[January 27, 2016] |
|
Ameriprise Financial Reports Fourth Quarter and Full Year 2015 Results
Ameriprise Financial, Inc. (NYSE: AMP) today reported fourth quarter
2015 net income(1) of $357 million, or $2.00 per diluted
share. Operating earnings were $441 million, with operating earnings per
diluted share increasing to $2.47, up 7 percent.
Operating net revenues were flat at $3.0 billion reflecting flat and
volatile equity markets and continued low interest rates, which were
offset by asset management performance fees.
Operating expenses were $2.4 billion, up 1 percent from a year ago.
General and administrative expenses increased 4 percent primarily
associated with performance fees and collateralized loan obligation
(CLO) liquidation benefits - these items accounted for 3 percent of the
4 percent increase. Overall, expenses remain well controlled.
On a full-year basis, the company generated strong operating results
during a period of heightened volatility and continued low interest
rates. Compared to 2014, operating net revenues grew 1 percent to $11.7
billion, operating earnings grew 3 percent to $1.7 billion and operating
earnings per diluted share increased 9 percent to $9.32.
In the quarter, the company continued to deliver a strong return to
shareholders through share repurchases and dividends of $569 million.
For the full year, the company returned over $2.1 billion to
shareholders, representing 125 percent of operating earnings.
"While the global economic and market environment continued to present
headwinds, Ameriprise delivered a solid fourth quarter," said Jim
Cracchiolo, chairman and chief executive officer. "Increased volatility
and investor concerns reinforce the importance of the advice and
solutions Ameriprise provides to our clients."
"Our diversified business and financial foundation provide the strength
and flexibility to serve our clients, invest through market cycles and
return capital to shareholders. In fact, for the fifth consecutive year
we returned more than 100 percent of our operating earnings to
shareholders. And we delivered a record high operating return on equity
of 24.3 percent."
(1) Net income represents net income from continuing
operations attributable to Ameriprise Financial.
|
Ameriprise Financial, Inc. Fourth Quarter and Full
Year Summary
|
|
(in millions, except per share amounts, unaudited)
|
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Quarter Ended December 31,
|
|
|
Year Ended December 31,
|
|
|
2015
|
|
2014
|
|
% Better/ (Worse)
|
|
2015
|
|
2014
|
|
% Better/ (Worse)
|
Net income from continuing operations attributable to Ameriprise
Financial
|
|
$
|
357
|
|
$
|
426
|
|
(16
|
)%
|
|
$
|
1,562
|
|
$
|
1,621
|
|
(4
|
)%
|
Adjustments, net of tax (1)
(see reconciliation on p. 11)
|
|
|
84
|
|
|
14
|
|
|
|
|
154
|
|
|
41
|
|
|
Operating earnings (2)
|
|
$
|
441
|
|
$
|
440
|
|
-
|
%
|
|
$
|
1,716
|
|
$
|
1,662
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Earnings Per Diluted Share
|
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|
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|
|
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|
|
|
|
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|
|
|
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Income from continuing operations
|
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$
|
2.00
|
|
$
|
2.23
|
|
(10
|
)%
|
|
$
|
8.48
|
|
$
|
8.31
|
|
2
|
%
|
Adjustments, net of tax (1)
(see reconciliation on p. 11)
|
|
|
0.47
|
|
|
0.07
|
|
|
|
|
0.84
|
|
|
0.21
|
|
|
Operating earnings (2)
|
|
$
|
2.47
|
|
$
|
2.30
|
|
7
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%
|
|
$
|
9.32
|
|
$
|
8.52
|
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9
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%
|
|
|
|
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|
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Weighted average common shares outstanding:
|
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Basic
|
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176.6
|
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187.9
|
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|
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181.7
|
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191.6
|
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Diluted
|
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178.9
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191.2
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184.2
|
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195.0
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(1) After-tax is calculated using the statutory tax
rate of 35%.
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(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.
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Fourth quarter operating earnings included the following after-tax items:
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Quarter Ended December 31,
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Per Diluted Share Quarter Ended December
31,
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(in millions, except per share amounts, unaudited)
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Tax items
|
|
$
|
26
|
|
|
$
|
32
|
|
|
$
|
0.15
|
|
|
$
|
0.17
|
|
Auto & Home reserve strengthening (1)
|
|
|
(37
|
)
|
|
|
(39
|
)
|
|
|
(0.21
|
)
|
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|
(0.20
|
)
|
Life insurance assumption change (1)
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|
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18
|
|
|
|
-
|
|
|
|
0.10
|
|
|
|
-
|
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Market impact on DAC/DSIC (1)
|
|
$
|
4
|
|
|
$
|
5
|
|
|
$
|
0.02
|
|
|
$
|
0.03
|
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|
|
|
|
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(1) After-tax is calculated using the statutory tax
rate of 35%.
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|
|
|
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Taxes
The fourth quarter 2015 operating effective tax rate was 20.1 percent,
reflecting the impact of a non-recurring dividends received deduction
benefit recorded in the quarter. The operating effective tax rate in the
year ago quarter was 20.3 percent, including different discrete tax
items that reduced the tax rate. The 2015 full year operating effective
tax rate was 23.9 percent.
Fourth Quarter 2015 Business Highlights
-
Total assets under management and administration were $777 billion as
Ameriprise advisor client net inflows were more than offset by asset
management outflows, market depreciation and a $7 billion unfavorable
foreign exchange impact.
-
Advice & Wealth Management advisor client assets increased 1 percent
from a year ago to $447 billion from continued strength in fee-based
investment advisory net inflows, including $2.1 billion of net inflows
in the quarter that were partially offset by market depreciation.
-
On a trailing 12-month basis, operating net revenue per advisor grew 4
percent to $514,000.
-
Total advisors were 9,789 reflecting strong advisor retention and
ongoing experienced advisor recruiting. The company added 82
experienced, productive advisors in the quarter.
-
Asset Management segment AUM declined to $472 billion, primarily
driven by net outflows during the year and the unfavorable impact of
foreign exchange rates.
-
Investment performance remained strong with 116 four- and five-star
funds at Columbia Threadneedle Investments.
-
Columbia Threadneedle was named the U.K.'s best-performing fund group
over the last decade by FE Trustnet.
