs divided by common shares outstanding plus common stock equivalents outstanding at period end.
(3) Calculated as Ameriprise Financial shareholders equity excluding CIEs and AOCI divided by common shares outstanding plus common stock equivalents outstanding at period end.
(4) Weighted Equity Index is an Ameriprise calculated proxy for equity market movements calculated using a weighted average of the S&P 500, Russell 2000, Russell Midcap and MSCI EAFE indices based on North America distributed equity assets.
# Variance equal to or greater than 100%.
Ameriprise Financial, Inc.
Common Share and Capital Summary
First Quarter 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2016 |
|
2 Qtr 2016 |
|
3 Qtr 2016 |
|
4 Qtr 2016 |
|
1 Qtr 2017 |
|
2016 |
|
2017 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
Common shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Beginning balance |
|
171.0 |
|
166.8 |
|
162.2 |
|
158.5 |
|
154.8 |
|
171.0 |
|
154.8 |
|
(16.2 |
) |
(9 |
)% |
(16.2 |
) |
(9 |
)% |
(3.7 |
) |
(2 |
)% | ||||||||||
Repurchases |
|
(5.1 |
) |
(4.7 |
) |
(3.9 |
) |
(3.8 |
) |
(2.9 |
) |
(5.1 |
) |
(2.9 |
) |
2.2 |
|
43 |
% |
2.2 |
|
43 |
% |
0.9 |
|
24 |
% | ||||||||||
Issuances |
|
1.1 |
|
0.2 |
|
0.3 |
|
0.3 |
|
2.1 |
|
1.1 |
|
2.1 |
|
1.0 |
|
91 |
% |
1.0 |
|
91 |
% |
1.8 |
|
# |
| ||||||||||
Other |
|
(0.2 |
) |
(0.1 |
) |
(0.1 |
) |
(0.2 |
) |
(1.0 |
) |
(0.2 |
) |
(1.0 |
) |
(0.8 |
) |
# |
|
(0.8 |
) |
# |
|
(0.8 |
) |
# |
| ||||||||||
Total common shares outstanding |
|
166.8 |
|
162.2 |
|
158.5 |
|
154.8 |
|
153.0 |
|
166.8 |
|
153.0 |
|
(13.8 |
) |
(8 |
)% |
(13.8 |
) |
(8 |
)% |
(1.8 |
) |
(1 |
)% | ||||||||||
Restricted stock units |
|
3.5 |
|
3.6 |
|
3.6 |
|
3.7 |
|
3.4 |
|
3.5 |
|
3.4 |
|
(0.1 |
) |
(3 |
)% |
(0.1 |
) |
(3 |
)% |
(0.3 |
) |
(8 |
)% | ||||||||||
Total basic common shares outstanding |
|
170.3 |
|
165.8 |
|
162.1 |
|
158.5 |
|
156.4 |
|
170.3 |
|
156.4 |
|
(13.9 |
) |
(8 |
)% |
(13.9 |
) |
(8 |
)% |
(2.1 |
) |
(1 |
)% | ||||||||||
Total potentially dilutive shares |
|
1.7 |
|
1.8 |
|
1.8 |
|
2.2 |
|
2.5 |
|
1.7 |
|
2.5 |
|
0.8 |
|
47 |
% |
0.8 |
|
47 |
% |
0.3 |
|
14 |
% | ||||||||||
Total diluted shares |
|
172.0 |
|
167.6 |
|
163.9 |
|
160.7 |
|
158.9 |
|
172.0 |
|
158.9 |
|
(13.1 |
) |
(8 |
)% |
(13.1 |
) |
(8 |
)% |
(1.8 |
) |
(1 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Capital Returned to Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Dividends paid |
|
$ |
117 |
|
$ |
127 |
|
$ |
124 |
|
$ |
121 |
|
$ |
121 |
|
$ |
117 |
|
$ |
121 |
|
$ |
4 |
|
3 |
% |
$ |
4 |
|
3 |
% |
$ |
|
|
|
|
Common stock share repurchases |
|
$ |
451 |
|
$ |
444 |
|
$ |
378 |
|
$ |
402 |
|
$ |
357 |
|
$ |
451 |
|
$ |
357 |
|
$ |
(94 |
) |
(21 |
)% |
$ |
(94 |
) |
(21 |
)% |
$ |
(45 |
) |
(11 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Allocated Capital (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Advice & Wealth Management |
|
$ |
597 |
|
$ |
610 |
|
$ |
624 |
|
$ |
637 |
|
$ |
653 |
|
$ |
597 |
|
$ |
653 |
|
$ |
56 |
|
9 |
% |
$ |
56 |
|
9 |
% |
$ |
16 |
|
3 |
% |
Asset Management |
|
1,833 |
|
1,829 |
|
1,827 |
|
1,817 |
|
1,814 |
|
1,833 |
|
1,814 |
|
(19 |
) |
(1 |
)% |
(19 |
) |
(1 |
)% |
(3 |
) |
|
| ||||||||||
Annuities |
|
1,897 |
|
1,895 |
|
1,950 |
|
1,968 |
|
1,991 |
|
1,897 |
|
1,991 |
|
94 |
|
5 |
% |
94 |
|
5 |
% |
23 |
|
1 |
% | ||||||||||
Protection |
|
1,504 |
|
1,505 |
|
1,516 |
|
1,522 |
|
1,478 |
|
1,504 |
|
1,478 |
|
(26 |
) |
(2 |
)% |
(26 |
) |
(2 |
)% |
(44 |
) |
(3 |
)% | ||||||||||
Corporate & Other |
|
3,373 |
|
2,936 |
|
3,108 |
|
2,998 |
|
2,921 |
|
3,373 |
|
2,921 |
|
(452 |
) |
(13 |
)% |
(452 |
) |
(13 |
)% |
(77 |
) |
(3 |
)% | ||||||||||
Total allocated capital |
|
$ |
9,204 |
|
$ |
8,775 |
|
$ |
9,025 |
|
$ |
8,942 |
|
$ |
8,857 |
|
$ |
9,204 |
|
$ |
8,857 |
|
$ |
(347 |
) |
(4 |
)% |
$ |
(347 |
) |
(4 |
)% |
$ |
(85 |
) |
(1 |
)% |
(1) Allocated capital equals Ameriprise Financial shareholders equity excluding consolidated investment entities less AOCI plus Ameriprise Financial long-term debt excluding fair value of hedges, unamortized discount, debt issuance costs and capital lease obligations. Allocated capital is not adjusted for non-operating items except for CIEs.
# Variance equal to or greater than 100%.
Ameriprise Financial, Inc.
Segment Summary
First Quarter 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2016 |
|
2 Qtr 2016 |
|
3 Qtr 2016 |
|
4 Qtr 2016 |
|
1 Qtr 2017 |
|
2016 |
|
2017 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
Segment Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Advice & Wealth Management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating total net revenues |
|
$ |
1,198 |
|
$ |
1,250 |
|
$ |
1,272 |
|
$ |
1,316 |
|
$ |
1,295 |
|
$ |
1,198 |
|
$ |
1,295 |
|
$ |
97 |
|
8 |
% |
$ |
97 |
|
8 |
% |
$ |
(21 |
) |
(2 |
)% |
Operating expenses |
|
993 |
|
1,029 |
|
1,041 |
|
1,062 |
|
1,047 |
|
993 |
|
1,047 |
|
54 |
|
5 |
% |
54 |
|
5 |
% |
(15 |
) |
(1 |
)% | ||||||||||
Pretax operating earnings |
|
$ |
205 |
|
$ |
221 |
|
$ |
231 |
|
$ |
254 |
|
$ |
248 |
|
$ |
205 |
|
$ |
248 |
|
$ |
43 |
|
21 |
% |
$ |
43 |
|
21 |
% |
$ |
(6 |
) |
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Allocated capital |
|
$ |
597 |
|
$ |
610 |
|
$ |
624 |
|
$ |
637 |
|
$ |
653 |
|
$ |
597 |
|
$ |
653 |
|
$ |
56 |
|
9 |
% |
$ |
56 |
|
9 |
% |
$ |
16 |
|
3 |
% |
Operating return on allocated capital (1) |
|
121.3 |
% |
119.4 |
% |
121.2 |
% |
123.9 |
% |
127.6 |
% |
121.3 |
% |
127.6 |
% |
6.3 |
% |
|
|
6.3 |
% |
|
|
3.7 |
% |
|
| ||||||||||
Pretax operating margin |
|
17.1 |
% |
17.7 |
% |
18.2 |
% |
19.3 |
% |
19.2 |
% |
17.1 |
% |
19.2 |
% |
2.1 |
% |
|
|
2.1 |
% |
|
|
(0.1 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Asset Management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating total net revenues |
|
$ |
724 |
|
$ |
739 |
|
$ |
740 |
|
$ |
761 |
|
$ |
726 |
|
$ |
724 |
|
$ |
726 |
|
$ |
2 |
|
|
|
$ |
2 |
|
|
|
$ |
(35 |
) |
(5 |
)% |
Operating expenses |
|
575 |
|
591 |
|
585 |
|
592 |
|
576 |
|
575 |
|
576 |
|
1 |
|
|
|
1 |
|
|
|
(16 |
) |
(3 |
)% | ||||||||||
Pretax operating earnings |
|
$ |
149 |
|
$ |
148 |
|
$ |
155 |
|
$ |
169 |
|
$ |
150 |
|
$ |
149 |
|
$ |
150 |
|
$ |
1 |
|
1 |
% |
$ |
1 |
|
1 |
% |
$ |
(19 |
) |
(11 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Allocated capital |
|
$ |
1,833 |
|
$ |
1,829 |
|
$ |
1,827 |
|
$ |
1,817 |
|
$ |
1,814 |
|
$ |
1,833 |
|
$ |
1,814 |
|
$ |
(19 |
) |
(1 |
)% |
$ |
(19 |
) |
(1 |
)% |
$ |
(3 |
) |
|
|
Operating return on allocated capital (1) |
|
29.9 |
% |
28.5 |
% |
28.5 |
% |
27.8 |
% |
28.5 |
% |
29.9 |
% |
28.5 |
% |
(1.4 |
)% |
|
|
(1.4 |
)% |
|
|
0.7 |
% |
|
| ||||||||||
Pretax operating margin |
|
20.6 |
% |
20.0 |
% |
20.9 |
% |
22.2 |
% |
20.7 |
% |
20.6 |
% |
20.7 |
% |
0.1 |
% |
|
|
0.1 |
% |
|
|
(1.5 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating total net revenues |
|
$ |
724 |
|
$ |
739 |
|
$ |
740 |
|
$ |
761 |
|
$ |
726 |
|
$ |
724 |
|
$ |
726 |
|
$ |
2 |
|
|
|
$ |
2 |
|
|
|
$ |
(35 |
) |
(5 |
)% |
Distribution pass thru revenues |
|
(199 |
) |
(203 |
) |
(211 |
) |
(204 |
) |
(206 |
) |
(199 |
) |
(206 |
) |
(7 |
) |
(4 |
)% |
(7 |
) |
(4 |
)% |
(2 |
) |
(1 |
)% | ||||||||||
Subadvisory and other pass thru revenues |
|
(87 |
) |
(88 |
) |
(85 |
) |
(94 |
) |
(92 |
) |
(87 |
) |
(92 |
) |
(5 |
) |
(6 |
)% |
(5 |
) |
(6 |
)% |
2 |
|
2 |
% | ||||||||||
Adjusted operating revenues (2) |
|
$ |
438 |
|
$ |
448 |
|
$ |
444 |
|
$ |
463 |
|
$ |
428 |
|
$ |
438 |
|
$ |
428 |
|
$ |
(10 |
) |
(2 |
)% |
$ |
(10 |
) |
(2 |
)% |
$ |
(35 |
) |
(8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax operating earnings |
|
$ |
149 |
|
$ |
148 |
|
$ |
155 |
|
$ |
169 |
|
$ |
150 |
|
$ |
149 |
|
$ |
150 |
|
$ |
1 |
|
1 |
% |
$ |
1 |
|
1 |
% |
$ |
(19 |
) |
(11 |
)% |
Operating net investment income |
|
(3 |
) |
(5 |
) |
(1 |
) |
(5 |
) |
(4 |
) |
(3 |
) |
(4 |
) |
(1 |
) |
(33 |
)% |
(1 |
) |
(33 |
)% |
1 |
|
20 |
% | ||||||||||
Amortization of intangibles |
|
6 |
|
5 |
|
5 |
|
5 |
|
4 |
|
6 |
|
4 |
|
(2 |
) |
(33 |
)% |
(2 |
) |
(33 |
)% |
(1 |
) |
(20 |
)% | ||||||||||
Adjusted operating earnings (2) |
|
$ |
152 |
|
$ |
148 |
|
$ |
159 |
|
$ |
169 |
|
$ |
150 |
|
$ |
152 |
|
$ |
150 |
|
$ |
(2 |
) |
(1 |
)% |
$ |
(2 |
) |
(1 |
)% |
$ |
(19 |
) |
(11 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Adjusted net pretax operating margin (2)(3) |
|
34.7 |
% |
33.0 |
% |
35.8 |
% |
36.5 |
% |
35.0 |
% |
34.7 |
% |
35.0 |
% |
0.3 |
% |
|
|
0.3 |
% |
|
|
(1.5 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Annuities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating total net revenues |
|
$ |
596 |
|
$ |
619 |
|
$ |
631 |
|
$ |
617 |
|
$ |
608 |
|
$ |
596 |
|
$ |
608 |
|
$ |
12 |
|
2 |
% |
$ |
12 |
|
2 |
% |
$ |
(9 |
) |
(1 |
)% |
Operating expenses |
|
472 |
|
473 |
|
699 |
|
490 |
|
469 |
|
472 |
|
469 |
|
(3 |
) |
(1 |
)% |
(3 |
) |
(1 |
)% |
(21 |
) |
(4 |
)% | ||||||||||
Pretax operating earnings (loss) |
|
$ |
124 |
|
$ |
146 |
|
$ |
(68 |
) |
$ |
127 |
|
$ |
139 |
|
$ |
124 |
|
$ |
139 |
|
$ |
15 |
|
12 |
% |
$ |
15 |
|
12 |
% |
$ |
12 |
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Allocated capital |
|
$ |
1,897 |
|
$ |
1,895 |
|
$ |
1,950 |
|
$ |
1,968 |
|
$ |
1,991 |
|
$ |
1,897 |
|
$ |
1,991 |
|
$ |
94 |
|
5 |
% |
$ |
94 |
|
5 |
% |
$ |
23 |
|
1 |
% |
Operating return on allocated capital (1) |
|
24.1 |
% |
24.5 |
% |
14.3 |
% |
13.3 |
% |
14.3 |
% |
24.1 |
% |
14.3 |
% |
(9.8 |
)% |
|
|
(9.8 |
)% |
|
|
1.0 |
% |
|
| ||||||||||
Pretax operating margin |
|
20.8 |
% |
23.6 |
% |
(10.8 |
)% |
20.6 |
% |
22.9 |
% |
20.8 |
% |
22.9 |
% |
2.1 |
% |
|
|
2.1 |
% |
|
|
2.3 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Protection |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating total net revenues |
|
$ |
542 |
|
$ |
538 |
|
$ |
613 |
|
$ |
548 |
|
$ |
521 |
|
$ |
542 |
|
$ |
521 |
|
$ |
(21 |
) |
(4 |
)% |
$ |
(21 |
) |
(4 |
)% |
$ |
(27 |
) |
(5 |
)% |
Operating expenses |
|
474 |
|
500 |
|
529 |
|
475 |
|
458 |
|
474 |
|
458 |
|
(16 |
) |
(3 |
)% |
(16 |
) |
(3 |
)% |
(17 |
) |
(4 |
)% | ||||||||||
Pretax operating earnings |
|
$ |
68 |
|
$ |
38 |
|
$ |
84 |
|
$ |
73 |
|
$ |
63 |
|
$ |
68 |
|
$ |
63 |
|
$ |
(5 |
) |
(7 |
)% |
$ |
(5 |
) |
(7 |
)% |
$ |
(10 |
) |
(14 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Allocated capital |
|
$ |
1,504 |
|
$ |
1,505 |
|
$ |
1,516 |
|
$ |
1,522 |
|
$ |
1,478 |
|
$ |
1,504 |
|
$ |
1,478 |
|
$ |
(26 |
) |
(2 |
)% |
$ |
(26 |
) |
(2 |
)% |
$ |
(44 |
) |
(3 |
)% |
Operating return on allocated capital (1) |
|
9.7 |
% |
8.8 |
% |
12.7 |
% |
14.4 |
% |
14.4 |
% |
9.7 |
% |
14.4 |
% |
4.7 |
% |
|
|
4.7 |
% |
|
|
|
|
|
| ||||||||||
Pretax operating margin |
|
12.5 |
% |
7.1 |
% |
13.7 |
% |
13.3 |
% |
12.1 |
% |
12.5 |
% |
12.1 |
% |
(0.4 |
)% |
|
|
(0.4 |
)% |
|
|
(1.2 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Corporate & Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Corporate excluding Long Term Care pretax operating loss |
|
$ |
(50 |
) |
$ |
(76 |
) |
$ |
(72 |
) |
$ |
(74 |
) |
$ |
(81 |
) |
$ |
(50 |
) |
$ |
(81 |
) |
$ |
(31 |
) |
(62 |
)% |
$ |
(31 |
) |
(62 |
)% |
$ |
(7 |
) |
(9 |
)% |
Long Term Care pretax operating earnings (loss) |
|
$ |
1 |
|
$ |
(1 |
) |
$ |
(73 |
) |
$ |
(14 |
) |
$ |
1 |
|
$ |
1 |
|
$ |
1 |
|
$ |
|
|
|
|
$ |
|
|
|
|
$ |
15 |
|
# |
|
(1) Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated capital as of the last day of the trailing four quarters and current quarter in the denominator.
(2) See non-GAAP financial information on pg 33.
(3) Calculated as adjusted operating earnings as a percentage of adjusted operating revenues.
# Variance equal to or greater than 100%.
Ameriprise Financial, Inc.
Advice & Wealth Management Segment
First Quarter 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2016 |
|
2 Qtr 2016 |
|
3 Qtr 2016 |
|
4 Qtr 2016 |
|
1 Qtr 2017 |
|
2016 |
|
2017 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
Advice & Wealth Management Segment Operating Income Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Management and financial advice fees |
|
$ |
631 |
|
$ |
669 |
|
$ |
689 |
|
$ |
718 |
|
$ |
722 |
|
$ |
631 |
|
$ |
722 |
|
$ |
91 |
|
14 |
% |
$ |
91 |
|
14 |
% |
$ |
4 |
|
1 |
% |
Distribution fees |
|
514 |
|
524 |
|
531 |
|
540 |
|
513 |
|
514 |
|
513 |
|
(1 |
) |
|
|
(1 |
) |
|
|
(27 |
) |
(5 |
)% | ||||||||||
Net investment income |
|
44 |
|
47 |
|
47 |
|
48 |
|
52 |
|
44 |
|
52 |
|
8 |
|
18 |
% |
8 |
|
18 |
% |
4 |
|
8 |
% | ||||||||||
Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Other revenues |
|
18 |
|
18 |
|
17 |
|
20 |
|
18 |
|
18 |
|
18 |
|
|
|
|
|
|
|
|
|
(2 |
) |
(10 |
)% | ||||||||||
Total revenues |
|
1,207 |
|
1,258 |
|
1,284 |
|
1,326 |
|
1,305 |
|
1,207 |
|
1,305 |
|
98 |
|
8 |
% |
98 |
|
8 |
% |
(21 |
) |
(2 |
)% | ||||||||||
Banking and deposit interest expense |
|
9 |
|
8 |
|
12 |
|
10 |
|
10 |
|
9 |
|
10 |
|
1 |
|
11 |
% |
1 |
|
11 |
% |
|
|
|
| ||||||||||
Operating total net revenues |
|
1,198 |
|
1,250 |
|
1,272 |
|
1,316 |
|
1,295 |
|
1,198 |
|
1,295 |
|
97 |
|
8 |
% |
97 |
|
8 |
% |
(21 |
) |
(2 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Distribution expenses |
|
732 |
|
762 |
|
781 |
|
797 |
|
777 |
|
732 |
|
777 |
|
45 |
|
6 |
% |
45 |
|
6 |
% |
(20 |
) |
(3 |
)% | ||||||||||
Interest credited to fixed accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Benefits, claims, losses and settlement expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Amortization of deferred acquisition costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Interest and debt expense |
|
2 |
|
2 |
|
2 |
|
2 |
|
2 |
|
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
General and administrative expense |
|
259 |
|
265 |
|
258 |
|
263 |
|
268 |
|
259 |
|
268 |
|
9 |
|
3 |
% |
9 |
|
3 |
% |
5 |
|
2 |
% | ||||||||||
Operating expenses |
|
993 |
|
1,029 |
|
1,041 |
|
1,062 |
|
1,047 |
|
993 |
|
1,047 |
|
54 |
|
5 |
% |
54 |
|
5 |
% |
(15 |
) |
(1 |
)% | ||||||||||
Pretax operating earnings |
|
$ |
205 |
|
$ |
221 |
|
$ |
231 |
|
$ |
254 |
|
$ |
248 |
|
$ |
205 |
|
$ |
248 |
|
$ |
43 |
|
21 |
% |
$ |
43 |
|
21 |
% |
$ |
(6 |
) |
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax operating margin |
|
17.1 |
% |
17.7 |
% |
18.2 |
% |
19.3 |
% |
19.2 |
% |
17.1 |
% |
19.2 |
% |
2.1 |
% |
|
|
2.1 |
% |
|
|
(0.1 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Return on Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Allocated capital |
|
$ |
597 |
|
$ |
610 |
|
$ |
624 |
|
$ |
637 |
|
$ |
653 |
|
$ |
597 |
|
$ |
653 |
|
$ |
56 |
|
9 |
% |
$ |
56 |
|
9 |
% |
$ |
16 |
|
3 |
% |
Operating return on allocated capital (1) |
|
121.3 |
% |
119.4 |
% |
121.2 |
% |
123.9 |
% |
127.6 |
% |
121.3 |
% |
127.6 |
% |
6.3 |
% |
|
|
6.3 |
% |
|
|
3.7 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Brokerage cash balance (2) |
|
$ |
23,374 |
|
$ |
23,181 |
|
$ |
24,047 |
|
$ |
26,765 |
|
$ |
26,240 |
|
$ |
23,374 |
|
$ |
26,240 |
|
$ |
2,866 |
|
12 |
% |
$ |
2,866 |
|
12 |
% |
$ |
(525 |
) |
(2 |
)% |
Brokerage sweep fee |
|
0.44 |
% |
0.46 |
% |
0.48 |
% |
0.53 |
% |
0.73 |
% |
0.44 |
% |
0.73 |
% |
0.29 |
% |
|
|
0.29 |
% |
|
|
0.20 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
On-balance sheet deposits |
|
$ |
8,883 |
|
$ |
9,141 |
|
$ |
9,452 |
|
$ |
10,048 |
|
$ |
10,328 |
|
$ |
8,883 |
|
$ |
10,328 |
|
$ |
1,445 |
|
16 |
% |
$ |
1,445 |
|
16 |
% |
$ |
280 |
|
3 |
% |
(1) |
Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated capital as of the last day of the trailing four quarters and current quarter in the denominator. |
(2) |
Brokerage cash includes both off-balance sheet and on-balance sheet deposits. In the 1st quarter of 2016 through the 1st quarter of 2017, on-balance sheet deposits included in brokerage cash are $3.7B, $3.7B, $3.8B, $4.1B, and $4.2B, respectively. |
Ameriprise Financial, Inc.
