We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|
-0.09 | -0.02% | 424.87 | 426.9599 | 424.01 | 426.02 | 398,245 | 23:44:22 |
Third quarter 2015 net income(1) per diluted share was $2.17, operating EPS up 12 percent to $2.35
Third quarter 2015 return on equity excluding AOCI was 22.0 percentOperating ROE excluding AOCI increased 190 bps to a record high 24.0 percent
Ameriprise Financial, Inc. (NYSE: AMP) today reported third quarter 2015 net income(1) of $397 million, or $2.17 per diluted share. Operating earnings were $429 million, with operating earnings per diluted share increasing 12 percent to $2.35.
Operating net revenues were $2.9 billion, a decrease of 1 percent compared to last year. Results in the quarter were negatively impacted by increased equity market volatility, a 7 percent decline in the U.S. equity market in the quarter, and unfavorable foreign exchange translation.
Operating expenses decreased 1 percent to $2.3 billion, including a 4 percent decline in general and administrative expenses reflecting the company’s ongoing expense discipline, as well as a benefit from unlocking(2).
In the quarter, the company increased its return to shareholders through share repurchases and dividends to $571 million.
“Ameriprise had a solid third quarter given the backdrop of declining and volatile equity markets, unfavorable foreign exchange and persistently low interest rates,” said Jim Cracchiolo, chairman and chief executive officer. “In Advice and Wealth Management, we’re serving more clients and delivered another strong quarter for experienced advisor recruiting, both of which contributed to good client flows and helped balance market-related impacts in our other businesses.”
“We continue to differentiate Ameriprise with our capital strength. Return on equity reached 24 percent at quarter end – one of the best in the industry. With the pull back in our valuation, we increased our share repurchases, and with dividends, returned more than $570 million to shareholders in the quarter.”
(1) Net income represents net income from continuing operations attributable to Ameriprise Financial.(2) Unlocking represents the company’s annual review of insurance and annuity valuation assumptions and model changes.
Ameriprise Financial, Inc.Third Quarter Summary
(in millions, except per share amounts, unaudited)
Quarter EndedSeptember 30,
Per Diluted ShareQuarter EndedSeptember 30,
2015 2014% Better/(Worse)
2015 2014% Better/(Worse)
Net income from continuing operations attributable to Ameriprise Financial
$ 397 $ 420 (5 )% $ 2.17 $ 2.17 — %Adjustments, net of tax (1)
(see reconciliation on p. 11) 32 (13 ) 0.18 (0.07 ) Operating earnings (2) $ 429 $ 407 5 % $ 2.35 $ 2.10 12 % Weighted average common shares outstanding: Basic 180.4 190.3 Diluted 182.7 193.7(1) After-tax is calculated using the statutory tax rate of 35%.
(2) The company believes the presentation of operating earnings best represents the economics of the business. Operating earnings, after-tax, exclude the consolidation of certain investment entities; net realized investment gains or losses, net of deferred sales inducement costs (“DSIC”) and deferred acquisition costs (“DAC”) amortization, unearned revenue amortization and the reinsurance accrual; integration and restructuring charges; the market impact on variable annuity guaranteed benefits, net of hedges and related DSIC and DAC amortization; the market impact on indexed universal life benefits, net of hedges and related DAC amortization, unearned revenue amortization, and the reinsurance accrual; the market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments; and income or loss from discontinued operations.
In the third quarter of the year, the company conducts its annual review of insurance and annuity valuation assumptions relative to current experience and management expectations. To the extent that expectations change as a result of this review, the company updates valuation assumptions and models and the impact is reflected as part of annual unlocking. As discussed in the segment commentary to follow, the favorable impact in the current quarter reflects improved policyholder behavior and model updates that more than offset the continued low interest rate environment, which the company estimated would increase over the past year.
In addition, the annual review of the closed long term care book resulted in no loss recognition, as better-than-expected premium increases offset higher morbidity and lower interest rates.