-
Columbia Threadneedle launched the Threadneedle Ethical U.K. Equity
Fund to further expand its suite of responsible investment solutions.
-
Variable annuity policyholder account balances were $74 billion and
sales grew 12 percent driven by new benefit riders.
-
Excess capital was approximately $2.5 billion after the company
repurchased 4.1 million shares of common stock in the quarter for $450
million and paid $119 million in quarterly dividends. The company
returned over $2.1 billion to shareholders during the year. The
company also holds $250 million of additional capital above required
levels, primarily for variable annuity products.
-
For the year, the company returned 125 percent of operating earnings
to shareholders, reflecting its strategy of adjusting the level of
share repurchases based on the valuation of the stock.
|
Ameriprise Financial, Inc. Advice & Wealth
Management Segment Operating Results
|
|
(in millions, unaudited)
|
|
Quarter Ended December 31,
|
|
|
% Better/ (Worse)
|
|
Year Ended December 31,
|
|
% Better/ (Worse)
|
|
2015
|
|
2014
|
|
|
|
2015
|
|
|
2014
|
|
Advice & Wealth Management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
|
$
|
1,266
|
|
$
|
1,249
|
|
|
1
|
%
|
|
$
|
5,013
|
|
|
$
|
4,806
|
|
4
|
%
|
Expenses
|
|
|
1,056
|
|
|
1,037
|
|
|
(2
|
)%
|
|
|
4,154
|
|
|
|
4,014
|
|
(3
|
)%
|
Pretax operating earnings
|
|
$
|
210
|
|
$
|
212
|
|
|
(1
|
)%
|
|
$
|
859
|
|
|
$
|
792
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Pretax operating margin
|
|
|
16.6
|
%
|
|
17.0
|
%
|
|
|
|
|
|
17.1
|
%
|
|
|
16.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31,
|
|
% Better/ (Worse)
|
|
2015
|
|
2014
|
|
Retail client assets (billions)
|
|
$
|
447
|
|
$
|
444
|
|
1
|
%
|
Wrap net flows (billions)
|
|
$
|
2.1
|
|
$
|
3.1
|
|
(33
|
)%
|
Operating net revenue per branded advisor (trailing 12 months -
thousands)
|
|
$
|
514
|
|
$
|
496
|
|
4
|
%
|
|
|
|
|
|
|
|
|
|
|
Advice & Wealth Management pretax operating earnings were
$210 million as slower market appreciation and volatility resulted in
lower revenue growth, which was offset by continued effective general
and administrative expense management. Fourth quarter 2015 pretax
operating margin was 16.6 percent, reflecting lower market appreciation
and a slowdown in client activity related to market volatility, compared
to 17.0 percent a year ago. For the full year, pretax operating margin
increased to 17.1 percent from 16.5 percent.
Operating net revenues grew 1 percent to $1.3 billion driven by growth
in fee-based accounts from client net inflows partially offset by lower
client activity levels given equity market volatility and uncertainty in
the environment.
Operating expenses increased 2 percent to $1.1 billion as growth in wrap
assets resulted in higher distribution expenses. General and
administrative expenses were flat compared to a year ago.
Total retail client assets increased 1 percent to $447 billion compared
to the prior year as client net inflows and client acquisition were
offset by year-over-year market depreciation. Underlying business
fundamentals and metrics remained strong and are consistent with the
market environment. Wrap net inflows were $2.1 billion in the quarter,
which contributed to a 3 percent increase in wrap balances to $180
billion. Total advisors were 9,789 reflecting strong retention and
another successful recruiting quarter, with 82 experienced advisors
moving their practices to Ameriprise. The combination of asset growth
and client activity drove a 4 percent increase in operating net revenue
per advisor on a trailing 12-month basis to $514,000.
|
Ameriprise Financial, Inc. Asset Management Segment
Operating Results
|
|
(in millions, unaudited)
|
|
Quarter Ended December 31,
|
|
|
% Better/ (Worse)
|
|
Year Ended December 31,
|
|
|
% Better/ (Worse)
|
|
2015
|
|
|
2014
|
|
|
|
2015
|
|
|
2014
|
|
|
Asset Management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
|
$
|
833
|
|
|
$
|
830
|
|
|
-
|
%
|
|
$
|
3,254
|
|
|
$
|
3,320
|
|
|
(2
|
)%
|
Expenses
|
|
|
640
|
|
|
|
632
|
|
|
(1
|
)%
|
|
|
2,493
|
|
|
|
2,532
|
|
|
2
|
%
|
Pretax operating earnings
|
|
$
|
193
|
|
|
$
|
198
|
|
|
(3
|
)%
|
|
$
|
761
|
|
|
$
|
788
|
|
|
(3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net pretax operating margin
|
|
|
36.3
|
%
|
|
|
40.0
|
%
|
|
|
|
|
|
38.5
|
%
|
|
|
39.8
|
%
|
|
|
|
|
|
|
Quarter Ended December 31,
|
|
% Better/ (Worse)
|
|
2015
|
|
|
2014
|
|
Total segment AUM(1) (billions)
|
|
$
|
472
|
|
|
$
|
506
|
|
(7
|
)%
|
Columbia Management AUM
|
|
$
|
335
|
|
|
$
|
361
|
|
(7
|
)%
|
Threadneedle AUM
|
|
$
|
142
|
|
|
$
|
148
|
|
(4
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
Total segment net flows (billions)
|
|
$
|
(0.7
|
)
|
|
$
|
5.7
|
|
NM
|
|
Retail net flows
|
|
$
|
6.5
|
|
|
$
|
4.9
|
|
33
|
%
|
Institutional net flows
|
|
$
|
(6.9
|
)
|
|
$
|
0.3
|
|
NM
|
|
Alternative net flows
|
|
$
|
(0.3
|
)
|
|
$
|
0.5
|
|
NM
|
|
|
(1) Subadvisory eliminations between Columbia
Management and Threadneedle are included in the company's Fourth
Quarter 2015 Statistical Supplement available at ir.ameriprise.com.
|
|
NM Not Meaningful - variance of greater than 100%
|
|
Asset Management pretax operating earnings were $193 million,
which included a net benefit from several timing-related items that were
more than offset by lower AUM related to weak global markets and net
outflows. Results in the quarter included elevated performance fees, CLO
liquidation benefits, and higher year-end related expenses that on a net
basis benefited earnings by approximately $20 million. Fourth quarter
adjusted net pretax operating margin was 36.3 percent compared to 40.0
percent a year ago.