Advice & Wealth Management Segment
First Quarter 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
(in millions, except headcount and where noted, unaudited) |
|
1 Qtr 2016 |
|
2 Qtr 2016 |
|
3 Qtr 2016 |
|
4 Qtr 2016 |
|
1 Qtr 2017 |
|
2016 |
|
2017 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
Product Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Certificates and Banking - Combined |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax operating earnings |
|
$ |
13 |
|
$ |
15 |
|
$ |
11 |
|
$ |
15 |
|
$ |
15 |
|
$ |
13 |
|
$ |
15 |
|
$ |
2 |
|
15 |
% |
$ |
2 |
|
15 |
% |
$ |
|
|
|
|
Allocated capital |
|
$ |
287 |
|
$ |
298 |
|
$ |
311 |
|
$ |
327 |
|
$ |
339 |
|
$ |
287 |
|
$ |
339 |
|
$ |
52 |
|
18 |
% |
$ |
52 |
|
18 |
% |
$ |
12 |
|
4 |
% |
Operating return on allocated capital (1) |
|
14.5 |
% |
14.2 |
% |
14.0 |
% |
14.7 |
% |
14.9 |
% |
14.5 |
% |
14.9 |
% |
0.4 |
% |
|
|
0.4 |
% |
|
|
0.2 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Wealth Management & Distribution |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax operating earnings |
|
$ |
192 |
|
$ |
206 |
|
$ |
220 |
|
$ |
239 |
|
$ |
233 |
|
$ |
192 |
|
$ |
233 |
|
$ |
41 |
|
21 |
% |
$ |
41 |
|
21 |
% |
$ |
(6 |
) |
(3 |
)% |
Allocated capital |
|
$ |
310 |
|
$ |
312 |
|
$ |
313 |
|
$ |
310 |
|
$ |
314 |
|
$ |
310 |
|
$ |
314 |
|
$ |
4 |
|
1 |
% |
$ |
4 |
|
1 |
% |
$ |
4 |
|
1 |
% |
Operating return on allocated capital (1) |
|
218.7 |
% |
216.9 |
% |
223.3 |
% |
231.0 |
% |
240.5 |
% |
218.7 |
% |
240.5 |
% |
21.8 |
% |
|
|
21.8 |
% |
|
|
9.5 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Financial Plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Branded financial plan net cash sales |
|
$ |
64 |
|
$ |
66 |
|
$ |
67 |
|
$ |
78 |
|
$ |
69 |
|
$ |
64 |
|
$ |
69 |
|
$ |
5 |
|
8 |
% |
$ |
5 |
|
8 |
% |
$ |
(9 |
) |
(12 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Financial Advisors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Employee advisors |
|
2,046 |
|
2,054 |
|
2,047 |
|
2,007 |
|
1,997 |
|
2,046 |
|
1,997 |
|
(49 |
) |
(2 |
)% |
(49 |
) |
(2 |
)% |
(10 |
) |
|
| ||||||||||
Franchisee advisors |
|
7,720 |
|
7,704 |
|
7,700 |
|
7,668 |
|
7,671 |
|
7,720 |
|
7,671 |
|
(49 |
) |
(1 |
)% |
(49 |
) |
(1 |
)% |
3 |
|
|
| ||||||||||
Total branded financial advisors |
|
9,766 |
|
9,758 |
|
9,747 |
|
9,675 |
|
9,668 |
|
9,766 |
|
9,668 |
|
(98 |
) |
(1 |
)% |
(98 |
) |
(1 |
)% |
(7 |
) |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating total net revenues per financial advisor (in thousands) (2) |
|
$ |
123 |
|
$ |
128 |
|
$ |
131 |
|
$ |
136 |
|
$ |
134 |
|
$ |
123 |
|
$ |
134 |
|
$ |
11 |
|
9 |
% |
$ |
11 |
|
9 |
% |
$ |
(2 |
) |
(1 |
)% |
Operating total net revenues per financial advisor-trailing twelve months (in thousands) (3) |
|
$ |
510 |
|
$ |
507 |
|
$ |
511 |
|
$ |
518 |
|
$ |
529 |
|
$ |
510 |
|
$ |
529 |
|
$ |
19 |
|
4 |
% |
$ |
19 |
|
4 |
% |
$ |
11 |
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Advisor Retention |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Employee |
|
90.7 |
% |
90.4 |
% |
89.7 |
% |
88.9 |
% |
89.1 |
% |
90.7 |
% |
89.1 |
% |
(1.6 |
)% |
|
|
(1.6 |
)% |
|
|
0.2 |
% |
|
| ||||||||||
Franchisee |
|
93.8 |
% |
93.6 |
% |
93.1 |
% |
92.8 |
% |
92.7 |
% |
93.8 |
% |
92.7 |
% |
(1.1 |
)% |
|
|
(1.1 |
)% |
|
|
(0.1 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Client Assets (at period end) |
|
$ |
451,417 |
|
$ |
461,740 |
|
$ |
475,662 |
|
$ |
479,209 |
|
$ |
498,907 |
|
$ |
451,417 |
|
$ |
498,907 |
|
$ |
47,490 |
|
11 |
% |
$ |
47,490 |
|
11 |
% |
$ |
19,698 |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Wrap Accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Beginning assets |
|
$ |
180,488 |
|
$ |
183,359 |
|
$ |
189,739 |
|
$ |
197,485 |
|
$ |
201,078 |
|
$ |
180,488 |
|
$ |
201,078 |
|
$ |
20,590 |
|
11 |
% |
$ |
20,590 |
|
11 |
% |
$ |
3,593 |
|
2 |
% |
Net flows |
|
1,829 |
|
2,294 |
|
2,751 |
|
3,310 |
|
3,944 |
|
1,829 |
|
3,944 |
|
2,115 |
|
# |
|
2,115 |
|
# |
|
634 |
|
19 |
% | ||||||||||
Market appreciation (depreciation) and other |
|
1,042 |
|
4,086 |
|
4,995 |
|
283 |
|
7,865 |
|
1,042 |
|
7,865 |
|
6,823 |
|
# |
|
6,823 |
|
# |
|
7,582 |
|
# |
| ||||||||||
Total wrap ending assets |
|
$ |
183,359 |
|
$ |
189,739 |
|
$ |
197,485 |
|
$ |
201,078 |
|
$ |
212,887 |
|
$ |
183,359 |
|
$ |
212,887 |
|
$ |
29,528 |
|
16 |
% |
$ |
29,528 |
|
16 |
% |
$ |
11,809 |
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Advisory wrap account assets ending balance (4) |
|
$ |
181,580 |
|
$ |
187,872 |
|
$ |
195,444 |
|
$ |
198,946 |
|
$ |
210,937 |
|
$ |
181,580 |
|
$ |
210,937 |
|
$ |
29,357 |
|
16 |
% |
$ |
29,357 |
|
16 |
% |
$ |
11,991 |
|
6 |
% |
(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 equal to or greater than 100%.
Ameriprise Financial, Inc.
Asset Management Segment
First Quarter 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2016 |
|
2 Qtr 2016 |
|
3 Qtr 2016 |
|
4 Qtr 2016 |
|
1 Qtr 2017 |
|
2016 |
|
2017 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
Asset Management Segment Operating Income Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Management and financial advice fees |
|
$ |
602 |
|
$ |
612 |
|
$ |
612 |
|
$ |
626 |
|
$ |
598 |
|
$ |
602 |
|
$ |
598 |
|
$ |
(4 |
) |
(1 |
)% |
$ |
(4 |
) |
(1 |
)% |
$ |
(28 |
) |
(4 |
)% |
Distribution fees |
|
117 |
|
121 |
|
125 |
|
124 |
|
121 |
|
117 |
|
121 |
|
4 |
|
3 |
% |
4 |
|
3 |
% |
(3 |
) |
(2 |
)% | ||||||||||
Net investment income |
|
3 |
|
5 |
|
1 |
|
5 |
|
4 |
|
3 |
|
4 |
|
1 |
|
33 |
% |
1 |
|
33 |
% |
(1 |
) |
(20 |
)% | ||||||||||
Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Other revenues |
|
2 |
|
1 |
|
2 |
|
6 |
|
3 |
|
2 |
|
3 |
|
1 |
|
50 |
% |
1 |
|
50 |
% |
(3 |
) |
(50 |
)% | ||||||||||
Total revenues |
|
724 |
|
739 |
|
740 |
|
761 |
|
726 |
|
724 |
|
726 |
|
2 |
|
|
|
2 |
|
|
|
(35 |
) |
(5 |
)% | ||||||||||
Banking and deposit interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating total net revenues |
|
724 |
|
739 |
|
740 |
|
761 |
|
726 |
|
724 |
|
726 |
|
2 |
|
|
|
2 |
|
|
|
(35 |
) |
(5 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Distribution expenses |
|
247 |
|
254 |
|
261 |
|
257 |
|
257 |
|
247 |
|
257 |
|
10 |
|
4 |
% |
10 |
|
4 |
% |
|
|
|
| ||||||||||
Interest credited to fixed accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Benefits, claims, losses and settlement expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Amortization of deferred acquisition costs |
|
4 |
|
5 |
|
4 |
|
5 |
|
4 |
|
4 |
|
4 |
|
|
|
|
|
|
|
|
|
(1 |
) |
(20 |
)% | ||||||||||
Interest and debt expense |
|
6 |
|
5 |
|
5 |
|
5 |
|
5 |
|
6 |
|
5 |
|
(1 |
) |
(17 |
)% |
(1 |
) |
(17 |
)% |
|
|
|
| ||||||||||
General and administrative expense |
|
318 |
|
327 |
|
315 |
|
325 |
|
310 |
|
318 |
|
310 |
|
(8 |
) |
(3 |
)% |
(8 |
) |
(3 |
)% |
(15 |
) |
(5 |
)% | ||||||||||
Operating expenses |
|
575 |
|
591 |
|
585 |
|
592 |
|
576 |
|
575 |
|
576 |
|
1 |
|
|
|
1 |
|
|
|
(16 |
) |
(3 |
)% | ||||||||||
Pretax operating earnings |
|
$ |
149 |
|
$ |
148 |
|
$ |
155 |
|
$ |
169 |
|
$ |
150 |
|
$ |
149 |
|
$ |
150 |
|
$ |
1 |
|
1 |
% |
$ |
1 |
|
1 |
% |
$ |
(19 |
) |
(11 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax operating margin |
|
20.6 |
% |
20.0 |
% |
20.9 |
% |
22.2 |
% |
20.7 |
% |
20.6 |
% |
20.7 |
% |
0.1 |
% |
|
|
0.1 |
% |
|
|
(1.5 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating total net revenues |
|
$ |
724 |
|
$ |
739 |
|
$ |
740 |
|
$ |
761 |
|
$ |
726 |
|
$ |
724 |
|
$ |
726 |
|
$ |
2 |
|
|
|
$ |
2 |
|
|
|
$ |
(35 |
) |
(5 |
)% |
Distribution pass thru revenues |
|
(199 |
) |
(203 |
) |
(211 |
) |
(204 |
) |
(206 |
) |
(199 |
) |
(206 |
) |
(7 |
) |
(4 |
)% |
(7 |
) |
(4 |
)% |
(2 |
) |
(1 |
)% | ||||||||||
Subadvisory and other pass thru revenues |
|
(87 |
) |
(88 |
) |
(85 |
) |
(94 |
) |
(92 |
) |
(87 |
) |
(92 |
) |
(5 |
) |
(6 |
)% |
(5 |
) |
(6 |
)% |
2 |
|
2 |
% | ||||||||||
Adjusted operating revenues (1) |
|
$ |
438 |
|
$ |
448 |
|
$ |
444 |
|
$ |
463 |
|
$ |
428 |
|
$ |
438 |
|
$ |
428 |
|
$ |
(10 |
) |
(2 |
)% |
$ |
(10 |
) |
(2 |
)% |
$ |
(35 |
) |
(8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax operating earnings |
|
$ |
149 |
|
$ |
148 |
|
$ |
155 |
|
$ |
169 |
|
$ |
150 |
|
$ |
149 |
|
$ |
150 |
|
$ |
1 |
|
1 |
% |
$ |
1 |
|
1 |
% |
$ |
(19 |
) |
(11 |
)% |
Operating net investment income |
|
(3 |
) |
(5 |
) |
(1 |
) |
(5 |
) |
(4 |
) |
(3 |
) |
(4 |
) |
(1 |
) |
(33 |
)% |
(1 |
) |
(33 |
)% |
1 |
|
20 |
% | ||||||||||
Amortization of intangibles |
|
6 |
|
5 |
|
5 |
|
5 |
|
4 |
|
6 |
|
4 |
|
(2 |
) |
(33 |
)% |
(2 |
) |
(33 |
)% |
(1 |
) |
(20 |
)% | ||||||||||
Adjusted operating earnings (1) |
|
$ |
152 |
|
$ |
148 |
|
$ |
159 |
|
$ |
169 |
|
$ |
150 |
|
$ |
152 |
|
$ |
150 |
|
$ |
(2 |
) |
(1 |
)% |
$ |
(2 |
) |
(1 |
)% |
$ |
(19 |
) |
(11 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Adjusted net pretax operating margin (1)(2) |
|
34.7 |
% |
33.0 |
% |
35.8 |
% |
36.5 |
% |
35.0 |
% |
34.7 |
% |
35.0 |
% |
0.3 |
% |
|
|
0.3 |
% |
|
|
(1.5 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Performance Fees (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net performance fees |
|
$ |
6 |
|
$ |
1 |
|
$ |
1 |
|
$ |
6 |
|
$ |
|
|
$ |
6 |
|
$ |
|
|
$ |
(6 |
) |
# |
|
$ |
(6 |
) |
# |
|
$ |
(6 |
) |
# |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Return on Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Allocated capital |
|
$ |
1,833 |
|
$ |
1,829 |
|
$ |
1,827 |
|
$ |
1,817 |
|
$ |
1,814 |
|
$ |
1,833 |
|
$ |
1,814 |
|
$ |
(19 |
) |
(1 |
)% |
$ |
(19 |
) |
(1 |
)% |
$ |
(3 |
) |
|
|
Operating return on allocated capital (4) |
|
29.9 |
% |
28.5 |
% |
28.5 |
% |
27.8 |
% |
28.5 |
% |
29.9 |
% |
28.5 |
% |
(1.4 |
)% |
|
|
(1.4 |
)% |
|
|
0.7 |
% |
|
|
(1) See non-GAAP financial information on pg 33.
(2) Calculated as adjusted operating earnings as a percentage of adjusted operating revenues.
(3) Performance fees, which are net of associated compensation, do not include CLO incentive fees.
(4) Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated capital as of the last day of the trailing four quarters and current quarter in the denominator.
# Variance equal to or greater than 100%.
Ameriprise Financial, Inc.
Asset Management Segment
First Quarter 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2016 |
|
2 Qtr 2016 |
|
3 Qtr 2016 |
|
4 Qtr 2016 |
|
1 Qtr 2017 |
|
2016 |
|
2017 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
Total Managed Assets by Type |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Equity |
|
$ |
244,653 |
|
$ |
241,001 |
|
$ |
245,939 |
|
$ |
240,034 |
|
$ |
249,805 |
|
$ |
244,653 |
|
$ |
249,805 |
|
$ |
5,152 |
|
2 |
% |
$ |
5,152 |
|
2 |
% |
$ |
9,771 |
|
4 |
% |
Fixed income |
|
179,465 |
|
179,752 |
|
183,329 |
|
175,945 |
|
178,365 |
|
179,465 |
|
178,365 |
|
(1,100 |
) |
(1 |
)% |
(1,100 |
) |
(1 |
)% |
2,420 |
|
1 |
% | ||||||||||
Money market |
|
7,548 |
|
7,292 |
|
6,600 |
|
6,320 |
|
6,110 |
|
7,548 |
|
6,110 |
|
(1,438 |
) |
(19 |
)% |
(1,438 |
) |
(19 |
)% |
(210 |
) |
(3 |
)% | ||||||||||
Alternative |
|
8,227 |
|
7,221 |
|
7,264 |
|
7,364 |
|
7,334 |
|
8,227 |
|
7,334 |
|
(893 |
) |
(11 |
)% |
(893 |
) |
(11 |
)% |
(30 |
) |
|
| ||||||||||
Hybrid and other |
|
24,166 |
|
24,311 |
|
24,638 |
|
24,750 |
|
25,417 |
|
24,166 |
|
25,417 |
|
1,251 |
|
5 |
% |
1,251 |
|
5 |
% |
667 |
|
3 |
% | ||||||||||
Total managed assets by type |
|
$ |
464,059 |
|
$ |
459,577 |
|
$ |
467,770 |
|
$ |
454,413 |
|
$ |
467,031 |
|
$ |
464,059 |
|
$ |
467,031 |
|
$ |
2,972 |
|
1 |
% |
$ |
2,972 |
|
1 |
% |
$ |
12,618 |
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Average Managed Assets by Type (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Equity |
|
$ |
241,769 |
|
$ |
244,996 |
|
$ |
244,636 |
|
$ |
240,327 |
|
$ |
245,539 |
|
$ |
241,769 |
|
$ |
245,539 |
|
$ |
3,770 |
|
2 |
% |
$ |
3,770 |
|
2 |
% |
$ |
5,212 |
|
2 |
% |
Fixed income |
|
176,789 |
|
179,557 |
|
182,349 |
|
178,776 |
|
177,398 |
|
176,789 |
|
177,398 |
|
609 |
|
|
|
609 |
|
|
|
(1,378 |
) |
(1 |
)% | ||||||||||
Money market |
|
7,746 |
|
7,225 |
|
6,946 |
|
6,494 |
|
5,976 |
|
7,746 |
|
5,976 |
|
(1,770 |
) |
(23 |
)% |
(1,770 |
) |
(23 |
)% |
(518 |
) |
(8 |
)% | ||||||||||
Alternative |
|
8,139 |
|
7,650 |
|
7,228 |
|
7,091 |
|
7,364 |
|
8,139 |
|
7,364 |
|
(775 |
) |
(10 |
)% |
(775 |
) |
(10 |
)% |
273 |
|
4 |
% | ||||||||||
Hybrid and other |
|
23,645 |
|
24,702 |
|
24,615 |
|
24,676 |
|
25,141 |
|
23,645 |
|
25,141 |
|
1,496 |
|
6 |
% |
1,496 |
|
6 |
% |
465 |
|
2 |
% | ||||||||||
Total average managed assets by type |
|
$ |
458,088 |
|
$ |
464,130 |
|
$ |
465,774 |
|
$ |
457,364 |
|
$ |
461,418 |
|
$ |
458,088 |
|
$ |
461,418 |
|
$ |
3,330 |
|
1 |
% |
$ |
3,330 |
|
1 |
% |
$ |
4,054 |
|
1 |
% |
(1) Average ending balances are calculated using the average of the prior periods ending balance and all months in the current period.