Third quarter operating earnings included the following after-tax items(1):
Quarter EndedSeptember 30,
Per Diluted ShareQuarter EndedSeptember 30,
(in millions, except per share amounts, unaudited) 2015 2014 2015 2014Valuation Assumptions and Model Changes (unlocking)
$ 27 $ (28 ) $ 0.15 $(0.14
)
Market Impact on DAC/DSIC $ (20 ) $ (4 ) $ (0.11 ) $ (0.02 )(1) After-tax is calculated using the statutory tax rate of 35%.
Taxes
The third quarter 2015 operating effective tax rate was 23.1 percent. The company estimates that its full year 2015 operating effective tax rate will be approximately 25 percent.
Third Quarter 2015 Business Highlights
October 2015 marked the 10-year anniversary of our successful spin-off of Ameriprise Financial as an independent public company. During that time, we have transformed the company into a diversified financial services leader. We are proud of our strong record of delivering for our clients, advisors and shareholders and remain focused on continuing to serve our clients’ needs and advance the firm.
Ameriprise Financial, Inc.Advice & Wealth Management Segment Operating Results
(in millions, unaudited) Quarter Ended September 30,% Better/(Worse)
2015 2014 Advice & Wealth Management Net revenues $ 1,245 $ 1,210 3 % Expenses 1,026 1,005 (2 )% Pretax operating earnings $ 219 $ 205 7 % Pretax operating margin 17.6 % 16.9 % Quarter Ended September 30,% Better/(Worse)
2015 2014 Retail client assets (billions) $ 433 $ 434 — % Mutual fund wrap net flows (billions) $ 3.0 $ 3.8 (22 )% Operating net revenue per branded advisor (trailing 12 months - thousands) $ 514 $ 483 6 %Advice & Wealth Management pretax operating earnings increased 7 percent to $219 million despite volatile equity markets. Given the operating environment, revenue growth was good and we continued our disciplined expense controls. Third quarter 2015 pretax operating margin reached a record high of 17.6 percent compared to 16.9 percent a year ago.
Operating net revenues grew 3 percent to $1.2 billion driven by growth in fee-based accounts from client net inflows partially offset by the negative impact of $20 billion of lower asset levels from market declines during the quarter.
Operating expenses increased 2 percent to $1.0 billion as business growth resulted in higher distribution expenses. General and administrative expenses declined 1 percent compared to a year ago.
Total retail client assets of $433 billion were essentially flat compared to the prior year as client net inflows and client acquisition were offset by year-over-year market depreciation. Underlying business metrics remained strong in the quarter. Wrap net inflows were $3.0 billion with wrap balances increasing 3 percent to $174 billion. Total advisors increased to 9,814 reflecting strong advisor retention and ongoing experienced advisor recruiting with 95 experienced advisors moving their practices to Ameriprise in the quarter. The combination of asset growth and client activity drove a 6 percent increase in operating net revenue per advisor on a trailing 12-month basis to $514,000.
Ameriprise Financial, Inc.Asset Management Segment Operating Results
(in millions, unaudited) Quarter Ended September 30,% Better/(Worse)
2015 2014 Asset Management Net revenues $ 782 $ 839 (7 )% Expenses 602 631 5 % Pretax operating earnings $ 180 $ 208 (13 )% Adjusted net pretax operating margin 39.1 % 41.3 % Quarter Ended September 30,% Better/(Worse)
2015 2014 Total segment AUM(1) (billions) $ 471 $ 505 (7 )% Columbia Management AUM $ 336 $ 358 (6 )% Threadneedle AUM $ 139 $ 150 (7 )% Total segment net flows (billions) $ (7.4 ) $ (4.1 ) (79 )% Retail net flows $ (4.1 ) $ (3.5 ) (16 )% Institutional net flows $ (3.8 ) $ (0.5 ) NM Alternative net flows $ 0.5 $ (0.1 ) NM(1) Subadvisory eliminations between Columbia Management and Threadneedle are included in the company’s Third Quarter 2015 Statistical Supplement available at ir.ameriprise.com
NM Not Meaningful — variance of greater than 100%Asset Management pretax operating earnings decreased 13 percent to $180 million driven by volatile market conditions globally, net outflows and the negative impact of foreign exchange. In addition, performance fees, which fluctuate quarter-to-quarter, were nominal in the current quarter compared to $10 million a year ago.