Operating net revenues were flat compared to a year ago as performance
fees and CLO liquidation benefits were offset by the impact of lower
asset levels. AUM declined 7 percent to $472 billion related to lower
market appreciation, net outflows and a negative foreign exchange
translation.
Operating expenses were $640 million and included seasonally elevated
general and administrative expenses relating to higher performance fees
and CLO liquidation, investments in advertising and the timing of
certain other expenses. These growth investments were partially offset
by lower distribution expenses.
Net outflows were $0.7 billion in the quarter, which included $8.7
billion of reinvested dividends and $6.5 billion of low-fee, former
parent related outflows:
-
Elevated outflows in former parent related assets were largely driven
by changes made by a former affiliated distribution partner that
resulted in expected outflows of low fee institutional assets.
-
European retail net inflows were strong at $1.4 billion in the
quarter. Retail flows in the United States included $1.7 billion of
outflows in the Acorn Fund, which more than offset areas of improved
retail flows.
-
Excluding outflows from a large client who redeemed assets for
liquidity purposes, underlying third party institutional flows were
positive and the pipeline remains strong.
|
Ameriprise Financial, Inc. Annuities Segment
Operating Results
|
|
(in millions, unaudited)
|
|
Quarter Ended December 31,
|
|
|
% Better/ (Worse)
|
|
Year Ended December 31,
|
|
|
% Better/ (Worse)
|
|
2015
|
|
2014
|
|
|
|
2015
|
|
2014
|
|
|
Annuities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
|
$
|
627
|
|
$
|
649
|
|
|
(3
|
)%
|
|
$
|
2,541
|
|
$
|
2,591
|
|
|
(2
|
)%
|
Expenses
|
|
|
475
|
|
|
490
|
|
|
3
|
%
|
|
|
1,891
|
|
|
1,958
|
|
|
3
|
%
|
Pretax operating earnings
|
|
$
|
152
|
|
$
|
159
|
|
|
(4
|
)%
|
|
$
|
650
|
|
$
|
633
|
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable annuity pretax operating earnings
|
|
$
|
129
|
|
$
|
123
|
|
|
5
|
%
|
|
$
|
544
|
|
$
|
489
|
|
|
11
|
%
|
Fixed annuity pretax operating earnings
|
|
|
23
|
|
|
36
|
|
|
(36
|
)%
|
|
|
106
|
|
|
144
|
|
|
(26
|
)%
|
Total pretax operating earnings
|
|
$
|
152
|
|
$
|
159
|
|
|
(4
|
)%
|
|
$
|
650
|
|
$
|
633
|
|
|
3
|
%
|
|
|
|
Quarter Ended December 31,
|
|
|
% Better/ (Worse)
|
|
|
2015
|
|
|
2014
|
|
|
Items included in operating earnings:
|
|
|
|
|
|
|
|
|
|
|
|
Market impact on DAC and DSIC (mean reversion)
|
|
$
|
6
|
|
|
$
|
7
|
|
|
(14
|
)%
|
Impact of variable annuity product changes
|
|
|
-
|
|
|
|
2
|
|
|
NM
|
|
Total annuities impact
|
|
$
|
6
|
|
|
|
9
|
|
|
(33
|
)%
|
|
Variable annuity ending account balances (billions)
|
|
$
|
74.2
|
|
|
$
|
77.0
|
|
|
(4
|
)%
|
Variable annuity net flows (millions)
|
|
$
|
(245
|
)
|
|
$
|
(406
|
)
|
|
40
|
%
|
Fixed annuity ending account balances (billions)
|
|
$
|
10.7
|
|
|
$
|
12.1
|
|
|
(12
|
)%
|
Fixed annuity net flows (millions)
|
|
$
|
(296
|
)
|
|
$
|
(315
|
)
|
|
6
|
%
|
|
NM Not Meaningful - variance of greater than 100%
|
|
Annuities pretax operating earnings were $152 million primarily
reflecting improved variable annuity profitability offset by lower fixed
annuity earnings driven by the continued anticipated run-off of a block
of fixed annuities.
Variable annuity operating earnings were $129 million compared to $123
million a year ago. Variable annuity cash sales increased 12 percent to
$1.3 billion for the quarter, driven by new living benefit riders.
Account balances declined 4 percent to $74 billion reflecting net
outflows in a closed block of annuities sold through third parties and
market depreciation.
Fixed annuity operating earnings declined from $36 million to $23
million as older policies continue to lapse and the interest rate
environment which remains challenging for investment yields and limits
new sales.
|
Ameriprise Financial, Inc. Protection Segment
Operating Results
|
|
(in millions, unaudited)
|
|
Quarter Ended December 31,
|
|
|
% Better/ (Worse)
|
|
Year Ended December 31,
|
|
|
% Better/ (Worse)
|
|
2015
|
|
2014
|
|
|
|
2015
|
|
2014
|
|
|
Protection
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
|
$
|
608
|
|
$
|
600
|
|
|
1
|
%
|
|
$
|
2,384
|
|
$
|
2,287
|
|
|
4
|
%
|
Expenses
|
|
|
573
|
|
|
570
|
|
|
(1
|
)%
|
|
|
2,201
|
|
|
2,041
|
|
|
(8
|
)%
|
Pretax operating earnings
|
|
$
|
35
|
|
$
|
30
|
|
|
17
|
%
|
|
$
|
183
|
|
$
|
246
|
|
|
(26
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31,
|
|
|
% Better/ (Worse)
|
|
|
2015
|
|
|
2014
|
|
|
Items included in operating earnings:
|
|
|
|
|
|
|
|
|
|
|
|
Market impact on DAC (mean reversion)
|
|
$
|
-
|
|
|
$
|
1
|
|
|
NM
|
|
Actuarial model correction
|
|
|
-
|
|
|
|
(7
|
)
|
|
NM
|
|
Auto & Home reserve strengthening
|
|
|
(57
|
)
|
|
|
(60
|
)
|
|
5
|
%
|
Life insurance assumption change
|
|
|
28
|
|
|
|
-
|
|
|
NM
|
|
Total protection impact
|
|
$
|
(29
|
)
|
|
$
|
(66
|
)
|
|
56
|
%
|
|
Life insurance in force (billions)
|
|
$
|
196
|
|
|
$
|
196
|
|
|
-
|
%
|
VUL/UL ending account balances (billions)
|
|
$
|
11.2
|
|
|
$
|
11.3
|
|
|
(1
|
)%
|
Auto & Home policies in force (thousands)
|
|
|
957
|
|
|
|
929
|
|
|
3
|
%
|
|
NM Not Meaningful - variance of greater than 100%
|
|
Protection pretax operating earnings were $35 million compared to
$30 million a year ago.