Ameriprise Financial, Inc.
Asset Management Segment
First Quarter 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2016 |
|
2 Qtr 2016 |
|
3 Qtr 2016 |
|
4 Qtr 2016 |
|
1 Qtr 2017 |
|
2016 |
|
2017 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
Managed Assets Rollforward |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Global Retail Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Beginning assets |
|
$ |
263,866 |
|
$ |
259,846 |
|
$ |
259,249 |
|
$ |
266,025 |
|
$ |
259,919 |
|
$ |
263,866 |
|
$ |
259,919 |
|
$ |
(3,947 |
) |
(1 |
)% |
$ |
(3,947 |
) |
(1 |
)% |
$ |
(6,106 |
) |
(2 |
)% |
Inflows |
|
12,504 |
|
13,486 |
|
12,342 |
|
13,910 |
|
14,835 |
|
12,504 |
|
14,835 |
|
2,331 |
|
19 |
% |
2,331 |
|
19 |
% |
925 |
|
7 |
% | ||||||||||
Inflows from acquisitions (1) |
|
|
|
|
|
976 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Outflows |
|
(15,579 |
) |
(15,869 |
) |
(14,239 |
) |
(17,772 |
) |
(18,178 |
) |
(15,579 |
) |
(18,178 |
) |
(2,599 |
) |
(17 |
)% |
(2,599 |
) |
(17 |
)% |
(406 |
) |
(2 |
)% | ||||||||||
Net VP/VIT fund flows |
|
(187 |
) |
(501 |
) |
(617 |
) |
(743 |
) |
(960 |
) |
(187 |
) |
(960 |
) |
(773 |
) |
# |
|
(773 |
) |
# |
|
(217 |
) |
(29 |
)% | ||||||||||
Net new flows |
|
(3,262 |
) |
(2,884 |
) |
(1,538 |
) |
(4,605 |
) |
(4,303 |
) |
(3,262 |
) |
(4,303 |
) |
(1,041 |
) |
(32 |
)% |
(1,041 |
) |
(32 |
)% |
302 |
|
7 |
% | ||||||||||
Reinvested dividends |
|
407 |
|
2,726 |
|
582 |
|
4,398 |
|
424 |
|
407 |
|
424 |
|
17 |
|
4 |
% |
17 |
|
4 |
% |
(3,974 |
) |
(90 |
)% | ||||||||||
Net flows |
|
(2,855 |
) |
(158 |
) |
(956 |
) |
(207 |
) |
(3,879 |
) |
(2,855 |
) |
(3,879 |
) |
(1,024 |
) |
(36 |
)% |
(1,024 |
) |
(36 |
)% |
(3,672 |
) |
# |
| ||||||||||
Distributions |
|
(575 |
) |
(3,125 |
) |
(851 |
) |
(5,309 |
) |
(600 |
) |
(575 |
) |
(600 |
) |
(25 |
) |
(4 |
)% |
(25 |
) |
(4 |
)% |
4,709 |
|
89 |
% | ||||||||||
Market appreciation (depreciation) and other |
|
(213 |
) |
4,653 |
|
9,464 |
|
1,322 |
|
11,383 |
|
(213 |
) |
11,383 |
|
11,596 |
|
# |
|
11,596 |
|
# |
|
10,061 |
|
# |
| ||||||||||
Foreign currency translation (2) |
|
(377 |
) |
(1,967 |
) |
(881 |
) |
(1,912 |
) |
497 |
|
(377 |
) |
497 |
|
874 |
|
# |
|
874 |
|
# |
|
2,409 |
|
# |
| ||||||||||
Total ending assets |
|
259,846 |
|
259,249 |
|
266,025 |
|
259,919 |
|
267,320 |
|
259,846 |
|
267,320 |
|
7,474 |
|
3 |
% |
7,474 |
|
3 |
% |
7,401 |
|
3 |
% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
% of total retail assets sub-advised |
|
16.2 |
% |
16.7 |
% |
16.4 |
% |
16.9 |
% |
17.0 |
% |
16.2 |
% |
17.0 |
% |
0.8 |
% |
|
|
0.8 |
% |
|
|
0.2 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Global Institutional |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Beginning assets |
|
208,022 |
|
204,213 |
|
200,328 |
|
201,745 |
|
194,494 |
|
208,022 |
|
194,494 |
|
(13,528 |
) |
(7 |
)% |
(13,528 |
) |
(7 |
)% |
(7,251 |
) |
(4 |
)% | ||||||||||
Inflows |
|
7,358 |
|
6,030 |
|
5,101 |
|
5,562 |
|
7,124 |
|
7,358 |
|
7,124 |
|
(234 |
) |
(3 |
)% |
(234 |
) |
(3 |
)% |
1,562 |
|
28 |
% | ||||||||||
Outflows |
|
(11,968 |
) |
(10,598 |
) |
(8,494 |
) |
(7,450 |
) |
(8,874 |
) |
(11,968 |
) |
(8,874 |
) |
3,094 |
|
26 |
% |
3,094 |
|
26 |
% |
(1,424 |
) |
(19 |
)% | ||||||||||
Net flows |
|
(4,610 |
) |
(4,568 |
) |
(3,393 |
) |
(1,888 |
) |
(1,750 |
) |
(4,610 |
) |
(1,750 |
) |
2,860 |
|
62 |
% |
2,860 |
|
62 |
% |
138 |
|
7 |
% | ||||||||||
Market appreciation (depreciation) and other (3)(4) |
|
2,312 |
|
5,415 |
|
7,106 |
|
(1,293 |
) |
5,958 |
|
2,312 |
|
5,958 |
|
3,646 |
|
# |
|
3,646 |
|
# |
|
7,251 |
|
# |
| ||||||||||
Foreign currency translation (2) |
|
(1,511 |
) |
(4,732 |
) |
(2,296 |
) |
(4,070 |
) |
1,009 |
|
(1,511 |
) |
1,009 |
|
2,520 |
|
# |
|
2,520 |
|
# |
|
5,079 |
|
# |
| ||||||||||
Total ending assets |
|
204,213 |
|
200,328 |
|
201,745 |
|
194,494 |
|
199,711 |
|
204,213 |
|
199,711 |
|
(4,502 |
) |
(2 |
)% |
(4,502 |
) |
(2 |
)% |
5,217 |
|
3 |
% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total managed assets |
|
$ |
464,059 |
|
$ |
459,577 |
|
$ |
467,770 |
|
$ |
454,413 |
|
$ |
467,031 |
|
$ |
464,059 |
|
$ |
467,031 |
|
$ |
2,972 |
|
1 |
% |
$ |
2,972 |
|
1 |
% |
$ |
12,618 |
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total net flows |
|
$ |
(7,465 |
) |
$ |
(4,726 |
) |
$ |
(4,349 |
) |
$ |
(2,095 |
) |
$ |
(5,629 |
) |
$ |
(7,465 |
) |
$ |
(5,629 |
) |
$ |
1,836 |
|
25 |
% |
$ |
1,836 |
|
25 |
% |
$ |
(3,534 |
) |
# |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Former Parent Company Related (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Retail net new flows |
|
$ |
(256 |
) |
$ |
(331 |
) |
$ |
(26 |
) |
$ |
(712 |
) |
$ |
(920 |
) |
$ |
(256 |
) |
$ |
(920 |
) |
$ |
(664 |
) |
# |
|
$ |
(664 |
) |
# |
|
$ |
(208 |
) |
(29 |
)% |
Institutional net new flows |
|
(4,079 |
) |
(1,929 |
) |
(1,412 |
) |
(1,201 |
) |
(1,467 |
) |
(4,079 |
) |
(1,467 |
) |
2,612 |
|
64 |
% |
2,612 |
|
64 |
% |
(266 |
) |
(22 |
)% | ||||||||||
Total net new flows |
|
$ |
(4,335 |
) |
$ |
(2,260 |
) |
$ |
(1,438 |
) |
$ |
(1,913 |
) |
$ |
(2,387 |
) |
$ |
(4,335 |
) |
$ |
(2,387 |
) |
$ |
1,948 |
|
45 |
% |
$ |
1,948 |
|
45 |
% |
$ |
(474 |
) |
(25 |
)% |
(1) Inflows associated with acquisitions that closed during the quarter.
(2) Amounts represent local currency to US dollar translation for reporting purposes.
(3) Included in Market appreciation (depreciation) and other for Global Institutional in the 4th quarter of 2016 are ($0.4B) due to the transfer of assets from Separately Managed Accounts (SMAs) to Unified Managed Accounts (UMAs).
(4) Included in Market appreciation (depreciation) and other for Global Institutional is the change in the affiliated general account balance.
(5) Former parent company related assets and net new flows are included in the rollforwards above.
# Variance equal to or greater than 100%.
Ameriprise Financial, Inc.
Asset Management Segment - Columbia
First Quarter 2017
Mutual Fund Rankings in top 2 Lipper Quartiles
|
|
|
|
1 Qtr 2016 |
|
2 Qtr 2016 |
|
3 Qtr 2016 |
|
4 Qtr 2016 |
|
1 Qtr 2017 |
|
Domestic Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equal weighted |
|
1 year |
|
68 |
% |
56 |
% |
62 |
% |
56 |
% |
69 |
% |
|
|
3 year |
|
62 |
% |
71 |
% |
68 |
% |
75 |
% |
75 |
% |
|
|
5 year |
|
57 |
% |
59 |
% |
67 |
% |
71 |
% |
71 |
% |
Asset weighted |
|
1 year |
|
80 |
% |
65 |
% |
74 |
% |
41 |
% |
67 |
% |
|
|
3 year |
|
74 |
% |
84 |
% |
78 |
% |
81 |
% |
79 |
% |
|
|
5 year |
|
68 |
% |
73 |
% |
84 |
% |
75 |
% |
79 |
% |
International Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equal weighted |
|
1 year |
|
55 |
% |
55 |
% |
55 |
% |
20 |
% |
45 |
% |
|
|
3 year |
|
68 |
% |
60 |
% |
60 |
% |
55 |
% |
55 |
% |
|
|
5 year |
|
60 |
% |
61 |
% |
80 |
% |
70 |
% |
70 |
% |
Asset weighted |
|
1 year |
|
37 |
% |
36 |
% |
73 |
% |
12 |
% |
33 |
% |
|
|
3 year |
|
39 |
% |
36 |
% |
44 |
% |
44 |
% |
44 |
% |
|
|
5 year |
|
41 |
% |
42 |
% |
52 |
% |
47 |
% |
48 |
% |
Taxable Fixed Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equal weighted |
|
1 year |
|
63 |
% |
58 |
% |
78 |
% |
72 |
% |
78 |
% |
|
|
3 year |
|
59 |
% |
59 |
% |
71 |
% |
76 |
% |
76 |
% |
|
|
5 year |
|
71 |
% |
82 |
% |
76 |
% |
76 |
% |
82 |
% |
Asset weighted |
|
1 year |
|
70 |
% |
61 |
% |
82 |
% |
75 |
% |
70 |
% |
|
|
3 year |
|
77 |
% |
65 |
% |
76 |
% |
83 |
% |
83 |
% |
|
|
5 year |
|
83 |
% |
87 |
% |
85 |
% |
86 |
% |
88 |
% |
Tax Exempt Fixed Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equal weighted |
|
1 year |
|
89 |
% |
89 |
% |
84 |
% |
74 |
% |
84 |
% |
|
|
3 year |
|
100 |
% |
100 |
% |
89 |
% |
89 |
% |
89 |
% |
|
|
5 year |
|
100 |
% |
94 |
% |
94 |
% |
100 |
% |
100 |
% |
Asset weighted |
|
1 year |
|
92 |
% |
92 |
% |
92 |
% |
59 |
% |
97 |
% |
|
|
3 year |
|
100 |
% |
100 |
% |
81 |
% |
86 |
% |
92 |
% |
|
|
5 year |
|
100 |
% |
87 |
% |
88 |
% |
100 |
% |
100 |
% |
Asset Allocation Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equal weighted |
|
1 year |
|
85 |
% |
77 |
% |
69 |
% |
31 |
% |
62 |
% |
|
|
3 year |
|
100 |
% |
100 |
% |
100 |
% |
100 |
% |
90 |
% |
|
|
5 year |
|
100 |
% |
88 |
% |
75 |
% |
75 |
% |
88 |
% |
Asset weighted |
|
1 year |
|
98 |
% |
97 |
% |
87 |
% |
15 |
% |
48 |
% |
|
|
3 year |
|
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
|
|
5 year |
|
100 |
% |
98 |
% |
81 |
% |
82 |
% |
98 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of 4- or 5-star Morningstar rated funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall |
|
|
|
51 |
|
51 |
|
54 |
|
51 |
|
49 |
|
3 year |
|
|
|
50 |
|
55 |
|
54 |
|
45 |
|
46 |
|
5 year |
|
|
|
46 |
|
45 |
|
52 |
|
44 |
|
46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent of 4- or 5-star Morningstar rated funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall |
|
|
|
50 |
% |
53 |
% |
56 |
% |
54 |
% |
52 |
% |
3 year |
|
|
|
50 |
% |
57 |
% |
56 |
% |
48 |
% |
48 |
% |
5 year |
|
|
|
48 |
% |
49 |
% |
55 |
% |
47 |
% |
49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent of 4- or 5-star Morningstar rated assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall |
|
|
|
61 |
% |
66 |
% |
68 |
% |
64 |
% |
63 |
% |
3 year |
|
|
|
61 |
% |
74 |
% |
75 |
% |
64 |
% |
68 |
% |
5 year |
|
|
|
61 |
% |
64 |
% |
67 |
% |
53 |
% |
63 |
% |
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.
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 divided by total assets of all funds. Funds with more assets will receive a greater share of the total percentage above or below median.
Ameriprise Financial, Inc.
Asset Management Segment - Threadneedle
First Quarter 2017
Retail Fund Rankings in Top 2 Morningstar Quartiles or Above Index Benchmark
|
|
|
|
1 Qtr 2016 |
|
2 Qtr 2016 |
|
3 Qtr 2016 |
|
4 Qtr 2016 |
|
1 Qtr 2017 |
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equal weighted |
|
1 year |
|
81 |
% |
60 |
% |
52 |
% |
26 |
% |
30 |
% |
|
|
3 year |
|
70 |
% |
67 |
% |
72 |
% |
58 |
% |
68 |
% |
|
|
5 year |
|
78 |
% |
79 |
% |
71 |
% |
72 |
% |
70 |
% |
Asset weighted |
|
1 year |
|
88 |
% |
66 |
% |
62 |
% |
40 |
% |
42 |
% |
|
|
3 year |
|
56 |
% |
68 |
% |
69 |
% |
67 |
% |
79 |
% |
|
|
5 year |
|
86 |
% |
91 |
% |
63 |
% |
67 |
% |
66 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equal weighted |
|
1 year |
|
38 |
% |
42 |
% |
58 |
% |
70 |
% |
72 |
% |
|
|
3 year |
|
59 |
% |
55 |
% |
50 |
% |
59 |
% |
69 |
% |
|
|
5 year |
|
52 |
% |
62 |
% |
64 |
% |
65 |
% |
64 |
% |
Asset weighted |
|
1 year |
|
68 |
% |
57 |
% |
57 |
% |
68 |
% |
79 |
% |
|
|
3 year |
|
83 |
% |
80 |
% |
69 |
% |
74 |
% |
90 |
% |
|
|
5 year |
|
45 |
% |
62 |
% |
73 |
% |
69 |
% |
75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocation (Managed) Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equal weighted |
|
1 year |
|
88 |
% |
100 |
% |
88 |
% |
67 |
% |
44 |
% |
|
|
3 year |
|
100 |
% |
100 |
% |
88 |
% |
100 |
% |
100 |
% |
|
|
5 year |
|
100 |
% |
100 |
% |
83 |
% |
83 |
% |
100 |
% |
Asset weighted |
|
1 year |
|
93 |
% |
100 |
% |
80 |
% |
70 |
% |
32 |
% |
|
|
3 year |
|
100 |
% |
100 |
% |
97 |
% |
100 |
% |
100 |
% |
|
|
5 year |
|
100 |
% |
100 |
% |
92 |
% |
92 |
% |
100 |
% |
The performance of each fund is measured on a consistent basis against the most appropriate benchmark - a peer group of similar funds or an index.
Equal weighted: Counts the number of funds with above median ranking (if measured against peer group) or above index performance (if measured against an index) divided by the total number of funds. Asset size is not a factor.
Asset weighted: Sums the assets of the funds with above median ranking (if measured against peer group) or above index performance (if measured against an index) divided by the total sum of assets in the funds. Funds with more assets will receive a greater share of the total percentage above or below median or index.
Aggregated Allocation (Managed) Funds include funds that invest in other funds of the Threadneedle range including those funds that invest in both equity and fixed income.
Aggregated Threadneedle data includes funds on the Threadneedle platform sub-advised by Columbia as well as advisors not affiliated with Ameriprise Financial, Inc.
Ameriprise Financial, Inc.
Annuities Segment
First Quarter 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2016 |
|
2 Qtr 2016 |
|
3 Qtr 2016 |
|
4 Qtr 2016 |
|
1 Qtr 2017 |
|
2016 |
|
2017 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Annuities Segment Operating Income Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Management and financial advice fees |
|
$ |
177 |
|
$ |
184 |
|
$ |
188 |
|
$ |
183 |
|
$ |
187 |
|
$ |
177 |
|
$ |
187 |
|
$ |
10 |
|
6 |
% |
$ |
10 |
|
6 |
% |
$ |
4 |
|
2 |
% |
Distribution fees |
|
83 |
|
88 |
|
89 |
|
89 |
|
87 |
|
83 |
|
87 |
|
4 |
|
5 |
% |
4 |
|
5 |
% |
(2 |
) |
(2 |
)% | ||||||||||
Net investment income |
|
192 |
|
189 |
|
192 |
|
187 |
|
179 |
|
192 |
|
179 |
|
(13 |
) |
(7 |
)% |
(13 |
) |
(7 |
)% |
(8 |
) |
(4 |
)% | ||||||||||
Premiums |
|
28 |
|
32 |
|
29 |
|
27 |
|
27 |
|
28 |
|
27 |
|
(1 |
) |
(4 |
)% |
(1 |
) |
(4 |
)% |
|
|
|
| ||||||||||
Other revenues |
|
116 |
|
126 |
|
133 |
|
131 |
|
128 |
|
116 |
|
128 |
|
12 |
|
10 |
% |
12 |
|
10 |
% |
(3 |
) |
(2 |
)% | ||||||||||
Total revenues |
|
596 |
|
619 |
|
631 |
|
617 |
|
608 |
|
596 |
|
608 |
|
12 |
|
2 |
% |
12 |
|
2 |
% |
(9 |
) |
(1 |
)% | ||||||||||
Banking and deposit interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating total net revenues |
|
596 |
|
619 |
|
631 |
|
617 |
|
608 |
|
596 |
|
608 |
|
12 |
|
2 |
% |
12 |
|
2 |
% |
(9 |
) |
(1 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Distribution expenses |
|
103 |
|
107 |
|
106 |
|
107 |
|
102 |
|
103 |
|
102 |
|
(1 |
) |
(1 |
)% |
(1 |
) |
(1 |
)% |
(5 |
) |
(5 |
)% | ||||||||||
Interest credited to fixed accounts |
|
119 |
|
119 |
|
122 |
|
118 |
|
118 |
|
119 |
|
118 |
|
(1 |
) |
(1 |
)% |
(1 |
) |
(1 |
)% |
|
|
|
| ||||||||||
Benefits, claims, losses and settlement expenses |
|
144 |
|
138 |
|
346 |
|
152 |
|
143 |
|
144 |
|
143 |
|
(1 |
) |
(1 |
)% |
(1 |
) |
(1 |
)% |
(9 |
) |
(6 |
)% | ||||||||||
Amortization of deferred acquisition costs |
|
45 |
|
48 |
|
66 |
|
50 |
|
47 |
|
45 |
|
47 |
|
2 |
|
4 |
% |
2 |
|
4 |
% |
(3 |
) |
(6 |
)% | ||||||||||
Interest and debt expense |
|
8 |
|
9 |
|
7 |
|
9 |
|
8 |
|
8 |
|
8 |
|
|
|
|
|
|
|
|
|
(1 |
) |
(11 |
)% | ||||||||||
General and administrative expense |
|
53 |
|
52 |
|
52 |
|
54 |
|
51 |
|
53 |
|
51 |
|
(2 |
) |
(4 |
)% |
(2 |
) |
(4 |
)% |
(3 |
) |
(6 |
)% | ||||||||||
Operating expenses |
|
472 |
|
473 |
|
699 |
|
490 |
|
469 |
|
472 |
|
469 |
|
(3 |
) |
(1 |
)% |
(3 |
) |
(1 |
)% |
(21 |
) |
(4 |
)% | ||||||||||
Pretax operating earnings |
|
$ |
124 |
|
$ |
146 |
|
$ |
(68 |
) |
$ |
127 |
|
$ |
139 |
|
$ |
124 |
|
$ |
139 |
|
$ |
15 |
|
12 |
% |
$ |
15 |
|
12 |
% |
$ |
12 |
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax operating margin |
|
20.8 |
% |
23.6 |
% |
(10.8 |
)% |
20.6 |
% |
22.9 |
% |
20.8 |
% |
22.9 |
% |
2.1 |
% |
|
|
2.1 |
% |
|
|
2.3 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Return on Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Allocated capital |
|
$ |
1,897 |
|
$ |
1,895 |
|
$ |
1,950 |
|
$ |
1,968 |
|
$ |
1,991 |
|
$ |
1,897 |
|
$ |
1,991 |
|
$ |
94 |
|
5 |
% |
$ |
94 |
|
5 |
% |
$ |
23 |
|
1 |
% |
Operating return on allocated capital (1) |
|
24.1 |
% |
24.5 |
% |
14.3 |
% |
13.3 |
% |
14.3 |
% |
24.1 |
% |
14.3 |
% |
(9.8 |
)% |
|
|
(9.8 |
)% |
|
|
1.0 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Market impact on variable annuity guaranteed benefits (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Risk margin and nonperformance spread impact |
|
$ |
141 |
|
$ |
84 |
|
$ |
13 |
|
$ |
(115 |
) |
$ |
(22 |
) |
$ |
141 |
|
$ |
(22 |
) |
$ |
(163 |
) |
# |
|
$ |
(163 |
) |
# |
|
$ |
93 |
|
81 |
% |
Other |
|
(124 |
) |
(142 |
) |
(50 |
) |
(23 |
) |
(41 |
) |
(124 |
) |
(41 |
) |
83 |
|
67 |
% |
83 |
|
67 |
% |
(18 |
) |
(78 |
)% | ||||||||||
Total VA guaranteed benefit impact excluded from operating earnings |
|
$ |
17 |
|
$ |
(58 |
) |
$ |
(37 |
) |
$ |
(138 |
) |
$ |
(63 |
) |
$ |
17 |
|
$ |
(63 |
) |
$ |
(80 |
) |
# |
|
$ |
(80 |
) |
# |
|
$ |
75 |
|
54 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total annuity net flows |
|
$ |
(560 |
) |
$ |
(768 |
) |
$ |
(890 |
) |
$ |
(983 |
) |
$ |
(1,336 |
) |
$ |
(560 |
) |
$ |
(1,336 |
) |
$ |
(776 |
) |
# |
|
$ |
(776 |
) |
# |
|
$ |
(353 |
) |
(36 |
)% |
(1) Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated capital as of the last day of the trailing four quarters and current quarter in the denominator.
