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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ameriprise Financial Inc | NYSE:AMP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
3.04 | 0.74% | 416.48 | 418.60 | 412.045 | 418.60 | 295,701 | 01:00:00 |
Second quarter 2015 net income(1) per diluted share was $2.23, operating EPS up 12 percent to $2.33 and included an unfavorable $0.05 impact of previously disclosed items
Second quarter 2015 return on equity excluding AOCI was 22.1 percentOperating ROE excluding AOCI increased 180 bps to a record high 23.5 percent
Ameriprise Financial, Inc. (NYSE: AMP) today reported second quarter 2015 net income(1) of $415 million, or $2.23 per diluted share. Operating earnings were $434 million, with operating earnings per diluted share increasing 12 percent to $2.33. Second quarter 2015 results included a $0.05 per diluted share net unfavorable impact from previously disclosed items. Without the disclosed items, operating earnings per diluted share increased 15 percent from the prior year period.
Operating net revenues increased 2 percent to $3.0 billion as business growth was partially offset by the negative impact of foreign exchange, a decline in net investment income from lower fixed annuity balances, and a benefit in the prior year period from the liquidation of a collateralized loan obligation (CLO). Without the benefit in the prior-year period, operating net revenues increased 3 percent.
Operating expenses increased 3 percent to $2.4 billion, primarily driven by higher Auto & Home weather-related catastrophe losses and higher distribution expenses. General and administrative expenses decreased 2 percent compared to a year ago reflecting the company’s ongoing expense discipline.
In the quarter, the company returned $549 million to shareholders through share repurchases and dividends, up 20 percent from the first quarter.
“Our second quarter results reflect good performance with continued strength in Advice and Wealth Management,” said Jim Cracchiolo, chairman and chief executive officer. “We posted new records for client assets and advisor productivity from strong client net inflows in fee-based investment advisory accounts, client acquisition and experienced advisor recruiting.”
“We’re managing through this protracted period of low interest rates and higher equity market volatility while continuing to invest in the business consistent with our strategy. Given our balance sheet strength and market movements, we increased our share repurchases in the quarter. So far this year, we’ve returned more than $1 billion to shareholders and generated an operating return on equity of 23.5 percent while maintaining a strong excess capital position.”
(1) Net income represents net income from continuing operations attributable to Ameriprise Financial.
Ameriprise Financial, Inc.Second Quarter Summary
(in millions, except per share amounts, unaudited)
Quarter EndedJune 30,
Per Diluted ShareQuarter EndedJune 30,
2015 2014% Better/(Worse)
2015 2014% Better/(Worse)
Net income from continuing operations attributable to Ameriprise Financial
$ 415 $ 374 11 % $ 2.23 $ 1.91 17 %Adjustments, net of tax (1)
(see reconciliation on p.11) 19 34 0.10 0.17 Operating earnings (2) $ 434 $ 408 6 % $ 2.33 $ 2.08 12 % Weighted average common shares outstanding: Basic 183.8 192.7 Diluted 186.4 196.2(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; integration and restructuring charges; the market impact on variable annuity guaranteed benefits net of hedges and related deferred acquisition costs (DAC) and deferred sales inducement costs (DSIC) 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 reflected a net unfavorable impact of $0.05 per diluted share from previously disclosed items. This included a reserve release of $0.06 per share related to our closed block of long term care insurance that was more than offset by a $0.09 per share unfavorable impact from higher than expected weather-related catastrophe losses in Auto & Home and a $0.02 per share unfavorable impact from the market impact on DAC and DSIC.
Taxes
The second quarter 2015 operating effective tax rate was 25.4 percent, and the company estimates that its full year 2015 operating effective tax rate will be approximately 26 percent.
Second Quarter 2015 Business Highlights
(1) Excludes Corporate & Other segment
Ameriprise Financial, Inc.Advice & Wealth Management Segment Operating Results
(in millions, unaudited) Quarter Ended June 30,% Better/(Worse)
2015 2014 Advice & Wealth Management Net revenues $ 1,274 $ 1,198 6 % Expenses 1,054 1,004 (5 )% Pretax operating earnings $ 220 $ 194 13 % Pretax operating margin 17.3 % 16.2 % Quarter Ended June 30,% Better/(Worse)
2015 2014 Retail client assets (billions) $ 453 $ 435 4 % Mutual fund wrap net flows (billions) $ 3.3 $ 3.0 9 % Operating net revenue per branded advisor (trailing 12 months - thousands) $ 512 $ 468 9 %Advice & Wealth Management pretax operating earnings increased 13 percent to $220 million reflecting strong revenue growth and expense controls. Second quarter 2015 pretax operating margin reached a record high of 17.3 percent compared to 16.2 percent a year ago.
Operating net revenues grew 6 percent to $1.3 billion driven by asset growth in fee-based accounts from client net inflows and market appreciation.
Operating expenses increased 5 percent to $1.1 billion as business growth resulted in higher distribution expenses. General and administrative expenses were flat compared to a year ago.
Total retail client assets were $453 billion, up more than $18 billion from the prior year driven by client net inflows, new client acquisition and market appreciation. Wrap net inflows remained strong at $3.3 billion with wrap balances increasing 8 percent to $182 billion. The combination of strong asset growth and client activity drove a 9 percent increase in operating net revenue per advisor on a trailing 12-month basis to $512,000.
Ameriprise Financial, Inc.Asset Management Segment Operating Results
(in millions, unaudited) Quarter Ended June 30,% Better/(Worse)
2015 2014 Asset Management Net revenues $ 832 $ 844 (1 )% Expenses 635 645 2 % Pretax operating earnings $ 197 $ 199 (1 )% Adjusted net pretax operating margin 39.1 % 38.7 % Items included in operating earnings: CLO benefit $ — $ 17 NM Quarter Ended June 30,% Better/(Worse)
2015 2014 Total segment AUM(1) (billions) $ 503 $ 518 (3 )% Columbia Management AUM $ 359 $ 364 (1 )% Threadneedle AUM $ 151 $ 158 (5 )% Total segment net flows(2) (billions) $ (2.0 ) $ 4.4 NM Retail net flows $ — $ 0.6 NM Institutional net flows $ (2.5 ) $ 3.5 NM Alternative net flows $ 0.5 $ 0.3 83 %(1) Subadvisory eliminations between Columbia Management and Threadneedle are included in the company’s Second Quarter 2015 Statistical Supplement available at ir.ameriprise.com
(2) Second Quarter 2014 net flows included a $5.6 billion mandate from a U.K. wealth manager.
NM Not Meaningful — variance of greater than 100%Asset Management pretax operating earnings decreased 1 percent to $197 million. Without the CLO benefit in the year ago quarter, operating earnings increased 8 percent driven by market appreciation and continued expense management, partially offset by net outflows and the negative impact of foreign exchange.
Second quarter adjusted net pretax operating margin remained strong at 39.1 percent compared to 38.7 percent a year ago.
Operating net revenues were down slightly to $832 million as asset growth from market appreciation was more than offset by net outflows and the negative impact of foreign exchange. In addition, the year-ago period included a $23 million benefit from the liquidation of a CLO.
Operating expenses decreased 2 percent to $635 million reflecting well-controlled general and administrative expenses and lower distribution expenses that more than offset increased investments, including in Marketing and the Columbia Threadneedle Investments brand.
AUM was $503 billion, down $15 billion of which $12 billion was driven by the unfavorable foreign exchange impact. Net outflows in the quarter were $2.0 billion:
Ameriprise Financial, Inc.Annuities Segment Operating Results
(in millions, unaudited) Quarter Ended June 30,% Better/(Worse)
2015 2014 Annuities Net revenues $ 651 $ 651 — % Expenses 501 481 (4 )% Pretax operating earnings $ 150 $ 170 (12 )% Variable annuity pretax operating earnings $ 120 $ 140 (14 )% Fixed annuity pretax operating earnings 30 30 — % Total pretax operating earnings $ 150 $ 170 (12 )% Items included in operating earnings: Market impact on DAC and DSIC (mean reversion) $ (5 ) $ 15 NM Impact of variable annuity product changes 2 10 (80 )% Total annuities impact $ (3 ) $ 25 NM Quarter Ended June 30,% Better/(Worse)
2015 2014 Variable annuity ending account balances (billions) $ 77.1 $ 77.6 (1 )% Variable annuity net flows (millions) $ (338 ) $ (456 ) 26 % Fixed annuity ending account balances (billions) $ 11.2 $ 12.6 (11 )% Fixed annuity net flows (millions) $ (563 ) $ (460 ) (22 )% NM Not Meaningful — variance of greater than 100%Annuities pretax operating earnings were $150 million compared to $170 million a year ago, as business growth was more than offset by the higher market impact of DAC and DSIC expenses than a year ago and a benefit in the prior year from policyholder behavior related to a product change.
Variable annuity operating earnings were $120 million in the quarter reflecting $28 million of lower year-over-year benefits from product changes and the market impact on DAC and DSIC. Without these benefits, operating earnings increased 7 percent. Variable annuity cash sales increased 9 percent to $1.4 billion for the quarter, driven by the introduction of new living benefit riders and increased sales of non-living benefit policies. Account balances were $77 billion driven by net outflows in a closed block of annuities sold through third parties, partially offset by market appreciation.
Fixed annuity operating earnings were flat at $30 million from an 11 percent decline in account balances, as lower net investment income was essentially offset by management actions a year ago to reprice a block of annuities.
Ameriprise Financial, Inc.Protection Segment Operating Results
(in millions, unaudited) Quarter Ended June 30,% Better/(Worse)
2015 2014 Protection Net revenues $ 600 $ 579 4 % Expenses 528 488 (8 )% Pretax operating earnings $ 72 $ 91 (21 )% Items included in operating earnings: Market impact on DAC (mean reversion) $ — $ 1 NM Long Term Care reserves 18 — NM Auto and home catastrophe losses (48 ) (33 ) (45 )% Total protection impact $ (30 ) $ (32 ) 6 % Quarter Ended June 30,% Better/(Worse)
2015 2014 Life insurance in force (billions) $ 196 $ 195 1 % VUL/UL ending account balances (billions) $ 11.4 $ 11.2 2 % Auto & Home policies in force (thousands) 952 889 7 % NM Not Meaningful — variance of greater than 100%Protection pretax operating earnings were $72 million compared to $91 million a year ago. Included in the current quarter’s results was an $18 million long term care reserve release that was more than offset by $48 million in Auto & Home weather-related catastrophe losses, approximately half of which were not anticipated.
Life and Health insurance earnings primarily reflected higher claims experience and the impact of low interest rates. Current quarter life claims were slightly higher than expected, especially compared with favorable claims a year ago. Disability claims were within targeted ranges, though elevated compared to very favorable experience a year ago. VUL/UL cash sales were $86 million, up 10 percent from a year ago, and VUL/UL account balances grew 2 percent primarily from market appreciation.
During the quarter, management completed its previously disclosed review of the disabled life reserve for a closed block of long term care insurance policies, which resulted in a favorable reserve release in the quarter. In the first quarter of 2015, management increased disabled life reserves by $32 million based primarily on claims utilization and termination assumptions provided by the company’s reinsurer. During the second quarter, the company completed its analysis of actual claims experience for this block of business with a third party actuarial consultant. Based on the analysis, management concluded that the actual claims utilization and termination experience was more favorable than the initial assumptions provided by the reinsurer, and as a result, released $18 million of the $32 million reserve.
Auto and Home had a modest operating gain in the quarter after adjusting for higher than anticipated weather-related catastrophe losses. The company continues to make improvements in underwriting, operational and claims processes, and is implementing pricing actions to improve performance. These actions are expected to show improvement going into 2016.
Ameriprise Financial, Inc.Corporate & Other Segment Operating Results
(in millions, unaudited) Quarter Ended June 30,% Better/(Worse)
2015 2014 Corporate & Other Net revenues $ (2 ) $ (2 ) — Expenses 55 73 25 % Pretax operating loss $ (57 ) $ (75 ) 24 %Corporate & Other pretax operating loss was $57 million for the quarter compared to a $75 million loss a year ago. Results in the year-ago period included higher expenses primarily related to the early redemption of corporate debt and other items.
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 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:
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 March 31, 2015.
The financial results discussed in this news release represent past performance only, which may not be used to predict or project future results. The financial results and values presented in this news release and the below-referenced Statistical Supplement are based upon asset valuations that represent estimates as of the date of this news release and may be revised in the company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015. For information about Ameriprise Financial entities, please refer to the Second 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 EndedJune 30,
Per Diluted ShareQuarter EndedJune 30,
(in millions, except per share amounts, unaudited) 2015 2014 2015 2014 Net income attributable to Ameriprise Financial $ 415 $ 374 $ 2.23 $ 1.91 Less: Loss from discontinued operations, net of tax — — — —Net income from continuing operations attributable to Ameriprise Financial
415 374 2.23 1.91 Add: Integration/restructuring charges, net of tax(1) 1 — 0.01 —Add: Market impact on variable annuity guaranteed benefits, net of tax(1)
23 35 0.12 0.18 Add: Market impact on indexed universal life benefits, net of tax(1) (3 ) — (0.02 ) — Add: Market impact of hedges on investments, net of tax(1) 1 — 0.01 — Add: Net realized investment (gains) losses, net of tax(1) (3 ) (1 ) (0.02 ) (0.01 ) Operating earnings 434 408 2.33 2.08 Less: Long Term Care reserves, net of tax(1) 12 — 0.06 — Less: Auto and home excess catastrophe losses, net of tax(1) (16 ) (8 ) (0.09 ) (0.04 ) Less: Market impact on DAC and DSIC, net of tax(1) (3 ) 10 (0.02 ) 0.05 Operating earnings excluding previously disclosed items $ 441 $ 406 $ 2.38 $ 2.07 Weighted average common shares outstanding: Basic 183.8 192.7 Diluted 186.4 196.2(1) Calculated using the statutory tax rate of 35%.
Ameriprise Financial, Inc.Reconciliation Table: Total Net Revenues
Quarter EndedJune 30,
(in millions, unaudited) 2015 2014 Total net revenues $ 3,128 $ 3,072 Less: CIEs revenue 141 160 Less: Net realized investment gains (losses) 5 1 Less: Market impact on indexed universal life benefits — (4 ) Less: Market impact of hedges on investments (1 ) — Operating total net revenues 2,983 2,915 Less: Liquidation of collateralized loan obligation (CLO) — 23 Operating total net revenue excluding CLO liquidation benefit $ 2,983 $ 2,892Ameriprise Financial, Inc.Reconciliation Table: Total Expenses
Quarter EndedJune 30,
(in millions, unaudited) 2015 2014 Total expenses $ 2,513 $ 2,453 Less: CIEs expenses 80 67 Less: Integration/restructuring charges 1 — Less: Market impact on variable annuity guaranteed benefits 36 54 Less: Market impact on indexed universal life benefits (5 ) (4 ) Operating expenses $ 2,401 $ 2,336Ameriprise Financial, Inc.Reconciliation Table: Pretax Operating Earnings
Quarter EndedJune 30,
(in millions, unaudited) 2015 2014 Operating total net revenues $ 2,983 $ 2,915 Operating expenses 2,401 2,336 Pretax operating earnings $ 582 $ 579Ameriprise Financial, Inc.Reconciliation Table: General and Administrative Expense
Quarter EndedJune 30,
(in millions, unaudited) 2015 2014 General and administrative expense $ 792 $ 805 Less: CIEs expenses 21 22 Less: Integration/restructuring charges 1 — Operating general and administrative expense $ 770 $ 783Ameriprise Financial, Inc.Reconciliation Table: Effective Tax Rate
Quarter EndedJune 30, 2015
(in millions, unaudited) GAAP Operating Income from continuing operations before income tax provision $ 615 $ 582 Less: Pretax income attributable to noncontrolling interests 61 — Income from continuing operations before income tax provision excluding consolidated investment entities $ 554 $ 582 Income tax provision from continuing operations $ 139 $ 148 Effective tax rate 22.6 % 25.4 % Effective tax rate excluding noncontrolling interests 25.1 % 25.4 %Ameriprise Financial, Inc.Reconciliation Table: Effective Tax Rate
Quarter EndedJune 30, 2014
(in millions, unaudited) GAAP Operating Income from continuing operations before income tax provision $ 619 $ 579 Less: Pretax income attributable to noncontrolling interests 93 — Income from continuing operations before income tax provision excluding consolidated investment entities $ 526 $ 579 Income tax provision from continuing operations $ 152 $ 171 Effective tax rate 24.5 % 29.5 % Effective tax rate excluding noncontrolling interests 28.7 % 29.5 %
Ameriprise Financial, Inc. Reconciliation Table: Asset Management Pretax Operating Earnings
Quarter EndedJune 30,
(in millions, unaudited) 2015 2014 Pretax operating earnings $ 197 $ 199 Less: Liquidation of collateralized loan obligation (CLO) — 17 Pretax operating earnings excluding CLO liquidation benefit $ 197 $ 182Ameriprise Financial, Inc.Reconciliation Table: Asset Management Adjusted Net Pretax Operating Margin
Quarter EndedJune 30,
(in millions, unaudited)
2015 2014 Operating total net revenues $ 832 $ 844 Less: Distribution pass through revenues 219 237 Less: Subadvisory and other pass through revenues 102 106 Adjusted operating revenues $ 511 $ 501 Pretax operating earnings $ 197 $ 199 Less: Operating net investment income 4 13 Add: Amortization of intangibles 7 8 Adjusted operating earnings $ 200 $ 194 Adjusted net pretax operating margin 39.1 % 38.7 %Ameriprise Financial, Inc.Reconciliation Table: Variable Annuity Pretax Operating Earnings
Quarter EndedJune 30,
(in millions, unaudited) 2015 2014 Pretax operating earnings $ 120 $ 140 Less: Market impact on DAC and DSIC (mean reversion) (5 ) 15 Less: Impact of variable annuity product changes 2 10 Pretax operating earnings excluding market impact on DAC and DSIC and impact of variable annuity product changes $ 123 $ 115
Ameriprise Financial, Inc.Reconciliation Table: Return on Equity (ROE) Excluding AccumulatedOther Comprehensive Income “AOCI”
Twelve Months EndedJune 30,
(in millions, unaudited)
2015
2014 Net income attributable to Ameriprise Financial$
1,653
$
1,452
Less: Loss from discontinued operations, net of tax (1 ) (2 )Net income from continuing operations attributable to Ameriprise Financial, as reported
1,654 1,454 Less: Adjustments (1) (39 ) (131 ) Operating earnings$
1,693
$
1,585
Total Ameriprise Financial, Inc. shareholders’ equity$
8,176
$
8,326
Less: Accumulated other comprehensive income, net of tax 706 698 Total Ameriprise Financial, Inc. shareholders’ equity excluding AOCI7,470
7,628 Less: Equity impacts attributable to the consolidated investment entities 280 330 Operating equity$
7,190
$
7,298
Return on equity excluding AOCI 22.1 % 19.1 % Operating return on equity excluding AOCI (2) 23.5 % 21.7 %(1) Adjustments reflect the trailing twelve months’ sum of after-tax net realized investment gains/losses; 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; 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 June 30,% Better/(Worse)
2015 2014 Revenues Management and financial advice fees $ 1,518 $ 1,452 5 % Distribution fees 472 470 — Net investment income 423 433 (2 ) Premiums 368 345 7 Other revenues 354 379 (7 ) Total revenues 3,135 3,079 2 Banking and deposit interest expense 7 7 — Total net revenues 3,128 3,072 2 Expenses Distribution expenses 835 810 (3 ) Interest credited to fixed accounts 160 175 9 Benefits, claims, losses and settlement expenses 543 506 (7 ) Amortization of deferred acquisition costs 94 78 (21 ) Interest and debt expense 89 79 (13 ) General and administrative expense 792 805 2 Total expenses 2,513 2,453 (2 ) Income from continuing operations before income tax provision 615 619 (1 ) Income tax provision 139 152 9 Income from continuing operations 476 467 2 Loss from discontinued operations, net of tax — — — Net income 476 467 2 Less: Net income attributable to noncontrolling interests 61 93 (34 ) Net income attributable to Ameriprise Financial $ 415 $ 374 11
View source version on businesswire.com: http://www.businesswire.com/news/home/20150722006340/en/
Ameriprise FinancialInvestor Relations:Alicia A. Charity, 612-671-2080orChad J. Sanner, 612-671-4676chad.j.sanner@ampf.comorMedia Relations:Paul W. Johnson, 612-671-0625
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