Life and Health insurance earnings included a $28 million life insurance
reserve reduction that was a result of an assumption change. This
benefit was partially offset by higher life and LTC claims, the impact
of continued low interest rates, and the business mix shift from VUL to
iUL. VUL/UL cash sales were $91 million, up 7 percent from a year ago,
and VUL/UL account balances declined 1 percent.
Auto and Home had an operating loss in the quarter driven by a $57
million reserve increase primarily related to the 2014 and prior
accident years for the auto line and a more gradual pace of anticipated
improvement in the book. Results reflected increases in both frequency
and severity, which is consistent with industry experience.
Performance for the 2015 accident year currently remains in line with
expectations, benefiting from enhancements made to underwriting and
claims practices.
|
Ameriprise Financial, Inc. Corporate & Other Segment
Operating Results
|
|
(in millions, unaudited)
|
|
Quarter Ended December 31,
|
|
|
% Better/ (Worse)
|
|
Year Ended December 31,
|
|
|
% Better/ (Worse)
|
|
2015
|
|
|
2014
|
|
|
|
2015
|
|
|
2014
|
|
|
Corporate & Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
|
$
|
15
|
|
|
$
|
1
|
|
|
NM
|
|
|
$
|
3
|
|
|
$
|
4
|
|
|
(25
|
)%
|
Expenses
|
|
|
53
|
|
|
|
48
|
|
|
(10
|
)%
|
|
|
202
|
|
|
|
234
|
|
|
14
|
%
|
Pretax operating loss
|
|
$
|
(38
|
)
|
|
$
|
(47
|
)
|
|
19
|
%
|
|
$
|
(199
|
)
|
|
$
|
(230
|
)
|
|
13
|
%
|
|
NM Not Meaningful - variance of greater than 100%
|
|
Corporate & Other pretax operating loss was $38 million for
the quarter compared to a $47 million loss a year ago.
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
management's plans, estimates and beliefs. Actual results could differ
materially from those described in these forward-looking statements.
Examples of such forward-looking statements include:
-
the statements in this news release concerning the expected impact,
and time during which impacts might be realized, as a result of
actions taken in the company's Auto and Home business;
-
statements of the company's plans, intentions, positioning,
expectations, objectives or goals, including those relating to asset
flows, mass affluent and affluent client acquisition strategy, client
retention and growth of our client base, financial advisor
productivity, retention, recruiting and enrollments, the introduction,
cessation, terms or pricing of new or existing products and services,
acquisition integration, general and administrative costs,
consolidated tax rate, return of capital to shareholders, and excess
capital position and financial flexibility to capture additional
growth opportunities;
-
other statements about future economic performance, the performance of
equity markets and interest rate variations and the economic
performance of the United States and of global markets; and
-
statements of assumptions underlying such statements.
The words "believe," "expect," "anticipate," "optimistic," "intend,"
"plan," "aim," "will," "may," "should," "could," "would," "likely,"
"forecast," "on pace," "project" and similar expressions are intended to
identify forward-looking statements but are not the exclusive means of
identifying such statements. Forward-looking statements are subject to
risks and uncertainties, which could cause actual results to differ
materially from such statements.
Such factors include, but are not limited to:
-
conditions in the interest rate, credit default, equity market and
foreign exchange environments, including changes in valuations,
liquidity and volatility;
-
changes in and the adoption of relevant accounting standards and
securities rating agency standards and processes, as well as changes
in the litigation and regulatory environment, including ongoing legal
proceedings and regulatory actions, the frequency and extent of legal
claims threatened or initiated by clients, other persons and
regulators, and developments in regulation and legislation, including
the rules, exemptions and regulations implemented or that may be
implemented in connection with the Dodd-Frank Wall Street Reform and
Consumer Protection Act or in light of the U.S. Department of Labor
pending rule and exemptions pertaining to the fiduciary status of
investment advice providers to 401(k) plan, plan sponsors, plan
participants and the holders of individual retirement or health
savings accounts;
-
investment management performance and distribution partner and
consumer acceptance of the company's products;
-
effects of competition in the financial services industry, including
pricing pressure, the introduction of new products and services and
changes in product distribution mix and distribution channels;
-
changes to the company's reputation that may arise from employee or
advisor misconduct, legal or regulatory actions, perceptions of the
financial services industry generally, improper management of
conflicts of interest or otherwise;
-
the company's capital structure, including indebtedness, limitations
on subsidiaries to pay dividends, and the extent, manner, terms and
timing of any share or debt repurchases management may effect as well
as the opinions of rating agencies and other analysts and the
reactions of market participants or the company's regulators,
advisors, distribution partners or customers in response to any change
or prospect of change in any such opinion;
-
changes to the availability and cost of liquidity and the Company's
credit capacity that may arise due to shifts in market conditions, the
Company's credit ratings and the overall availability of credit;
-
risks of default, capacity constraint or repricing by issuers or
guarantors of investments the company owns or by counterparties to
hedge, derivative, insurance or reinsurance arrangements or by
manufacturers of products the company distributes, experience
deviations from the company's assumptions regarding such risks, the
evaluations or the prospect of changes in evaluations of any such
third parties published by rating agencies or other analysts, and the
reactions of other market participants or the company's regulators,
advisors, distribution partners or customers in response to any such