Third quarter adjusted net pretax operating margin remained solid at 39.1 percent compared to 41.3 percent a year ago.
Operating net revenues were down 7 percent to $782 million as asset levels were impacted by slowing market appreciation, as well as net outflows and the negative impact of foreign exchange. The year-ago quarter included $10 million of performance fees compared with less than $1 million in the current quarter.
Operating expenses decreased 5 percent to $602 million reflecting well-controlled general and administrative expenses and lower distribution expenses.
AUM was $471 billion, down $34 billion of which $10 billion was due to an unfavorable foreign exchange impact, and net outflows.
The quarter included $7.4 billion of net outflows, which reflected elevated outflows of $3.3 billion from two clients’ decisions to exit strong performing portfolios due to either asset allocation or specific liquidity needs due to geopolitical issues. In addition, we experienced outflows of $2.5 billion of lower fee former parent related assets. Underlying retail outflows were largely driven by $1.6 billion of outflows from the Acorn Fund as well as market volatility in the quarter that dampened investor demand.
Ameriprise Financial, Inc.Annuities Segment Operating Results
(in millions, unaudited) Quarter Ended September 30,% Better/(Worse)
2015 2014 Annuities Net revenues $ 632 $ 655 (4 )% Expenses 456 527 13 % Pretax operating earnings $ 176 $ 128 38 % Variable annuity pretax operating earnings $ 151 $ 81 86 % Fixed annuity pretax operating earnings 25 47 (47 )% Total pretax operating earnings $ 176 $ 128 38 % Items included in operating earnings: Variable Annuities: Annual unlocking $ 64 $ (32 ) NM Market impact on DAC and DSIC (mean reversion) (29 ) (6 ) NM Fixed Annuities: Annual unlocking 2 10 (80 )% Total annuities impact $ 37 $ (28 ) NM Quarter Ended September 30,% Better/(Worse)
2015 2014 Variable annuity ending account balances (billions) $ 72.8 $ 76.1 (4 )% Variable annuity net flows (millions) $ (259 ) $ (426 ) 39 % Fixed annuity ending account balances (billions) $ 10.9 $ 12.4 (12 )% Fixed annuity net flows (millions) $ (375 ) $ (314 ) (19 )% NM Not Meaningful — variance of greater than 100%Annuities pretax operating earnings increased to $176 million compared to $128 million a year ago, as the favorable impact from unlocking was partially offset by the higher market impact on DAC and DSIC expenses than a year ago. Adjusting for these items, earnings declined 11 percent primarily reflecting the continued anticipated run-off of the fixed annuity block.
Variable annuity operating earnings were $151 million in the quarter reflecting a $35 million net favorable impact from unlocking, partially offset by an unfavorable market impact on DAC and DSIC. The favorable unlocking of $64 million was driven by improved policyholder behavior and model updates, partially offset by continued low interest rates. Without these items in both periods, operating earnings declined $3 million as a result of the market impact on fees and the reserves for death and living benefit guarantees.
Variable annuity cash sales increased 11 percent to $1.3 billion for the quarter, driven by the introduction of new living benefit riders and increased sales of non-living benefit policies. Account balances were $73 billion driven by net outflows in a closed block of annuities sold through third parties and equity market declines.
Fixed annuity operating earnings declined to $25 million reflecting annual unlocking, as well as minimal sales given the continued low interest rate environment and older policies lapsing. Excluding unlocking, operating earnings declined $14 million reflecting the gradual run-off of the block.