(2) Guaranteed Minimum Withdrawal Benefit (GMWB) and Guaranteed Minimum Accumulation Benefit (GMAB) only, net of variable annuity guarantee hedges, DSIC and DAC amortization.
# Variance equal to or greater than 100%.
Ameriprise Financial, Inc.
Annuities Segment
First Quarter 2017
|
|
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|
|
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|
|
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|
|
|
|
|
|
|
|
|
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|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
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|
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|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2016 |
|
2 Qtr 2016 |
|
3 Qtr 2016 |
|
4 Qtr 2016 |
|
1 Qtr 2017 |
|
2016 |
|
2017 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
|
|
|
|
|
|
|
|
|
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| ||||||||||
Product Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Variable Annuities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax operating earnings |
|
$ |
100 |
|
$ |
118 |
|
$ |
(97 |
) |
$ |
107 |
|
$ |
116 |
|
$ |
100 |
|
$ |
116 |
|
$ |
16 |
|
16 |
% |
$ |
16 |
|
16 |
% |
$ |
9 |
|
8 |
% |
Allocated capital (1) |
|
$ |
650 |
|
$ |
650 |
|
$ |
650 |
|
$ |
650 |
|
$ |
650 |
|
$ |
650 |
|
$ |
650 |
|
$ |
|
|
|
|
$ |
|
|
|
|
$ |
|
|
|
|
Operating return on allocated capital (2) |
|
59.2 |
% |
59.9 |
% |
28.8 |
% |
26.6 |
% |
29.7 |
% |
59.2 |
% |
29.7 |
% |
(29.5 |
)% |
|
|
(29.5 |
)% |
|
|
3.1 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Fixed Annuities (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax operating earnings |
|
$ |
24 |
|
$ |
28 |
|
$ |
29 |
|
$ |
20 |
|
$ |
23 |
|
$ |
24 |
|
$ |
23 |
|
$ |
(1 |
) |
(4 |
)% |
$ |
(1 |
) |
(4 |
)% |
$ |
3 |
|
15 |
% |
Allocated capital |
|
$ |
1,247 |
|
$ |
1,245 |
|
$ |
1,300 |
|
$ |
1,318 |
|
$ |
1,341 |
|
$ |
1,247 |
|
$ |
1,341 |
|
$ |
94 |
|
8 |
% |
$ |
94 |
|
8 |
% |
$ |
23 |
|
2 |
% |
Operating return on allocated capital (2) |
|
6.1 |
% |
6.2 |
% |
6.7 |
% |
6.5 |
% |
6.5 |
% |
6.1 |
% |
6.5 |
% |
0.4 |
% |
|
|
0.4 |
% |
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Variable Annuities Rollforward |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Beginning balance |
|
$ |
74,244 |
|
$ |
74,207 |
|
$ |
74,580 |
|
$ |
75,866 |
|
$ |
74,817 |
|
$ |
74,244 |
|
$ |
74,817 |
|
$ |
573 |
|
1 |
% |
$ |
573 |
|
1 |
% |
$ |
(1,049 |
) |
(1 |
)% |
Deposits |
|
1,147 |
|
1,170 |
|
1,160 |
|
1,117 |
|
948 |
|
1,147 |
|
948 |
|
(199 |
) |
(17 |
)% |
(199 |
) |
(17 |
)% |
(169 |
) |
(15 |
)% | ||||||||||
Withdrawals and terminations |
|
(1,458 |
) |
(1,682 |
) |
(1,810 |
) |
(1,849 |
) |
(2,018 |
) |
(1,458 |
) |
(2,018 |
) |
(560 |
) |
(38 |
)% |
(560 |
) |
(38 |
)% |
(169 |
) |
(9 |
)% | ||||||||||
Net flows |
|
(311 |
) |
(512 |
) |
(650 |
) |
(732 |
) |
(1,070 |
) |
(311 |
) |
(1,070 |
) |
(759 |
) |
# |
|
(759 |
) |
# |
|
(338 |
) |
(46 |
)% | ||||||||||
Investment performance and interest credited |
|
274 |
|
885 |
|
1,936 |
|
(317 |
) |
2,618 |
|
274 |
|
2,618 |
|
2,344 |
|
# |
|
2,344 |
|
# |
|
2,935 |
|
# |
| ||||||||||
Total ending balance - contract accumulation values |
|
$ |
74,207 |
|
$ |
74,580 |
|
$ |
75,866 |
|
$ |
74,817 |
|
$ |
76,365 |
|
$ |
74,207 |
|
$ |
76,365 |
|
$ |
2,158 |
|
3 |
% |
$ |
2,158 |
|
3 |
% |
$ |
1,548 |
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Variable annuities fixed sub-accounts |
|
$ |
4,966 |
|
$ |
5,060 |
|
$ |
5,152 |
|
$ |
5,211 |
|
$ |
5,212 |
|
$ |
4,966 |
|
$ |
5,212 |
|
$ |
246 |
|
5 |
% |
$ |
246 |
|
5 |
% |
$ |
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Fixed Annuities Rollforward |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Beginning balance |
|
$ |
10,673 |
|
$ |
10,503 |
|
$ |
10,325 |
|
$ |
10,163 |
|
$ |
9,991 |
|
$ |
10,673 |
|
$ |
9,991 |
|
$ |
(682 |
) |
(6 |
)% |
$ |
(682 |
) |
(6 |
)% |
$ |
(172 |
) |
(2 |
)% |
Deposits |
|
66 |
|
53 |
|
38 |
|
34 |
|
43 |
|
66 |
|
43 |
|
(23 |
) |
(35 |
)% |
(23 |
) |
(35 |
)% |
9 |
|
26 |
% | ||||||||||
Withdrawals and terminations |
|
(315 |
) |
(309 |
) |
(278 |
) |
(285 |
) |
(309 |
) |
(315 |
) |
(309 |
) |
6 |
|
2 |
% |
6 |
|
2 |
% |
(24 |
) |
(8 |
)% | ||||||||||
Net flows |
|
(249 |
) |
(256 |
) |
(240 |
) |
(251 |
) |
(266 |
) |
(249 |
) |
(266 |
) |
(17 |
) |
(7 |
)% |
(17 |
) |
(7 |
)% |
(15 |
) |
(6 |
)% | ||||||||||
Policyholder interest credited |
|
79 |
|
78 |
|
78 |
|
79 |
|
75 |
|
79 |
|
75 |
|
(4 |
) |
(5 |
)% |
(4 |
) |
(5 |
)% |
(4 |
) |
(5 |
)% | ||||||||||
Total ending balance - contract accumulation values |
|
$ |
10,503 |
|
$ |
10,325 |
|
$ |
10,163 |
|
$ |
9,991 |
|
$ |
9,800 |
|
$ |
10,503 |
|
$ |
9,800 |
|
$ |
(703 |
) |
(7 |
)% |
$ |
(703 |
) |
(7 |
)% |
$ |
(191 |
) |
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Capitalized interest |
|
$ |
1 |
|
$ |
|
|
$ |
1 |
|
$ |
1 |
|
$ |
1 |
|
$ |
1 |
|
$ |
1 |
|
$ |
|
|
|
|
$ |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Payout Annuities Reserve Balance |
|
$ |
2,090 |
|
$ |
2,088 |
|
$ |
2,088 |
|
$ |
2,096 |
|
$ |
2,090 |
|
$ |
2,090 |
|
$ |
2,090 |
|
$ |
|
|
|
|
$ |
|
|
|
|
$ |
(6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Tax Equivalent Spread - Fixed Annuities (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Gross rate of return on invested assets (5) |
|
4.6 |
% |
4.6 |
% |
4.6 |
% |
4.6 |
% |
4.4 |
% |
4.6 |
% |
4.4 |
% |
(0.2 |
)% |
|
|
(0.2 |
)% |
|
|
(0.2 |
)% |
|
| ||||||||||
Crediting rate excluding capitalized interest |
|
(3.0 |
)% |
(3.0 |
)% |
(3.0 |
)% |
(3.1 |
)% |
(3.1 |
)% |
(3.0 |
)% |
(3.1 |
)% |
(0.1 |
)% |
|
|
(0.1 |
)% |
|
|
|
|
|
| ||||||||||
Tax equivalent margin spread |
|
1.6 |
% |
1.6 |
% |
1.6 |
% |
1.5 |
% |
1.3 |
% |
1.6 |
% |
1.3 |
% |
(0.3 |
)% |
|
|
(0.3 |
)% |
|
|
(0.2 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Variable Annuities DAC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Beginning balance |
|
$ |
1,722 |
|
$ |
1,695 |
|
$ |
1,685 |
|
$ |
1,670 |
|
$ |
1,724 |
|
$ |
1,722 |
|
$ |
1,724 |
|
$ |
2 |
|
|
|
$ |
2 |
|
|
|
$ |
54 |
|
3 |
% |
Capitalization |
|
42 |
|
41 |
|
41 |
|
41 |
|
34 |
|
42 |
|
34 |
|
(8 |
) |
(19 |
)% |
(8 |
) |
(19 |
)% |
(7 |
) |
(17 |
)% | ||||||||||
Non-operating amortization |
|
(16 |
) |
2 |
|
8 |
|
37 |
|
9 |
|
(16 |
) |
9 |
|
25 |
|
# |
|
25 |
|
# |
|
(28 |
) |
(76 |
)% | ||||||||||
Amortization per income statement |
|
(40 |
) |
(43 |
) |
(64 |
) |
(45 |
) |
(42 |
) |
(40 |
) |
(42 |
) |
(2 |
) |
(5 |
)% |
(2 |
) |
(5 |
)% |
3 |
|
7 |
% | ||||||||||
Other |
|
(13 |
) |
(10 |
) |
|
|
21 |
|
1 |
|
(13 |
) |
1 |
|
14 |
|
# |
|
14 |
|
# |
|
(20 |
) |
(95 |
)% | ||||||||||
Total ending balance |
|
$ |
1,695 |
|
$ |
1,685 |
|
$ |
1,670 |
|
$ |
1,724 |
|
$ |
1,726 |
|
$ |
1,695 |
|
$ |
1,726 |
|
$ |
31 |
|
2 |
% |
$ |
31 |
|
2 |
% |
$ |
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Fixed Annuities DAC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Beginning balance |
|
$ |
87 |
|
$ |
70 |
|
$ |
57 |
|
$ |
56 |
|
$ |
76 |
|
$ |
87 |
|
$ |
76 |
|
$ |
(11 |
) |
(13 |
)% |
$ |
(11 |
) |
(13 |
)% |
$ |
20 |
|
36 |
% |
Capitalization |
|
1 |
|
2 |
|
|
|
|
|
1 |
|
1 |
|
1 |
|
|
|
|
|
|
|
|
|
1 |
|
|
| ||||||||||
Non-operating amortization |
|
|
|
|
|
|
|
|
|
(1 |
) |
|
|
(1 |
) |
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
|
| ||||||||||
Amortization per income statement |
|
(5 |
) |
(5 |
) |
(2 |
) |
(5 |
) |
(5 |
) |
(5 |
) |
(5 |
) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Other |
|
(13 |
) |
(10 |
) |
1 |
|
25 |
|
3 |
|
(13 |
) |
3 |
|
16 |
|
# |
|
16 |
|
# |
|
(22 |
) |
(88 |
)% | ||||||||||
Total ending balance |
|
$ |
70 |
|
$ |
57 |
|
$ |
56 |
|
$ |
76 |
|
$ |
74 |
|
$ |
70 |
|
$ |
74 |
|
$ |
4 |
|
6 |
% |
$ |
4 |
|
6 |
% |
$ |
(2 |
) |
(3 |
)% |
(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 1st quarter of 2016 through the 1st quarter of 2017, 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 4.5%, 4.6%, 4.6%, 4.5% and 4.3% respectively.
# Variance equal to or greater than 100%.
Ameriprise Financial, Inc.
Protection Segment
First Quarter 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2016 |
|
2 Qtr 2016 |
|
3 Qtr 2016 |
|
4 Qtr 2016 |
|
1 Qtr 2017 |
|
2016 |
|
2017 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Protection Segment Operating Income Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Management and financial advice fees |
|
$ |
13 |
|
$ |
12 |
|
$ |
13 |
|
$ |
13 |
|
$ |
13 |
|
$ |
13 |
|
$ |
13 |
|
$ |
|
|
|
|
$ |
|
|
|
|
$ |
|
|
|
|
Distribution fees |
|
23 |
|
25 |
|
24 |
|
26 |
|
25 |
|
23 |
|
25 |
|
2 |
|
9 |
% |
2 |
|
9 |
% |
(1 |
) |
(4 |
)% | ||||||||||
Net investment income |
|
80 |
|
82 |
|
85 |
|
83 |
|
85 |
|
80 |
|
85 |
|
5 |
|
6 |
% |
5 |
|
6 |
% |
2 |
|
2 |
% | ||||||||||
Premiums |
|
318 |
|
318 |
|
323 |
|
327 |
|
294 |
|
318 |
|
294 |
|
(24 |
) |
(8 |
)% |
(24 |
) |
(8 |
)% |
(33 |
) |
(10 |
)% | ||||||||||
Other revenues |
|
108 |
|
101 |
|
168 |
|
99 |
|
104 |
|
108 |
|
104 |
|
(4 |
) |
(4 |
)% |
(4 |
) |
(4 |
)% |
5 |
|
5 |
% | ||||||||||
Total revenues |
|
542 |
|
538 |
|
613 |
|
548 |
|
521 |
|
542 |
|
521 |
|
(21 |
) |
(4 |
)% |
(21 |
) |
(4 |
)% |
(27 |
) |
(5 |
)% | ||||||||||
Banking and deposit interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating total net revenues |
|
542 |
|
538 |
|
613 |
|
548 |
|
521 |
|
542 |
|
521 |
|
(21 |
) |
(4 |
)% |
(21 |
) |
(4 |
)% |
(27 |
) |
(5 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Distribution expenses |
|
16 |
|
17 |
|
17 |
|
20 |
|
17 |
|
16 |
|
17 |
|
1 |
|
6 |
% |
1 |
|
6 |
% |
(3 |
) |
(15 |
)% | ||||||||||
Interest credited to fixed accounts |
|
43 |
|
43 |
|
44 |
|
45 |
|
44 |
|
43 |
|
44 |
|
1 |
|
2 |
% |
1 |
|
2 |
% |
(1 |
) |
(2 |
)% | ||||||||||
Benefits, claims, losses and settlement expenses |
|
313 |
|
339 |
|
363 |
|
310 |
|
297 |
|
313 |
|
297 |
|
(16 |
) |
(5 |
)% |
(16 |
) |
(5 |
)% |
(13 |
) |
(4 |
)% | ||||||||||
Amortization of deferred acquisition costs |
|
37 |
|
32 |
|
38 |
|
31 |
|
28 |
|
37 |
|
28 |
|
(9 |
) |
(24 |
)% |
(9 |
) |
(24 |
)% |
(3 |
) |
(10 |
)% | ||||||||||
Interest and debt expense |
|
7 |
|
5 |
|
6 |
|
7 |
|
6 |
|
7 |
|
6 |
|
(1 |
) |
(14 |
)% |
(1 |
) |
(14 |
)% |
(1 |
) |
(14 |
)% | ||||||||||
General and administrative expense |
|
58 |
|
64 |
|
61 |
|
62 |
|
66 |
|
58 |
|
66 |
|
8 |
|
14 |
% |
8 |
|
14 |
% |
4 |
|
6 |
% | ||||||||||
Operating expenses |
|
474 |
|
500 |
|
529 |
|
475 |
|
458 |
|
474 |
|
458 |
|
(16 |
) |
(3 |
)% |
(16 |
) |
(3 |
)% |
(17 |
) |
(4 |
)% | ||||||||||
Pretax operating earnings |
|
$ |
68 |
|
$ |
38 |
|
$ |
84 |
|
$ |
73 |
|
$ |
63 |
|
$ |
68 |
|
$ |
63 |
|
$ |
(5 |
) |
(7 |
)% |
$ |
(5 |
) |
(7 |
)% |
$ |
(10 |
) |
(14 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax operating margin |
|
12.5 |
% |
7.1 |
% |
13.7 |
% |
13.3 |
% |
12.1 |
% |
12.5 |
% |
12.1 |
% |
(0.4 |
)% |
|
|
(0.4 |
)% |
|
|
(1.2 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Return on Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Allocated capital |
|
$ |
1,504 |
|
$ |
1,505 |
|
$ |
1,516 |
|
$ |
1,522 |
|
$ |
1,478 |
|
$ |
1,504 |
|
$ |
1,478 |
|
$ |
(26 |
) |
(2 |
)% |
$ |
(26 |
) |
(2 |
)% |
$ |
(44 |
) |
(3 |
)% |
Operating return on allocated capital (1) |
|
9.7 |
% |
8.8 |
% |
12.7 |
% |
14.4 |
% |
14.4 |
% |
9.7 |
% |
14.4 |
% |
4.7 |
% |
|
|
4.7 |
% |
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Market impact on indexed universal life benefits (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Risk margin and nonperformance spread impact |
|
$ |
(13 |
) |
$ |
(2 |
) |
$ |
|
|
$ |
8 |
|
$ |
3 |
|
$ |
(13 |
) |
$ |
3 |
|
$ |
16 |
|
# |
|
$ |
16 |
|
# |
|
$ |
(5 |
) |
(63 |
)% |
Other |
|
32 |
|
7 |
|
7 |
|
(3 |
) |
(3 |
) |
32 |
|
(3 |
) |
(35 |
) |
# |
|
(35 |
) |
# |
|
|
|
|
| ||||||||||
Total market impact on indexed universal life benefits excluded from operating earnings |
|
$ |
19 |
|
$ |
5 |
|
$ |
7 |
|
$ |
5 |
|
$ |
|
|
$ |
19 |
|
$ |
|
|
$ |
(19 |
) |
# |
|
$ |
(19 |
) |
# |
|
$ |
(5 |
) |
# |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Product Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Life and Health (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax operating earnings |
|
$ |
81 |
|
$ |
72 |
|
$ |
92 |
|
$ |
63 |
|
$ |
68 |
|
$ |
81 |
|
$ |
68 |
|
$ |
(13 |
) |
(16 |
)% |
$ |
(13 |
) |
(16 |
)% |
$ |
5 |
|
8 |
% |
Allocated capital |
|
$ |
806 |
|
$ |
805 |
|
$ |
809 |
|
$ |
817 |
|
$ |
817 |
|
$ |
806 |
|
$ |
817 |
|
$ |
11 |
|
1 |
% |
$ |
11 |
|
1 |
% |
$ |
|
|
|
|
Operating return on allocated capital (1) |
|
29.0 |
% |
28.5 |
% |
35.5 |
% |
31.6 |
% |
30.5 |
% |
29.0 |
% |
30.5 |
% |
1.5 |
% |
|
|
1.5 |
% |
|
|
(1.1 |
)% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Auto and Home Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax operating earnings (loss) |
|
$ |
(13 |
) |
$ |
(34 |
) |
$ |
(8 |
) |
$ |
10 |
|
$ |
(5 |
) |
$ |
(13 |
) |
$ |
(5 |
) |
$ |
8 |
|
62 |
% |
$ |
8 |
|
62 |
% |
$ |
(15 |
) |
# |
|
Allocated capital |
|
$ |
698 |
|
$ |
700 |
|
$ |
707 |
|
$ |
705 |
|
$ |
661 |
|
$ |
698 |
|
$ |
661 |
|
$ |
(37 |
) |
(5 |
)% |
$ |
(37 |
) |
(5 |
)% |
$ |
(44 |
) |
(6 |
)% |
Operating return on allocated capital (1) |
|
(12.0 |
)% |
(13.4 |
)% |
(12.8 |
)% |
(5.1 |
)% |
(4.3 |
)% |
(12.0 |
)% |
(4.3 |
)% |
7.7 |
% |
|
|
7.7 |
% |
|
|
0.8 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Auto and Home catastrophe losses |
|
$ |
23 |
|
$ |
37 |
|
$ |
29 |
|
$ |
15 |
|
$ |
25 |
|
$ |
23 |
|
$ |
25 |
|
$ |
2 |
|
9 |
% |
$ |
2 |
|
9 |
% |
$ |
10 |
|
67 |
% |
(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.