evaluation or prospect of changes in evaluation;
-
experience deviations from the company's assumptions regarding
morbidity, mortality and persistency in certain annuity and insurance
products, or from assumptions regarding market returns assumed in
valuing or unlocking DAC and DSIC or market volatility underlying our
valuation and hedging of guaranteed living benefit annuity riders, or
from assumptions regarding interest rates assumed in our loss
recognition testing of our Long Term Care business, or from
assumptions regarding anticipated claims and losses relating to our
automobile and home insurance products;
-
changes in capital requirements that may be indicated, required or
advised by regulators or rating agencies;
-
the impacts of the company's efforts to improve distribution economics
and to grow third-party distribution of its products;
-
the ability to pursue and complete strategic transactions and
initiatives, including acquisitions, divestitures, restructurings,
joint ventures and the development of new products and services;
-
the ability to realize the financial, operating and business
fundamental benefits of strategic transactions and initiatives the
company has completed, is pursuing or may pursue in the future, which
may be impacted by the ability to obtain regulatory approvals, the
ability to effectively manage related expenses and by market, business
partner and consumer reactions to such strategic transactions and
initiatives;
-
the ability and timing to realize savings and other benefits from
re-engineering and tax planning;
-
interruptions or other failures in our communications, technology and
other operating systems, including errors or failures caused by third
party service providers, interference or failures caused by third
party attacks on our systems, or the failure to safeguard the privacy
or confidentiality of sensitive information and data on such systems;
and
-
general economic and political factors, including consumer confidence
in the economy and the financial industry, the ability and inclination
of consumers generally to invest as well as their ability and
inclination to invest in financial instruments and products other than
cash and cash equivalents, the costs of products and services the
company consumes in the conduct of its business, and applicable
legislation and regulation and changes therein, including tax laws,
tax treaties, fiscal and central government treasury policy, and
policies regarding the financial services industry and publicly held
firms, and regulatory rulings and pronouncements.
Management cautions the reader that the foregoing list of factors is not
exhaustive. There may also be other risks that management is unable to
predict at this time that may cause actual results to differ materially
from those in forward-looking statements. Readers are cautioned not to
place undue reliance on these forward-looking statements, which speak
only as of the date on which they are made. Management undertakes no
obligation to update publicly or revise any forward-looking statements.
The foregoing list of factors should be read in conjunction with the
"Risk Factors" discussion under Part 1, Item 1A of and elsewhere in our
Annual Report on Form 10-K for the year ended December 31, 2014
available at ir.ameriprise.com
and the "Risk Factors" discussion included in Part II, Item 1A and
elsewhere in our Quarterly Report on Form 10-Q for the quarter ended
September 30, 2015.
The financial results discussed in this news release represent past
performance only, which may not be used to predict or project future
results. The financial results and values presented in this news release
and the below-referenced Statistical Supplement are based upon asset
valuations that represent estimates as of the date of this news release
and may be revised in the company's Annual Report on Form 10-K for the
year ended December 31, 2015. For information about Ameriprise Financial
entities, please refer to the Fourth Quarter 2015 Statistical Supplement
available at ir.ameriprise.com
and the tables that follow in this news release.
Ameriprise Financial announces financial and other information to
investors through the company's investor relations website at ir.ameriprise.com,
as well as SEC filings, press releases, public conference calls and
webcasts. Investors and others interested in the company are encouraged
to visit the investor relations website from time to time, as
information is updated and new information is posted. The website also
allows users to sign up for automatic notifications in the event new
materials are posted. The information found on the website is not
incorporated by reference into this release or in any other report or
document the company furnishes or files with the SEC.
Reconciliation Tables
|
Ameriprise Financial, Inc. Reconciliation Table:
Earnings
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31,
|
|
|
Per Diluted Share Quarter Ended December
31,
|
|
(in millions, except per share amounts, unaudited)
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
Net income attributable to Ameriprise Financial
|
|
$
|
357
|
|
|
$
|
425
|
|
|
$
|
2.00
|
|
|
$
|
2.22
|
|
Less: Loss from discontinued operations, net of tax
|
|
|
-
|
|
|
|
(1
|
)
|
|
|
-
|
|
|
|
(0.01
|
)
|
Net income from continuing operations attributable to Ameriprise
Financial
|
|
|
357
|
|
|
|
426
|
|
|
|
2.00
|
|
|
|
2.23
|
|
Add: Integration/restructuring charges, net of tax(1)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Add: Market impact on variable annuity guaranteed benefits, net of
tax(1)
|
|
|
91
|
|
|
|
21
|
|
|
|
0.51
|
|
|
|
0.11
|
|
Add: Market impact on indexed universal life benefits, net of tax(1)
|
|
|
-
|
|
|
|
10
|
|
|
|
-
|
|
|
|
0.05
|
|
Add: Market impact of hedges on investments, net of tax(1)
|
|
|
(7
|
)
|
|
|
-
|
|
|
|
(0.04
|
)
|
|
|
-
|
|
Add: Net realized investment (gains) losses, net of tax(1)
|
|
|
-
|
|
|
|
(17
|
)
|
|
|
-
|
|
|
|
(0.09
|
)
|
Operating earnings
|
|
$
|
441
|
|
|
$
|
440
|
|
|
$
|
2.47
|
|
|
$
|
2.30
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
176.6
|
|
|
|
187.9
|
|
|
|
|
|
|
|
Diluted
|
|
|
178.9
|
|
|
|
191.2
|
|
|
|
|
|
|
|
|
(1) Calculated using the statutory tax rate of 35%.