Ameriprise Financial, Inc.Protection Segment Operating Results
(in millions, unaudited) Quarter Ended September 30,% Better/(Worse)
2015 2014 Protection Net revenues $ 586 $ 553 6 % Expenses 561 487 (15 )% Pretax operating earnings $ 25 $ 66 (62 )% Items included in operating earnings: Annual unlocking $ (24 ) $ (21 ) (14 )% Market impact on DAC (mean reversion) (2 ) — NM Long term care reserves 13 — NM Life and health reinsurance premium correction (11 ) — NM Total protection impact $ (24 ) $ (21 ) (14 )% Quarter Ended September 30,% Better/(Worse)
2015 2014 Life insurance in force (billions) $ 196 $ 195 — % VUL/UL ending account balances (billions) $ 10.9 $ 11.1 (2 )% Auto & Home policies in force (thousands) 958 912 5 % NM Not Meaningful — variance of greater than 100%Protection pretax operating earnings were $25 million compared to $66 million a year ago. Adjusting for the items noted above, earnings decreased by $38 million with the impact essentially split between higher life mortality and unfavorable experience in Auto and Home.
Life and Health insurance earnings declined due to higher claims experience and the impact of low interest rates. Life claims were unusually high as a result of claims from several large, later duration policies that had limited reinsurance coverage. VUL/UL cash sales were $81 million, down 5 percent from a year ago, and VUL/UL account balances declined 2 percent.
The unfavorable unlocking this quarter was primarily driven by continued low interest rates. The review of the closed long term care book resulted in no loss recognition, as better-than-expected premium increases offset higher morbidity and lower interest rates.
Auto and Home had an operating loss in the quarter as low catastrophe experience was more than offset by deterioration in auto collision experience consistent with other firms. Results also include losses associated with the travel insurance business that the company is exiting, modest prior year catastrophe reserve development, and higher expenses associated with investing for business improvements. The company continues to make improvements in underwriting, operational and claims processes, and is implementing pricing actions to improve performance. These actions are expected to show improvement in 2016.
Ameriprise Financial, Inc.Corporate & Other Segment Operating Results
(in millions, unaudited) Quarter Ended September 30,% Better/(Worse)
2015 2014 Corporate & Other Net revenues $ (4 ) $ (1 ) NM Expenses 38 52 27 % Pretax operating loss $ (42 ) $ (53 ) 21 % NM Not Meaningful — variance of greater than 100%Corporate & Other pretax operating loss was $42 million for the quarter compared to a $53 million loss a year ago.
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 June 30, 2015.
The financial results discussed in this news release represent past performance only, which may not be used to predict or project future results. The financial results and values presented in this news release and the below-referenced Statistical Supplement are based upon asset valuations that represent estimates as of the date of this news release and may be revised in the company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015. For information about Ameriprise Financial entities, please refer to the Third Quarter 2015 Statistical Supplement available at ir.ameriprise.com and the tables that follow in this news release.
Ameriprise Financial announces financial and other information to investors through the company’s investor relations website at ir.ameriprise.com, as well as SEC filings, press releases, public conference 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 EndedSeptember 30,
Per Diluted ShareQuarter EndedSeptember 30,
(in millions, except per share amounts, unaudited) 2015 2014 2015 2014 Net income attributable to Ameriprise Financial $ 397 $ 420 $ 2.17 $ 2.17 Less: Loss from discontinued operations, net of tax — — — —Net income from continuing operations attributable to Ameriprise Financial
397 420 2.17 2.17 Add: Integration/restructuring charges, net of tax(1) 2 — 0.01 —Add: Market impact on variable annuity guaranteed benefits, net of tax(1)
3 (5 ) 0.02 (0.03 ) Add: Market impact on indexed universal life benefits, net of tax(1) — (5 ) — (0.03 ) Add: Market impact of hedges on investments, net of tax(1) 20 — 0.11 — Add: Net realized investment (gains) losses, net of tax(1) 7 (3 ) 0.04 (0.01 ) Operating earnings $ 429 $ 407 $ 2.35 $ 2.10 Weighted average common shares outstanding: Basic 180.4 190.3 Diluted 182.7 193.7(1) Calculated using the statutory tax rate of 35%.