(3) Life and health includes captive insurance.
# Variance equal to or greater than 100%.
Ameriprise Financial, Inc.
Protection Segment
First Quarter 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2016 |
|
2 Qtr 2016 |
|
3 Qtr 2016 |
|
4 Qtr 2016 |
|
1 Qtr 2017 |
|
2016 |
|
2017 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Cash Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
VUL / UL (1) |
|
$ |
66 |
|
$ |
66 |
|
$ |
70 |
|
$ |
88 |
|
$ |
65 |
|
$ |
66 |
|
$ |
65 |
|
$ |
(1 |
) |
(2 |
)% |
$ |
(1 |
) |
(2 |
)% |
$ |
(23 |
) |
(26 |
)% |
Term and whole life |
|
2 |
|
3 |
|
2 |
|
2 |
|
2 |
|
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Disability insurance |
|
1 |
|
1 |
|
1 |
|
1 |
|
1 |
|
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Auto and home |
|
256 |
|
276 |
|
294 |
|
259 |
|
271 |
|
256 |
|
271 |
|
15 |
|
6 |
% |
15 |
|
6 |
% |
12 |
|
5 |
% | ||||||||||
Total cash sales |
|
$ |
325 |
|
$ |
346 |
|
$ |
367 |
|
$ |
350 |
|
$ |
339 |
|
$ |
325 |
|
$ |
339 |
|
$ |
14 |
|
4 |
% |
$ |
14 |
|
4 |
% |
$ |
(11 |
) |
(3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
VUL / UL Policyholder Account Balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Beginning balance |
|
$ |
11,170 |
|
$ |
11,170 |
|
$ |
11,236 |
|
$ |
11,461 |
|
$ |
11,511 |
|
$ |
11,170 |
|
$ |
11,511 |
|
$ |
341 |
|
3 |
% |
$ |
341 |
|
3 |
% |
$ |
50 |
|
|
|
Premiums and deposits |
|
240 |
|
246 |
|
245 |
|
269 |
|
245 |
|
240 |
|
245 |
|
5 |
|
2 |
% |
5 |
|
2 |
% |
(24 |
) |
(9 |
)% | ||||||||||
Investment performance and interest |
|
47 |
|
129 |
|
281 |
|
82 |
|
348 |
|
47 |
|
348 |
|
301 |
|
# |
|
301 |
|
# |
|
266 |
|
# |
| ||||||||||
Withdrawals and surrenders |
|
(288 |
) |
(307 |
) |
(302 |
) |
(302 |
) |
(319 |
) |
(288 |
) |
(319 |
) |
(31 |
) |
(11 |
)% |
(31 |
) |
(11 |
)% |
(17 |
) |
(6 |
)% | ||||||||||
Other |
|
1 |
|
(2 |
) |
1 |
|
1 |
|
(2 |
) |
1 |
|
(2 |
) |
(3 |
) |
# |
|
(3 |
) |
# |
|
(3 |
) |
# |
| ||||||||||
Total ending balance |
|
$ |
11,170 |
|
$ |
11,236 |
|
$ |
11,461 |
|
$ |
11,511 |
|
$ |
11,783 |
|
$ |
11,170 |
|
$ |
11,783 |
|
$ |
613 |
|
5 |
% |
$ |
613 |
|
5 |
% |
$ |
272 |
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Premiums by Product |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Term and whole life |
|
$ |
11 |
|
$ |
12 |
|
$ |
11 |
|
$ |
11 |
|
$ |
11 |
|
$ |
11 |
|
$ |
11 |
|
$ |
|
|
|
|
$ |
|
|
|
|
$ |
|
|
|
|
Disability insurance |
|
36 |
|
37 |
|
37 |
|
36 |
|
35 |
|
36 |
|
35 |
|
(1 |
) |
(3 |
)% |
(1 |
) |
(3 |
)% |
(1 |
) |
(3 |
)% | ||||||||||
Auto and home |
|
265 |
|
264 |
|
270 |
|
275 |
|
242 |
|
265 |
|
242 |
|
(23 |
) |
(9 |
)% |
(23 |
) |
(9 |
)% |
(33 |
) |
(12 |
)% | ||||||||||
Intercompany premiums |
|
6 |
|
5 |
|
5 |
|
5 |
|
6 |
|
6 |
|
6 |
|
|
|
|
|
|
|
|
|
1 |
|
20 |
% | ||||||||||
Total premiums by product |
|
$ |
318 |
|
$ |
318 |
|
$ |
323 |
|
$ |
327 |
|
$ |
294 |
|
$ |
318 |
|
$ |
294 |
|
$ |
(24 |
) |
(8 |
)% |
$ |
(24 |
) |
(8 |
)% |
$ |
(33 |
) |
(10 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Auto and Home Insurance Details |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Policy count (thousands) |
|
957 |
|
956 |
|
950 |
|
943 |
|
940 |
|
957 |
|
940 |
|
(17 |
) |
(2 |
)% |
(17 |
) |
(2 |
)% |
(3 |
) |
|
| ||||||||||
Catastrophe loss ratio |
|
8.8 |
% |
14.1 |
% |
10.6 |
% |
4.4 |
% |
9.4 |
% |
8.8 |
% |
9.4 |
% |
0.6 |
% |
|
|
0.6 |
% |
|
|
5.0 |
% |
|
| ||||||||||
Non-catastrophe /other loss ratio |
|
83.0 |
% |
85.5 |
% |
79.3 |
% |
79.6 |
% |
78.7 |
% |
83.0 |
% |
78.7 |
% |
(4.3 |
)% |
|
|
(4.3 |
)% |
|
|
(0.9 |
)% |
|
| ||||||||||
Expense ratio |
|
18.4 |
% |
18.7 |
% |
18.3 |
% |
17.7 |
% |
20.0 |
% |
18.4 |
% |
20.0 |
% |
1.6 |
% |
|
|
1.6 |
% |
|
|
2.3 |
% |
|
| ||||||||||
Combined ratio |
|
110.2 |
% |
118.3 |
% |
108.2 |
% |
101.7 |
% |
108.1 |
% |
110.2 |
% |
108.1 |
% |
(2.1 |
)% |
|
|
(2.1 |
)% |
|
|
6.4 |
% |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
DAC Rollforward |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Life and Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Beginning balance |
|
$ |
857 |
|
$ |
828 |
|
$ |
802 |
|
$ |
783 |
|
$ |
821 |
|
$ |
857 |
|
$ |
821 |
|
$ |
(36 |
) |
(4 |
)% |
$ |
(36 |
) |
(4 |
)% |
$ |
38 |
|
5 |
% |
Capitalization |
|
18 |
|
18 |
|
18 |
|
26 |
|
19 |
|
18 |
|
19 |
|
1 |
|
6 |
% |
1 |
|
6 |
% |
(7 |
) |
(27 |
)% | ||||||||||
Non-operating amortization |
|
(6 |
) |
(2 |
) |
(4 |
) |
(6 |
) |
(1 |
) |
(6 |
) |
(1 |
) |
5 |
|
83 |
% |
5 |
|
83 |
% |
5 |
|
83 |
% | ||||||||||
Amortization per income statement |
|
(20 |
) |
(15 |
) |
(21 |
) |
(14 |
) |
(14 |
) |
(20 |
) |
(14 |
) |
6 |
|
30 |
% |
6 |
|
30 |
% |
|
|
|
| ||||||||||
Other |
|
(21 |
) |
(27 |
) |
(12 |
) |
32 |
|
(4 |
) |
(21 |
) |
(4 |
) |
17 |
|
81 |
% |
17 |
|
81 |
% |
(36 |
) |
# |
| ||||||||||
Total ending balance |
|
$ |
828 |
|
$ |
802 |
|
$ |
783 |
|
$ |
821 |
|
$ |
821 |
|
$ |
828 |
|
$ |
821 |
|
$ |
(7 |
) |
(1 |
)% |
$ |
(7 |
) |
(1 |
)% |
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Life Insurance in Force |
|
$ |
196,153 |
|
$ |
196,065 |
|
$ |
195,987 |
|
$ |
196,472 |
|
$ |
196,338 |
|
$ |
196,153 |
|
$ |
196,338 |
|
$ |
185 |
|
|
|
$ |
185 |
|
|
|
$ |
(134 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net Amount at Risk |
|
$ |
40,361 |
|
$ |
40,345 |
|
$ |
40,696 |
|
$ |
41,290 |
|
$ |
41,717 |
|
$ |
40,361 |
|
$ |
41,717 |
|
$ |
1,356 |
|
3 |
% |
$ |
1,356 |
|
3 |
% |
$ |
427 |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net Policyholder Reserves |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
VUL / UL |
|
$ |
10,379 |
|
$ |
10,461 |
|
$ |
10,700 |
|
$ |
10,759 |
|
$ |
11,054 |
|
$ |
10,379 |
|
$ |
11,054 |
|
$ |
675 |
|
7 |
% |
$ |
675 |
|
7 |
% |
$ |
295 |
|
3 |
% |
Term and whole life |
|
206 |
|
206 |
|
205 |
|
203 |
|
201 |
|
206 |
|
201 |
|
(5 |
) |
(2 |
)% |
(5 |
) |
(2 |
)% |
(2 |
) |
(1 |
)% | ||||||||||
Disability insurance |
|
520 |
|
517 |
|
520 |
|
524 |
|
525 |
|
520 |
|
525 |
|
5 |
|
1 |
% |
5 |
|
1 |
% |
1 |
|
|
| ||||||||||
Other insurance |
|
817 |
|
809 |
|
801 |
|
792 |
|
790 |
|
817 |
|
790 |
|
(27 |
) |
(3 |
)% |
(27 |
) |
(3 |
)% |
(2 |
) |
|
| ||||||||||
Auto and home loss and LAE reserves |
|
596 |
|
616 |
|
616 |
|
614 |
|
610 |
|
596 |
|
610 |
|
14 |
|
2 |
% |
14 |
|
2 |
% |
(4 |
) |
(1 |
)% | ||||||||||
Total net policyholder reserves |
|
$ |
12,518 |
|
$ |
12,609 |
|
$ |
12,842 |
|
$ |
12,892 |
|
$ |
13,180 |
|
$ |
12,518 |
|
$ |
13,180 |
|
$ |
662 |
|
5 |
% |
$ |
662 |
|
5 |
% |
$ |
288 |
|
2 |
% |
(1) Includes lump sum deposits.
# Variance equal to or greater than 100%.
Ameriprise Financial, Inc.
Corporate & Other Segment
First Quarter 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2016 |
|
2 Qtr 2016 |
|
3 Qtr 2016 |
|
4 Qtr 2016 |
|
1 Qtr 2017 |
|
2016 |
|
2017 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
Product Information (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Corporate excluding Long Term Care |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating total net revenues |
|
$ |
2 |
|
$ |
(7 |
) |
$ |
(15 |
) |
$ |
(8 |
) |
$ |
(9 |
) |
$ |
2 |
|
$ |
(9 |
) |
$ |
(11 |
) |
# |
|
$ |
(11 |
) |
# |
|
$ |
(1 |
) |
(13 |
)% |
Operating expenses |
|
52 |
|
69 |
|
57 |
|
66 |
|
72 |
|
52 |
|
72 |
|
20 |
|
38 |
% |
20 |
|
38 |
% |
6 |
|
9 |
% | ||||||||||
Pretax operating earnings (loss) |
|
$ |
(50 |
) |
$ |
(76 |
) |
$ |
(72 |
) |
$ |
(74 |
) |
$ |
(81 |
) |
$ |
(50 |
) |
$ |
(81 |
) |
$ |
(31 |
) |
(62 |
)% |
$ |
(31 |
) |
(62 |
)% |
$ |
(7 |
) |
(9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Long Term Care |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating total net revenues |
|
$ |
66 |
|
$ |
66 |
|
$ |
66 |
|
$ |
67 |
|
$ |
66 |
|
$ |
66 |
|
$ |
66 |
|
$ |
|
|
|
|
$ |
|
|
|
|
$ |
(1 |
) |
(1 |
)% |
Operating expenses |
|
65 |
|
67 |
|
139 |
|
81 |
|
65 |
|
65 |
|
65 |
|
|
|
|
|
|
|
|
|
(16 |
) |
(20 |
)% | ||||||||||
Pretax operating earnings (loss) |
|
$ |
1 |
|
$ |
(1 |
) |
$ |
(73 |
) |
$ |
(14 |
) |
$ |
1 |
|
$ |
1 |
|
$ |
1 |
|
$ |
|
|
|
|
$ |
|
|
|
|
$ |
15 |
|
# |
|
Allocated capital |
|
$ |
600 |
|
$ |
600 |
|
$ |
579 |
|
$ |
663 |
|
$ |
674 |
|
$ |
600 |
|
$ |
674 |
|
$ |
74 |
|
12 |
% |
$ |
74 |
|
12 |
% |
$ |
11 |
|
2 |
% |
(1) See Exhibit B for details on Long Term Care and Corporate Excluding Long Term Care
# Variance equal to or greater than 100%.
Ameriprise Financial, Inc.
Eliminations (1)
First Quarter 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2016 |
|
2 Qtr 2016 |
|
3 Qtr 2016 |
|
4 Qtr 2016 |
|
1 Qtr 2017 |
|
2016 |
|
2017 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
Eliminations Operating Income Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Management and financial advice fees |
|
$ |
(33 |
) |
$ |
(34 |
) |
$ |
(34 |
) |
$ |
(36 |
) |
$ |
(35 |
) |
$ |
(33 |
) |
$ |
(35 |
) |
$ |
(2 |
) |
(6 |
)% |
$ |
(2 |
) |
(6 |
)% |
$ |
1 |
|
3 |
% |
Distribution fees |
|
(302 |
) |
(310 |
) |
(314 |
) |
(322 |
) |
(303 |
) |
(302 |
) |
(303 |
) |
(1 |
) |
|
|
(1 |
) |
|
|
19 |
|
6 |
% | ||||||||||
Net investment income |
|
|
|
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Premiums |
|
(5 |
) |
(5 |
) |
(5 |
) |
(6 |
) |
(9 |
) |
(5 |
) |
(9 |
) |
(4 |
) |
(80 |
)% |
(4 |
) |
(80 |
)% |
(3 |
) |
(50 |
)% | ||||||||||
Other revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total revenues |
|
(340 |
) |
(349 |
) |
(354 |
) |
(364 |
) |
(347 |
) |
(340 |
) |
(347 |
) |
(7 |
) |
(2 |
)% |
(7 |
) |
(2 |
)% |
17 |
|
5 |
% | ||||||||||
Banking and deposit interest expense |
|
|
|
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating total net revenues |
|
(340 |
) |
(349 |
) |
(353 |
) |
(364 |
) |
(347 |
) |
(340 |
) |
(347 |
) |
(7 |
) |
(2 |
)% |
(7 |
) |
(2 |
)% |
17 |
|
5 |
% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Distribution expenses |
|
(324 |
) |
(333 |
) |
(336 |
) |
(347 |
) |
(327 |
) |
(324 |
) |
(327 |
) |
(3 |
) |
(1 |
)% |
(3 |
) |
(1 |
)% |
20 |
|
6 |
% | ||||||||||
Interest credited to fixed accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Benefits, claims, losses and settlement expenses |
|
|
|
|
|
|
|
|
|
(3 |
) |
|
|
(3 |
) |
(3 |
) |
|
|
(3 |
) |
|
|
(3 |
) |
|
| ||||||||||
Amortization of deferred acquisition costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Interest and debt expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
General and administrative expense |
|
(16 |
) |
(16 |
) |
(17 |
) |
(17 |
) |
(17 |
) |
(16 |
) |
(17 |
) |
(1 |
) |
(6 |
)% |
(1 |
) |
(6 |
)% |
|
|
|
| ||||||||||
Operating expenses |
|
(340 |
) |
(349 |
) |
(353 |
) |
(364 |
) |
(347 |
) |
(340 |
) |
(347 |
) |
(7 |
) |
(2 |
)% |
(7 |
) |
(2 |
)% |
17 |
|
5 |
% | ||||||||||
Pretax operating earnings |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
$ |
|
|
|
|
$ |
|
|
|
|
(1) The majority of the amounts represent the impact of inter-segment transfer pricing for both revenues and expenses.
Statistical Supplement Package
(unaudited)
First Quarter 2017
Balance Sheet and Ratings Information
Ameriprise Financial, Inc.
Consolidated Balance Sheets
First Quarter 2017
(in millions, unaudited) |
|
March 31, 2016 |
|
June 30, 2016 |
|
September 30, 2016 |
|
December 31, 2016 |
|
March 31, 2017 |
| |||||
Assets |
|
|
|
|
|
|
|
|
|
|
| |||||
Cash and cash equivalents |
|
$ |
2,649 |
|
$ |
2,819 |
|
$ |
3,075 |
|
$ |
2,318 |
|
$ |
1,996 |
|
Cash of consolidated investment entities |
|
146 |
|
231 |
|
254 |
|
168 |
|
181 |
| |||||
Investments |
|
34,643 |
|
35,265 |
|
35,875 |
|
35,834 |
|
35,771 |
| |||||
Investments of consolidated investment entities |
|
2,511 |
|
2,605 |
|
2,573 |
|
2,254 |
|
2,249 |
| |||||
Separate account assets |
|
80,182 |
|
80,230 |
|
81,511 |
|
80,210 |
|
82,169 |
| |||||
Receivables |
|
5,232 |
|
5,171 |
|
5,322 |
|
5,299 |
|
5,355 |
| |||||
Receivables of consolidated investment entities |
|
63 |
|
19 |
|
14 |
|
11 |
|
17 |
| |||||
Deferred acquisition costs |
|
2,655 |
|
2,605 |
|
2,539 |
|
2,648 |
|
2,643 |
| |||||
Restricted and segregated cash and investments |
|
2,900 |
|
2,866 |
|
2,962 |
|
3,331 |
|
3,403 |
| |||||
Other assets |
|
9,289 |
|
10,892 |
|
9,517 |
|
7,748 |
|
7,073 |
| |||||
Other assets of consolidated investment entities |
|
|
|
1 |
|
1 |
|
|
|
|
| |||||
Total Assets |
|
$ |
140,270 |
|
$ |
142,704 |
|
$ |
143,643 |
|
$ |
139,821 |
|
$ |
140,857 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
| |||||
Policyholder account balances, future policy benefits and claims |
|
$ |
30,515 |
|
$ |
31,242 |
|
$ |
31,469 |
|
$ |
30,202 |
|
$ |
29,762 |
|
Separate account liabilities |
|
80,182 |
|
80,230 |
|
81,511 |
|
80,210 |
|
82,169 |
| |||||
Customer deposits |
|
8,876 |
|
9,132 |
|
9,442 |
|
10,036 |
|
10,316 |
| |||||
Short-term borrowings |
|
200 |
|
200 |
|
200 |
|
200 |
|
200 |
| |||||
Long-term debt |
|
2,683 |
|
2,452 |
|
2,934 |
|
2,917 |
|
2,911 |
| |||||
Debt of consolidated investment entities |
|
2,673 |
|
2,749 |
|
2,710 |
|
2,319 |
|
2,341 |
| |||||
Accounts payable and accrued expenses |
|
1,300 |
|
1,383 |
|
1,544 |
|
1,727 |
|
1,470 |
| |||||
Accounts payable and accrued expenses of consolidated investment entities |
|
|
|
|
|
|
|
|
|
|
| |||||
Other liabilities |
|
6,745 |
|
8,165 |
|
6,951 |
|
5,823 |
|
5,375 |
| |||||
Other liabilities of consolidated investment entities |
|
29 |
|
88 |
|
112 |
|
95 |
|
86 |
| |||||
Total Liabilities |
|
133,203 |
|
135,641 |
|
136,873 |
|
133,529 |
|
134,630 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Equity |
|
|
|
|
|
|
|
|
|
|
| |||||
Ameriprise Financial |
|
|
|
|
|
|
|
|
|
|
| |||||
Common shares ($.01 par) |
|
3 |
|
3 |
|
3 |
|
3 |
|
3 |
| |||||
Additional paid-in capital |
|
7,610 |
|
7,659 |
|
7,709 |
|
7,765 |
|
7,857 |
| |||||
Retained earnings |
|
9,773 |
|
9,981 |
|
10,072 |
|
10,351 |
|
10,633 |
| |||||
Treasury stock |
|
(10,761 |
) |
(11,218 |
) |
(11,609 |
) |
(12,027 |
) |
(12,485 |
) | |||||
Accumulated other comprehensive income, net of tax |
|
442 |
|
638 |
|
595 |
|
200 |
|
219 |
| |||||
Total Equity |
|
7,067 |
|
7,063 |
|
6,770 |
|
6,292 |
|
6,227 |
| |||||
Total Liabilities and Equity |
|
$ |
140,270 |
|
$ |
142,704 |
|
$ |
143,643 |
|
$ |
139,821 |
|
$ |
140,857 |
|
Ameriprise Financial, Inc.
Capital and Ratings Information
First Quarter 2017
(in millions unless otherwise noted, unaudited) |
|
March 31, 2016 |
|
June 30, 2016 |
|
September 30, 2016 |
|
December 31, 2016 |
|
March 31, 2017 |
| |||||
Long-term Debt Summary |
|
|
|
|
|
|
|
|
|
|
| |||||
Senior notes |
|
$ |
2,350 |
|
$ |
2,350 |
|
$ |
2,850 |
|
$ |
2,850 |
|
$ |
2,850 |
|
Junior subordinated notes |
|
229 |
|
|
|
|
|
|
|
|
| |||||
Capital lease obligations |
|
58 |
|
55 |
|
52 |
|
49 |
|
47 |
| |||||
Fair value of hedges, unamortized discount and debt issuance costs |
|
46 |
|
47 |
|
32 |
|
18 |
|
14 |
| |||||
Total Ameriprise Financial long-term debt |
|
2,683 |
|
2,452 |
|
2,934 |
|
2,917 |
|
2,911 |
| |||||
Non-recourse debt of consolidated investment entities |
|
2,673 |
|
2,749 |
|
2,710 |
|
2,319 |
|
2,341 |
| |||||
Total long-term debt |
|
$ |
5,356 |
|
$ |
5,201 |
|
$ |
5,644 |
|
$ |
5,236 |
|
$ |
5,252 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Ameriprise Financial long-term debt |
|
$ |
2,683 |
|
$ |
2,452 |
|
$ |
2,934 |
|
$ |
2,917 |
|
$ |
2,911 |
|
Fair value of hedges, unamortized discount and debt issuance costs |
|
(46 |
) |
(47 |
) |
(32 |
) |
(18 |
) |
(14 |
) | |||||
Capital lease obligations |
|
(58 |
) |
(55 |
) |
(52 |
) |
(49 |
) |
(47 |
) | |||||
Total Ameriprise Financial long-term debt excluding fair value of hedges, unamortized discount, debt issuance costs and capital lease obligations (1) |
|
$ |
2,579 |
|
$ |
2,350 |
|
$ |
2,850 |
|
$ |
2,850 |
|
$ |
2,850 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total equity (2) |
|
$ |
7,067 |
|
$ |
7,063 |
|
$ |
6,770 |
|
$ |
6,292 |
|
$ |
6,227 |
|
Equity of consolidated investment entities |
|
(1 |
) |
|
|
|
|
|
|
(1 |
) | |||||
Total Ameriprise Financial shareholders equity excluding CIEs (1) |
|
$ |
7,066 |
|
$ |
7,063 |
|
$ |
6,770 |
|
$ |
6,292 |
|
$ |
6,226 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Ameriprise Financial capital |
|
$ |
9,750 |
|
$ |
9,515 |
|
$ |
9,704 |
|
$ |
9,209 |
|
$ |
9,138 |
|
Total Ameriprise Financial capital excluding fair value of hedges, unamortized discount, debt issuance costs, capital lease obligations and equity of CIEs (1) |
|
$ |
9,645 |
|
$ |
9,413 |
|
$ |
9,620 |
|
$ |
9,142 |
|
$ |
9,076 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Debt to capital |
|
|
|
|
|
|
|
|
|
|
| |||||
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital |
|
27.5 |
% |
25.8 |
% |
30.2 |
% |
31.7 |
% |
31.9 |
% | |||||
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding fair value of hedges, unamortized discount, debt issuance costs, capital lease obligations and equity of CIEs (1) |
|
26.7 |
% |
25.0 |
% |
29.6 |
% |
31.2 |
% |
31.4 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
A.M. Best |
|
Standard & Poors Rating |
|
Moodys Investors |
|
|
|
|
| |||||
Ratings (as of March 31, 2017 earnings release date) |
|
|
|
|
|
|
|
|
|
|
| |||||
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 33. Non-GAAP financial measure reconciliations can be found on page 48.
(2) Includes accumulated other comprehensive income, net of tax.
(3) For the most current ratings information, please see the individual rating agencys website.
N/R - Not Rated.
Ameriprise Financial, Inc.
Ameriprise Financial Investments (1)
First Quarter 2017
(in millions unless otherwise noted, unaudited) |
|
March 31, 2016 |
|
June 30, 2016 |
|
September 30, 2016 |
|
December 31, 2016 |
|
March 31, 2017 |
| |||||
Cash and cash equivalents |
|
$ |
2,649 |
|
$ |
2,819 |
|
$ |
3,075 |
|
$ |
2,318 |
|
$ |
1,996 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Investments - Ending Balances |
|
|
|
|
|
|
|
|
|
|
| |||||
Available-for-Sale Securities |
|
|
|
|
|
|
|
|
|
|
| |||||
Corporate debt securities |
|
16,603 |
|
16,450 |
|
16,552 |
|
16,236 |
|
16,089 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Residential mortgage backed securities |
|
6,138 |
|
6,538 |
|
6,862 |
|
6,918 |
|
6,882 |
| |||||
Commercial mortgage backed securities |
|
2,617 |
|
2,964 |
|
3,089 |
|
3,367 |
|
3,274 |
| |||||
Asset backed securities |
|
1,389 |
|
1,419 |
|
1,504 |
|
1,549 |
|
1,647 |
| |||||
Total mortgage and other asset backed securities |
|
10,144 |
|
10,921 |
|
11,455 |
|
11,834 |
|
11,803 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
State and municipal obligations |
|
2,385 |
|
2,480 |
|
2,488 |
|
2,358 |
|
2,400 |
| |||||
US government and agencies obligations |
|
59 |
|
13 |
|
10 |
|
8 |
|
8 |
| |||||
Foreign government bonds and obligations |
|
272 |
|
276 |
|
275 |
|
261 |
|
264 |
| |||||
Common and preferred stocks |
|
17 |
|
18 |
|
19 |
|
22 |
|
18 |
| |||||
Total other |
|
2,733 |
|
2,787 |
|
2,792 |
|
2,649 |
|
2,690 |
| |||||
Total available-for-sale securities |
|
29,480 |
|
30,158 |
|
30,799 |
|
30,719 |
|
30,582 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Commercial mortgage loans |
|
2,747 |
|
2,713 |
|
2,682 |
|
2,702 |
|
2,712 |
| |||||
Allowance for loan losses |
|
(21 |
) |
(21 |
) |
(21 |
) |
(21 |
) |
(21 |
) | |||||
Commercial mortgage loans, net |
|
2,726 |
|
2,692 |
|
2,661 |
|
2,681 |
|
2,691 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Residential mortgage loans |
|
330 |
|
326 |
|
314 |
|
305 |
|
290 |
| |||||
Allowance for loan losses |
|
(1 |
) |
(1 |
) |
(1 |
) |
|
|
|
| |||||
Residential mortgage loans, net |
|
329 |
|
325 |
|
313 |
|
305 |
|
290 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Policy loans |
|
828 |
|
830 |
|
835 |
|
831 |
|
830 |
| |||||
Other investments |
|
1,280 |
|
1,260 |
|
1,267 |
|
1,298 |
|
1,378 |
| |||||
Total investments |
|
34,643 |
|
35,265 |
|
35,875 |
|
35,834 |
|
35,771 |
| |||||
Total cash, cash equivalents and investments |
|
$ |
37,292 |
|
$ |
38,084 |
|
$ |
38,950 |
|
$ |
38,152 |
|
$ |
37,767 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net unrealized gain Available-for-Sale Securities |
|
$ |
1,426 |
|
$ |
1,986 |
|
$ |
2,058 |
|
$ |
1,247 |
|
$ |
1,282 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
AFS Fixed Maturity Asset Quality - % |
|
|
|
|
|
|
|
|
|
|
| |||||
AAA |
|
26 |
% |
28 |
% |
29 |
% |
31 |
% |
31 |
% | |||||
AA |
|
6 |
% |
7 |
% |
7 |
% |
6 |
% |
6 |
% | |||||
AFS securities AA and above |
|
32 |
% |
35 |
% |
36 |
% |
37 |
% |
37 |
% | |||||
A |
|
19 |
% |
19 |
% |
19 |
% |
18 |
% |
18 |
% | |||||
BBB |
|
42 |
% |
41 |
% |
40 |
% |
40 |
% |
40 |
% | |||||
Below investment grade |
|
7 |
% |
5 |
% |
5 |
% |
5 |
% |
5 |
% | |||||
Total AFS fixed maturity asset quality - % |
|
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Fair Value of Below Investment Grade Investments as a % of Total Cash and Investments |
|
7 |
% |
6 |
% |
5 |
% |
5 |
% |
5 |
% |
(1) Investments excluding investments of CIEs.
Ameriprise Financial, Inc.
Non-GAAP Financial Information
Ameriprise Financial, Inc. (the Company) prepares its financial statements in accordance with accounting principles generally accepted in the United States (U.S. GAAP). This report includes information on both a U.S. GAAP and non-GAAP basis. Management believes that the presentation of these non-GAAP financial measures best reflect the underlying performance of the Company and facilitate a more meaningful trend analysis. Management uses certain of these non-GAAP measures to evaluate our financial performance on a basis comparable to that used by some securities analysts and investors. Also, certain of these non-GAAP measures are taken into consideration, to varying degrees, for purposes of business planning and analysis and certain compensation-related matters. See the reconciliations on pages 6, 15, 47 and 48.
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;
· Operating earnings;
· Operating earnings per diluted share;
· Operating effective tax rate;
· Operating return on equity excluding AOCI;
· Operating total net revenues;
· Pretax operating earnings;
· Pretax operating margin;
· Return on equity excluding AOCI;
· Total Ameriprise Financial capital excluding fair value of hedges, unamortized discount, debt issuance costs, capital lease obligations and equity of CIEs;
· Total Ameriprise Financial long-term debt excluding fair value of hedges, unamortized discount, debt issuance costs and capital lease obligations;
· Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding fair value of hedges, unamortized discount, debt issuance costs, capital lease obligations and equity of CIEs
Reclassification
Certain prior period information has been restated to conform to current period presentation.
Ameriprise Financial, Inc.
Glossary of Selected Terminology - Segments
Advice & Wealth Management - This segment provides financial planning and advice, as well as full service brokerage services, primarily to retail clients through our advisors. These services are centered on long-term, personal relationships between our advisors and our clients and focus on helping clients confidently achieve their financial goals. Our advisors provide a distinctive approach to financial planning and have access to a broad selection of both affiliated and non-affiliated products to help clients meet their financial needs. A significant portion of revenues in this segment is fee-based, driven by the level of client assets, which is impacted by both market movements and net asset flows. We also earn net investment income on owned assets primarily from certificate products. This segment earns revenues (distribution fees) for providing non-affiliated products and intersegment revenues (distribution fees) for providing our affiliated products and services to our retail clients. Intersegment expenses for this segment include expenses for investment management services provided by our Asset Management segment. This segment also includes the results of operation for Ameriprise National Trust Bank, which terminated its deposit-taking and credit-originating activities in the fourth quarter of 2012.
Asset Management - This segment provides investment advice and investment products to retail, high net worth and institutional clients on a global scale through Columbia Threadneedle Investments. We provide clients with U.S. domestic individual products through unaffiliated third-party financial institutions and through our Advice & Wealth Management segment, and we provide institutional products and services through our institutional sales force. International retail products are primarily distributed through third-party financial institutions and unaffiliated financial advisors. Individual products include U.S. mutual funds and their non-U.S. equivalents, exchange-traded funds and variable product funds underlying insurance and annuity separate accounts. Institutional asset management services are designed to meet specific client objectives and may involve a range of products, including those that focus on traditional asset classes, separately managed accounts, collateralized loan obligations, hedge funds, collective funds and property funds. Collateralized loan obligations, hedge funds and certain private funds are often classified as alternative assets. Revenues in this segment are primarily earned as fees based on managed asset balances, which are impacted by market movements, net asset flows, asset allocation and product mix. We may also earn performance fees from certain accounts where investment performance meets or exceeds certain pre-identified targets. In addition our Asset Management segment provides all intercompany asset management services for Ameriprise Financial subsidiaries. The fees for such services are reflected within the Asset Management segment results through intersegment transfer pricing. Intersegment expenses for this segment include distribution expenses for services provided by our Advice & Wealth Management, Annuities and Protection segments.
Annuities - This segment provides RiverSource variable and fixed annuity products to individual clients. RiverSource Life Insurance Company and RiverSource Life Insurance Co. of New York provide variable annuity products through our advisors, and our fixed annuity products are distributed through both affiliated and unaffiliated advisors and financial institutions. These products are designed to help individuals address their asset accumulation and income goals. Revenues for our variable annuity products are primarily earned as fees based on underlying account balances, which are impacted by both market movements and net asset flows. Revenues for our fixed annuity products are primarily earned as net investment income on assets supporting fixed account balances, with profitability significantly impacted by the spread between net investment income earned and interest credited on the fixed account balances. We also earn net investment income on owned assets supporting reserves for immediate annuities and for certain guaranteed benefits offered with variable annuities and on capital supporting the business. Intersegment revenues for this segment reflect fees paid by our Asset Management segment for marketing support and other services provided in connection with the availability of VIT Funds under the variable annuity contracts. Intersegment expenses for this segment include distribution expenses for services provided by our Advice & Wealth Management segment, as well as expenses for investment management services provided by our Asset Management segment.
Protection - This segment provides a variety of products to address the protection and risk management needs of our retail clients, including life, disability income and property-casualty insurance. These products are designed to provide a lifetime of solutions that allow clients to protect income, grow assets and give to loved ones or charity. Life and disability income products are primarily provided through our advisors. Our property-casualty products are sold primarily through affinity relationships. We issue insurance policies through our life insurance subsidiaries and property casualty companies (IDS Property Casualty Insurance Company and its subsidiary, Ameriprise Insurance Company). The primary sources of revenues for this segment are premiums, fees, and charges we receive to assume insurance-related risk. We earn net investment income on owned assets supporting insurance reserves and capital supporting the business. We also receive fees based on the level of assets supporting variable universal life separate account balances. This segment earns intersegment revenues from fees paid by our Asset Management segment for marketing support and other services provided in connection with the availability of VIT Funds under the variable universal life contracts. Intersegment expenses for this segment include distribution expenses for services provided by our Advice & Wealth Management segment, as well as expenses for investment management services provided by our Asset Management segment.
Corporate & Other - This segment consists of net investment income or loss on corporate level assets, including excess capital held in our subsidiaries and other unallocated equity and other revenues as well as unallocated corporate expenses. It also includes the results of our closed-block Long Term Care business.
Ameriprise Financial, Inc.
Glossary of Selected Terminology
Adjusted Net Pretax Operating Margin - An internal measure designed to calculate operating margins similar to how asset management companies define operating margins. A ratio representing adjusted operating earnings as a percentage of adjusted operating revenues for the asset management segment.
Adjusted Operating Earnings - Asset management segment pretax operating earnings less operating net investment income plus amortization of intangibles.
Adjusted Operating Revenues - Asset management segment operating total net revenues less pass through distribution revenue and subadvisory and other pass through revenues.
Affiliated General Account Assets - Balance sheet assets from various affiliates managed and reported by Columbia.
Allocated Capital - The internal allocation of Total Ameriprise Financial Capital, excluding accumulated other comprehensive income (loss), CIEs, and capital lease obligations, fair value of hedges, debt issuance costs and unamortized discount on Ameriprise Financial long-term debt, is based on managements 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. We sell these products through our auto and home subsidiary, IDS Property Casualty Insurance Company (doing business as Ameriprise Auto & Home Insurance).
Cash Sales - Cash sales are the dollar value volume indicator that captures gross new cash inflows which generate product revenue streams to our company. This includes primarily client initiated activity that results in an incremental increase in assets or premiums in force (but doesnt need to result in time of sale revenue), or activity that doesnt increase assets or premiums in force, but generates fee revenue.
Consolidated Investment Entities (CIEs) - CIEs include 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.
Ameriprise Financial, Inc.
Glossary of Selected Terminology
Net Flows - Sales less redemptions and miscellaneous flows which may include reinvested dividends.
Net New Flows - Retail fund inflows less outflows.
Net Realized Investment Gains (Losses) - The net of realized investment gains and realized investment losses, net of DSIC and DAC amortization, unearned revenue amortization and the reinsurance accrual.
Operating Earnings - Net income attributable to Ameriprise Financial excluding integration/restructuring charges, net of tax, market impact on variable annuity guaranteed benefits and indexed universal life benefits, net of tax, market impact of hedges on investments, net of tax, income (loss) from discontinued operations, net of tax, net realized investment gains (losses), net of tax and net income (loss) from consolidated investment entities.
Operating Expenses - Total expenses excluding integration/restructuring charges, market impact on variable annuity guaranteed benefits, market impact on indexed universal life benefits, DAC and DSIC offsets to net realized investment gains (losses) and expense from consolidated investment entities.
Operating Net Investment Income - Net investment income excluding net realized investment gains (losses), market impact of hedges on investments and net investment income from consolidated investment entities.
Operating Return on Allocated Capital - Calculated using operating earnings subject to the quarterly operating effective tax rate for the last four quarters in the numerator and the average allocated capital as of the last day of the trailing four quarters and current quarter in the denominator. Operating earnings for each product line are based on the target level of assets which are based on managements 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 Lifes nonperformance spread, net of related impacts on DAC, DSIC and unearned revenue as well as a reinsurance accrual for indexed universal life.
Separate Account - Represents assets and liabilities that are maintained and established primarily for the purpose of funding variable annuity and insurance products. The assets of the separate account are only available to fund the liabilities of the variable annuity contract holders and others with contracts requiring premiums or other deposits to the separate account. Clients elect to invest premiums in stock, bond and/or money market funds depending on their risk tolerance. All investment performance, net of fees, is passed through to the client.
Threadneedle - Threadneedle Asset Management Holdings Sarl is a holding company for the London-based Threadneedle companies, which provide investment management products and services.
Total Ameriprise Financial Capital - Total Ameriprise Financial shareholders equity plus total Ameriprise Financial long-term debt. Total Ameriprise Financial capital is also presented excluding fair value of hedges, unamortized discount, debt issuance costs, capital lease obligations and equity of CIEs.
Total Ameriprise Financial Long-term Debt to Total Ameriprise Financial Capital Ratio - A ratio comprised of total Ameriprise Financial long-term debt divided by Ameriprise Financial capital. We also present total Ameriprise Financial long-term debt to total Ameriprise Financial capital ratios excluding fair value of hedges, unamortized discount, debt issuance costs, capital lease obligations and equity of consolidated investment entities.
Wrap Accounts - Wrap accounts enable our clients to purchase other securities such as mutual funds in connection with fee-based wrap account programs or services. We offer clients the opportunity to select products that include affiliated and non-affiliated funds. We currently offer both discretionary and non-discretionary wrap accounts. In a discretionary wrap account, an unaffiliated investment advisor or our investment management subsidiary, Columbia Management Investment Advisers, LLC, chooses the underlying investments in the portfolio on behalf of the client. In a non-discretionary wrap account, the client chooses the underlying investments in the portfolio based, to the extent the client elects, in part or whole on the recommendations of their financial advisor. Investors in our wrap accounts generally pay a fee based on the advisory assets held in their wrap accounts. These investors also pay any related fees or costs included in the underlying securities held in that account, such as underlying mutual fund operating expenses and Rule 12b-1 fees.
Ameriprise Financial, Inc.
Disclosed Items
1 Qtr 2017
Excluded from Operating Earnings
|
|
Advice & Wealth |
|
Asset Management |
|
Annuities |
|
Protection |
|
Corporate and Eliminations |
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Market Impact on |
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Market Impact on |
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Market Impact |
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Securities |
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Securities |
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Securities |
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VA Guaranteed |
|
Indexed Universal |
|
|
|
of Hedges |
| |||||||
(in millions, unaudited) |
|
Gains/(Losses) (1) |
|
Gains/(Losses) (1) |
|
Gains/(Losses) (1) |
|
Benefits (2) |
|
Life Benefits (3) |
|
CIEs (4) |
|
on Investments (5) |
| |||||||
Revenues |
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|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Management and financial advice fees |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
(3 |
) |
$ |
|
|
Distribution fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net investment income |
|
2 |
|
(2 |
) |
17 |
|
|
|
|
|
25 |
|
1 |
| |||||||
Premiums |
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|
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|
|
|
|
|
|
|
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| |||||||
Other revenues |
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|
|
|
|
|
1 |
|
|
|
|
| |||||||
Total revenues |
|
2 |
|
(2 |
) |
17 |
|
|
|
1 |
|
22 |
|
1 |
| |||||||
Banking and deposit interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total net revenues |
|
2 |
|
(2 |
) |
17 |
|
|
|
1 |
|
22 |
|
1 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Expenses |
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|
|
|
|
|
|
|
|
|
|
|
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|
| |||||||
Distribution expenses |
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|
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|
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|
|
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| |||||||
Interest credited to fixed accounts |
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|
|
|
|
|
|
|
|
|
|
|
| |||||||
Benefits, claims, losses and settlement expenses |
|
|
|
|
|
|
|
72 |
|
|
|
|
|
|
| |||||||
Amortization of deferred acquisition costs |
|
|
|
|
|
1 |
|
(9 |
) |
1 |
|
|
|
|
| |||||||
Interest and debt expense |
|
|
|
|
|
|
|
|
|
|
|
21 |
|
|
| |||||||
General and administrative expense |
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total expenses |
|
|
|
|
|
1 |
|
63 |
|
1 |
|
21 |
|
|
| |||||||
Pretax segment income (loss) |
|
$ |
2 |
|
$ |
(2 |
) |
$ |
16 |
|
$ |
(63 |
) |
$ |
|
|
$ |
1 |
|
$ |
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Included in Operating Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
Annuities |
|
Protection |
|
Corporate |
|
Consolidated |
| |||||||||||||
|
|
Market |
|
Market |
|
Auto & Home |
|
Department of |
|
Renegotiated |
|
Tax Benefit from |
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|
|
Impacts |
|
Impacts |
|
Catastrophe |
|
Labor Implementation |
|
Vendor |
|
Adopting New |
| |||||||||
(in millions, unaudited) |
|
to DAC/DSIC (6) |
|
to DAC/DSIC (6) |
|
Losses (7) |
|
Costs (8) |
|
Arrangement (9) |
|
Accounting Standard(10) |
| |||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Management and financial advice fees |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
| |||
Distribution fees |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Premiums |
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|
|
|
|
|
|
|
|
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| |||||||||
Other revenues |
|
|
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|
|
|
|
|
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|
|
| |||||||||
Total revenues |
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|
|
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|
|
|
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| |||||||||
Banking and deposit interest expense |
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|
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|
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| |||||||||
Operating total net revenues |
|
|
|
|
|
|
|
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|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Distribution expenses |
|
|
|
|
|
|
|
|
|
|
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| |||||||||
Interest credited to fixed accounts |
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|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Benefits, claims, losses and settlement expenses |
|
(2 |
) |
|
|
25 |
|
|
|
|
|
|
| |||||||||
Amortization of deferred acquisition costs |
|
(8 |
) |
(1 |
) |
|
|
|
|
|
|
|
| |||||||||
Interest and debt expense |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
General and administrative expense |
|
|
|
|
|
|
|
10 |
|
9 |
|
|
| |||||||||
Operating expenses |
|
(10 |
) |
(1 |
) |
25 |
|
10 |
|
9 |
|
|
| |||||||||
Pretax operating earnings |
|
$ |
10 |
|
$ |
1 |
|
$ |
(25 |
) |
$ |
(10 |
) |
$ |
(9 |
) |
$ |
|
| |||
Tax benefit |
|
|
|
|
|
|
|
|
|
|
|
$ |
28 |
|
(1) Pretax net realized investment gains/(losses) on Available-for-Sale securities and other securities
(2) Variable annuity guaranteed benefit impacts include:
$73 million net expense related to hedged variable annuity benefits
$10 million decrease in DAC and DSIC amortization resulting from hedged benefits
(3) Indexed universal life benefit impacts include:
Less than $1 million net benefit related to hedged indexed universal life benefits
$1 million increase in DAC amortization resulting from hedged indexed universal life benefits
$1 million increase in unearned revenue reserve amortization and reinsurance accrual from hedged indexed universal life benefits
(4) Reflects revenues and expenses of Consolidated Investment Entities
(5) The market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments
(6) Decrease in DAC and DSIC amortization from higher than projected separate account growth
(7) Total auto and home catastrophe losses
(8) Incremental expense related to the planning and implementation for the new Department of Labor fiduciary standard
(9) Renegotiation of a vendor arrangement
(10) Tax benefit related to the adoption of stock compensation accounting guidance
Ameriprise Financial, Inc.
Disclosed Items
4 Qtr 2016
Excluded from Operating Earnings
|
|
Annuities |
|
Protection |
|
Corporate and Eliminations |
|
|
|
|
| |||||||||||
|
|
|
|
Market Impact on |
|
Market Impact on |
|
|
|
Market Impact |
|
|
|
|
| |||||||
|
|
Securities |
|
VA Guaranteed |
|
Indexed Universal |
|
|
|
of Hedges |
|
|
|
|
| |||||||
(in millions, unaudited) |
|
Gains/(Losses) (1) |
|
Benefits (2) |
|
Life Benefits (3) |
|
CIEs (4) |
|
on Investments (5) |
|
|
|
|
| |||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Management and financial advice fees |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
(15 |
) |
$ |
|
|
|
|
|
| ||
Distribution fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net investment income |
|
11 |
|
|
|
|
|
66 |
|
57 |
|
|
|
|
| |||||||
Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Other revenues |
|
|
|
|
|
6 |
|
|
|
|
|
|
|
|
| |||||||
Total revenues |
|
11 |
|
|
|
6 |
|
51 |
|
57 |
|
|
|
|
| |||||||
Banking and deposit interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total net revenues |
|
11 |
|
|
|
6 |
|
51 |
|
57 |
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Distribution expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Interest credited to fixed accounts |
|
|
|
|
|
(5 |
) |
|
|
|
|
|
|
|
| |||||||
Benefits, claims, losses and settlement expenses |
|
|
|
175 |
|
|
|
|
|
|
|
|
|
|
| |||||||
Amortization of deferred acquisition costs |
|
|
|
(37 |
) |
6 |
|
|
|
|
|
|
|
|
| |||||||
Interest and debt expense |
|
|
|
|
|
|
|
52 |
|
|
|
|
|
|
| |||||||
General and administrative expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total expenses |
|
|
|
138 |
|
1 |
|
52 |
|
|
|
|
|
|
| |||||||
Pretax segment income (loss) |
|
11 |
|
(138 |
) |
5 |
|
(1 |
) |
57 |
|
|
|
|
| |||||||
Less: Net income (loss) attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Pretax segment gain (loss) attributable to Ameriprise Financial |
|
$ |
11 |
|
$ |
(138 |
) |
$ |
5 |
|
$ |
(1 |
) |
$ |
57 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Included in Operating Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
Annuities |
|
Protection |
|
Corporate |
|
Consolidated |
| |||||||||||||
|
|
Market |
|
Auto & Home |
|
Auto & Home |
|
|
|
Department of |
|
|
|
|
| |||||||
|
|
Impacts |
|
Catastrophe |
|
Reserve |
|
Long Term Care |
|
Labor Implementation |
|
Severance |
|
Tax |
| |||||||
(in millions, unaudited) |
|
to DAC/DSIC (6) |
|
Losses (7) |
|
Changes (8) |
|
Adjustments (9) |
|
Costs (10) |
|
Expense (11) |
|
Benefit (12) |
| |||||||
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 |
) |
15 |
|
(12 |
) |
10 |
|
|
|
|
|
|
| |||||||
Amortization of deferred acquisition costs |
|
(3 |
) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Interest and debt expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
General and administrative expense |
|
|
|
|
|
|
|
|
|
11 |
|
12 |
|
|
| |||||||
Operating expenses |
|
(4 |
) |
15 |
|
(12 |
) |
10 |
|
11 |
|
12 |
|
|
| |||||||
Pretax operating earnings |
|
$ |
4 |
|
$ |
(15 |
) |
$ |
12 |
|
$ |
(10 |
) |
$ |
(11 |
) |
$ |
(12 |
) |
$ |
|
|
Tax benefit |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
27 |
|
(1) Pretax net realized investment gains/(losses) on Available-for-Sale securities and other securities
(2) Variable annuity guaranteed benefit impacts include:
$177 million net expense related to hedged variable annuity benefits
$39 million decrease in DAC and DSIC amortization resulting from hedged benefits
(3) Indexed universal life benefit impacts include:
$5 million net benefit related to hedged indexed universal life benefits
$6 million increase in DAC amortization resulting from hedged indexed universal life benefits
$6 million increase in unearned revenue reserve amortization and reinsurance accrual from hedged indexed universal life benefits
(4) Reflects revenues and expenses of Consolidated Investment Entities
(5) The market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments
(6) Decrease in DAC and DSIC amortization from higher than projected separate account growth
(7) Total auto and home catastrophe losses
(8) Auto and home change in reserves from improved loss trends
(9) Long term care adjustments
(10) Incremental expense related to the planning and implementation for the new Department of Labor fiduciary standard
(11) Severance expense
(12) Unanticipated benefit from tax audit settlements related to the 1997 to 2011 federal returns
Ameriprise Financial, Inc.
Disclosed Items
3 Qtr 2016
Excluded from Operating Earnings
|
|
Advice & Wealth |
|
Annuities |
|
Protection |
|
Corporate and Eliminations |
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
Market Impact on |
|
|
|
Market Impact on |
|
|
|
Market Impact |
|
|
|
|
|
|
| ||||||||||
|
|
Securities |
|
Securities |
|
VA Guaranteed |
|
Securities |
|
Indexed Universal |
|
|
|
of Hedges |
|
|
|
|
|
|
| ||||||||||
(in millions, unaudited) |
|
Gains/(Losses) (1) |
|
Gains/(Losses) (1) |
|
Benefits (2) |
|
Gains/(Losses) (1) |
|
Life Benefits (3) |
|
CIEs (4) |
|
on Investments (5) |
|
|
|
|
|
|
| ||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Management and financial advice fees |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
(4 |
) |
$ |
|
|
|
|
|
|
|
| |||
Distribution fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net investment income |
|
5 |
|
2 |
|
|
|
(1 |
) |
|
|
31 |
|
5 |
|
|
|
|
|
|
| ||||||||||
Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Other revenues |
|
|
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total revenues |
|
5 |
|
2 |
|
|
|
(1 |
) |
6 |
|
27 |
|
5 |
|
|
|
|
|
|
| ||||||||||
Banking and deposit interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total net revenues |
|
5 |
|
2 |
|
|
|
(1 |
) |
6 |
|
27 |
|
5 |
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Distribution expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Interest credited to fixed accounts |
|
|
|
|
|
|
|
|
|
(5 |
) |
|
|
|
|
|
|
|
|
|
| ||||||||||
Benefits, claims, losses and settlement expenses |
|
|
|
|
|
45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Amortization of deferred acquisition costs |
|
|
|
|
|
(8 |
) |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Interest and debt expense |
|
|
|
|
|
|
|
|
|
|
|
25 |
|
|
|
|
|
|
|
|
| ||||||||||
General and administrative expense |
|
|
|
|
|
|
|
|
|
|
|
2 |
|
|
|
|
|
|
|
|
| ||||||||||
Total expenses |
|
|
|
|
|
37 |
|
|
|
(1 |
) |
27 |
|
|
|
|
|
|
|
|
| ||||||||||
Pretax segment income (loss) |
|
5 |
|
2 |
|
(37 |
) |
(1 |
) |
7 |
|
|
|
5 |
|
|
|
|
|
|
| ||||||||||
Less: Net income (loss) attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pretax segment gain (loss) attributable to Ameriprise Financial |
|
$ |
5 |
|
$ |
2 |
|
$ |
(37 |
) |
$ |
(1 |
) |
$ |
7 |
|
$ |
|
|
$ |
5 |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Included in Operating Earnings | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
Annuities |
|
Protection |
|
Corporate |
| ||||||||||||||||||||||||
|
|
Valuation |
|
Market |
|
Valuation |
|
Auto & Home |
|
Auto & Home |
|
Market |
|
Valuation |
|
Long Term Care |
|
Department of |
|
Affordable Housing |
| ||||||||||
|
|
Assumption & |
|
Impacts |
|
Assumption & |
|
Catastrophe |
|
Prior Year Reserve |
|
Impacts |
|
Assumption & |
|
Claim Reserve |
|
Labor Implementation |
|
Investment |
| ||||||||||
(in millions, unaudited) |
|
Model Changes (6) |
|
to DAC/DSIC (7) |
|
Model Changes (6) |
|
Losses (8) |
|
Development (9) |
|
to DAC/DSIC (7) |
|
Model Changes (6) |
|
Adjustment (10) |
|
Costs (11) |
|
Adjustment (12) |
| ||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Management and financial advice fees |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Distribution fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7 |
) | ||||||||||
Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Other revenues |
|
|
|
|
|
64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total revenues |
|
|
|
|
|
64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(7 |
) | ||||||||||
Banking and deposit interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating total net revenues |
|
|
|
|
|
64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(7 |
) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Distribution expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
(27 |
) |
|
|
|
|
|
| ||||||||||
Interest credited to fixed accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Benefits, claims, losses and settlement expenses |
|
197 |
|
(2 |
) |
40 |
|
29 |
|
(10 |
) |
|
|
6 |
|
29 |
|
|
|
|
| ||||||||||
Amortization of deferred acquisition costs |
|
18 |
|
(7 |
) |
7 |
|
|
|
|
|
(1 |
) |
58 |
|
|
|
|
|
|
| ||||||||||
Interest and debt expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
General and administrative expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 |
|
|
| ||||||||||
Operating expenses |
|
215 |
|
(9 |
) |
47 |
|
29 |
|
(10 |
) |
(1 |
) |
37 |
|
29 |
|
7 |
|
|
| ||||||||||
Pretax operating earnings |
|
$ |
(215 |
) |
$ |
9 |
|
$ |
17 |
|
$ |
(29 |
) |
$ |
10 |
|
$ |
1 |
|
$ |
(37 |
) |
$ |
(29 |
) |
$ |
(7 |
) |
$ |
(7 |
) |
(1) Pretax net realized investment gains/(losses) on Available-for-Sale securities and other securities
(2) Variable annuity guaranteed benefit impacts include:
$45 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:
$5 million net benefit related to hedged indexed universal life benefits
$4 million increase in DAC amortization resulting from hedged indexed universal life benefits
$6 million increase in unearned revenue reserve amortization and reinsurance accrual from hedged indexed universal life benefits
(4) Reflects revenues and expenses of Consolidated Investment Entities
(5) The market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments
(6) Net pretax impact of model changes and the annual review/updating of valuation assumptions, including the annual long term care review
(7) Decrease in DAC and DSIC amortization from higher than projected separate account growth
(8) Total auto and home catastrophe losses for the quarter, which were $7M higher than expectations
(9) Auto and home prior year reserve development
(10) Long term care correction related to a claim utilization assumption
(11) Incremental expense related to the planning and implementation for the new Department of Labor fiduciary standard
(12) Adjustment for an affordable housing investment to align it with the remaining tax benefit cash flows
Ameriprise Financial, Inc.
Disclosed Items
2 Qtr 2016
Excluded from Operating Earnings
|
|
Annuities |
|
Protection |
|
Corporate and Eliminations |
|
|
| |||||||||||||
|
|
|
|
Market Impact on |
|
|
|
Market Impact on |
|
|
|
Market Impact |
|
|
| |||||||
|
|
Securities |
|
VA Guaranteed |
|
Securities |
|
Indexed Universal |
|
|
|
of Hedges |
|
|
| |||||||
(in millions, unaudited) |
|
Gains/(Losses) (1) |
|
Benefits (2) |
|
Gains/(Losses) (1) |
|
Life Benefits (3) |
|
CIEs (4) |
|
on Investments (5) |
|
|
| |||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Management and financial advice fees |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
(4 |
) |
$ |
|
|
|
| |
Distribution fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net investment income |
|
2 |
|
|
|
3 |
|
|
|
30 |
|
(19 |
) |
|
| |||||||
Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Other revenues |
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
| |||||||
Total revenues |
|
2 |
|
|
|
3 |
|
3 |
|
26 |
|
(19 |
) |
|
| |||||||
Banking and deposit interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total net revenues |
|
2 |
|
|
|
3 |
|
3 |
|
26 |
|
(19 |
) |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Distribution expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Interest credited to fixed accounts |
|
|
|
|
|
|
|
(4 |
) |
|
|
|
|
|
| |||||||
Benefits, claims, losses and settlement expenses |
|
|
|
60 |
|
|
|
|
|
|
|
|
|
|
| |||||||
Amortization of deferred acquisition costs |
|
|
|
(2 |
) |
|
|
2 |
|
|
|
|
|
|
| |||||||
Interest and debt expense |
|
|
|
|
|
|
|
|
|
24 |
|
|
|
|
| |||||||
General and administrative expense |
|
|
|
|
|
|
|
|
|
1 |
|
|
|
|
| |||||||
Total expenses |
|
|
|
58 |
|
|
|
(2 |
) |
25 |
|
|
|
|
| |||||||
Pretax segment income (loss) |
|
2 |
|
(58 |
) |
3 |
|
5 |
|
1 |
|
(19 |
) |
|
| |||||||
Less: Net income (loss) attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Pretax segment gain (loss) attributable to Ameriprise Financial |
|
$ |
2 |
|
$ |
(58 |
) |
$ |
3 |
|
$ |
5 |
|
$ |
1 |
|
$ |
(19 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Included in Operating Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
Asset Management |
|
Annuities |
|
Protection |
|
Corporate |
|
Consolidated |
| |||||||||||
|
|
|
|
Market |
|
Auto & Home |
|
|
|
Department of |
|
|
|
|
| |||||||
|
|
Resolution of |
|
Impacts |
|
Catastrophe |
|
Resolution of |
|
Labor Implementation |
|
Loss on Sale of |
|
Tax |
| |||||||
(in millions, unaudited) |
|
Legal Matter (6) |
|
to DAC/DSIC (7) |
|
Losses (8) |
|
Legal Matter (6) |
|
Costs (9) |
|
Real Estate (10) |
|
Benefit (11) |
| |||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Management and financial advice fees |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Distribution fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Other revenues |
|
|
|
|
|
|
|
|
|
|
|
(4 |
) |
|
| |||||||
Total revenues |
|
|
|
|
|
|
|
|
|
|
|
(4 |
) |
|
| |||||||
Banking and deposit interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Operating total net revenues |
|
|
|
|
|
|
|
|
|
|
|
(4 |
) |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Distribution expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Interest credited to fixed accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Benefits, claims, losses and settlement expenses |
|
|
|
|
|
37 |
|
|
|
|
|
|
|
|
| |||||||
Amortization of deferred acquisition costs |
|
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
| |||||||
Interest and debt expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
General and administrative expense |
|
9 |
|
|
|
|
|
14 |
|
7 |
|
|
|
|
| |||||||
Operating expenses |
|
9 |
|
(1 |
) |
37 |
|
14 |
|
7 |
|
|
|
|
| |||||||
Pretax operating earnings |
|
$ |
(9 |
) |
$ |
1 |
|
$ |
(37 |
) |
$ |
(14 |
) |
$ |
(7 |
) |
$ |
(4 |
) |
$ |
|
|
Tax benefit |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
17 |
|
(1) Pretax net realized investment gains/(losses) on Available-for-Sale securities and other securities
(2) Variable annuity guaranteed benefit impacts include:
$61 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
$2 million increase in DAC amortization resulting from hedged indexed universal life benefits
$3 million increase in unearned revenue reserve amortization and reinsurance accrual from hedged indexed universal life benefits
(4) Reflects revenues and expenses of Consolidated Investment Entities
(5) The market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments
(6) Resolution of a legacy legal matter related to the hedge fund business
(7) Decrease in DAC and DSIC amortization from higher than projected separate account growth
(8) Total auto and home catastrophe losses for the quarter
(9) Incremental expense related to the planning and implementation for the new Department of Labor fiduciary standard
(10) Loss associated with the sale of operations center real estate
(11) Benefit from completion of tax audits from previous years
Ameriprise Financial, Inc.
Disclosed Items
1 Qtr 2016
Excluded from Operating Earnings
|
|
Advice & Wealth |
|
Asset Management |
|
Annuities |
|
Protection |
|
Corporate and Eliminations |
| |||||||||||||||||
|
|
|
|
|
|
|
|
Market Impact on |
|
|
|
Market Impact on |
|
|
|
|
|
Market Impact |
| |||||||||
|
|
Securities |
|
Securities |
|
Securities |
|
VA Guaranteed |
|
Securities |
|
Indexed Universal |
|
|
|
Securities |
|
of Hedges |
| |||||||||
(in millions, unaudited) |
|
Gains/(Losses) (1) |
|
Gains/(Losses) (1) |
|
Gains/(Losses) (1) |
|
Benefits (2) |
|
Gains/(Losses) (1) |
|
Life Benefits (3) |
|
CIEs (4) |
|
Gains/(Losses) (1) |
|
on Investments (5) |
| |||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Management and financial advice fees |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
(4 |
) |
$ |
|
|
$ |
|
|
Distribution fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Net investment income |
|
(1 |
) |
(3 |
) |
(2 |
) |
|
|
1 |
|
|
|
28 |
|
(11 |
) |
(40 |
) | |||||||||
Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Other revenues |
|
|
|
|
|
|
|
|
|
|
|
9 |
|
|
|
|
|
|
| |||||||||
Total revenues |
|
(1 |
) |
(3 |
) |
(2 |
) |
|
|
1 |
|
9 |
|
24 |
|
(11 |
) |
(40 |
) | |||||||||
Banking and deposit interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total net revenues |
|
(1 |
) |
(3 |
) |
(2 |
) |
|
|
1 |
|
9 |
|
24 |
|
(11 |
) |
(40 |
) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Distribution expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Interest credited to fixed accounts |
|
|
|
|
|
|
|
|
|
|
|
(16 |
) |
|
|
|
|
|
| |||||||||
Benefits, claims, losses and settlement expenses |
|
|
|
|
|
|
|
(33 |
) |
|
|
|
|
|
|
|
|
|
| |||||||||
Amortization of deferred acquisition costs |
|
|
|
|
|
|
|
16 |
|
|
|
6 |
|
|
|
|
|
|
| |||||||||
Interest and debt expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
26 |
|
|
|
|
| |||||||||
General and administrative expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total expenses |
|
|
|
|
|
|
|
(17 |
) |
|
|
(10 |
) |
26 |
|
|
|
|
| |||||||||
Pretax segment income (loss) |
|
(1 |
) |
(3 |
) |
(2 |
) |
17 |
|
1 |
|
19 |
|
(2 |
) |
(11 |
) |
(40 |
) | |||||||||
Less: Net income (loss) attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Pretax segment gain (loss) attributable to Ameriprise Financial |
|
$ |
(1 |
) |
$ |
(3 |
) |
$ |
(2 |
) |
$ |
17 |
|
$ |
1 |
|
$ |
19 |
|
$ |
(2 |
) |
$ |
(11 |
) |
$ |
(40 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Included in Operating Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
Annuities |
|
Protection |
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
Market |
|
Market |
|
Market |
|
Life & Health |
|
Auto & Home |
|
|
|
|
|
|
|
|
| |||||||||
|
|
Impacts |
|
Impacts on |
|
Impacts |
|
Reinsurance Recapture |
|
Catastrophe |
|
|
|
|
|
|
|
|
| |||||||||
(in millions, unaudited) |
|
to DAC/DSIC (6) |
|
SOP Reserves (7) |
|
to DAC/DSIC (6) |
|
and Model Changes (8) |
|
Losses (9) |
|
|
|
|
|
|
|
|
| |||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Management and financial advice fees |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
|
|
|
|
|
| ||||
Distribution fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Other revenues |
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total revenues |
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
| |||||||||
Banking and deposit interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Operating total net revenues |
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Distribution expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Interest credited to fixed accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Benefits, claims, losses and settlement expenses |
|
1 |
|
3 |
|
|
|
(3 |
) |
23 |
|
|
|
|
|
|
|
|
| |||||||||
Amortization of deferred acquisition costs |
|
5 |
|
|
|
1 |
|
3 |
|
|
|
|
|
|
|
|
|
|
| |||||||||
Interest and debt expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
General and administrative expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Operating expenses |
|
6 |
|
3 |
|
1 |
|
|
|
23 |
|
|
|
|
|
|
|
|
| |||||||||
Pretax operating earnings |
|
$ |
(6 |
) |
$ |
(3 |
) |
$ |
(1 |
) |
$ |
6 |
|
$ |
(23 |
) |
|
|
|
|
|
|
|
|
(1) Pretax net realized investment gains/(losses) on Available-for-Sale securities and other securities
(2) Variable annuity guaranteed benefit impacts include:
$34 million net benefit related to hedged variable annuity benefits
$17 million increase in DAC and DSIC amortization resulting from hedged benefits
(3) Indexed universal life benefit impacts include:
$16 million net benefit related to hedged indexed universal life benefits
$6 million increase in DAC amortization resulting from hedged indexed universal life benefits
$9 million increase in unearned revenue reserve amortization and reinsurance accrual from hedged indexed universal life benefits
(4) Reflects revenues and expenses of Consolidated Investment Entities
(5) The market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments
(6) Increase in DAC and DSIC amortization from lower than projected separate account growth
(7) Market impact on reserves for insurance features in non-traditional contracts
(8) Reinsurance recapture and other actuarial model updates
(9) Total auto and home catastrophe losses for the quarter, which were $14 million higher than expectations
Exhibit B
Statistical Supplement Package
(unaudited)
First Quarter 2017
Corporate & Other Segment Details
Ameriprise Financial, Inc.
Corporate Excluding Long Term Care
First Quarter 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2016 |
|
2 Qtr 2016 |
|
3 Qtr 2016 |
|
4 Qtr 2016 |
|
1 Qtr 2017 |
|
2016 |
|
2017 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
Corporate Excluding Long Term Care Operating Income Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Management and financial advice fees |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
$ |
|
|
|
|
$ |
|
|
|
|
Distribution fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net investment income |
|
1 |
|
(6 |
) |
(18 |
) |
(9 |
) |
(11 |
) |
1 |
|
(11 |
) |
(12 |
) |
# |
|
(12 |
) |
# |
|
(2 |
) |
(22 |
)% | ||||||||||
Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Other revenues |
|
1 |
|
(1 |
) |
4 |
|
1 |
|
2 |
|
1 |
|
2 |
|
1 |
|
# |
|
1 |
|
# |
|
1 |
|
# |
| ||||||||||
Total revenues |
|
2 |
|
(7 |
) |
(14 |
) |
(8 |
) |
(9 |
) |
2 |
|
(9 |
) |
(11 |
) |
# |
|
(11 |
) |
# |
|
(1 |
) |
(13 |
)% | ||||||||||
Banking and deposit interest expense |
|
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating total net revenues |
|
2 |
|
(7 |
) |
(15 |
) |
(8 |
) |
(9 |
) |
2 |
|
(9 |
) |
(11 |
) |
# |
|
(11 |
) |
# |
|
(1 |
) |
(13 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Distribution expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Interest credited to fixed accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Benefits, claims, losses and settlement expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Amortization of deferred acquisition costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Interest and debt expense |
|
4 |
|
5 |
|
5 |
|
4 |
|
5 |
|
4 |
|
5 |
|
1 |
|
25 |
% |
1 |
|
25 |
% |
1 |
|
25 |
% | ||||||||||
General and administrative expense |
|
48 |
|
64 |
|
52 |
|
62 |
|
67 |
|
48 |
|
67 |
|
19 |
|
40 |
% |
19 |
|
40 |
% |
5 |
|
8 |
% | ||||||||||
Operating expenses |
|
52 |
|
69 |
|
57 |
|
66 |
|
72 |
|
52 |
|
72 |
|
20 |
|
38 |
% |
20 |
|
38 |
% |
6 |
|
9 |
% | ||||||||||
Pretax operating earnings (loss) |
|
$ |
(50 |
) |
$ |
(76 |
) |
$ |
(72 |
) |
$ |
(74 |
) |
$ |
(81 |
) |
$ |
(50 |
) |
$ |
(81 |
) |
$ |
(31 |
) |
(62 |
)% |
$ |
(31 |
) |
(62 |
)% |
$ |
(7 |
) |
(9 |
)% |
# Variance equal to or greater than 100%.
Ameriprise Financial, Inc.
Long Term Care
First Quarter 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Comparisons |
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
Qtr Chg - 1Q |
|
YTD Chg - 1Q |
|
Seq Qtr Chg - 1Q |
| ||||||||||||||||||
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2016 |
|
2 Qtr 2016 |
|
3 Qtr 2016 |
|
4 Qtr 2016 |
|
1 Qtr 2017 |
|
2016 |
|
2017 |
|
Diff. |
|
% |
|
Diff. |
|
% |
|
Diff. |
|
% |
| ||||||||||
Long Term Care Operating Income Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Management and financial advice fees |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
$ |
|
|
|
|
$ |
|
|
|
|
Distribution fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net investment income |
|
39 |
|
39 |
|
39 |
|
38 |
|
39 |
|
39 |
|
39 |
|
|
|
|
|
|
|
|
|
1 |
|
3 |
% | ||||||||||
Premiums |
|
27 |
|
27 |
|
27 |
|
29 |
|
27 |
|
27 |
|
27 |
|
|
|
|
|
|
|
|
|
(2 |
) |
(7 |
)% | ||||||||||
Other revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total revenues |
|
66 |
|
66 |
|
66 |
|
67 |
|
66 |
|
66 |
|
66 |
|
|
|
|
|
|
|
|
|
(1 |
) |
(1 |
)% | ||||||||||
Banking and deposit interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating total net revenues |
|
66 |
|
66 |
|
66 |
|
67 |
|
66 |
|
66 |
|
66 |
|
|
|
|
|
|
|
|
|
(1 |
) |
(1 |
)% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Distribution expenses |
|
(4 |
) |
(4 |
) |
(31 |
) |
(3 |
) |
(3 |
) |
(4 |
) |
(3 |
) |
1 |
|
25 |
% |
1 |
|
25 |
% |
|
|
|
| ||||||||||
Interest credited to fixed accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Benefits, claims, losses and settlement expenses |
|
58 |
|
60 |
|
101 |
|
75 |
|
58 |
|
58 |
|
58 |
|
|
|
|
|
|
|
|
|
(17 |
) |
(23 |
)% | ||||||||||
Amortization of deferred acquisition costs |
|
2 |
|
2 |
|
59 |
|
|
|
|
|
2 |
|
|
|
(2 |
) |
# |
|
(2 |
) |
# |
|
|
|
|
| ||||||||||
Interest and debt expense |
|
2 |
|
3 |
|
2 |
|
2 |
|
3 |
|
2 |
|
3 |
|
1 |
|
50 |
% |
1 |
|
50 |
% |
1 |
|
50 |
% | ||||||||||
General and administrative expense |
|
7 |
|
6 |
|
8 |
|
7 |
|
7 |
|
7 |
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating expenses |
|
65 |
|
67 |
|
139 |
|
81 |
|
65 |
|
65 |
|
65 |
|
|
|
|
|
|
|
|
|
(16 |
) |
(20 |
)% | ||||||||||
Pretax operating earnings (loss) |
|
$ |
1 |
|
$ |
(1 |
) |
$ |
(73 |
) |
$ |
(14 |
) |
$ |
1 |
|
$ |
1 |
|
$ |
1 |
|
$ |
|
|
|
|
$ |
|
|
|
|
$ |
15 |
|
# |
|
# Variance equal to or greater than 100%.
Exhibit C
Statistical Supplement Package
(unaudited)
First Quarter 2017
Non-GAAP Financial Measure Reconciliations
Ameriprise Financial, Inc.
Non-GAAP Financial Measure Reconciliations
First Quarter 2017
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date |
| |||||||||
(in millions unless otherwise noted, unaudited) |
|
1 Qtr 2016 |
|
2 Qtr 2016 |
|
3 Qtr 2016 |
|
4 Qtr 2016 |
|
1 Qtr 2017 |
|
2016 |
|
2017 |
| |||||||
Return on Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net income (last twelve months) |
|
$ |
1,533 |
|
$ |
1,453 |
|
$ |
1,271 |
|
$ |
1,314 |
|
$ |
1,353 |
|
$ |
1,533 |
|
$ |
1,353 |
|
Less adjustments (1) |
|
(149 |
) |
(174 |
) |
(154 |
) |
(113 |
) |
(128 |
) |
(149 |
) |
(128 |
) | |||||||
Operating earnings (last twelve months) |
|
$ |
1,682 |
|
$ |
1,627 |
|
$ |
1,425 |
|
$ |
1,427 |
|
$ |
1,481 |
|
$ |
1,682 |
|
$ |
1,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Ameriprise Financial shareholders equity (five point quarter end average) |
|
$ |
7,576 |
|
$ |
7,355 |
|
$ |
7,139 |
|
$ |
6,877 |
|
$ |
6,684 |
|
$ |
7,576 |
|
$ |
6,684 |
|
Less AOCI, net of tax (five point quarter end average) |
|
472 |
|
459 |
|
478 |
|
426 |
|
419 |
|
472 |
|
419 |
| |||||||
Total Ameriprise Financial shareholders equity excluding AOCI (five point quarter end average) |
|
7,104 |
|
6,896 |
|
6,661 |
|
6,451 |
|
6,265 |
|
7,104 |
|
6,265 |
| |||||||
Less equity impacts attributable to the consolidated investment entities (five point quarter end average) |
|
170 |
|
114 |
|
62 |
|
27 |
|
|
|
170 |
|
|
| |||||||
Operating equity (five point quarter end average) |
|
$ |
6,934 |
|
$ |
6,782 |
|
$ |
6,599 |
|
$ |
6,424 |
|
$ |
6,265 |
|
$ |
6,934 |
|
$ |
6,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Return on equity excluding AOCI |
|
21.6 |
% |
21.1 |
% |
19.1 |
% |
20.4 |
% |
21.6 |
% |
21.6 |
% |
21.6 |
% | |||||||
Operating return on equity excluding AOCI |
|
24.3 |
% |
24.0 |
% |
21.6 |
% |
22.2 |
% |
23.6 |
% |
24.3 |
% |
23.6 |
% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Effective Tax Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Pretax income |
|
$ |
475 |
|
$ |
410 |
|
$ |
238 |
|
$ |
469 |
|
$ |
475 |
|
$ |
475 |
|
$ |
475 |
|
Less adjustments (2) |
|
(22 |
) |
(66 |
) |
(19 |
) |
(66 |
) |
(45 |
) |
(22 |
) |
(45 |
) | |||||||
Pretax operating earnings |
|
$ |
497 |
|
$ |
476 |
|
$ |
257 |
|
$ |
535 |
|
$ |
520 |
|
$ |
497 |
|
$ |
520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income tax provision |
|
$ |
111 |
|
$ |
75 |
|
$ |
23 |
|
$ |
69 |
|
$ |
72 |
|
$ |
111 |
|
$ |
72 |
|
Operating income tax provision |
|
$ |
119 |
|
$ |
97 |
|
$ |
30 |
|
$ |
92 |
|
$ |
88 |
|
$ |
119 |
|
$ |
88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Effective tax rate |
|
23.3 |
% |
18.4 |
% |
9.7 |
% |
14.5 |
% |
15.2 |
% |
23.3 |
% |
15.2 |
% | |||||||
Operating effective tax rate |
|
23.9 |
% |
20.4 |
% |
11.7 |
% |
17.2 |
% |
16.9 |
% |
23.9 |
% |
16.9 |
% |
(1) Adjustments reflect the trailing twelve months sum of after-tax net realized investment gains/losses, net of DSIC and DAC amortization, unearned revenue amortization and the reinsurance accrual; the market impact on variable annuity guaranteed benefits, net of hedges and the related DSIC and DAC amortization; the market impact on indexed universal life benefits, net of hedges and the related DAC amortization, unearned revenue amortization, and the reinsurance accrual; the market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments; integration/restructuring charges; and net income (loss) from consolidated investment entities. After-tax is calculated using the statutory tax rate of 35%.
(2) Adjustments reflect net realized investment gains/losses, net of DSIC and DAC amortization, unearned revenue amortization and the reinsurance accrual; the market impact on variable annuity guaranteed benefits net of hedges and the related DSIC and DAC amortization; the market impact on indexed universal life benefits, net of hedges and the related DAC amortization, unearned revenue amortization, and the reinsurance accrual; the market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments; integration/restructuring charges; and the impact of consolidated investment entities.
Ameriprise Financial, Inc.
Non-GAAP Financial Measure Reconciliations
First Quarter 2017
(in millions unless otherwise noted, unaudited) |
|
March 31, 2016 |
|
June 30, 2016 |
|
September 30, 2016 |
|
December 31, 2016 |
|
March 31, 2017 |
| |||||
Long-term Debt Summary |
|
|
|
|
|
|
|
|
|
|
| |||||
Senior notes |
|
$ |
2,350 |
|
$ |
2,350 |
|
$ |
2,850 |
|
$ |
2,850 |
|
$ |
2,850 |
|
Junior subordinated notes |
|
229 |
|
|
|
|
|
|
|
|
| |||||
Capital lease obligations |
|
58 |
|
55 |
|
52 |
|
49 |
|
47 |
| |||||
Fair value of hedges, unamortized discount and debt issuance costs |
|
46 |
|
47 |
|
32 |
|
18 |
|
14 |
| |||||
Total Ameriprise Financial long-term debt |
|
2,683 |
|
2,452 |
|
2,934 |
|
2,917 |
|
2,911 |
| |||||
Less fair value of hedges, unamortized discount and debt issuance costs |
|
46 |
|
47 |
|
32 |
|
18 |
|
14 |
| |||||
Less capital lease obligations |
|
58 |
|
55 |
|
52 |
|
49 |
|
47 |
| |||||
Total Ameriprise Financial long-term debt excluding fair value of hedges, unamortized discount, debt issuance costs and capital lease obligations |
|
$ |
2,579 |
|
$ |
2,350 |
|
$ |
2,850 |
|
$ |
2,850 |
|
$ |
2,850 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Equity Summary |
|
|
|
|
|
|
|
|
|
|
| |||||
Total Ameriprise Financial shareholders equity |
|
7,067 |
|
7,063 |
|
6,770 |
|
6,292 |
|
6,227 |
| |||||
Less equity of consolidated investment entities |
|
1 |
|
|
|
|
|
|
|
1 |
| |||||
Total Ameriprise Financial shareholders equity excluding CIEs |
|
$ |
7,066 |
|
$ |
7,063 |
|
$ |
6,770 |
|
$ |
6,292 |
|
$ |
6,226 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Capital Summary |
|
|
|
|
|
|
|
|
|
|
| |||||
Total Ameriprise Financial long-term debt |
|
$ |
2,683 |
|
$ |
2,452 |
|
$ |
2,934 |
|
$ |
2,917 |
|
$ |
2,911 |
|
Total Ameriprise Financial shareholders equity |
|
7,067 |
|
7,063 |
|
6,770 |
|
6,292 |
|
6,227 |
| |||||
Total Ameriprise Financial capital |
|
9,750 |
|
9,515 |
|
9,704 |
|
9,209 |
|
9,138 |
| |||||
Less equity of consolidated investment entities |
|
1 |
|
|
|
|
|
|
|
1 |
| |||||
Less fair value of hedges, unamortized discount and debt issuance costs |
|
46 |
|
47 |
|
32 |
|
18 |
|
14 |
| |||||
Less capital lease obligations |
|
58 |
|
55 |
|
52 |
|
49 |
|
47 |
| |||||
Total Ameriprise Financial capital excluding fair value of hedges, unamortized discount, debt issuance costs, capital lease obligations and equity of CIEs |
|
$ |
9,645 |
|
$ |
9,413 |
|
$ |
9,620 |
|
$ |
9,142 |
|
$ |
9,076 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital |
|
27.5 |
% |
25.8 |
% |
30.2 |
% |
31.7 |
% |
31.9 |
% | |||||
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding fair value of hedges, unamortized discount, debt issuance costs, capital lease obligations and equity of CIEs |
|
26.7 |
% |
25.0 |
% |
29.6 |
% |
31.2 |
% |
31.4 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Ameriprise Financial shareholders equity |
|
$ |
7,067 |
|
$ |
7,063 |
|
$ |
6,770 |
|
$ |
6,292 |
|
$ |
6,227 |
|
AOCI |
|
442 |
|
638 |
|
595 |
|
200 |
|
219 |
| |||||
Retained earnings attributable to CIEs |
|
|
|
|
|
|
|
|
|
1 |
| |||||
AOCI attributable to CIEs |
|
1 |
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Ameriprise Financial shareholders equity |
|
$ |
7,067 |
|
$ |
7,063 |
|
$ |
6,770 |
|
$ |
6,292 |
|
$ |
6,227 |
|
Less AOCI |
|
442 |
|
638 |
|
595 |
|
200 |
|
219 |
| |||||
Ameriprise Financial shareholders equity excluding AOCI |
|
$ |
6,625 |
|
$ |
6,425 |
|
$ |
6,175 |
|
$ |
6,092 |
|
$ |
6,008 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Ameriprise Financial shareholders equity |
|
$ |
7,067 |
|
$ |
7,063 |
|
$ |
6,770 |
|
$ |
6,292 |
|
$ |
6,227 |
|
Less retained earnings attributable to CIEs |
|
|
|
|
|
|
|
|
|
1 |
| |||||
Less AOCI |
|
442 |
|
638 |
|
595 |
|
200 |
|
219 |
| |||||
Ameriprise Financial shareholders equity excluding CIEs and AOCI |
|
$ |
6,625 |
|
$ |
6,425 |
|
$ |
6,175 |
|
$ |
6,092 |
|
$ |
6,007 |
|
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