|
|
|
Ameriprise Financial, Inc. Reconciliation Table:
Earnings
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
Per Diluted Share Year Ended December
31,
|
|
(in millions, except per share amounts, unaudited)
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
Net income attributable to Ameriprise Financial
|
|
$
|
1,562
|
|
|
$
|
1,619
|
|
|
$
|
8.48
|
|
|
$
|
8.30
|
|
Less: Loss from discontinued operations, net of tax
|
|
|
-
|
|
|
|
(2
|
)
|
|
|
-
|
|
|
|
(0.01
|
)
|
Net income from continuing operations attributable to Ameriprise
Financial
|
|
|
1,562
|
|
|
|
1,621
|
|
|
|
8.48
|
|
|
|
8.31
|
|
Add: Integration/restructuring charges, net of tax(1)
|
|
|
3
|
|
|
|
-
|
|
|
|
0.02
|
|
|
|
-
|
|
Add: Market impact on variable annuity guaranteed benefits, net of
tax(1)
|
|
|
139
|
|
|
|
61
|
|
|
|
0.75
|
|
|
|
0.31
|
|
Add: Market impact on indexed universal life benefits, net of tax(1)
|
|
|
1
|
|
|
|
4
|
|
|
|
0.01
|
|
|
|
0.02
|
|
Add: Market impact of hedges on investments, net of tax(1)
|
|
|
14
|
|
|
|
-
|
|
|
|
0.08
|
|
|
|
-
|
|
Add: Net realized investment (gains) losses, net of tax(1)
|
|
|
(3
|
)
|
|
|
(24
|
)
|
|
|
(0.02
|
)
|
|
|
(0.12
|
)
|
Operating earnings
|
|
$
|
1,716
|
|
|
$
|
1,662
|
|
|
$
|
9.32
|
|
|
$
|
8.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
Basic
|
|
|
181.7
|
|
|
|
191.6
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
184.2
|
|
|
|
195.0
|
|
|
|
|
|
|
|
|
|
|
(1) Calculated using the statutory tax rate of 35%.
|
|
|
Ameriprise Financial, Inc. Reconciliation Table:
Total Net Revenues
|
|
|
|
Quarter Ended December 31,
|
|
|
Year Ended December 31,
|
|
(in millions, unaudited)
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
Total net revenues
|
|
$
|
3,103
|
|
|
$
|
3,089
|
|
|
$
|
12,170
|
|
|
$
|
12,268
|
|
Less: CIEs revenue
|
|
|
113
|
|
|
|
108
|
|
|
|
446
|
|
|
|
651
|
|
Less: Net realized investment gains (losses)
|
|
|
(1
|
)
|
|
|
27
|
|
|
|
4
|
|
|
|
37
|
|
Less: Market impact on indexed universal life benefits
|
|
|
2
|
|
|
|
(11
|
)
|
|
|
7
|
|
|
|
(11
|
)
|
Less: Market impact of hedges on investments
|
|
|
11
|
|
|
|
-
|
|
|
|
(21
|
)
|
|
|
-
|
|
Operating total net revenues
|
|
$
|
2,978
|
|
|
$
|
2,965
|
|
|
$
|
11,734
|
|
|
$
|
11,591
|
|
|
|
Ameriprise Financial, Inc. Reconciliation Table:
Total Expenses
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31,
|
|
|
Year Ended December 31,
|
|
(in millions, unaudited)
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
Total expenses
|
|
$
|
2,657
|
|
|
$
|
2,531
|
|
|
$
|
10,028
|
|
|
$
|
9,721
|
|
Less: CIEs expenses
|
|
|
90
|
|
|
|
80
|
|
|
|
321
|
|
|
|
270
|
|
Less: Integration/restructuring charges
|
|
|
1
|
|
|
|
-
|
|
|
|
5
|
|
|
|
-
|
|
Less: Market impact on variable annuity guaranteed benefits
|
|
|
139
|
|
|
|
34
|
|
|
|
214
|
|
|
|
94
|
|
Less: Market impact on indexed universal life benefits
|
|
|
1
|
|
|
|
4
|
|
|
|
8
|
|
|
|
(5
|
)
|
Operating expenses
|
|
$
|
2,426
|
|
|
$
|
2,413
|
|
|
$
|
9,480
|
|
|
$
|
9,362
|
|
|
|
Ameriprise Financial, Inc. Reconciliation Table:
Pretax Operating Earnings
|
|
|
|
Quarter Ended December 31,
|
|
|
Year Ended December 31,
|
|
(in millions, unaudited)
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
Operating total net revenues
|
|
$
|
2,978
|
|
|
$
|
2,965
|
|
|
$
|
11,734
|
|
|
$
|
11,591
|
|
Operating expenses
|
|
|
2,426
|
|
|
|
2,413
|
|
|
|
9,480
|
|
|
|
9,362
|
|
Pretax operating earnings
|
|
$
|
552
|
|
|
$
|
552
|
|
|
$
|
2,254
|
|
|
$
|
2,229
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ameriprise Financial, Inc. Reconciliation Table:
General and Administrative Expense
|
|
|
|
|
|
Quarter Ended December 31,
|
(in millions, unaudited)
|
|
2015
|
|
|
2014
|
General and administrative expense
|
|
$
|
794
|
|
|
$
|
775
|
Less: CIEs expenses
|
|
|
8
|
|
|
|
20
|
Less: Integration/restructuring charges
|
|
|
1
|
|
|
|
-
|
Operating general and administrative expense
|
|
$
|
785
|
|
|
$
|
755
|
|
|
|
|
|
|
|
Ameriprise Financial, Inc. Reconciliation Table:
Effective Tax Rate
|
|
|
|
Quarter Ended December 31, 2015
|
|
(in millions, unaudited)
|
|
GAAP
|
|
|
Operating
|
|
Income from continuing operations before income tax provision
|
|
$
|
446
|
|
|
$
|
552
|
|
Less: Pretax income attributable to noncontrolling interests
|
|
|
23
|
|
|
|
-
|
|
Income from continuing operations before income tax provision
excluding consolidated investment entities
|
|
$
|
423
|
|
|
$
|
552
|
|
Income tax provision from continuing operations
|
|
$
|
66
|
|
|
$
|
111
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate
|
|
|
14.8
|
%
|
|
|
20.1
|
%
|
Effective tax rate excluding noncontrolling interests
|
|
|
15.6
|
%
|
|
|
20.1
|
%
|
|
|
Ameriprise Financial, Inc. Reconciliation Table:
Effective Tax Rate
|
|
|
|
Quarter Ended December 31, 2014
|
|
(in millions, unaudited)
|
|
GAAP
|
|
|
Operating
|
|
Income from continuing operations before income tax provision
|
|
$
|
558
|
|
|
$
|
552
|
|
Less: Pretax income attributable to noncontrolling interests
|
|
|
28
|
|
|
|
-
|
|
Income from continuing operations before income tax provision
excluding consolidated investment entities
|
|
$
|
530
|
|
|
$
|
552
|
|
Income tax provision from continuing operations
|
|
$
|
104
|
|
|
$
|
112
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate
|
|
|
18.7
|
%
|
|
|
20.3
|
%
|
Effective tax rate excluding noncontrolling interests
|
|
|
19.7
|
%
|
|
|
20.3
|
%
|
|
|
Ameriprise Financial, Inc. Reconciliation Table:
Effective Tax Rate
|
|
|
|
Year Ended December 31, 2015
|
|
(in millions, unaudited)
|
|
GAAP
|
|
|
Operating
|
|
Income from continuing operations before income tax provision
|
|
$
|
2,142
|
|
|
$
|
2,254
|
|
Less: Pretax income attributable to noncontrolling interests
|
|
|
125
|
|
|
|
-
|
|
Income from continuing operations before income tax provision
excluding consolidated investment entities
|
|
$
|
2,017
|
|
|
$
|
2,254
|
|
Income tax provision from continuing operations
|
|
$
|
455
|
|
|
$
|
538
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate
|
|
|
21.3
|
%
|
|
|
23.9
|
%
|
Effective tax rate excluding noncontrolling interests
|
|
|
22.6
|
%
|
|
|
23.9
|
%
|
|
|
|
|
|
|
|
|
|
|
Ameriprise Financial, Inc. Reconciliation Table:
Asset Management Adjusted Net Pretax Operating Margin
|
|
|
|
Quarter Ended December 31,
|
|
(in millions, unaudited)
|
|
2015
|
|
|
2014
|
|
Operating total net revenues
|
|
$
|
833
|
|
|
$
|
830
|
|
Less: Distribution pass through revenues
|
|
|
211
|
|
|
|
231
|
|
Less: Subadvisory and other pass through revenues
|
|
|
107
|
|
|
|
99
|
|
Adjusted operating revenues
|
|
$
|
515
|
|
|
$
|
500
|
|
|
|
|
|
|
|
|
|
|
Pretax operating earnings
|
|
$
|
193
|
|
|
$
|
198
|
|
Less: Operating net investment income
|
|
|
12
|
|
|
|
6
|
|
Add: Amortization of intangibles
|
|
|
6
|
|
|
|
8
|
|
Adjusted operating earnings
|
|
$
|
187
|
|
|
$
|
200
|
|
|
|
|
|
|
|
|
|
|
Adjusted net pretax operating margin
|
|
|
36.3
|
%
|
|
|
40.0
|
%
|
|
|
Ameriprise Financial, Inc. Reconciliation Table:
Asset Management Adjusted Net Pretax Operating Margin
|
|
|
|
Year Ended December 31,
|
|
(in millions, unaudited)
|
|
2015
|
|
|
2014
|
|
Operating total net revenues
|
|
$
|
3,254
|
|
|
$
|
3,320
|
|
Less: Distribution pass through revenues
|
|
|
862
|
|
|
|
929
|
|
Less: Subadvisory and other pass through revenues
|
|
|
407
|
|
|
|
400
|
|
Adjusted operating revenues
|
|
$
|
1,985
|
|
|
$
|
1,991
|
|
|
|
|
|
|
|
|
|
|
Pretax operating earnings
|
|
$
|
761
|
|
|
$
|
788
|
|
Less: Operating net investment income
|
|
|
23
|
|
|
|
30
|
|
Add: Amortization of intangibles
|
|
|
27
|
|
|
|
34
|
|
Adjusted operating earnings
|
|
$
|
765
|
|
|
$
|
792
|
|
|
|
|
|
|
|
|
|
|
Adjusted net pretax operating margin
|
|
|
38.5
|
%
|
|
|
39.8
|
%
|
|
Ameriprise Financial, Inc. Reconciliation Table:
Return on Equity (ROE) Excluding Accumulated Other
Comprehensive Income "AOCI"
|
|
|
|
|
|
|
Twelve Months Ended December 31,
|
|
(in millions, unaudited)
|
|
2015
|
|
|
2014
|
|
Net income attributable to Ameriprise Financial
|
|
$
|
1,562
|
|
|
$
|
1,619
|
|
Less: Loss from discontinued operations, net of tax
|
|
|
-
|
|
|
|
(2
|
)
|
Net income from continuing operations attributable to Ameriprise
Financial, as reported
|
|
|
1,562
|
|
|
|
1,621
|
|
Less: Adjustments (1)
|
|
|
(154
|
)
|
|
|
(41
|
)
|
Operating earnings
|
|
$
|
1,716
|
|
|
$
|
1,662
|
|
|
|
|
|
|
|
|
Total Ameriprise Financial, Inc. shareholders' equity
|
|
$
|
7,808
|
|
|
$
|
8,270
|
|
Less: Accumulated other comprehensive income, net of tax
|
|
|
516
|
|
|
|
734
|
|
Total Ameriprise Financial, Inc. shareholders' equity excluding AOCI
|
|
|
7,292
|
|
|
|
7,536
|
|
Less: Equity impacts attributable to the consolidated investment
entities
|
|
|
216
|
|
|
|
311
|
|
Operating equity
|
|
$
|
7,076
|
|
|
$
|
7,225
|
|
|
|
|
|
|
|
|
Return on equity excluding AOCI
|
|
|
21.4
|
%
|
|
|
21.5
|
%
|
Operating return on equity excluding AOCI (2)
|
|
|
24.3
|
%
|
|
|
23.0
|
%
|
|
(1) Adjustments reflect the trailing twelve months' sum
of after-tax net realized investment gains/losses, net of deferred
sales inducement costs ("DSIC") and deferred acquisition costs
("DAC") amortization, unearned revenue amortization and the
reinsurance accrual; market impact on variable annuity guaranteed
benefits, net of hedges and related DSIC and DAC amortization; the
market impact on indexed universal life benefits, net of hedges
and related DAC amortization, unearned revenue amortization, and
the reinsurance accrual; the market impact of hedges to offset
interest rate changes on unrealized gains or losses for certain
investments; and integration/restructuring charges. After-tax is
calculated using the statutory tax rate of 35%.
|
|
(2) Operating return on equity excluding accumulated
other comprehensive income (AOCI) is calculated using the trailing
twelve months of earnings excluding the after-tax net realized
investment gains/losses, net of deferred sales inducement costs
("DSIC") and deferred acquisition costs ("DAC") amortization,
unearned revenue amortization and the reinsurance accrual; market
impact on variable annuity guaranteed benefits, net of hedges and
related DSIC and DAC amortization; the market impact on indexed
universal life benefits, net of hedges and related DAC
amortization, unearned revenue amortization, and the reinsurance
accrual; the market impact of hedges to offset interest rate
changes on unrealized gains or losses for certain investments;
integration/restructuring charges; and discontinued operations in
the numerator, and Ameriprise Financial shareholders' equity
excluding AOCI and the impact of consolidating investment entities
using a five-point average of quarter-end equity in the
denominator. After-tax is calculated using the statutory tax rate
of 35%.
|
|
|
Ameriprise Financial, Inc. Consolidated GAAP Results
|
|
|
|
|
|
|
(in millions, unaudited)
|
|
Quarter Ended December 31,
|
|
|
% Better/ (Worse)
|
|
2015
|
|
|
2014
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
Management and financial advice fees
|
|
$
|
1,499
|
|
|
$
|
1,489
|
|
|
1
|
%
|
Distribution fees
|
|
|
458
|
|
|
|
484
|
|
|
(5
|
)
|
Net investment income
|
|
|
460
|
|
|
|
409
|
|
|
12
|
|
Premiums
|
|
|
374
|
|
|
|
359
|
|
|
4
|
|
Other revenues
|
|
|
321
|
|
|
|
355
|
|
|
(10
|
)
|
Total revenues
|
|
|
3,112
|
|
|
|
3,096
|
|
|
1
|
|
Banking and deposit interest expense
|
|
|
9
|
|
|
|
7
|
|
|
(29
|
)
|
Total net revenues
|
|
|
3,103
|
|
|
|
3,089
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
Distribution expenses
|
|
|
816
|
|
|
|
827
|
|
|
1
|
|
Interest credited to fixed accounts
|
|
|
165
|
|
|
|
184
|
|
|
10
|
|
Benefits, claims, losses and settlement expenses
|
|
|
714
|
|
|
|
568
|
|
|
(26
|
)
|
Amortization of deferred acquisition costs
|
|
|
52
|
|
|
|
86
|
|
|
40
|
|
Interest and debt expense
|
|
|
116
|
|
|
|
91
|
|
|
(27
|
)
|
General and administrative expense
|
|
|
794
|
|
|
|
775
|
|
|
(2
|
)
|
Total expenses
|
|
|
2,657
|
|
|
|
2,531
|
|
|
(5
|
)
|
Income from continuing operations before income tax provision
|
|
|
446
|
|
|
|
558
|
|
|
(20
|
)
|
Income tax provision
|
|
|
66
|
|
|
|
104
|
|
|
37
|
|
Income from continuing operations
|
|
|
380
|
|
|
|
454
|
|
|
(16
|
)
|
Loss from discontinued operations, net of tax
|
|
|
-
|
|
|
|
(1
|
)
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
380
|
|
|
|
453
|
|
|
(16
|
)
|
Less: Net income attributable to noncontrolling interests
|
|
|
23
|
|
|
|
28
|
|
|
(18
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Ameriprise Financial
|
|
$
|
357
|
|
|
$
|
425
|
|
|
(16
|
)
|
|
NM Not Meaningful - variance of greater than 100%
|
|
|
Ameriprise Financial, Inc. Consolidated GAAP Results
|
|
(in millions, unaudited)
|
|
Year Ended December 31,
|
|
|
% Better/ (Worse)
|
|
2015
|
|
2014
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
Management and financial advice fees
|
|
$
|
5,950
|
|
$
|
5,810
|
|
|
2
|
%
|
Distribution fees
|
|
|
1,847
|
|
|
1,894
|
|
|
(2
|
)
|
Net investment income
|
|
|
1,688
|
|
|
1,741
|
|
|
(3
|
)
|
Premiums
|
|
|
1,455
|
|
|
1,385
|
|
|
5
|
|
Other revenues
|
|
|
1,260
|
|
|
1,466
|
|
|
(14
|
)
|
Total revenues
|
|
|
12,200
|
|
|
12,296
|
|
|
(1
|
)
|
Banking and deposit interest expense
|
|
|
30
|
|
|
28
|
|
|
(7
|
)
|
Total net revenues
|
|
|
12,170
|
|
|
12,268
|
|
|
(1
|
)
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
Distribution expenses
|
|
|
3,276
|
|
|
3,236
|
|
|
(1
|
)
|
Interest credited to fixed accounts
|
|
|
668
|
|
|
713
|
|
|
6
|
|
Benefits, claims, losses and settlement expenses
|
|
|
2,261
|
|
|
1,982
|
|
|
(14
|
)
|
Amortization of deferred acquisition costs
|
|
|
354
|
|
|
367
|
|
|
4
|
|
Interest and debt expense
|
|
|
387
|
|
|
328
|
|
|
(18
|
)
|
General and administrative expense
|
|
|
3,082
|
|
|
3,095
|
|
|
-
|
|
Total expenses
|
|
|
10,028
|
|
|
9,721
|
|
|
(3
|
)
|
Income from continuing operations before income tax provision
|
|
|
2,142
|
|
|
2,547
|
|
|
(16
|
)
|
Income tax provision
|
|
|
455
|
|
|
545
|
|
|
17
|
|
Income from continuing operations
|
|
|
1,687
|
|
|
2,002
|
|
|
(16
|
)
|
Loss from discontinued operations, net of tax
|
|
|
-
|
|
|
(2
|
)
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
1,687
|
|
|
2,000
|
|
|
(16
|
)
|
Less: Net income attributable to noncontrolling interests
|
|
|
125
|
|
|
381
|
|
|
(67
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Ameriprise Financial
|
|
$
|
1,562
|
|
$
|
1,619
|
|
|
(4
|
)
|
|
NM Not Meaningful - variance of greater than 100%
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160127006289/en/
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