Ameriprise Financial, Inc.Reconciliation Table: Total Net Revenues
Quarter EndedSeptember 30,
(in millions, unaudited) 2015 2014 Total net revenues $ 2,886 $ 3,111 Less: CIEs revenue 43 206 Less: Net realized investment gains (losses) (10 ) 4 Less: Market impact on indexed universal life benefits 9 2 Less: Market impact of hedges on investments (31 ) — Operating total net revenues $ 2,875 $ 2,899Ameriprise Financial, Inc.Reconciliation Table: Total Expenses
Quarter EndedSeptember 30,
(in millions, unaudited) 2015 2014 Total expenses $ 2,423 $ 2,391 Less: CIEs expenses 88 61 Less: Integration/restructuring charges 3 — Less: Market impact on variable annuity guaranteed benefits 5 (9 ) Less: Market impact on indexed universal life benefits 10 (6 ) Operating expenses $ 2,317 $ 2,345Ameriprise Financial, Inc.Reconciliation Table: Pretax Operating Earnings
Quarter EndedSeptember 30,
(in millions, unaudited) 2015 2014 Operating total net revenues $ 2,875 $ 2,899 Operating expenses 2,317 2,345 Pretax operating earnings $ 558 $ 554Ameriprise Financial, Inc.Reconciliation Table: General and Administrative Expense
Quarter EndedSeptember 30,
(in millions, unaudited) 2015
2014
General and administrative expense $ 744
$
757
Less: CIEs expenses 20 7 Less: Integration/restructuring charges 3 — Operating general and administrative expense $ 721
$
750
Ameriprise Financial, Inc.Reconciliation Table: Effective Tax Rate
Quarter Ended September 30, 2015 (in millions, unaudited) GAAP Operating Income from continuing operations before income tax provision $ 463 $ 558 Less: Pretax income attributable to noncontrolling interests (45 ) — Income from continuing operations before income tax provision excluding consolidated investment entities $ 508 $ 558 Income tax provision from continuing operations $ 111 $ 129 Effective tax rate 24.1 % 23.1 % Effective tax rate excluding noncontrolling interests 21.9 % 23.1 %Ameriprise Financial, Inc.Reconciliation Table: Effective Tax Rate
Quarter Ended September 30, 2014 (in millions, unaudited) GAAP Operating Income from continuing operations before income tax provision $ 720 $ 554 Less: Pretax income attributable to noncontrolling interests 145 — Income from continuing operations before income tax provision excluding consolidated investment entities $ 575 $ 554 Income tax provision from continuing operations $ 155 $ 147 Effective tax rate 21.6 % 26.5 % Effective tax rate excluding noncontrolling interests 27.0 % 26.5 %Ameriprise Financial, Inc.Reconciliation Table: Asset Management Adjusted Net Pretax Operating Margin
Quarter Ended September 30,(in millions, unaudited)
2015 2014 Operating total net revenues $ 782 $ 839 Less: Distribution pass through revenues 214 233 Less: Subadvisory and other pass through revenues 95 98 Adjusted operating revenues $ 473 $ 508 Pretax operating earnings $ 180 $ 208 Less: Operating net investment income 1 7 Add: Amortization of intangibles 6 9 Adjusted operating earnings $ 185 $ 210 Adjusted net pretax operating margin 39.1 % 41.3 %Ameriprise Financial, Inc.Reconciliation Table: Annuities Pretax Operating Earnings
Quarter EndedSeptember 30,
(in millions, unaudited) 2015 2014 Pretax operating earnings $ 176 $ 128 Less: Unlocking 66 (22 ) Less: Market impact on DAC and DSIC (mean reversion) (29 ) (6 ) Pretax operating earnings excluding unlocking and market impact on DAC and DSIC (mean reversion) $ 139 $ 156Ameriprise Financial, Inc.Reconciliation Table: Return on Equity (ROE) Excluding AccumulatedOther Comprehensive Income “AOCI”
Twelve Months EndedSeptember 30,
(in millions, unaudited)
2015 2014 Net income attributable to Ameriprise Financial $ 1,630 $ 1,490 Less: Loss from discontinued operations, net of tax (1 ) (3 )Net income from continuing operations attributable to Ameriprise Financial, as reported
1,631 1,493Less: Adjustments (1)
(84 ) (107 ) Operating earnings $ 1,715 $ 1,600 Total Ameriprise Financial, Inc. shareholders’ equity $ 8,017 $ 8,310 Less: Accumulated other comprehensive income, net of tax 615 723 Total Ameriprise Financial, Inc. shareholders’ equity excluding AOCI 7,402 7,587 Less: Equity impacts attributable to the consolidated investment entities 250 331 Operating equity $ 7,152 $ 7,256 Return on equity excluding AOCI 22.0 % 19.7 %Operating return on equity excluding AOCI (2)
24.0 % 22.1 %(1) Adjustments reflect the trailing twelve months’ sum of after-tax net realized investment gains/losses, net of deferred sales inducement costs (“DSIC”) and deferred acquisition costs (“DAC”) amortization, unearned revenue amortization and the reinsurance accrual; market impact on variable annuity guaranteed benefits, net of hedges and related DSIC and DAC amortization; the market impact on indexed universal life benefits, net of hedges and related DAC amortization, unearned revenue amortization, and the reinsurance accrual; the market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments; and integration/restructuring charges. After-tax is calculated using the statutory tax rate of 35%.
(2) Operating return on equity excluding accumulated other comprehensive income (AOCI) is calculated using the trailing twelve months of earnings excluding the after-tax net realized investment gains/losses, net of deferred sales inducement costs (“DSIC”) and deferred acquisition costs (“DAC”) amortization, unearned revenue amortization and the reinsurance accrual; market impact on variable annuity guaranteed benefits, net of hedges and related DSIC and DAC amortization; the market impact on indexed universal life benefits, net of hedges and related DAC amortization, unearned revenue amortization, and the reinsurance accrual; the market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments; integration/restructuring charges; and discontinued operations in the numerator, and Ameriprise Financial shareholders’ equity excluding AOCI and the impact of consolidating investment entities using a five-point average of quarter-end equity in the denominator. After-tax is calculated using the statutory tax rate of 35%.
Ameriprise Financial, Inc.Consolidated GAAP Results
(in millions, unaudited) Quarter Ended September 30,% Better/(Worse)
2015 2014 Revenues Management and financial advice fees $ 1,465 $ 1,483 (1 )% Distribution fees 451 464 (3 ) Net investment income 321 428 (25 ) Premiums 360 351 3 Other revenues 296 392 (24 ) Total revenues 2,893 3,118 (7 ) Banking and deposit interest expense 7 7 — Total net revenues 2,886 3,111 (7 ) Expenses Distribution expenses 806 813 1 Interest credited to fixed accounts 171 168 (2 ) Benefits, claims, losses and settlement expenses 471 458 (3 ) Amortization of deferred acquisition costs 133 116 (15 ) Interest and debt expense 98 79 (24 ) General and administrative expense 744 757 2 Total expenses 2,423 2,391 (1 ) Income from continuing operations before income tax provision 463 720 (36 ) Income tax provision 111 155 28 Income from continuing operations 352 565 (38 ) Loss from discontinued operations, net of tax — — — Net income 352 565 (38 ) Less: Net income attributable to noncontrolling interests (45 ) 145 NM Net income attributable to Ameriprise Financial $ 397 $ 420 (5 ) NM Not Meaningful — variance of greater than 100%
View source version on businesswire.com: http://www.businesswire.com/news/home/20151021006658/en/
Ameriprise Financial, Inc.Investor Relations:Alicia A. Charity, 612-671-2080alicia.a.charity@ampf.comorChad J. Sanner, 612-671-4676chad.j.sanner@ampf.comorMedia Relations:Paul W. Johnson, 612-671-0625paul.w.johnson@ampf.com
1 Year Ameriprise Financial Chart |
1 Month Ameriprise Financial Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions